According to the website, this company represents an international business focused on foreign exchange services, CFD trading and related activity. There’s a couple of licenses presented and the domain is almost two decades old.
At a glance, the firm has everything to make their offer believable. That’s why we strongly recommend you to keep reading our OTFX review and find out which ones of these statements are not true and why.
| Regulated by: | Unregulated Broker |
| Is This Company Safe? | No, this company lacks a valid license, which makes them unsafe for investing. |
| Known Websites: | otfx.com |
| Have Warnings from: | N/A |
| Registered in: | Saint Lucia |
| Operating since: | 20.09.2023. |
| Trading Platforms: | OTFX Pro |
| Maximum Leverage: | N/A |
| Minimum Deposit: | N/A |
| Deposit Bonus: | No |
| Trading Assets: | Forex, Crypto CFDs, Stocks CFDs, Indices CFDs, Bonds CFDs, Commodities CFDs |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Withdrawals don’t work with this one – contact our legal crew for help! |
Shallow Legal Info
The legal documents found feature obscure crucial information. There, we learned the true address of the company to be St. Lucia – an offshore zone where the regulatory authority doesn’t license brokers. Now, let’s discuss licenses.
The only reliable brokerage is a regulated one, preferably by a Tier 1 body. This shady firm claims to be registered with MSB, ASIC and NFA. That was easy to determine, as we immediately checked all of the databases and found nothing related to this suspicious conduct, except NFA explicitly clarifying that the firm is not their member.
Additionally, FCA, BaFin, CySEC, and FINMA also have no intel on these fraudsters. So better keep your funds safe and stay away from TradeCryptoMasters, as well. You will have far better chances at making profit with a broker that allows segregation of funds, compensation schemes and negative balance insurance.
Hunting With The Net
This unscrupulous group is using a domain that dates back to 2005. The WhoIs database, however, tells us that the domain remained dormant for a long time, only to host this would-be broker in September 2023.
Our advanced analysis tool tells us that the site is most visited in these nations:
- Malaysia
- China
- United States
- Singapore
The company employs false advertising on social networks, as well as boiler room agents to attract new clients. We can see their profiles on Facebook, Instagram, X, LinkedIn, and YouTube.
The misleading content on these networks allows the company agents to more easily persuade their victims by phone and Telegram online chat service.
These people are not to be believed, no matter how confident they seem! If you’ve already invested in the OTFX broker scam, contact our legal experts to learn more about recovery.
What Are The Costs?
An immediately detectable red flag is when the company you’re signing up with doesn’t provide accurate trading information and conditions. The approach of these schemers consists of them claiming to offer the most amiable trading terms in the industry, without clarifying what the concrete numbers are.
In accordance with the marketing based on selling empty promises, we cannot say what the exact leverage allowed is, or the spreads. There’s several conflicting statements about the trading costs and they’re all different. In one place on the website it says that the spreads start from just 0.7 pips, but other parts of the site show something else.
Incomplete Trading Information
Although the otfx.com website does contain some information pertaining to general trading information, it’s only partial. The company does not disclose a full list of assets, and the registration page is non-functional. This has prevented us from testing the actual environment first hand.
Inaccessible Trading Software
The main trading app is said to be on the forefront of software development, featuring many exciting features. Reaching it, however, has proven difficult as you may not access it without an actual trading account.
Many of these fraudsters, like Whalestep for instance, actively tamper with the trading data in their app. It’s always best to use a broker which features industry standard programs like cTrader, MT4 or MT5.
Shady Mobile Platform
There is a mobile app, available through Google Play, but it was only downloaded 5 times. In order to get the app, we had to search for it externally, as the links on the company website do not work. We were unable to find the alleged iOS compatible app, as it is not available on the App Store.
Selection Of Instruments
The company advertises some 17,000+ markets to trade on. This is difficult to believe, as there is no full disclosure of all the allegedly available assets.
Featured instruments are only available in the most popular categories:
- Forex – EUR/USD, GBP/USD, USD/CAD, USD/CHF
- Cryptocurrency CFDs – BTC, ETH, EOS, XRP, DOGE
- Stocks CFDs – AAPL, AMZN, MSFT, GOOG, TSLA
- Bonds CFDs – EURBOBL, EURBUND, ITBTP10Y
- Indices CFDs – DE40, F40, JP225, STOXX50
- Commodities CFDs – Brent, Crude, Corn, Wheat, Gold
Account Creation: Error 403
If you’re still determined you want to invest in this monkey business, you might want to go ahead and try to register for an account.
When you click the button that should lead you to the registration page, you will only get an error signifying that the wanted webpage doesn’t exist. Whether that is a temporary issue or the website owners have permanently disabled the option – we do not know.
What is certain is that the account types are never mentioned. It remains a mystery what packages are available, what they feature and how much they cost.
Payout Policy is Missing
After taking a look at the ridiculously badly put together legal documents, we weren’t surprised there was no Withdrawal Policy in the legal section. What should otherwise be a clarification on the payout procedure, processing time, costs and transfer methods is not even a part of the mandatory information.
Without properly being able to create an account, we can’t say what the user area hides, either. This much secrecy is worrying to say the least, and we suggest you rather go with a safer variant and a serious firm built on professionalism and transparency, not fraudulent intent.
No Customer Support Info
Outside of the client area, there are no customer support options to speak of. While some options might be available through the dashboard, we couldn’t create an account and reach out to the firm.
Although it is possible that their Telegram page features some kind of customer service, it is a den of boiler room agents, and most likely not a good way to get help with your issues.
Get Your Money Back From The Scammers!
There’s nothing nice to say about this company or their services. They use deception strategies to get new clients, and lack a license to provide any kind of service. The information about trading conditions and costs is partial at best, and outsiders are prevented from creating an account in the first place.
If you’ve got money invested with this company, consider booking a consultation with our chargeback experts. You may do so via the live chat on our website, which is available 24/7 for your convenience.
FAQ Section
What is OTFX?
This is an investment trap, aimed at financially running Forex beginners.
Is OTFX a Legal Broker?
No, although they claim to be regulated by FINTRAC, ASIC and NFA, they’re actually not.
How to Withdraw Money From OTFX Account?
It is not known what is needed to submit a withdrawal request. If you’re having issues with that, please contact our legal service immediately.
