Beware! Oatrex 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.
Oatrex is obviously not your regular broker. For one, the website is far too lacking in quality and quantity to be able to compete with others. Not to mention that the information contained in the website is incredibly limited, and does not really inform the user about anything. In fact, if one does not open an account here, he or she will not be able to obtain any sort of trading and payment information. There is more to be said about Oatrex, and so we suggest you read on.
In order to register, the user must pass a simple procedure that bore a resemblance to previous sign up processes that were used by unlicensed entities. However, once we complete the initial step, it turned out that users have to attach a photo ID of themselves in order to finalize the registration procedure. Usually, we would praise the broker for doing so, but in our case, this leaves us with almost nothing to work with.
As we already said, the website offers the bare minimum of information of the most important of aspects. We learn from the Home page that the leverage is capped at 1:500, a most typical offshore brokerage value. The spread for an unknown asset starts from 0.1 pip, and there are over 100 financial instruments. We do not vouch for this info because there is no way to verify it. Our distrust for Oatrex increase by the minute.
The website cannot be translated from its original English version.
OATREX REGULATION AND SAFETY OF FUNDS
Unfortunately, but not very surprisingly, Oatrex has not disclosed any regulatory information at all! There is absolutely nothing on its website to even hint at a license or even a place of residency.
Furthermore, judging by the lack of consistency of information, the sloppy website, and the overall feel and look of the broker, we do not doubt for one second that Oatrex is illegitimate.
As we revealed in the intro to the review, the website is very restrictive. Well to build on this, so are the legal documents. They are very short in length, and barely able to inform users of some of the crucial points. This is another very obvious sign that the brokerage is UNREGULATED, and a risk.
There is no reason at all to invest in an unregulated broker. The best advice there is, concerning the choice of a broker, is to always check for a license. If the broker has an FCA and CySEC license you are off to possibly the best start, as these are some of the top regulators in the industry. Usually, legitimate FX overseers integrate a set of rules to each of its listed brokers. Brokers form an agreement with them to follow very strict guidelines. Furthermore, some agencies, like the FCA or CySEC, have compensation schemes that reimburse clients whose brokers have become insolvent. As you can see, a regulated broker benefits not only the brokerage itself but the traders as well.
OATREX DEPOSIT/WITHDRAW METHODS AND FEES
The same principle of lacking of trading information is applied to the payment details. In fact, the only piece of info that we have is that the minimum deposit is alleged $1000. This is a ridiculous requirement, for most users are not willing to deposit so much. And anyway, this kind of deposit requirement is another indication that the broker is unregulated.
The short and limited legal documents were not helpful either in the search for payment details. The website has not mentioned any withdrawal details, nor is there a clearance on any additional fees. It seems that the only way to learn about the broker is to register, and this is something that we urge against!
Oatrex has proven to be an untrustworthy and unregulated broker. There is absolutely no reason for depositing here!
How does the scam work?
If things feel uneasy or suspicious, then you are probably being scammed. Most fraudsters adapt the same scam structure, however, they might add their own little nuances. The point is, that if you think you are in a scam, then you probably are!
The first step is the online ads. These annoying pop-ups or side distractors are the essence of scammer brokers. It’s through them that the user is lured into the fake broker website. The link of the ad leads to a website or a registration form. Both require the user to write down his or her personal details, like email and telephone number. Do not give these away. The scammers will contact you if you give these details away, and will sooner or later try to charm his/her way into your wallet, by asking you to deposit.
After a deposit is made, and hopefully, it isn’t, then the first step of the same is complete. The following step concerns the account manager, a.k.a the advanced scammers. These individuals are charming convincers, and if they succeed, it means that you have deposited a second time. This can go as long as the user keeps depositing. When suspicious arises, one of these things will probably happen: the broker will delete the account of the user without a reason; the broker will not allow for withdrawals, or the broker will keep finding ways to stall withdrawals.
What to do if scammed?
Filing for a chargeback is the best advice. VISA and MasterCard have prolonged their chargeback time span to 540 days.
If the deposit is made through wire transfer, then change your user name and password as soon as possible. Another step is to contact the bak as they might have a specialized procedure for such cases.
Another crucial piece of advice: NEVER deposit in unregulated brokers through bitcoin or any other form of cryptocurrency. These payment methods are untraceable, meaning that once a deposit is made, it cannot be traced. The money is lost.
Last but not least. recovery agencies are definitely a scam. These programs, or whatever they call themselves, offer help for defrauded users…for a price. Once the fee/tax is collected, these agents disappear, leaving you at a bigger loss.