Beware! OurTimeMarket.com is an offshore broker! Your investment may be at risk.
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OurTimeMarket.com is a pure scam! They are an illegal entity that holds no registration, and at the same time, firm cloning that offers Binary Options trading. Also, they don’t present a single legal document that can disprove our statements. You can hardly find more scam features in a broker, and very soon they are most probably going to be awarded an official warning. Find out everything you need to know about this scam enterprise in the full OurTimeMarket.com review.
OurTimeMarket.com REGULATION AND SAFETY OF FUNDS
OurTimeMarket.com displays an Australian address and pretends to be regulated by CIMA- the Cayman Islands Monetary Authority. They even claim to be a trading name of Vantage International Group Limited, but that’s not true. The beforementioned company is a legit entity that holds a variety of FX licenses including ones in Britain, Australia, Vanuatu and the Cayman Islands. OurTimeMarket.com is abusing the details of the company by pretending to operate under their name, and it’s a classic example of firm cloning. In fact, Vantage International has been wrongfully replicated multiple times in the past, and it makes it one of the scammers’ favourite companies to abuse, for an unknown to us reason.
A few words on the CIMA regulations. While the Cayman Islands’ regulator CIMA is not the strictest one it still has some demands to fulfil. A company has to provide a minimum of 100 000 KYD ($120 000-$125 000) in paid-up capital and the clients’ funds must be kept in segregated accounts. CIMA lags behind the European authorities in terms of customer protection but it’s much better to trade with Cayman brokers than with St. Vincent and the Grenadines or Marshall Islands ones.
Your funds are in danger if you deposit with OurTimeMarket.com because it’s an unlicensed and unregulated scam Forex broker that’s firm cloning! Avoid them and trade with genuine EU or UK brokers instead, as these domains provide the safest environment for your funds and impose stringent rules that the companies have to obey in order to get an FX license.
Most importantly, though, there are deposits insurance funds established throughout Europe, such as ICF in Cyprus and FSCS in the UK, which guarantee the deposits made by the traders. Under CySEC(Cyprus) supervision you can claim up to 20 000 EUR in compensation, while in the UK under FCA you are guaranteed of even up to 85 000 GBP. 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 fails to meet its financial obligations.
OurTimeMarket.com TRADING SOFTWARE
Warning! OurTimeMarket.com is a Binary Options broker! The Binaries are no longer in the list of trading instruments but considered a casino game. These are simply a bet on the potential outcome- the price goes higher or lower and profoundly diverge from the classical Options such as Vanilla, for example. When trading classical options, there is a Put/Call alternative, and the client has the right but not the obligation to buy or sell the underlying asset at the expiration date of the contract. When playing Binaries the client has to rely on the luck and hope the broker doesn’t fix the prices. EU and UK banned the Binary Options trading a few years ago because of their gambling nature but also because of the fact that these are prone to fraud and price manipulation. Nowadays there are a variety of gambling authorities that regulate the Binaries, but it’s part of the gambling license and has nothing to do with FX brokerage.
No spreads and leverage levels apply actually, but OurTimeMarket.com put a TradingView chart simply to make it look authentic. The spread and leverage are the two fundamental features that define whether the broker is decent to trade with or not. The spread is the price the trader has to pay to open a position and the lower ones make trading more affordable and improve the profit potential. The leverage, on the other side, is a powerful financial tool that makes trading possible. It allows the traders to multiply the size of the position, thus improving the profit potential, but it comes at a cost because the risks increase. OurTimeMarket.com falsely claims to offer leverage level of 1:500 and the traders should know it’s a danger level that might blow the account in an instant. Precisely the risks involved made the EU, UK and Australia (from the spring of 2021) impose a leverage cap- 1:30 as a customer protection measure. Canada and the US implemented a maximum allowed ratio of 1:50, and we advise that brokers offering higher levels should be avoided because there is a danger of fraud.
OurTimeMarket.com DEPOSIT/WITHDRAW METHODS AND FEES
The minimum initial deposit with OurTimeMarket.com is $200, which is twice as high compared to the industry standards- $100 on average. The funding methods possible are Wire Transfers and Bitcoins, which is a scam sign whatsoever because it’s impossible for the traders to chargeback or get a refund. Beware!
Warning! OurTimeMarket.com doesn’t even have T&Cs or other forms of a legal document to serve as a contract between the parties. That makes them an illegal broker but also leave the traders with no information about the necessary provisions they need to be presented with. In fact, OurTimeMarket.com has a Compliance Page with numerous links to legal documents, but all of these are broken! As a result, there is no information about important aspects such as minimum withdrawal requirements, request processing time, withdrawal fees, inactivity fees, bonuses and so on.
However, as we already demonstrated, OurTimeMarket.com is a scam enterprise, so none of the conditions mentioned will apply in reality. Stay safe and avoid OurTimeMarket.com!
HOW DOES THE SCAM WORK
Firm cloning is a type of investment scam that’s becoming increasingly popular. The scammers use the names, registration numbers, address etc. of businesses and individuals, which are duly authorised to sell financial products and services. By doing this, the fraudsters are trying to gain the trust of the customers and trick them into believing that they are dealing with a genuine company. It is an effective way to take off the guard of the wary investor, who can easily fall in the scammers’ set up. In this case, OurTimeMarket.com not only abuse the name of a legal entity but they also copied the whole website, including the logo and the footer, which makes it even more dangerous scam project.
The scammers love Bitcoins because this form of digital money is decentralised, and the payments are peer-to-peer, i.e. anonymous. It’s a powerful scam sign if a pretended Forex broker accepts only Crypto deposits because it’s impossible to make a chargeback or a refund! In most of the cases, you’ll get redirected to a Cryptocurrency exchange where you have to buy Bitcoins and later send them to the scammers. As soon as you do it, you might consider your money lost because the exchange you purchased the coins from is powerless to make a chargeback.
WHAT TO DO WHEN SCAMMED
No one is immune to scam, and anyone can fall into the trap. Scammers are always 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 necessary 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!
It’s very important not to rush blindly trying to recover your funds because many scam recovery agencies and individuals are stalking, aiming to double scam the victims. They will ask for an advanced payment, but will do nothing to help you recover your losses!
Share online your experience; it’s important to protect others, as well. Be responsible!