Overview of Ontega Review:
The finance market is the home to all the traders and investors across the world along with scammers. With scammers operating by hiding rectangular screens in various corners of the world, the number of scam victims has just increased over the years. One such broker who has received a lot of backlash over the internet is Ontega. The company claims to deal in forex and CFD broker that offers trade in a lot of tradable instruments including metals, commodities, indices, etc. With four account types and no demo account available, the company is full of red flags. In this Ontega review, we will uncover all of these red flags and take our readers one step closer to the Ontega Scam. Read on to find out more about Ontega scam.
Who are they?
Ontega claims to be world-famous in forex and also claims to be solely working towards the customers’ satisfaction. Owned and operated by Green Pole Ltd., Ontega seems to be a bit shady. Although the parent company has a license issued by Vanuatu Financial Services Commission, Ontega does not seem to have a license from any of the regulatory authorities. Therefore, we urge our readers not to understand that a small company like Green Pole that is registered in a small South Pacific region to have the control and capability to overlook an international forex broker like Ontega. Every broker operating in the finance market must have a license issued by the regulatory authorities that overlook the investment and trading of their respective countries. Some of the major regulatory authorities operating around the world are the Financial Conduct Authority or the FCA of the UK, the Australian Securities and Investment Commission or the ASIC of Australia, the Cyprus Securities and Exchange Commission or CySEC, etc. The main reason behind the government having regulatory authorities is to safeguard the citizens from falling prey to the vicious traps of scammers and cybercriminals. Brokers who are affiliated with the regulatory authorities have to compensate their customers in the case of incurring a loss. Companies who come under the Financial Conduct Authority have to pay their customers up to 50,000 GBP and those who come under CySEC have to pay up to 20,000 EUR. Companies without the license, like Ontega, do not hold the responsibility of safekeeping their customers’ money, henceforth, leading us one step closer to the Ontega Scam.
What do they offer?
For this Ontega review, our group of experts tried to register and open an account. Ontega offers a number of accounts to their “valued” customers. The names of these accounts are Beginner, Trader, Advanced, and VIP. Although the minimum initial deposits of these accounts are mentioned, there is no information regarding the leverages, spreads, or any other advantages of the certain account type. When we look through the minimum initial deposits of the account types, Ontega seems like just another legitimate forex broker. With the starting deposit of just 5 USD for the beginner account, the deposits go to 1000 USD. The minimum deposit for the Trader account is 50 USD. For an Advanced trading account, it is 200 USD and 1000 USD for that of a VIP trading account. Although the trading accounts and their minimum deposits are seemingly fair, the unavailability of other details makes it a little more inclined towards the possibility of this Ontega Review being a scam.
What are their withdrawal criteria?
The options that Ontega offers for their customers to deposit and withdraw are similar to what most of the other brokers offer. The options of withdrawal and deposits include VISA, MasterCard, American Express, and bank wire. Although this makes us think about whether the company is legitimate, our doubts were completely banished when we saw that the company does not disclose its minimum withdrawal limit or any other information regarding withdrawals and deposits.
Revisiting the red flags in Ontega Review
- Offshore Broker
Even though the parent company of Ontega is licensed, it does not guarantee or safeguard the customers who have an account with Ontega. Moreover, research consisting of checking the websites of the regulatory authorities proved that Ontega is a scam broker with an offshore regulation.
- Unannounced Trading Conditions
Even though the trading methods and accounts are seemingly legitimate and normal, the fact that the company does not disclose its trading conditions throws a shadow over the company’s legitimacy. This step taken by Ontega brings us closer to Ontega Scam.
- No Demo Account
Another fact that proves that the company is a complete scam in this Ontega Review is that the brokerage does not offer a demo account. The absence of a demo account refrains the traders and the newcomers from understanding the trading methods and the working of the company.
- The trading software
When we were registering for an account for this Ontega Review, we realized that the company has its own trading software and mobile app. The fact that the company does not use Meta Trader 4 or the MT4 for their trading platform is a bit skeptical. The reason behind this is MT4 is the go-to trading software for most of the legitimate brokerage firms.
Conclusion: Is Ontega scam or legit?
To sum up, all that has been said above, it is safe to say that Ontega is a complete scam. We urge our readers to stay cautious about Ontega. One must always do proper research before investing or trading with a firm. We request you to only trade with the brokerage firms that have a license issued by any of the regulatory authorities. If you have been a victim of any such firm, make sure you post your experience in our comments down below. This will not only help us in reviewing other broker firms but also helps other traders in steering clear of these scam brokers. If you have lost money in such a scam, report a complaint with us immediately and we will help you in getting back your funds
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