Abstract：Otet Markets, a Saint Lucia-based brokerage entity with a presence across forex, metals, energy, indices, cryptocurrencies, is facing numerous allegations from users worldwide. The reported complaints raise question marks over the way the broker handles withdrawal cases and welcome bonus credit. There are also reports of account blocks. While they may be user allegations and do not establish any fault on the broker's part, they deserve a fair look. In this OtetMarkets review, we have shared user allegations and provided insight into its regulatory status.
Otet Markets, a Saint Lucia-based brokerage entity with a presence across forex, metals, energy, indices, cryptocurrencies, is facing numerous allegations from users worldwide. The reported complaints raise question marks over the way the broker handles withdrawal cases and welcome bonus credit. There are also reports of account blocks. While they may be user allegations and do not establish any fault on the broker's part, they deserve a fair look. In this OtetMarkets review, we have shared user allegations and provided insight into its regulatory status.
ContentsExamining OtetMarkets Trading Account Details
OtetMarkets offers several trading accounts - ECN, ECN+, Otet Plus, Festival account, etc. These accounts are designed for traders with specific preferences. Check out the table below for account-related information.
Spreads are evenly charged across OtetMarkets trading accounts. At the same time, the leverage offered is up to 1:1000, allowing traders to gain a wide market position by paying a small margin. However, utilizing such heavy leverage can cause account blowups in a volatile market. The commission charged on ECN and ECN+ accounts is comparatively lower than that of the other two.
While, in total, the product suite may seem appealing, the disturbing user complaints represent a different story. Have a look at some user allegations.
Top User Allegations Against OtetMarkets
Withdrawal Complaints Investigated
Users from Iran, Pakistan and Hong Kong reportedly expressed their frustration over the lack of or delayed withdrawals on the OtetMarkets platform. A Pakistani user claimed to have lost USD 600 on the platform. Here are multiple OtetMarkets reviews.
Account Blocked for 70 Days
A trader from Iran claimed that his trading account was blocked for 70 days at the time of sharing the OtetMarkets review. The user, according to the complaint, deposited $10,000 and made a profit worth $675 via the broker's copy trading facility. As the trader looked to withdraw funds, the broker allegedly blocked the account without any reason. A similar complaint came from another trader from this country. Read these complaints for more details.
Bonus-related Complaints Against OtetMarkets
Users from France and Iran claimed wrongdoings by OtetMarkets on bonuses. A French user claimed to have traded manually after receiving a $100 no-deposit welcome bonus. The trader reportedly earned profits worth $132.69 and requested a withdrawal. However, several of his withdrawal requests were allegedly rejected or cancelled. Similarly, a user from Iran claimed to have earned profits on his $300 bonus. However, the broker reportedly failed to deliver his earnings. Have a look the two complaints below.
Profit Denied on a Fast Trading Accusation
An Indonesian trader claimed that OtetMarkets withheld funds worth $18437, including $3,700 as profits. The broker accused the trader of trading too fast as a reason for profit cancellation. The decision was, however, communicated verbally and not in writing. In response, the trader claimed to have an average trading time of over 23 minutes, with his three largest trades spanning 26 minutes, 53 minutes and above five hours. The user further reported failing to receive USD 2500, which was recorded as processed on the MT5 OtetMarkets login. Here is the review.
OtetMarkets Regulation Status & Trust Score
Given the disturbing nature of the complaints, it was imperative to check the OtetMarkets regulation status. Upon investigation, it was found that the broker does not hold credible licenses. It has two licenses, but of much lower reputation. The licenses are from the Mwali International Services Authority (MISA) and the Financial Crimes Enforcement Network (FinCEN). The broker thus receives a very low score of 1.96 out of 10 from WikiFX, a leading forex broker regulation inquiry tool.
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