When it comes to OtpFX, we’ve had quite a struggle reviewing all the details? Why? Because the company put so much misleading information on their website that it was tough to track it all down and figure out what is true and what isn’t. Read our OtpFX review to get it all right.
|Regulated by: No regulation|
|Headquarters Country: N/A|
|Foundation year: N/A|
|Platforms: Web trader|
|Instruments: FX, commodities, indicies, stocks|
OtpFX Regulation and Security
OtpFX is a broker allegedly based in Cyprus with a CySEC license. If you check their website, you will see that the broker represents itself as a CySEC regulated broker with the regulation number 258/14 eligible to work in the EU.
However, the situation is a bit different. The regulation number provided belongs to Maxiflex Ltd, owner of three brands – EuropeFX, Europe Capital Group, and EuropeStocks. Nowhere in the CySEC register or the company’s documents, could we not find any mention of OtpFX broker.
We can only conclude that OtpFX is running a scheme, misleading clients to deal with a regulated company. This points us to think that the broker is based offshore and avoiding any supervision.
Be aware of the OtpFX scam and avoid this fraud broker at all costs.
Since the broker published a fake regulation, we wondered if any regulatory body notices this scheme.
Since OtpFX claims to be regulated by CySEC, this was the first regulatory body to react. CySEC published a list of unapproved domains, including otpfx.com, saying that the broker is falsely representing itself as regulated.
Be aware of OtpFX and do not fall for the scam of this shady company.
In which countries does this broker work?
Since the OtpFX company has no regulation, it cannot legally operate anywhere. However, according to the research that we did, Europe is the biggest target of the broker. Countries like Denmark, Cyprus, Belgium, Netherlands, and the UK are favorite places for the company’s operations.
On the other hand, since the broker represents itself as CySEC regulated, it does not operate in the USA and other areas where trading is restricted.
Wherever you are, please be aware of OtpFX and its scheme.
Conclusion about OtpFX
As you can see so far from our OtpFX review, the broker is falsely leading clients to believe the company is CySEC regulated. The reality is this – the broker has no regulation whatsoever, neither is it Cyprus-based.
According to the website, the minimum deposit is 200 EUR, but you do not get any kind of support. If you want to be provided with all the features, you will need to deposit a minimum of $25,000 for the Bronze account. Only then will you get an account manager to guide you through the platform and help you.
In the end, we can tell you only one thing – if OtpFX scammed you, do not hesitate to look for help!