Beware! OU LIAN WEALTH 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.
OU LIAN WEALTH does nothing to stand out from the tons of anonymous scammers we have reviewed in the past – they are completely unregulated, provide you with no Terms and Conditions and would not even set up an account without reviewing you first. This is a clear scammer tactic – the broker prefers to pick their customers personally and keep the scam as far away from the attention of the general public as possible. In this case, that did not work – we have more than enough reasons to claim that this is a scam broker you should not trust with even a cent. Read the review to find out more.
OU LIAN WEALTH REGULATION AND SAFETY OF FUNDS
OU LIAN WEALTH claims to be registered as a company in Canada. This might as well be true but to offer services legally, a broker has to do much better than just registered – they have to be regulated by a reputable financial authority. Canada’s regulatory body, The Investment Industry Regulatory Organization of Canada (IIROC), is quite strict – it has, however, never heard of OU LIAN WEALTH. The company behind the broker was nowhere to be found in IIROC’s register.
To be licensed in Canada, a broker has to meet some basic requirements – for example, all locally regulated brokers have to participate in the Canadian Investor Protection Fund (CIPF). This fund insures all client accounts for up to $1 million – so if your broker by any chance goes bankrupt, you could still receive a more than decent compensation. This is not the only requirement but the other ones vary depending on the region the broker is licensed in – Quebec and Ontario, for example, impose additional laws.
So we have established that OU LIAN WEALTH is not a legitimate Canadian broker – where are they based then? When we checked the license information on their MetaTrader 5, we found out that the broker is supposedly situated at an address in the UK.
It is more than obvious that the broker is not licensed in the UK either – not only that OU LIAN WEALTH did not show up in the register of the UK regulator – the FCA – but some of their terms – like the high leverage and the bonuses they offer directly oppose UK policies. The FCA is one of the most merciless authorities in the world and it does not give out licenses just like that – to be regulated by the FCA, a broker must maintain a minimum capital of €730 000, keep client money in segregated accounts, provide negative balance protection and participate in the Financial Services Compensation Scheme (FSCS) – which insures investors up to £85 000 against losses suffered due to the broker’s insolvency.
OU LIAN WEALTH is clearly an anonymous scam unregulated by any financial authority – ignore them and turn to a reliable broker instead.
OU LIAN WEALTH TRADING SOFTWARE
We were surprised to find out that OU LIAN WEALTH actually did provide a download link for a fully functional MetaTrader 5.
MT5 is the currently most popular trading platform for a reason – it is unrivaled in terms of functionality but still remains quite intuitive and user-friendly. The software offers useful features like preprogrammed Expert Advisors, VPSs you could purchase to keep your trading bots operating even when your computer is off, customizable signals you could set up for prices going above or below a certain level, a market for trading apps and additional indicators, a built-in economic calendar, and much more. But you should make sure that the broker offering MT5 is licensed – many scammers use the software’s good reputation to lure in unsuspecting clients.
OU LIAN WEALTH TRADING CONDITIONS
OU LIAN WEALTH offers two different account types – a Standard and a VIP one. The minimum deposit for the two account types vary greatly – between $100 for the Standard account and $50 000 for the VIP one. $100 is not to bad for a basic account – but this broker is extremely unreliable so check out some affordable, legitimate brokers instead.
The leverage promised on both account types is up to 1:100. Canada does not currently have any leverage restrictions but many other jurisdictions do – including the UK where this broker might be situated. There, brokers are banned from offering leverage higher than 1:30 to retail clients. This is because high leverage posses the risk of you losing a lot more money a lot faster because it enables you to make bigger offers. However, it does come with the possibility of bigger profits – especially if you have sufficient knowledge and experience. If you are interested in getting access to higher leverage rates, check out brokers offering 1:100 – but always be careful with your leverage settings.
OU LIAN WEALTH claims their average spread on EURUSD were around 2 pips – which is already quite wide and could turn out to be less than lucrative for you. But on our demo MT5 account, we got spreads that were even worse – around 3 pips. Most legitimate brokers these days would rarely go above 1.5 pips and most of them try to keep spreads even tighter – below 1 pip.
OU LIAN WEALTH DEPOSIT/WITHDRAWAL METHODS AND FEES
OU LIAN WEALTH has not mentioned anything specific about the payment methods they accept and without access to a client area, we could not check our deposit possibilities. It is, however, not wise to deposit money with such obvious scammers – you might as well be throwing your money away.
Additionally, the broker promises some sort of unspecified bonuses – which are banned in many jurisdictions, including the UK, the EU and Australia. The ban exist because scammers often use such bonuses to insert certain clauses in the Terms and Conditions that prevent you from withdrawing before reaching a certain enormous turnover – sometimes you would not be able to access the bonus plus any profits made on a account of it, sometimes – no money in the account, including whatever you have deposited. That is why you should always be careful when someone who seems less than reliable mentions the word bonus.
HOW DOES THE SCAM WORK?
This scam and those like it are rarely very imaginative – they usually happen in a similar manner which is why it is important to learn how to detect them.
The scam starts with something as innocent as an ad on the Internet – a broker promises you never-before-seen conditions and insane returns of investment – the only thing you have to do is deposit a certain sum. You have heard stories of people making huge profits while trading or investing so you decide to be one of them and open an account with the scammers – providing them with your phone number and email in the process.
After that, they would not leave you alone before you transfer a little deposit. Some of them will disappear right there and then but most scammers are greedy – they will do whatever it takes to make you deposit more and more money, including manipulating platforms and making it seem like you are turning a huge profit.
The problems will start once you try to withdraw – your broker will deny withdrawals under different pretexts including additional taxes or clauses in the Terms and Conditions. Sooner or later, you will figure out something is wrong – but the scammers will be long gone by that time.
WHAT TO DO WHEN SCAMMED?
Be prepared that you might never see your money again – although there are still things you could and should do.
Change any passwords and banking details you have provided the scammers with to avoid further frauds – that includes cases when you have provided them with remote access to your computer. If you have deposited with Visa or MasterCard, that is great news – their policies allow you to ask for chargeback within 540 days. Don’t trust any so-called “recovery agents” that offer to retrieve your money for a fee – this is just another type of scam targeting desperate scam victims. Make sure to notify the financial authorities in your country and try to spread the word about such scams – the more people know about them, the less such blatant robberies will happen. Even something as simple as a 1-star Google review could save dozens of people from losing their money.