OTPFX review – 5 things you should know about otpfx.com

OTPFX review – 5 things you should know about otpfx.com

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

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OTPFX is a very mysterious Forex broker presenting trading conditions that we haven’t seen before. They claim to have the perfect trading platform in the world, well, the mere mentioning of such a nonsense is a scam sign and a warning!

The leverage levels are calculated in a very perplexing way, suggesting that something wrong is happening on their perfect platform. The trade execution and the pending order application is also unique in its own way, showing scam signs we are about to discuss later. Find out everything you need to know about this Forex broker in the full OTPFX review.

OTPFX REGULATION AND SAFETY OF FUNDS

OTPFX list an address and a contact number in Cyprus, probably trying to make the customers believe that it is a CySEC regulated Forex broker. Also, they do present the public with their regional contact numbers, including Sweden, UK, Netherlands, Switzerland and Belgium. However, they fail prove in any way that it is a duly authorized and licensed entity, as there isn’t a license number presented on their website. We couldn’t find anything in the CySEC register, as well, meaning that OTPFX is most probably a scam, if not undoubtedly!

The activities conducted by OTPFX are said to be governed by the laws of Bulgaria, which is a red flag, as there is no license to be found in the register of the Bulgarian financial regulator, as well.

Your funds are in danger if you make a deposit with OTPFX, it is an unlicensed, unauthorized and unregulated Forex broker, showing many scam signs and should unquestionably be avoided.

If you are looking for a Forex broker you should definitely go for EU or UK regulated one, as these are the leaders in the retail FX industry, and the regulatory regimes in Europe are the strictest, providing the safest environment for your funds. There are plenty of stringent rules and regulations imposed on the FX companies, but most importantly, protection funds were established, such as ICF in Cyprus and FSCS in UK.

Under CySEC(Cyprus) and FCA(UK) regulation the customers are protected from losing their cash in case a financial service company gets into troubles. ICF guarantees the clients deposits of up to 20 000 EUR per client, while FSCS allows you to make a claim of even up to 85 000 GBP per client. Each EU member state is compelled to create and further operate similar insurance funds, which are seen to be the last resort for the traders, in case a Forex broker faces difficulties to meet its financial obligations.

OTPFX TRADING SOFTWARE

OTPFX does not offer Metatrader4 or Metatrader5 accounts to its customers, instead they provide us with a web-based platform which is well below the standards. It consists of a TradingView chart and a trading panel on the right, displaying a price action that is very slow and really distrustful. We suspect that there might be a price manipulation, or at least delayed executions which might result in slippage and losses. Do not trade on lame platforms like this one, find a true Forex broker which will be able to offer you Metatrader accounts, undoubtedly the best choice in the retail FX market.

The real EUR/USD spread is 1 pip fixed, and it’s a red flag here, as well, because they advertise differences as low as 0.1. The leverage is said to be 1:30 on their web page, but in reality no more than 1:10 is available. Its calculation, however, is far away than the standards for normal. We haven’t ever seen such a definition, actually, we weren’t even able to understand how it’s functioning, at all. In effect it makes the OTPFX trading software looks exactly as a Binary Options platform, with predefined “in the money” profits or “out of the money” losses. You should stay away from OTPFX, it is a scam!

OTPFX DEPOSIT/WITHDRAW METHODS AND FEES

The minimum initial deposit is 250 USD. There is a single funding method and it is a direct card payment through their own system, which comes as the next red flag to mark, because there are plenty of payments options presented on their website such as Skrill, SafetyPay, Przelewy24 etc.

The minimum withdrawal amount is 1000 USD for wire transfers, which is a true scam clause in their T&Cs, no legit and trustworthy Forex broker is going to impose such a requirement on the traders. The withdrawal for bank cards, however, is 100 USD, but it’s too big an amount, as well.

An account becomes dormant after 3 months of inactivity, but no fees specified, which is another typical scam clause, as well. OTPFX might easily decide, on its own discretion, to charge you with unbearable fees and you will not able to do anything about it.

There are bonuses offered in general, but nothing specified for the moment. What we know is that OTPFX require from the trders to execute a minimum trading volume of 25 times the bonus plus the sum deposited in order to become eligible for withdrawal, which is yet another scam clause. Stay away!

HOW DOES THE SCAM WORK

The scammers will promise you the moon and the stars only to gain your confidence, will persuade you to get involved in their scam schemes and sooner or later will take advantage of you. Once you submit your personal details including ID, credit or debit cards, bank accounts or national insurance number the risk becomes long-term. The scammers might not only refuse to make a withdrawal, but might as well use your personal details to conduct criminal or other fraudulent activities. They will dry up your bank account, might also make deals on your behalf or in some very unfortunate instances for you, they might incorporate companies on your name, which will be used by them to conduct illegal activities! Beware!

The scammers are crazy about promotions. Everyone loves gifts and candies, it’s an effective way used by the fraudsters to entice a growing number of people and it’s working! In Forex terms a bonus means free money, a great incentive for the trader. But the scammers will change the trading conditions for the worse, once you accept a bonus from them. The minimum trading volume that they will require to be executed will be almost impossible to achieve, effectively locking your funds, and disabling you to make a withdrawal. It is a great excuse for them to refuse withdrawal and as there is no financial watchdog to report to or ask for protection, it certainly means that you have lost your money.

WHAT TO DO WHEN SCAMMED

No one is immune to scam, anyone can fall into the trap. Scammers are constantly looking for new and different ways to scam consumers. What you need to do first, in case you got scammed, is to protect yourself from further risks. Contact your bank and explain to them your situation, they will give you important instructions to follow and will help you, if possible, recover your money.

Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing. Seek help actively!

Share online your experience, it is important to protect others, as well. Be responsible!

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

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12 Comments

  1. Hello I got a call from englend yesterday telling me that I need to close my account and get a balance of $ 300 you can help me get my money back
    ———————————
    Bonjour j’ai reçu un appel venant de englend hier pour me dire que je doit clôturer mon compte et récupérer un solde de 300$ vous pouvez me aider à récupérer mon argent

  2. I was also scammed by OTPFX. After I made a “profit” of around EUR 12,000.00 and a first payout was to be made, I haven’t heard from them any more. The dear “Mr. Sherman”, who allegedly worked for some companies in America. and that was underpinned by a reference to an existing list, could no longer be achieved. There was also no answer from the so-called support. So 250 EUR away and no payout. As with 2 other platforms. At least no “fees”, “commissions” and “taxes” have been requested here.
    ——————————-
    Ich wurde ebenfalls von OTPFX betrogen. Nachdem ich ca. 12.000,00 EUR “Gewinn” gemacht habe und eine erste Auszahlung vorgenommen werden sollte, habe ich von denen nichts mehr gehört. Der liebe “Herr Sherman”, der angeblich schon bei einigen Firmen in Amerika gearbeitet hatte. und das mit dem Hinweis auf eine existierende Liste untermauerte, war nicht mehr zu erreichen. Auch von dem sogenannten Support kam keine Antwort. Also 250 EUR weg und keine Auszahlung. So wie bei 2 anderen Plattformen auch. Wenigstens sind hier noch keine “Gebühren”, “Provisionen” und “Steuern” angefordert worden.

    1. und wie geht es dir jetst?
      ——————–
      and how are you now?

  3. Me too I got scammed by OTPFX! I invested the 250 euro and a Walter Theodore rang me up. He was very patient to lead me through the submitting of my picture and my personal ID. Next Luke Baker rang me. He rang me for two weeks every day two to three times to lead me into their trap.Of course they are amazingly well trained to build up a relationship that gives the feeling of confident and friendship. The times that I was worried about what I lead myself into, he’d say he’d sooner die than to cheat on me. I guess he won’t live much longer than! Because my bank was suspicious about the transfer of 3700 euro to the wallet of Luno, they stopped the transfer. That costed me a sleepless night for i was worried, not knonwing what happened. My brooker, Luke, called me and pledged that I’d call the bank and so i did. I got angry over the phone and told my bank that I am responsible enough to invest my money as I want to. So, they set the money free and told me that they did transfer it. After another call they said that yes, they send it to Luno. But they did not. During this 2 weeks Luke would be kind and helping me and promising how much money I’d win and that I’d have enough to buy Switserland. Zurich is, so he said, where he lives and we said we’d love to meet and have a cappucino together. You must know that i live alone and there is nowhere to go to, so this new friendship with a young lad was amusing. I’d call him my ‘husband’ for every day he asked me when i’d be home so he could be in my computer over ‘anydesk’. Those lads are very quick and clever what computers concern! A few times I heard a lot of noice from the office he works and Arabic music and once he was sort of talking in himself, over the phone and it was not Arabic nor English … I don’t know what mothertongue he has, but his English is almost perfect. Of course they ring all the time with none-excistant phonenumbers (made by computer) an his e-mailaddress came in handy for the time he’d answer it! Over mail I told him many times that i did not trust that Luno and he’d calm me and ask me to have confident. He promised me to send my 3700 euro back into my bankaccount as soon as he could! He promised me I ‘d have it back 2 days after it was on my Luno-wallet. So … last Saturday I received my money back from my bank. By that time i was so angry with my bank because they lied to me (and they lie about the whole covid) that i took no care and went through with the Luno-adventure. To my joy, this last Monday, i could tell Luke that I had 3700 euro in the Luno-wallet … but what to do next? He transferred it to the platform to buy a token. That same evening I mailed him that i was worried. He answered that he’d explain me again what he does and that my money would return to me ‘but one last move’ was to be done. So, the next day that ‘last move’ was to activate the link i received to buy a token! Ok, I couldn’t do it with my computer and in the end i bought an Iphone (!) so that I could make the link active! The people in the phone-shop warned me about spam and I was worried, yes, but Luke said his compagny would rerturn me the money I spent to buy the phone. And so it happened that I bought a token and I don’t know what i bought and what use it can give me …all but more trouble? Once i bought the token, Luke and me used ‘anydesk’ to go into my bankaccount to make a link to transfer the 3700 euro. There i started to realy misstrust him because 2 weeks earlier he had told me that the 3700 euro he transferred was to make the link to be able to profit from the 50 euro I had gained (in 2 days) from the 250 euro i started with! i said that was too much and if so he could take 50 euro and het said he doesn’t take anything but transfers … all on my name and my documents. ‘But why 3700 euro’, i asked and he said that they must take 91% of what is i the account. Ok…? I tell you: they are so fast and they do this already 6 years (so he said) that it is amasing (a word both Walter and Luke love to use). Once a Martin had to take over from Luke because Luke was in one of his many meetings and Martin called me ‘darling’ and i told him to get off the phone and i sent Luke a message that they are a bunch of liers! So Luke calmed me down and we had a good laugh. Well back to his last move once I had bought the token. He had acces through Anydesk into my bankaccount and noticed that i have some savingaccounts for when i am retired! He told me that i should have told him because it would cause a problem to be able to transfer the 3700 euro back to me! i said that he’s clever enough to have noticed this from day one. He convinced me to phone my bank and ask them to make that money liquid. I had to do so if i wanted the 3700 back. But that was a bridge too far for me and i was happy to tell Luke that we’d have to wait 6 months to get to my last savings. Was he worried i told my bank that he is involved with that whole bitcoinbusiness? The ‘friend Luke’ was different once he knew that he could not get his hands to my last savings. i could feel his black energy over the phone and we went quiet … no more jokes, no more laughing, no more talks about Trump who will rise again half december! He said he’d talk to his chef and he’d arrange my papers and call me the next day at noon. So, the day before yesterday passed without Luke and so did yesterday …and my e-mails of despair are left unanswered. Luke is somewhere …and i don’t know where…but he won’t live much longer, so he knows, for he cheated me big style. What next? Am i in for more trouble? Will this adventure cost me more money? Can someone guide me through this?

    1. Luke Baker ! It’s same name So many of them Luke Baker . Esther Hicks, Anthonie, Stephanie,
      They are all same Scammer and All difrent countrys Telephone No UK. CANADA.Netherland. Sweden. US.
      They are All go to the Hell !! and another one approached and withdraw money and do the Any Desk ???
      Becareful !!!

      1. Why ? International Police not investigate ? may be they are doing something ?

  4. Hello I was scam with fxcryptoclub.cc can you help me to get back money for free

  5. Is fpmarkets good company I want advise because they ask me to make deposit 100$ ..Thank to advise me

  6. For me, the minimum was 250 Euros but soon was not allowed to do with so little money. Next asked 1072 Euros so now coming win. Then had in count over 2000 Euros asked how to get out that my invested money and leave rest there, then should make 1072 Euros insurance by Lumo to get money out. Then I jump out and said that I will contact the police, then was coming text what is not good for children.

  7. I was scammed for 250 dollars by OTPFX AND GAVE THEM MY ID TO INFORMATION I MADE UP TO 3064.04 but wont let me withdrawl please help me I’m so broke single mom 2 kids pandemic lost job cause shut down all over world I’m bout to lose my pacw

  8. i believe i too have been scammed. what recourse do i have.

  9. I have been scammed also. They have my ID also. I am worried. They seen my bank account. Bank had me change all account numbers to be safe. They still call me stating that they can give me my money. We just have to go on to any desk. So I tell them that I guess I’m never getting my money back because you are not getting on my computer again! They are still trying to call me. I don’t know how to get rid of them.

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