简体中文
繁體中文
English
Pусский
日本語
ภาษาไทย
Tiếng Việt
Bahasa Indonesia
Español
हिन्दी
Filippiiniläinen
Français
Deutsch
Português
Türkçe
한국어
العربية
Abstract:Fraudulent brokers always use various reasons to hinder customers from withdrawing their money.
Among these reasons, excuses like asking investors to pay extra money or upgrade their account before withdrawal are the most common ones.
Ask Clients to Upgrade Account by Investing More Money
A trader told that he made a failed withdrawal in Otto Forex. It seemed the company approved his withdrawal request, but actually he received no money. He went to the live chat and spoke with the “costumer support” to tell his situation, but only to knew that the withdrawal was actually rejected because he needed first to deposit more $823 so that the company can proceed the withdrawal of the amount he had there $3166. In addition, the company also informed him to upgrade to a premium member and provide his ID card photos to make withdrawals.
He tried to ask and requested multiple times for them to proceed with my withdrawal and without answers.
Claims to be Supervised by NFA
Otto Forex claims to be supervised by NFA under the license number 0541481 in the “About Us”. However, when we searched on the NFA Registry, we found the company is not an NFA Member.
CNMV & FCA Issued Warnings Against Otto Forex
What's more, two financial authorities issued warnings that Otto Forex has not been authorized to provide forex investment and services.
On 24 Feb 2022, the FCA issued a warning that Otto Forex has not been authorised to carry out financial services and products in the UK.
On 4 Apr 2022, the CNMV added Otto Forex into its warnings and alerts, saying it has not been authorized to carry out investment services and activities in Spain.
Disclaimer:
The views in this article only represent the author's personal views, and do not constitute investment advice on this platform. This platform does not guarantee the accuracy, completeness and timeliness of the information in the article, and will not be liable for any loss caused by the use of or reliance on the information in the article.
This article explores how fintech advancements are transforming the forex market and what this means for traders moving forward.
The UK's Watchdog Financial Conduct Authority (FCA) exposed ten unauthorized brokers. The authority officially exposed this list of fraudulent brokers on its website and stated that you should avoid dealing with these firms and beware of scams.
This article delves into the definitions of inflation and deflation, their causes, effects, and implications for the trading environment.
Master essential financial trading angles like market sentiment, supply and demand, technical and fundamental analysis, and the 3-5-7 rule for consistent profits.