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OLocate Review: An Asian Investment Scare

OLocate Review: An Asian Investment Scare

Another Finance Commission blacklisted platform, OLocate, is an Asian investment platform. Although the default language is Russian, the platform’s residence is in Singapore. There have been complaints coming from Asian investors regarding this platform. And this is the reason the regulator decided to act on the platform. We looked closely at why O-Locate is on the blacklist. Here’s our full OLOCATE REVIEW with details on why they are an investment risk.

About OLocate

OLocate  Review

The team plans to make OLocate a leading CIS investment market in the future. According to the about us page, it all started back in 2013. The story goes that JP Morgan and City Group wanted to buy this platform.

All of these are false statements meant to highlight the platform as formidable and lucrative. But, on the contrary, these are well-groomed online keyboard masters who know how to play with words. And this is the reason why we must expose the platform’s risks.

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O-Locate, on the other hand, is trying to make naive investors sign up with them. Their main target is Asian investors looking to profit from the Crypto revolution. To get a stronghold of the investment community, the platform even offers a smart contract.

The disclaimer at the footer of their homepage shows Smart-order as the main contract. Unfortunately, we don’t have all the details regarding the ICO and IDO events. What we do know is that the platform is barely making ground.

Accounts and Packages OLocate

OLocate offers six different account types to choose from. These include Mini, Mini+, Standard, Gold, VIP, and Diamond account. But, first, let’s take a closer look at each account, noting the minimum deposit and other features.

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Mini

With the Mini account, users have to deposit $500 to start using the package. The platform is doubling the amount set by industry regulators. You should know that regulators have set $250 as the acceptable minimum deposit.

OLocate  Accounts and Packages

The account has no IPO/ICO, and you can deal with up to 3 smart orders per week. There’s no individual account or pre-market entry.

Mini+

You must deposit $2,000 to start using the Mini+ account. It has the same features like the mini account apart from increased orders. With the Mini+, deals are set up to 6 smart orders per week. IPO/ICO is not available with this account.

Standard

Depository amount for this platform is $10,000. The deals set are up to 12 smart orders per week. IPO/ICO is available on this account. However, pre-market entry is not available, and no individual card is given to members.

Gold

With the gold account, members must deposit a whopping $25,000 to start using the platform. After that, you get deals of up to 20 smart orders per week with IPO/ICO available. Pre-market entry is partially available. Exclusive deals are also partially available for Gold account holders.

Accounts for executives

For urgent withdrawals, the account holder can withdraw up to $100,000. There are also reduced commissions within the platform.

VIP Account

There’s an initial deposit of $100,000 for this account. After that, deals are up to 50 smart orders per week with IPO/ICO available. Pre-market entry and exclusive deals are also available to members. In addition, there are reduced commissions with urgent withdrawals set at $1,000,000.

Diamond Account

The Diamond account is the most exclusive account of them all. To start using this account, members must deposit $1,000,000. Members also get individual premium account cards with transactions set at unlimited.

Affiliate program

On their affiliate program part, the platform doesn’t engage users with the set commission. Being a blacklisted entity, we doubt the platform’s ability to release commissions. We haven’t heard or seen anyone making passive income from the platform.

O Locate Contact Page

If you become their affiliate member, you stand to lose your credibility. Those who you point to the platform will lay the blame on you. In the event the platform ceases to exist, no one will get any compensation.

There’s a likelihood the smart contracts don’t mature. Those who lose funds with the platform will blame affiliate members. It’s best to stay away from affiliate programs with blacklisted entities.

Assets and Trading Instruments

The platform offers five major trading instruments. These include Crypto, Forex market. Indexes, raw materials, and stocks. Most crypto pairs are with leading currencies such as BTC/USD, ETH/GBP, and more.

When it comes to stocks, you can easily trade stocks from the FAANG Group. 

Contact and Support

With smart contracts, we expect quick reactions when it comes to supporting. Instead, what we have is a slow platform that rarely responds to emails. You only get a message board where you are to leave your message.

The platform also lists Telegram and Whatsapp channels. If you ask withdrawal questions on these channels, chances are you will likely get kicked out. There’s no direct access such as live chat, or phone number members can use. 

Deposit and Payment Options

There are five listed channels or means of depositing funds with the platform. These include Bitcoin, Ethereum, MasterCard, SEPA, and VISA. Although they list the depository options, there’s one thing missing.

We don’t see any withdrawal terms and conditions on the homepage. So members sign up without knowing how long it takes to process withdrawals. And this is another grey area worth mentioning about the platform. 

Investors are depositing, not knowing whether withdrawals take place six months after the vesting period. With contracts being a subject of concern, the platform should be clear on when investors withdraw.

License and Registration Status OLocate

olocate.com License and Registration (warning from Financial Commission)

OLocate is not a licensed platform and thus making it a risky investment option. Furthermore, there’s no mention of their regulatory compliance. Without any compliance, it puts your funds at risk. And this is the reason why we must expose the platform.

Although some platforms operate without licenses, contracts are another thing. The platform fails to give necessary information to participants. All these could lead to harsh investment conditions, which is a disadvantage to members.

Without compliance, the platform is free to operate with impunity. And this is why regulators are in place to protect investors. So make sure to go for investment platforms regulated by ASIC, BaFIN, CySEC, FCA, SEC, and more.

Public Stunt with Singapore National Team

The platform tries to prove its credibility by claiming to be the official sponsor of the Singapore national team. However, records indicate that life Insurer AIA Singapore is the official sponsor of the national team.

And this points to a platform that has no regard for transparency. We don’t understand why O-LOCATE would make such a move. It’s only naive investors who will fall for it as they don’t bother doing due diligence.

Since we’ve exposed their scheme, what’s to stop them from creating another claim? First, investors should make sure they research on such platforms before making any commitments. 

Safety of funds with OLocate

With the platform on the blacklist, the safety of funds is out of the question. The platform won’t protect your interest, especially if the contract doesn’t pan out. There are no safety nets in play to protect members.

Why Don’t we recommend OLocate?

Here are the reasons why we don’t recommend OLocate

  • A warning from the Financial Commission
  • Lack of clear withdrawal process
  • The platform lacks a reliable customer support
  • High depository amounts for the basic account
  • No guarantee that the safety of funds is provided.

Those are the main reasons why we have to blacklist this platform.

You should instead invest in platforms with a clean track record. It’s the only safe way to invest in the forex world.

If you have any queries, leave a comment or email us.

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