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Otto Forex is an investment scheme that purports to originate from the USA. The broker features a license number allegedly issued by the National Future Association (NFA). However, this is a clever scam that is illegal in business.
How can they be legally in business when there is no legal documentation on the website? You will not know what you’re signing up for by getting in business with them. This is also a big red flag that should not be taken lightly.
Legit investment companies will take their time to design the legal documentation. Investors can stand in court and so the company if it violates its terms. However, with scammers, there’s no one to protect you.
Additionally, it appears Otto Forex might have copied their web content from somewhere else. We do not know whether it is confusion or intentional. The name Runli appears throughout the website. We found out that this is a venture incorporated in the United Kingdom. It belongs to a Chinese owner but does not provide investment services.
The red flags surrounding this Investment company are too many to turn a blind eye on. You can walk away from them and find a genuine forex trading broker. The safety of your money should be your main concern and surely this scammer will only lead you to hazardous limits.
Otto Forex fails to credit its team. They do not disclose the qualification of the account managers, financial marketers, and developers. You will not have the confidence professionals are handling your money. In most cases, they are not reading activities on the website.
Scammers design attractive platforms and use generic data to trap more naive clients. The platforms provide educational opportunities. They have technical and fundamental analysis to help novice investors understand the market. The broker also claims it offers advanced trading tools to increase the profitability of its clients.
Otto Forex features products like forex, commodities, and indices. They promise tight spreads but fail to mention the exact amount to expect. Their “About Us” information page does not have valuable content. The scheme only brags about being working with the best team. It turns out these are anonymous individuals.
The broker also boasts about utilizing the best technology. Their results are nowhere to be seen. Mark, this is not a mistake, but the scam has nothing to show. They use a stock image to appear as a transparent venture. The CEO featured on the website is a fictitious character.
Never provide personal data to suspicious firms like Otto Forex. Who knows what they will do with the information. Walk away from such firms and look for credible and trustworthy schemes.
Whoever designed this company did not take their time to ensure all the critical data was available. The platform has a link whereby investors can install the trading software. Otto Forex claims to provide the popular metatrader5.
Unfortunately, if you try to install the interface, it appears to be a generic version. The scammers are deceiving clients to gain more victims. There are no investment services or products available. The money you invest it’s only the scammers that know what they will do with it.
Several genuine investment companies provide superior software. Clients can access several markets, use the indicators EAs, and customize the scripts. Otto Forex fails to disclose the various trading accounts.
Information about the spreads, leverage, commission, and swap is unavailable. Without knowing the trading conditions, you will be making a blind move.
Otto Forex does not feature the minimum capital requirement. You’re also unaware of the payment methods available. However, scammers tend to collect funds via options that limit clients from issuing a chargeback.
The company does not mention the duration it takes to process the withdrawal request. Moreover, we are unaware of the fees involved. It would help if you were cautious of brokers that provide insufficient withdrawal and deposit information. This is because it does not end well for the customers.
Generally, legitimate companies will collect capital ranging from $10 to $250. Some of the scammers offer bonuses to entice more victims. Do not be quick to accept the lucrative. You have to complete absurd trade volumes to get your funds. It is a tactic deployed by scammers to retain your funds in their system.
The people behind this company do not intend on blowing up their cover. Their physical address is unavailable, and it is also impossible to contact customer support. The broker does not feature a phone number or an email address.
A legitimate investment broker would not destroy PR by hiding such essential information. Investors can reach the support using various methods. Live support will be available, and in other cases, traders can also interact with the team on social media platforms.
Otto Forex breaks the rules set by the financial bodies making them an illegal scheme. This is just another Ponzi scheme fabricating information that various fraudsters have recycled.
Investors need to be careful as multiple Ponzi schemes in the market are tactical. We recommend you stick to legitimate companies that are fully licensed. There are numerous advantages to such platforms. Clients will have peace of mind since financial bodies oversee all the transaction reports.
Otto Forex does not fall under any regulatory agency. Investors can face bankruptcy and never receive compensation. A negative account balance is also not provided. The funds of investors are not segregated from the company’s account. Therefore, the shady entity can misuse your fund for personal gain.
Offshore companies illegally in business do not survive long in the market. The broker is only registered for one year, and we suspect it will not renew its contract. There is also no legal documentation on the website. Avoid the platform at all costs. It has proven beyond a reasonable doubt to be untrustworthy.
Sadly, investing with Otto Forex will only lead to losses. The investment scheme has numerous loopholes. They claim to be reliable STP and ECN brokers. However, the people running the entity do not seem to have adequate trading knowledge.
The scheme claims it gets its liquidity from top liquidity providers. The company is, however, new in the market. They have also proven to be untrustworthy. The firm claims to be having excellent support.
Unfortunately, it is impossible to reach them as no means of communication is available. The funds of traders are at risk. The scheme does not have segregated clients’ accounts. This is a lethal scam that has a low trust score.
Otto Forex, as mentioned, is a dangerous investment platform. The company is operating as it pleases and does not follow the rules of regulatory bodies. The trading conditions, withdrawal requirements, and legal documentation are essential information publicly available. However, the scheme thinks it is exceptional.
You can try out these transparent and licensed forex trading schemes. They have been in operation for years surviving volatility and providing excellent services. The ownership information is also provided and clients have assurance experts are handling their money.
No, the company does not have a license.
Unfortunately, the entity does not have enough funds to hire a professional team.
No, the broker is exposing traders to risk.
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