Beware! Oroku Edge 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.
Oroku Edge opened with what looked like a legit page, but after one click and scroll we could not believe our eyes how slow everything was, the amount of load times are ridiculous, and the entire content of the site is most probably one big lie. Welcome to Oroku Edge, a very scammer broker, and a huge risk to all. Read on to find out all there is to know about this broker.
The glitchy site comment we believe is enough, next we move to the registration page and the user area. It was a surprise to us that the client dashboard was very classy and even somewhat professional, but it too was burdened with very slow and glitchy interface.
Moreover, due to a risk, we did not open the MT4 that is made available here. We just couldn’t be exposed to aby potential malware in the install file.
So the website is, but take the following with some skepticism. The leverage in the account opening section is capped at 1:200, while the site goes completely overboard by stating that leverage to actually be maxed out at 1:6666. This is a complete joke, and an insult to users. Not to mention that such blatant inconsistencies are clear signs of unlicensed brokers.
The promoted tradeable assets are metals, indices, cryptocurrencies, forex currency pairs, but there are no more than a 100 assets in total advertised, which is not nearly enough. Here the firm shows how little it knows about FX standards.
OROKU EDGE REGULATION AND SAFETY OF FUNDS
Saint Vincent and the Grenadines is where Oroku Edge is located at. Whether this is truthful or not really does not make a difference for the outcome. This jurisdiction is the most popular breeding ground for fraudulent brokers, due to two main elements defining its scene: first of all, there is no regulator in place for licensing FX entities, and second, the laws there allow fraudsters to easily register their businesses. So, it’s pretty much scammer broker paradise over there. Not to mention that 99% of brokers that we come across that state they are registered in the country are always unlicensed!
And that’s all the legal information that we were able to get from this broker. Not that we need much to notice that it is a complete scam, and an utterly unregulated firm. All investments here will be lost, and all personal details will be manipulated.
Always aim to invest in regulated brokers, and not illicit ones. It may not be easy to distinguish them from one another, but there is a way to make the process much easier. The crucial point is to check the legitimacy of the broker’s regulatory or registration claim. If nothing’s there, you close the site and move on to any European, UK, US, or Australian broker, or any other with a legal status. Being regulated is not just encompassed in a simple permission to offer FX trading service. It comes with a ton of responsibilities, most of which are concerned with the way the broker treats its users. Misconduct on the side of the broker either results in financial penalties or in total closures of the brokerage website in question.
OROKU EDGE TRADING SOFTWARE
Yes, the MT4 is here, but it’s improtant to rid yourself of the belief that a software can save an entire broker. Oroku Edge is unlicensed first and foremost!
But one cannot undermine the influence that the MT4 has had on the entire industry. It’s too bad that Oroku Edge has taken such a scammer turn.
Moreover, the firm advertises a copy trader but all links to it were useless. It’s all empty promises.
OROKU EDGE DEPOSIT/WITHDRAW METHODS AND FEES
There was no way to take any payment details from the user area, unless the user provides a set of KYC documents, that will probably be abused by the broker.
The site claims that the minimum deposit is $1, while the payment methods have not been revealed anywhere.
We find a very shady precondition for withdrawing, that does make too much sense. We will just leave it here:
What we only get here is that the as soon as the margin drops below the 150% all withdrawal requests will be rejected.
All withdrawal requests are said to be processed within 3 days, but that is no guarantee that the clients will ever be seeing their money back. Oroku Edge is, after all, unregulated and a huge risk to all investments! Whatever you do , do not make the mistake of investing here.
HOW DOES THE SCAM WORK
Scammers use a couple of tricks that make up a big scheme that has not changed since its inception, meaning that it’s fairly easy to avoid it.
The fraud starts when the broker contacts the user, who has unknowingly provided his or her contact details in the past through some seemingly innocent channel.
Communicating with the broker might seem like a pleasant experience as the other side sweettalks its way to your wallet. The reason why most frauds target non-trading audiences is because they are more susceptible to this kind of verbal manipulation. Otherwise, users might start receiving emails with unbelievable good investment deals, none of which are actually lucrative.
The tipping point is the first deposit that scammers are so eager to sell. After this first investment, the user has fallen into the clutches of the fraudster. Either he will be pushed to invest more by false promises of further “profit”, or the client will want to get back his initial deposit, a request to which he is told that further investments are needed.
On whichever side of the coin you the user is, she will most likely never be able to withdrawal. All withdrawal requests will be denied for a plethora of equally ludicrous reasons.
WHAT TO DO IF SCAMMED
Once scammed, your safest bet is a chargeback. Contact your credit or debit card company and move on from there. It’s good to know that MasterCard and VISA have a chargeback period of 540 days.
Bank investments are more difficult to reimburse but not impossible. Most banks have some sort of strategy for dealing with lost capital, so the client’s best bet is to contact her corresponding bank and proceed from there according to the bank’s plan of action. We also recommend that users change their bank account username and password if defrauded.
As for crypto investments, it is unfortunate to say but there is no real way of getting lost money back through these channels. All crypto investments are untraceable, and there is no telling where the investor’s funds will end up.
Don’t trust recovery agents or agencies. These are either independent scammer looking to charge users “service fees”, or extensions of illicit broker schemes.