Beware! OnlineTrading.market 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.
OnlineTrading.market is appropriately named if it delivered! That is a big “if” and we really think that it cannot deliver. Why are we so biased? Well, first of all, the broker’s URL finishes with a .market a significant departure from the good old .com. Second, the home page itself uses the TradingView chart variation on two occasions, a sign that the broker is too lazy to come up with its own graph tool. Third, all of the images on the site seem stock-like, as if the broker just took the first ones it saw from a stock image website and spread them throughout its website. And fourth, the feel of the website is off. The last one is hard to explain but we know that experienced users will feel the same about it. The following review reveals all other major flaws. Read on.
We start off with the registration page, a most crucial process that reveals more than you think about a broker. OnlineTrading.market offers a simple but unique form to complete. After we wrote all credentials, the broker did not waste time sending us over to a user area. The trading area was fine, and at times even a bit heavy on the features, but what really bothered us was the trading software, which ultimately proved to be irrelevant. In other words, none of the trading conditions that are promoted on the website are actually applicable.
The website is available only in English.
ONLINETRADING.MARKET REGULATION AND SAFETY OF FUNDS
There isn’t too much to say of a license or an address being held by OnlineTrading.market. The broker has made sure to conceal all tracks behind it while also carefully treading forward. In fact, OnlineTrading.market is utterly anonymous, which makes us think that the only way to find it is if it finds you.
There is no licensing information to be found anywhere, while the address details are also left blank. With all the information on the website, and there is a lot to read, for OnlineTrading.market to “forget” to include regulatory and contact info is just ridiculous and completely fabricated. This broker is thus UNLICENSED, and most probably a fraud making it a risk to all investments.
Investing in unregulated brokers is one of the biggest mistakes you will make. Before doing anything, even registering, please check for a license. Even if the broker claims to be regulated you should double-check with the watchdog itself to see if you can find the broker in its database. Usually, we advocate for all FCA or CySEC regulated entities, for these regulators oversee some of the best and most popular brokers out there. Not only that, but these two entities also offer to all users under their brokers a compensation scheme that reimburses them any money that the broker cannot pay due to some reason or another. CySEC guarantees up to €20 000 per person, while the FCA guarantees up to £85 000.
ONLINETRADING.MARKET TRADING SOFTWARE
Both website and user area push an MT4. However, the MT4 came under a different company name (as in the servers were owned by a different company), and so we did not trust it fully to access it. This is a common move on the part of illicit brokers. What we were left with was a Sirix WebTrade, but unfortunately, we detected that we had been redirected to the Sirix of a different broker or company- digitalcmedia, which consequently is the same mystery company that we encountered with the MT4 predicament. We searched the web for digitalcmedia and found it to be a very questionable and probably illegitimate broker. Thus we have no other choice but to conclude that OnlineTrading.market has no trading software of its own.
ONLINETRADING.MARKET DEPOSIT/WITHDRAW METHODS AND FEES
To deposit funds happens through a credit card only! No matter what the website claims the payment methods to be, we found out in the user area that in order to fund an account users have no choice but to use their credit card! There are no other means of payment. The minimum deposit is $250.
The section for withdrawing funds in the user area reveals that only credit card and bank transfers are accepted as payment methods. Withdrawal requests are completed between 3 and 5 days.
There may be some fees related to bank transfers, but the broker is not very clear on these potential charges. We found no other significant payment information. What is crucial to remember is that OnlineTrading.market is unregulated and is therefore advised against investing in it!
How does the scam work?
The scheme that unregulated brokers apply is a very popular one that other fraudsters from different industries are also known for practicing. Its structure is the same across brokers, with small differences in the delivery.
The first step is falling for fake ads online usually those that offer an easy lifestyle that comes from investing big and winning even bigger. These ads come plastered with beautiful women, cars, and exotic houses, and because of the prospect of allure, most of these ads are located in popular social media sites and similar sources.
These ads will redirect users to either a scammer broker or an intermediary website. Wherever you end up, these ads are there to trick you into giving your email and phone number. If the user gives her contact info, she will surely start receiving calls from solicitors whose job is to push you to deposit, whatever it takes. They will be annoyingly stubborn because they get a chunky commission from initial deposits.
If a deposit is made, then it’s time for the expert scammers who are disguised as the “account managers”. These have years of experience behind their backs and are usually part of the core team of the shady broker. They are even more stubborn and will stop at nothing. The ultimate goal here is to make the investor deposit as many times as possible. This is achieved through long and tedious conversations filled with false promises and carefully concealed lies and manipulative tactics.
The time will come when the user will want her money back. This is always expected and a risk of the craft for the scammers. That is why they are prepared to counter every withdrawal request. Usually, they stall users as much as possible by calling them and telling them that a big spike in a given asset is about to happen. Sometimes the broker may block the account or simply deny requests. More extreme examples include fraudulent brokers who completed shut down their websites!
What to do if scammed?
Filing for a cashback is probably the first thing you should do once you realize you have been scammed. Chargebacks are available through your credit and/or debit card company. MasterCard and VISA have a chargeback period of 540 days.
Wire transfer investment frauds are slightly more difficult to handle. The first thing you should definitely do is change both the username and password on your bank account in order to prevent the broker from accessing or hacking your account. Next, victimized users should call the bank and explain to them the situation. Some banks may have a plan for such cases.
As for investments with any sort of cryptocurrency, they are most certainly lost. That is why it is advisable to never invest in crypto coins!
There are others that can profit from your loss. Once your funds are stolen you will start noticing these recovery agencies or agents who will promise all your money back. They just need a payment in order to offer their services. It’s obvious that once paid, these expert scammers will disappear leaving you at an even bigger loss!