Beware! Overton Partners 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.
Overton Partners confidently states that it is an established forex broker serving hundreds of thousands of satisfied clients. The website promises “easy, profitable and joyful” trading experience.
But even a cursory inspection raises numerous red flags that Overton Partners is in fact a scam. In this review, we’ll take a detailed look at the clues that Overton Partners is not the legitimate financial services provider it claims to be.
OVERTON PARTNERS REGULATION AND SAFETY OF FUNDS
Legitimate forex brokers provide clear and detailed information about the legal entity that owns and operates them, where it is based, what licences it has and which regulators oversee its activities. Lack of such details or improper presentation of them are always a red flag that we are probably dealing with a scam.
The company Overton Partners Ltd is named as the owner of the website, but it is not stated where it is based. a registration number is provided, but it is not specified which institution oversees this alleged broker.
The only method of contact is to send a call back request.
The website has a short Terms of Use and Privacy Policy which does not specify the applicable jurisdiction. Overton Partners does not provide access to Client Agreement and other specific legal documentation required by licensed forex brokers.
We have absolutely no reason to believe that this is a genuine forex broker.
If you intend to invest in financial instruments, you should beware of the many fake brokers lurking online. Always check carefully whether the broker you choose really has the necessary licences. There are numerous benefits to working with a company that is truly authorised and supervised by a regulatory institution such as the UK’s Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC), Commodity Futures Trading Commission (CFTC) in US or Australian Securities and Exchanges Commission (ASIC). Clients of these brokers receive protections such as negative balance protection and segregation of the client’s funds from the broker’s funds.
In the EU and the UK, brokers must also participate in guarantee schemes that cover a certain amount of the trader’s investment if the broker becomes insolvent. These guarantees amount to up to 20 000 EUR in the EU and 85 000 GBP in the UK. However, the likelihood of such a bankruptcy is low because regulators also have significant net capital requirements that companies must maintain – EUR 730 000 in UK and Cyprus, AUD 1000 000 in Australia and at least 20 million USD in the United States.
OVERTON PARTNERS TRADING SOFTWARE
After registering an account, we get access to a pretty basic web trading platform that doesn’t feature extensive customization options or advanced functionality. We’ve seen the exact same platform being used by multiple fake brokers we’ve encountered. Scammers are using rigged trading software to fool their victims into believing that their money is really being invested and even turning a profit.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
On the website we also see a link to download remote access software. Scammers commonly persuade potential victims to install such software on their devices, ostensibly to provide technical assistance.
OVERTON PARTNERS TRADING CONDITIONS
Overton Partners claims to offer five different types of trading accounts. But their descriptions lack information on basic parameters such as spreads, commissions and tradable assets.
It states that the broker offers leverage up to 1:100. This in itself is evidence that Overton Partners could not be a regulated broker.
High leverage creates the opportunity for more significant profit, but correspondingly increases the risk of sudden and excessive losses. All leading regulators therefore restrict leverage for retail traders. A maximum leverage of 1:30 is allowed in the European Union and the United Kingdom and 1:50 in the United States.
Another such evidence is Overton Partners’ claim that it offers bonuses. Regulated brokers are prohibited from offering bonuses and promotions. Scammers often use promises of supposedly generous bonuses to tie their potential victims to extortionate terms. Overton Partners does not provide clear information about the conditions attached to bonuses.
If you are nevertheless willing to take the risk of high-leverage trading and want to take advantage of bonuses, promotions and prize games, the best option is to use the services of offshore brokers operating under an established brand.
Overton Partners requires a minimum deposit of 5,000 GBP. This is a ridiculously high amount when you consider that some of the leading brands in the industry offer starter accounts with a minimum deposit of just 5 USD, GBP or EUR.
OVERTON PARTNERS DEPOSIT/WITHDRAW METHODS AND FEES
At the time of writing this review the deposit menu of Overton Partners was not active. We were therefore unable to ascertain what payment methods were available.
Experience with scams of this type has shown that fraudsters direct their potential victims to payment methods that do not allow refunds or chargebacks, most commonly cryptocurrencies.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, Neteller or Skrill.
Since Overton Partners does not provide proper legal documentation, it is unclear what traps the fraudsters may have set. Typically, fake brokers make withdrawing money impossible through huge fees and impossible-to-fulfil traded volume conditions.
HOW DOES THE SCAM WORKS
The hype surrounding cryptocurrencies has drawn public attention to the trading of financial instruments. However, the vast majority of people remain ignorant about financial markets. There are a growing number of scammers who are taking advantage of this by posing as brokers.
If you make contact with any of these sites that promise to make you rich effortlessly, they will first start convincing you to make a small “investment” of a few hundred dollars. If you prove susceptible, even more convincing scam artists will court you to give them even more money. They will probably even fool you into thinking that your initial investment has already generated profits.
But the truth is that your money will never be truly invested. It will go straight into the pockets of the crooks and you will probably never see it again. Scammers hide behind fake and offshore companies that are not subject to any regulation and control. They also often use non-transparent payment methods that make it difficult to track them and recover money. Your attempts to withdraw your supposed profits or deposit will be blocked by confusing clauses in the Terms and Conditions, prohibitively high volume requirements and huge withdrawal fees.
WHAT TO DO WHEN SCAMMED
Unfortunately, it is difficult to recover money given to such scammers. If credit or debit cards were used for the transfer, there is a chance if you ask for a chargeback. Visa and MasterCard allow this to be done within 540 days. But this method is not foolproof either, because fraudsters will ask you for copies of your ID and proof of address right from the start. This way they can claim to the card company that the transfer was voluntary and agreed by both parties.
It is important not to trust offers from people on the internet to recover your money from scammers for a fee. Such offers also come from scammers.
