Ontega Review – 5 things you should know about ontega.com

Ontega Review – 5 things you should know about ontega.com

Beware! This is an offshore broker! Your investment may be at risk.

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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.

Rich Snippet Data
Review Date
Reviewed Broker
Ontega
Broker Rating
11stargraygraygraygray

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7 Comments

  1. Okolie uche jude

    Does a beginner with a $5 starting account entitled to earning money online with ontega platform…

  2. I foolishly invested a large amount of money with WMOptions approximately January 2017, who have now changed their name to PrimeCFDS.

    My account manger Ethan Stark assured me that I would easily be able to make a withdrawal. Not long after informing my account manger I would be making a withdrawal soon, he refused to answer my calls. After contacting their support number, i was told the reason was that i now have a new account manger Mark Spencer. Mark informed me that my account set up with a bonus, prevents me from making a withdrawal until a massive trading volume is achieved.

    Mark offered 3 different options to consider where they would reduce the credit, and the wager against it, if I put in some money that would reduce the so called Bonus, or credit as they now call it. If i took one of these options they would allow me to withdraw a sum each month as required. He was very pushy about this, and now that i have decided to stay with the current setup he has gone sulky and says i am now on my own, despite being told that they would be on call to help when required. i am forever gratefull to my inlaw who introduced me to [email protected] who helped me recover my lost funds

  3. Estimados, les comento que hace un mes invertí 200 dolares con estos señores y solicite un retiro del total de mi dinero con mis ganancias y al final no me han devuelto nada, son unos verdaderos sinverguenzas y estafadores, el problema es que están estafando a muchas personas a nivel mundial, por favor tienen que hacer algo para parar a esta mafia.
    —————————————–
    Dear, I tell you that a month ago I invested 200 dollars with these gentlemen and requested a withdrawal of all my money with my earnings and in the end they have not returned anything, they are true scoundrels and scammers, the problem is that they are scamming many people worldwide, please have to do something to stop this mafia.

    1. me estan invitando a invertir que recominedan, invierto?
      —————————————-
      Are you inviting me to invest? What do you recommend, invest?

      1. Estimado te recomiendo que no inviertas, no es un broker regulado, te lo digo por experiencia propia que inverti 200 dolares hice como 500 en ganancias y cuando solicite el retiro de mi dinero nada hasta la fecha no me responden he enviado 20 correos y nada, asi que esta de mas decir que me han estafado.
        ————————————–
        Dear I recommend that you do not invest, it is not a regulated broker, I tell you from my own experience that I invested 200 dollars I made about 500 in profits and when I requested the withdrawal of my money nothing to date they do not respond to me I have sent 20 emails and nothing, So it goes without saying that I have been scammed.

        1. Judith Sánchez Alvarez

          Estoy muy preocupada, a donde podemos recurrir para recuperar nuestra inversión
          ===========================================
          I am very concerned, where can we go to recover our investment

  4. Este Broker Ontega se promociona por Facebook y otras redes sociales, fijate no solo en mi comentario si no en los comentarios de todas las personas que hasta ahorita no le devuelven su dinero, no he sido el unico estafado.
    ————————————————————
    This Broker Ontega is promoted by Facebook and other social networks, look not only at my comment but also at the comments of all the people who until now have not returned their money, I have not been the only scam.

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