Beware! This is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
Ontega is a forex and CFD broker, offering a variety of trading instruments, including precious metals and commodities on a web based platform. The broker offers four account types – Beginner, Trader, Advanced and VIP with quite accessible minimum deposit requirements – just 5 USD for the starting account, 50 USD for the Trader Account, 200 USD for an Advanced Account and 1000 USD for a VIP Account.
Unfortunately there is no demo account available, and as the broker does not specify its trading conditions in the presentation on its website, we can not comment the spreads. However, here we will review a significantly more important aspect of the broker – its regulatory status.
Ontega regulation & safety of funds
Ontega website is owned by Green Pole Ltd, based in Vanuatu, and is operated by Rehoboth Ltd – a Cyprus based company. And although Green Pole Ltd. holds a license by the Vanuatu Financial Services Commission (VFSC), the regulatory status of Ontega remains quite shady, as the regulation, provided VFSC, is not reliable. Our point is, the institution, based on the small South Pacific atoll simply lacks the capacity to oversee internationally operating brokers. That is why we will review Ontega as an unregulated, offshore broker with rather limited credibility.
Have in mind that trading with properly regulated brokers is key for the security of any investment. That is why we strongly advice all traders to deal only with brokers, licensed by respected financial authorities, such as the Financial Conduct Authority (FCA) in the UK, the Cyprus Securities and Exchange Commission (CySEC) or the Australian Securities and Investments Commission (ASIC).
In addition to the strict and transparent regulatory regimes, provided by the above mentioned financial watchdogs, traders with FCA and CySEC regulated brokers are even entitled to a compensation in the event their broker goes insolvent.
Traders with FCA brokers for example can receive back up to 50 000 GBP of their capital, while anyone trading with a CySEC broker can expect a compensation of up to 20 000 EUR.
Ontega deposit/withdrawal methods and fees
As with most other brokers you can deposit or withdraw funds at Ontega, using major credit or debit cards like VISA, MasterCard and American Express, as well as a bank wire.
However, have in mind that Ontega reserves the right to set minimum withdrawal amounts at their sole discretion, which in our view is quite unusual. The clause can be found in the Terms and Conditions section of the website.
How does the scam work?
Surfing on the internet you may stumble upon a robo – scam website like Bitcoin Revolution or Bitcoin Method. There you will watch a video, aimed to convince you, you can make some easy money by simply investing with an innovative trading app. All you have to do is register by filling a simple form, leaving your e-mail and phone.
Then you will be transferred to the web site of an unregulated, offshore broker, where you will be urged to invest just 250 USD and start making money right away. Besides, your first trades will probably go great and the money in your account will soon double. That however will happen, because your account will be manipulated, so that you may get hooked and agree to invest more. Probably you will be contacted by phone as well. A “senior account adviser” will suggest that if you want to win really big, you simply have to invest more – 10 000 USD.
And after you invest those money as well, at first everything will seem fine, until the day you decide to withdraw some of your funds. Take a note that if the sum is relatively small, it might be payed, but if you want to withdraw a more substantial sum, the request will simply be discarded.
The scammers will cite some obscure clause in the terms and conditions, according which all withdraws are linked to some minimum trading volume requirement. The bottom line is you will not be able to withdraw your money.
Have in mind that at some point scammers will ask you to send them a copy of your ID and a proof of address (your latest electricity bill for example). And they will cite the anti-money laundering legislation. However the truth is they will have a much stronger case, when you file for a charge back with your credit card provider, if you have given them personal information voluntarily.
Some scammers may even try to fool you to install Team Viewer, in order to get access to your PC. If you agree, they will get to your credit card number and banking details and will surely try to steal money form your account directly.
What to do if scammed?
Immediately file for a charge back with your credit card provider. Note, that you can do that within a six month period only.
If you have agreed to install Team Viewer or have given away your credit card number or the password for your online banking, block your credit card immediately, delete Team Viewer and change the password for your online banking.
If scammers have managed to trick you to give them your money, do not waste even more time and money with the so called recovery agencies. They will simply take an upfront payment and will leave you with even less cash.