Beware of Withdrawal Scams: CNMV & FCA Warned Against Otto Forex

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.