Beware! OroTrade 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.
OroTrade seems like a rare find. The broker claims to offer so many products that people can really believe it’s a bank. They offer Forex, CFDs, ETFs, Bonds, Investment plans, Retirement plans and so on. However, the more we were digging up, the more OroTrade became yet another fraudulent scheme set up to rip traders off. You can find all the details you need to know about this suspicious broker in the full OroTrade review.
OroTrade REGULATION AND SAFETY OF FUNDS
OroTrade mentions nothing about the jurisdiction they operate from, so it’s a totally anonymous business. Worse, though, they claim to be regulated by IFMRC, which is a fictitious authority created by scammers to mislead people and facilitate fraud. Having this information at hand, we can safely conclude that OroTrade is a scam, so your funds would be in danger if you deposit with this swindler broker.
Avoid it, and better consider the high-rated EU brokers and British brokers on both lists if you are interested in trading and investments. The European companies are adequately regulated, but most importantly, covered by deposit insurance funds protecting traders and investors’ money. For example, CySEC brokers’ clients can claim up to 20 000 EUR in case of bankruptcy, while the British guarantees are even up to 85 000 GBP. CySEC (Cyprus) and FCA (Britain) licenses are dependable, and you should bear this in mind when looking for investment opportunities.
OroTrade TRADING SOFTWARE
OroTrade offers MetaTrader4 and a web-based trading platform. After we accessed both, we can conclude that the MetaTrader distribution is much better because the web trader can’t provide any significant advantages. The EUR/USD spread is excellent- 0.1 pips, but OroTrade is a scam, so you shouldn’t even think about it. Spread is the Buy/Sell difference that naturally forms some of the trading costs and the lower it is, the better for traders. Fortunately, the FX market is highly competitive, where many brokers offer favourable spreads of 1 pip and below, so it’s not worth wasting your time with a scam like OroTrade.
To find better opportunities, check the high-rated MetaTrader4 brokers and MetaTrader5 brokers on both lists. MetaTrader distributions are reliable and provide advanced features such as Expert advisors, many complex indicators, and excellent charting tools, to name a few. The platforms also include a marketplace where traders can discover more than 10 000 apps and third-party developed solutions.
The default leverage is 1:200, and clients are not allowed to change it themselves. Therefore, the broker intentionally put traders into an overly risky environment where they can quickly lose all funds. Most companies act as market makers, meaning that the traders’ losses turn into broker’s profits. Beware!
In fact, leverage is too dangerous for retail clients, and many financial authorities even regulate it to help reduce losses. Accordingly, EU, British and Australian brokers limit retail clients to 1:30 for FX majors, while the Canadian brokers and the US brokers can’t provide more than 1:50. Swiss brokers are reputable but not leverage restricted, so risk-tolerant traders eligible to open an account can safely go for it.
OroTrade DEPOSIT/WITHDRAW METHODS AND FEES
There is no minimum deposit requirement, and allegedly traders can fund their accounts with as much as they want via Wire Transfers. The other funding methods are Electronic Bank Deposits (ACH) and some fishy Physical Stock Certificates. However, the pages with further details are broken, and we couldn’t get much information about it. Also, we couldn’t test the broker’s actual deposit system due to ID verification issues. Naturally, it’s too bad a decision to send personal documents copies to a scam like OroTrade. The identity theft risks are indeed very real.
Anyway, we’d like to propose our lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred e-wallet or a trusted payment system. The high-rated companies are well-regulated, and you won’t face scammers, so you can safely open accounts.
Information about withdrawals, fees and inactivity procedures are not available. As you can see from the screenshot below, OroTrade’s customer agreement is totally useless. That’s a scam!
OroTrade offers trading incentives, but the deals are laughable. If traders deposit $25 000, they can get a $100 reward. What an opportunity, isn’t it?
Overall, OroTrade is a scam scheme we exposed in this review, so you should steer clear of it.
HOW DOES THE SCAM WORK
Swindling brokers and fraudulent websites appear literally every day. Still, most of the new schemes represent a modification of common fraud that’s not typical for the local markets but similar from country to country.
Nowadays, scammers are overcrowding the Internet and social media. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders would get reassured that the people behind the broker have an excellent track record, who can secure high returns, seamless trading and guaranteed profits. The scammers intentionally make people believe Forex trading is risk-free, but actually, the opposite is true.
In the usual scenario, scammers just steal the money and won’t send a dollar back. Sooner or later, clients would ask for a withdrawal, but the con artists would delay or downright refuse transactions. If traders persist, scammers would find excuses to deny and would even ask for more money or directly cut the communication. Whatever the case, traders are going to lose some or all of the capital invested. In the end, when fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to evade further risks. Deactivate your bank card immediately, contact the bank and ask for advice.
Report what happened, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly to recover funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money but won’t do anything to help you!
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