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

Otto Forex

United Kingdom|2-5 years|
Regulated in United States|Suspicious Regulatory License|Suspicious Scope of Business|United States Common Financial Service License Unauthorized|Suspicious Overrun|High potential risk|

https://ottofxtrading.com

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https://ottofxtrading.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

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Broker Information

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Company Name

Otto Forex Global Limited

Company Abbreviation

Otto Forex

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

Expose

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Warning: Low score, please stay away! 5
Previous Detection : 2024-02-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The number of the complaints received by WikiFX have reached 10 for this broker in the past 3 months. Please be aware of the risk and the potential scam!

WikiFX Verification

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Pyramid scheme complaint
Expose
Unable to withdraw

Otto Forex is a fraud company that cannot withdraw

Otto Forex is a faud company that use social media to induce customer to open account and deposit with cryptos. They will make fake transactions and you cannot withdraw. It does not regulate by FCA www.fca.org.uk/news/warnings/otto-global-forex-limited

2022-03-14 19:19
Scam

They defrauding me and won’t remit my funds.

My case against Otto hasn’t resolved. I press confirm not knowing that pressing it make resolved. I thought when you press confirm is confirming that all your input are true and real. I was surprised when I saw it was resolved. I tried doing it again but it got denied because they said it’s duplicate.I hope you will accept this for mediation. I need to continue to complain their fraud activity. This broker is a fraud. It doesn’t say that I will pay a late fee after paying my clarification fee and after paying them still asked for 5% of almost 1.4M. Anyway, after paying my late fee on time, they withdrew my funds minutes after getting my payment, Otto forex still never remitted my money and insisted that they haven’t received the payment. If they haven’t received it, how come they withdrew my money from the platform account? Then telling me again and again to pay the fees. What’s that? Obviously it’s a fraud. They want more money to go into them without doing nothing and holding my account for ransom. I paid $70k clearly. They got it but never honest, even telling me that my screenshots were fake. I hope this will wake them up and remit my money. If they are honest, they should even return my $70k fee with 1.4M. I’ve given them time to correct it and kept reaching out to them but it seems they’re not serious to the point they are not answering my inquiries so I’m exposing and complaining about them now. Screenshots says it all.

2022-05-21 09:38

    Otto Forex · Company Summary

    Aspect Information
    Company Name Otto Forex
    Registered Country/Area United Kingdom
    Founded Year 2-5 years
    Regulation Not regulated
    Minimum Deposit commonly around $100 (may vary).
    Spreads Claims to offer highly competitive and ultra-low spreads
    Trading Platforms MT5 (MetaTrader5) trading platform
    Tradable Assets Currencies, CFD products, commodities, Fibre Optic Communications, Fintech solutions.
    Customer Support Multilingual website, contact form for call back requests, online chat available.
    Deposit & Withdrawal Not disclosed

    Overview of Otto Forex

    Otto Forex is a brokerage firm based in the United Kingdom. With a history of 2-5 years, it operates without regulation, which poses some risks. The minimum deposit required to start trading is commonly around $100, but it may vary.

    Otto Forex claims to offer highly competitive and ultra-low spreads, although specific details are not provided. Traders can access the popular MT5 (MetaTrader5) trading platform for executing trades.

    The broker offers a range of tradable assets, including currencies, CFD products, commodities, Fibre Optic Communications, and Fintech solutions. Customer support is available through a multilingual website, and users can request call backs or engage in online chat. Information regarding deposit and withdrawal methods is not disclosed.

    Is Otto Forex legit or a scam?

    Otto Forex is not regulated, posing a high risk. There have been 10 complaints in the past 3 months, indicating a potential scam. The United States NFA categorizes it as unauthorized, and it exceeds its regulated business scope. Additionally, Otto Forex lacks a trading software. Please be cautious and aware of these risks.

    regulation

    Pros and Cons

    Otto Forex offers several advantages that may be appealing to traders. Firstly, they claim to provide highly competitive spreads, which can be beneficial in minimizing trading costs and potentially increasing profitability. Additionally, they offer the widely recognized MT5 trading platform, known for its advanced features and functionality. Traders can benefit from a user-friendly interface, a comprehensive set of analysis tools, and the ability to execute trades efficiently. Another positive aspect is the availability of multilingual customer support. Furthermore, Otto Forex provides a range of tradable assets, including currencies, CFD products, commodities, Fibre Optic Communications, and Fintech solutions. This variety allows traders to diversify their portfolios and explore different market opportunities. Lastly, the accessible minimum deposit requirement, commonly around $100, makes it more feasible for traders to start trading with Otto Forex.

    It's important to consider the potential drawbacks associated with Otto Forex. One significant concern is the lack of regulation. As Otto Forex is not regulated, it poses risks to traders, as there may be less oversight and protection for their investments. Additionally, the lack of disclosure regarding deposit and withdrawal methods raises questions about the transparency and convenience of these processes. Traders may not have a clear understanding of the available options and associated fees or limitations. It is crucial to thoroughly research and consider these factors before entrusting funds with the broker.

    Pros Cons
    - Highly competitive spreads claimed - Not regulated, posing potential risks
    - Availability of MT5 trading platform - Lack of disclosure regarding deposit and withdrawal methods
    - Multilingual customer support
    - Range of tradable assets offered
    - Accessible minimum deposit

    Market Instruments

    Otto Forex is a brokerage firm that specializes in providing services related to currencies, CFD products, commodities, Fibre Optic Communications, and Fintech solutions. They cater to clients from around the world.

    As a forex broker, Otto Forex facilitates trading in various currency pairs, allowing clients to engage in the foreign exchange market. They provide access to a range of CFD (Contract for Difference) products, enabling traders to speculate on the price movements of various financial instruments without actually owning them.

    In addition to forex and CFDs, Otto Forex offers trading opportunities in commodities. This includes popular commodities such as gold, silver, crude oil, and agricultural products. Traders can take advantage of price fluctuations in these markets to potentially profit from their trades.

    Notably, Otto Forex is also involved in the field of Fibre Optic Communications. This suggests that they may have expertise or involvement in technologies related to fiber-optic networks and communication systems.

    Furthermore, Otto Forex provides Fintech solutions to its clientele. Fintech, short for financial technology, refers to the application of technology in the financial sector to enhance and streamline financial services. This indicates that Otto Forex incorporates technological advancements to provide efficient and innovative solutions to their clients.

    Minimum Deposit

    The minimum deposit requirement for Otto Forex is not clearly stated. However, it is common for many brokers to have a minimum deposit requirement of around $100 or an equivalent amount to start real trading. Please note that this is a general industry standard, and the actual minimum deposit for Otto Forex may vary. It is advisable to contact the broker directly or refer to their official website for accurate and up-to-date information regarding their minimum deposit policy.

    Leverage

    The Otto Forex website does not provide specific information about trading leverage. The leverage offered by brokers can vary and is an important factor to consider when trading. Leverage allows traders to control larger positions with a smaller amount of capital. It amplifies both profits and losses, so it is crucial to understand the leverage ratio and its associated risks.

    In the case of Otto Forex, since no leverage information is available on their website, it is advisable to contact their customer support or seek clarification from the broker directly. They should be able to provide you with the relevant information regarding leverage options and the associated terms and conditions. It is essential to have a clear understanding of the leverage offered by the broker before engaging in any trading activities.

    leverage

    Spreads & Commissions

    According to the information provided on the Otto Forex website, they claim to offer highly competitive and ultra-low spreads. However, the specific spreads on particular instruments are not specified

    Low spreads are generally considered favorable for traders as they can minimize trading costs and potentially increase profitability. However, it is important to note that spreads can vary depending on the market conditions, liquidity, and the specific instruments being traded.

    To get a clearer understanding of the spreads offered by Otto Forex and how they may vary for specific instruments, it is recommended to contact their customer support or refer to their official documentation. They should be able to provide you with more detailed information regarding the spreads and any associated fees or commissions. This will help you assess the cost-effectiveness of trading with Otto Forex and make informed decisions based on your trading strategy and preferences.

    Trading Platform Available

    Otto Forex offers the widely used and industry-recognized MT5 (MetaTrader5) trading platform. The MT5 platform is known for its advanced features and functionality, making it a popular choice among traders worldwide.

    The MT5 platform provides a user-friendly interface and a comprehensive set of tools for analyzing markets, executing trades, and managing positions. It offers a wide range of technical indicators, charting capabilities, and order types to assist traders in making informed decisions.

    One of the advantages of the MT5 platform is its availability on IOS and Android devices. This means that traders can access their trading accounts and trade on the go using their smartphones or tablets. The mobile version of the MT5 platform allows for seamless trading and provides real-time market data, trade execution, and account management features.

    By offering the MT5 platform on IOS and Android devices, Otto Forex aims to provide convenience and flexibility to its clients, allowing them to trade anytime and anywhere. Traders can monitor markets, analyze charts, execute trades, and manage their positions with ease using their mobile devices.

    trading-platform

    Deposit & Withdrawal

    The payment methods supported by Otto Forex are not disclosed on their website. However, it is common for brokers to accept various funding options to cater to the diverse needs of their clients.

    Typically, brokers commonly accept payment methods such as Visa and MasterCard, allowing traders to fund their accounts using credit or debit cards. Wire transfers are also widely accepted, providing a direct transfer of funds from the trader's bank account to the broker's account.

    In addition, e-wallets such as Skrill and Neteller are frequently utilized by traders for depositing and withdrawing funds. These e-wallet services offer convenience and speed in transactions, making them popular among traders.

    While the aforementioned payment methods are commonly accepted by many brokers, it is important to note that the availability of specific payment options may vary depending on the broker's policies and geographical location.

    Customer Service

    Otto Forex provides customer support through various channels to cater to the needs of its clients. The official website of Otto Forex is multilingual, which allows users to access information and support in different languages.

    To request assistance, users can fill out a contact form available on the website, providing their personal information and specifying their inquiry or concern. This allows users to request a call back from the customer support team, who will reach out to them to address their queries or provide assistance.

    In addition to the contact form, Otto Forex offers the convenience of online chat for quick and direct communication with their customer service staff. Users can engage in real-time conversations with the support team to seek immediate assistance or clarify any doubts they may have.

    Conclusion

    In conclusion, Otto Forex offers certain advantages such as competitive spreads, the popular MT5 trading platform, multilingual customer support, a diverse range of tradable assets, and an accessible minimum deposit requirement. However, it is important to be aware of the disadvantages, including the lack of regulation and the undisclosed deposit and withdrawal methods. These factors present potential risks and raise concerns about transparency. Traders should carefully consider these pros and cons, conduct thorough research, and exercise caution when considering trading with Otto Forex.

    FAQs

    Q: Is Otto Forex regulated?

    A: No, Otto Forex is not regulated by any official authority.

    Q: How can I contact Otto Forex's customer support?

    A: You can reach out to Otto Forex's customer support through the multilingual website, by filling out a contact form for a call back, or by engaging in online chat.

    Q: What trading platform does Otto Forex offer?

    A: Otto Forex offers the MT5 (MetaTrader 5) trading platform.

    Q: What are the tradable assets available at Otto Forex?

    A: Otto Forex offers trading opportunities in currencies, CFD products, commodities, Fibre Optic Communications, and Fintech solutions.

    Q: Does Otto Forex provide educational resources for traders?

    A: Otto Forex's website does not specify if they offer educational resources or materials for traders.

    Q: What is the minimum deposit required to start trading with Otto Forex?

    A: The exact minimum deposit requirement is not clearly stated on the website, but it is commonly around $100 or an equivalent amount.

    User Reviews

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    4

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    lyy4319
    more than one year
    I would strongly caution against using Otto Forex. The lack of regulation raises serious concerns about the safety of investments. The suspicious nature of the claimed NFA regulation and the absence of specific details on spreads and commissions are major red flags. Additionally, the undisclosed deposit and withdrawal methods create uncertainty and inconvenience for traders. I wouldn't recommend risking your funds on an unregulated platform with potential issues.
    2023-12-08 10:26
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    Benedictine
    more than one year
    Otto Forex has been a reliable trading platform for me. The MT5 platform is top-notch, providing advanced features and a user-friendly interface. I appreciate the competitive spreads they claim to offer, which helps minimize trading costs. The variety of tradable assets, including currencies, CFDs, commodities, Fibre Optic Communications, and Fintech solutions, allows for diversification. The multilingual customer support is a plus, and the accessible minimum deposit makes it easy to get started. Overall, it's a convenient and efficient platform for traders.
    2023-12-07 19:15
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    花田大叔(彤的天)
    more than one year
    Withdrawing money is too difficult! It’s useless to pay this tax and that fee, because these shady people will find other excuses to prevent you from withdrawing money. After all, the money has been cheated by them, and there is no way to get it back. Spend money to buy lessons, long memory!
    2022-12-15 16:25
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    0
    0
    more than one year
    Otto Forex is undoubtedly a very bad company, the website is no longer valid, and wikifx has already had victims share their experiences! I sincerely hope that they can recover the funds as soon as possible, and these scammers will be brought to justice as soon as possible!
    2022-12-14 10:08
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