OcoDigi review – 5 things you should know about ocodigi.com

Beware! OcoDigi is an offshore broker! Your investment may be at risk.

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Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

OcoDigi is a good reminder of why you should always do careful fact checking before you put your money on the line. This website purports to be a regulated forex broker but is actually an anonymous scam targeting people looking for passive income. In this review, we will show you how to tell the difference between legitimate financial service providers and the many scams lurking online.

OcoDigi Regulation and safety of funds

The most important information about a financial services provider is its regulatory status. Licensed brokers provide detailed information about which company runs them, where it is based, which jurisdictions it is authorised in and which regulatory bodies oversee its activities. But the availability of such information does not guarantee that it is not false or misleading.

The first red flag that we are dealing with fraud is that the OcoDigi is anonymous. Nowhere is a company name mentioned, including in the Terms and Conditions.

The homepage states that OcoDigi  is based in Cyprus and holds a licence from Cyprus Securities and Exchange Commission (CySEC).

Elsewhere on the website, it is claimed that the broker also holds licences from financial regulators in South Africa, Australia and Belize.

But the text of the Terms and Conditions lists the applicable jurisdiction as the offshore zone of Vanuatu.

A check of the databases of all relevant regulators shows that there is no licensed broker using the trade name and domain of the OcoDigi.

The website is available primarily in Russian, which has attracted the attention of the Bank of Russia. The institution has issued a warning to investors that OcoDigi is not authorised.

It is advisable to approach one of the licensed brokers that are truly regulated by institutions such as CySEC.

There are many advantages to working with such brokers because they must comply with all the requirements of the European Securities and Markets Authority (ЕSМА). They must maintain a minimum net capital of at least EUR 730 000, which guarantees that the company is financially stable and has a serious long-term approach. When clients deposit money in their trading accounts, they are kept segregated from the broker’s operating funds in separate bank accounts. Thus the clients’ money remains shielded in case of mishaps like a broker’s bankruptcy.

All brokers licensed in Cyprus and other EU countries are members of the Investor Compensation Fund, which may cover a maximum of EUR 20,000 per person in the event of broker insolvency.

OcoDigi Trading software

OcoDigi  promises a web-based platform and mobile trading apps, but after registering an account we only get access to the first option.

While the platform has the basic features for placing orders, customising charts and application of technical indicators, it lacks the more advanced functionality found in the most widely used trading platforms in the industry, 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.

It should be noted that the presence of a trading platform does not make this website any more legitimate and does not guarantee that this alleged broker offers real trading. Many scammers use rigged trading software to fool their victims that their money is being invested.

OcoDigi Trading instruments

In theory, OcoDigi offers trading in a great number of instruments of all major asset classes. But you can rest assured that this anonymous scam website only offers fictitious trading.

OcoDigi Spreads and cost of trading

In the trading platform we see almost zero spread, which means that the broker must charge some kind of commission. But the website claims that OcoDigi does not charge commissions, which is too good to be true.

OcoDigi Maximum leverage

OcoDigi offers leverage up to 1:500, which is also proof that it is not a regulated broker.

Trading with high leverage allows higher profits, but also increases the risk of sudden and excessive losses proportionally. All leading regulators limit leverage for retail traders. In the EU, UK and Australia the maximum permitted level is 1:30 and in the US it is 1:50. This maximum level only applies to trading major currency pairs, with even more limited leverage for more volatile assets.

If you are willing to take the risk of trading with high leverage and benefit from bonuses and promotions, the best option is to invest through an offshore division of an established brand.

OcoDigi Deposit and withdrawal methods

OcoDigi only allows the deposit of funds with cryptocurrencies.

This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.

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.

OcoDigi Minimum deposit

OcoDigi requires a minimum deposit of 150 USD. For the same or often lower amount you could open a starter trading account with a truly regulated broker.

OcoDigi Withdrawal requirements

OcoDigi does not specify extraordinary conditions for withdrawal. But these types of scams always surprise you with hidden fees and other tricks that prevent you from withdrawing your money back.