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The WikiFX Score of this broker is reduced because of too many complaints!

OTM Trade

Indonesia|5-10 years|
Suspicious Regulatory License|MT4 Full License|Regional Brokers|Clone Firm Indonesia|High potential risk|

http://www.otmtrade.com/

Website

Rating Index

MT4/5 Identification

MT4/5 Identification

Full License

2
Server Name
PTOTMTrade-Demo MT4
Server Location Hong Kong

Contact

support@otmtrade.com
http://www.otmtrade.com/
The WikiFX Score of this broker is reduced because of too many complaints!

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Broker Information

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Company Name

OTM Capital

Company Abbreviation

OTM Trade

Platform registered country and region

Indonesia

Company website

Pyramid scheme complaint

Expose

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This platform is a Ponzi Scheme. Please stay away! 6
Previous Detection : 2024-05-21
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

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Pyramid scheme complaint
Expose
Unable to Withdraw

Hope relevant department punished such forex scam platform severely.

OTM Trade , with its agent and data teachers, inveigled clients to open accounts with high returns and manipulated their accounts maliciously. Then they also closed position compulsorily and charged high rollover. The following pics are the fake record by agent and the faced of the APP. Don’t be cheated. I have been scammed of 200 thousand RMB.

2020-02-20 23:52
Scam

OTM Trade , together with data team, inveigled clients to deposit and gave no access to withdrawal.

The agent on the Wechat claimed that they had professional teachers, who could realize 0 risk and high profit through data-based forex trading, and induced clients to deposit. A client deposited 50000 RMB and profited with the guidance of technical teacher through Miliao APP. Then my balance leaped from 58 thousand RMB to more than 510 thousand RMB. But I was asked to pay margin due to the wrong information. Then the credit score was influenced by it, thus, I needed to raise 20 scores with 3000 RMB per score. After doing so, the client sill couldn’t withdraw fund.The customer said that the client hadn’t opened the international business receipt, asking for 100 thousand RMB for verification fee. When I inquired the bank, they said my card could received out-boundary remittance. When I asked the service of Citibank again, they had no specified stipulation to show, At which time, I realized that I was scammed of 170 thousand RMB.

2020-02-19 10:42

    OTM Trade · Company Summary

    General Information & Regulation

    OTM Trade is online forex and CFD broker. The company behind OTM Trade is OTM Capital registered in Indonesia. Since OTM Trade is not subject to any regulation, we would still advise caution when dealing with unregulated brokers.

    Markets Instruments

    The selection of trading products available for clients includes currency pairs, CFDs on precious metals, indices, as well as commodities.

    Minimum Deposit

    While the minimum requirements for all account types at OTM Trade are very low, $100. Although this amount is reasonable for most regular traders, given the fact that this broker is not subject to any regulation, traders are not advised to register trading accounts here.

    Leverage

    OTM Trade provides a maximum leverage of 1:100. Since leverage can amplify gains as well as losses, inexperienced traders are not advised to use too high leverage.

    Spreads & Commissions

    Spreads at OTM Trade are variable. While usually the spreads are slightly higher than the ones offered other accounts, the company does not provide much information on them. Our testing with the platform revealed spreads starting from 1.2 pips on EUR/USD.

    Trading Platform Available

    OTM Trade offers MetaTrader4 (MT4) as their trading platform. This is the most popular solution, which is preferred by many brokers. It is also admired by lots of traders, mainly for the outstanding charting capabilities and the add-ons which are available. At the MQL marketplace, a broker independent online store, you can test, loan and purchase newly developed technical indicators and automated trading robots (better known as Expert Advisors).

    Deposit& Withdrawal

    In terms of payment methods available with OTM Trade, this broker does not make this part clear. In most cases, most broker would supports traders funding their account through Visa, MasterCard, Wire transfer, as well as Skill and Neteller.

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    程婕维权
    more than one year
    Don't trade with OTM Trade! Totally a scam company. They rejected my withdrawal request for various reasons. You can also see on this website that there are still many victims.
    2022-12-12 10:19
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