Beware! Oriondeal 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.
Oriondeal is an offshore broker that is most definitely running a scam. Not only is this broker not a safe and reliable investment solution but they also do not have all that much to offer you in terms of decent trading conditions. If safe, affordable trading is your goal, this is the last broker you should turn to. Avoid brokers like Oriondeal like the plague – they only exist with the purpose of scamming you.
Oriondeal REGULATION AND SAFETY OF FUNDS
Oriondeal is based in the Marshall Islands. While not all brokers based in offshore jurisdictions are scammers, this one definitely is. Most legitimate brokers that have offshore offices create such offices in order to offer more competitive trading conditions to clients. However, such offshore brands can always be traced back to a big, international parent company. This was not the case with Oriondeal – this broker only has an offshore office.
The problem with brokers based in the Marshall Islands is that they are definitely not regulated. The Marshall Islands does not have a financial regulator or any laws and requirements in the sphere of forex trading. Moreover, establishing a company in this country is quite easy – you could do so over the Internet without even having to go to the Marshall Islands. You can see why trading with a broker that only has an office in this country could be far from ideal – you would not be entitled to any protection and would not have any way of knowing that the broker would treat you in a fair and transparent manner.
It would be much safer to turn to a broker with a UK, EU, or Australian license. Such brokers are all but anonymous – they are required to conduct business in a far more transparent manner, and report to authorities regularly. They also have to prove that their company is financially stable by maintaining a certain minimum operational capital – €730 000 in the UK and the EU, and A$1 million in Australia. Client funds are kept in segregated bank accounts – so you can be sure that the broker could not use your money for their own purposes and reinvest it without your knowledge. Negative balance protection is a must – which means you could never suffer losses exceeding the amount of money you have in your account. Leverage restrictions protect investors from bigger losses they could handle while a bonus ban and a binary options ban keep scams at bay. Additionally, UK and EU brokers are obligated to provide funds for compensation schemes so if a broker goes bankrupt, each of their clients could receive a compensation of up to €20 000 in the EU and £85 000 in the UK depending on the size of their investment.
Oriondeal TRADING SOFTWARE
Oriondeal promises access to both web-based trading software, and the leading trading platform MetaTrader 4. However, the broker’s own web-based trading platform looked a lot like the web version of MT4.
The difference was that this was a poorer trading software option – some of the basic functionalities offered by the web version of MT4 were missing. In fact, we were not able to use trademark functions like Expert Advisors, or set trading signals. We would not recommend trading on such a platform as you would not be able to benefit from it in any way.
The offer of MT4 definitely impressed us. In all regards, Oriondeal was a pretty low-maintenance scam – offering access to a leading platform like MT4 was, without a doubt, the broker’s best feature. However, there are plenty of legitimate brokers that offer the platform and provide a much higher level of safety.
MT4 has been the most popular platform in the industry for years and only recently got surpassed by the newer MT5. MT4 provides access to 30 technical indicators and multiple timeframes and pending order types but also to other useful possibilities – you could set signals for prices going up or down, or subscribe to other traders’ signals. Creating custom scripts and employing Expert Advisors to trade automatically is also possible as is purchasing add-ons on the MT market. Open an account with a reliable broker to see what MT4 is truly capable of.
Oriondeal TRADING CONDITIONS
Oriondeal states that its cheapest account costs €200 but still asks for a minimum deposit of at least €250 to let you start trading. This is actually quite a lot, although it might not sound like it. Plenty of legitimate brokers would allow you to open an account for much less money, even for as little as $5.
The maximum leverage the broker offered seemed to go all the way up to 1:100 on forex major. This is an offshore company – they are capable of offering any leverage they see fit legally. However, we are obligated to mention that trading with such high rates can be dangerous, especially if you are an inexperienced new trader. High leverage could help you turn bigger profits – but it could also result in much bigger losses. That is why we would suggest that you are careful with your leverage settings and only trade with leverage you are sure you can handle.
Oriondeal DEPOSIT AND WITHDRAWAL METHODS AND FEES
Oriondeal supposedly accepts deposits made with a credit/debit card (through the payment system Cardpayz), or in crypto (through the crypto exchange Jubiter). However, we were unable to deposit with a card since the broker’s system malfunctioned. Jubiter, on the other hand, recently ceased operating. As a result, we were not at all able to deposit with this broker.
This is surely for the best – a broker like this one would not think twice before scamming you. Moreover, if you have deposited in crypto – which many scammers urge you to do – you would not be able to get your money back. The problem with crypto transactions is that they are irreversible – chargebacks are not an option. That is why it is best not to deposit with fraudulent brokers in the first place.
HOW DOES THE SCAM WORK?
Such scams are rarely very imaginative and usually follow the same old tried-and-tested scheme. They are, however, still extremely successful which is why it is important for you to know how they function to be able to detect and avoid them.
Usually, it all starts with an ad on the Internet and the promise of fast, effortless profits. Such scammers know how to present themselves in the best possible light. They will make bold promises and use big words to impress you – and cover up the fact that they are usually anonymous, and lack vital things like license and legal documentation. The moment you provide them with a phone number and e-mail address, the scheme is set into motion.
The scammers would not leave you alone before you deposit. Keep in mind that these are professional liars that scam people for a living – they are well-versed in the art of smooth-talking. You will probably deposit gladly after you hear about all the great things they supposedly can offer you. In the beginning, it might even seem like you are making decent profits. At that point, you will probably be eager to deposit more money to make even bigger profits.
The moment you try to withdraw, however, things will get complicated. The broker will claim that you cannot withdraw yet because of certain clauses in the Terms and Conditions, or because you will be charged outlandish additional fees. At some point, you will probably get suspicious and try to contact the broker and ask to get your money back. At this point, it will already be too late. The scammers will stop answering your calls and messages and simply disappear with your money.
WHAT TO DO WHEN SCAMMED?
The first thing you should do is contact your bank to let them know that you have been scammed, and change all your banking passwords. This way, the scammers would not be able to additionally drain your account. Remove any remote access software they had you install. Although such brokers claim that you need programs like AnyDesk or TeamViewer so that they can help you with their platforms or even with trading, their goal is different. With the help of such programs, they can access all your personal information and banking systems and steal even more money.
If you have deposited with Visa or MasterCard, contact your card issuer to ask for a chargeback as soon as possible. Both of these card providers try to combat scams and allow chargebacks within 540 days of the transaction. Getting your money back if you have deposited it in another way would be much harder.
Notify the financial authorities in your country to let them know about the scam and share your story with as many people as possible. This way, fewer people will fall victim to such schemes.
Last but certainly not least, do not trust any recovery agencies. Such “agents” ask for a fee to track down the people that scammed you and retrieve your money. However, this is just another type of fraud targeting desperate people. As soon as you transfer money to the agency, that money will disappear too. Often enough, such scams are conducted by the same people that robbed you in the first place.
