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OTM Trade
United States|5-10 years| http://www.otmtrade.com/
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OTM Capital
OTM Trade
United States
Pyramid scheme complaint
Expose
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- This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
- The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.
- The claimed IndonesiaBAPPEBTI regulation (license number: 0002/UPTP/SIP/5/2019) is verified as a clone firm. Please pay attention to the risk!
- The claimed IndonesiaICDX regulation (license number: 189/SPKB/ICDX/DIR/II/2019) is verified as a clone firm. Please pay attention to the risk!
- The number of the complaints received by WikiFX have reached 50 for this broker in the past 3 months. Please be aware of the risk and the potential scam!
- The number of this brokers's negative field survey reviews has reached 1. Please be aware of the risk and the potential scam!
WikiFX Verification
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OTM Trade · Company Summary
Is OTM Trade a Scam？
- Scam Brokers List
OTM Trade has been listed on WikiFX's Scam Brokers list. The platform operates as a Ponzi scheme. Please be aware of the scam domain as follows:
https://www.otmtrade.com/
- Regulatory Concerns
OTM Trade is currently regulated by Badan Pengawas PerdagangarBerjangka Komoditi KementerianPerdagangan and Indonesia Commodity and Derivatives Exchangeis but it's been under “Clone Firm” status. Both OTM Trade's licenses are clones implies OTM Trade lacks valid regulation. This means that the broker is not a safe forex broker. We recommend that you look for a regulated broker as an option.
- Scam Exposure
On WikiFX, “Exposure” is posted as a word of mouth received from users.
Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.
As of now, there are 59 pieces of OTM Trade exposure in total. I will introduce 2 of them.
Exposure 1. Can not withdraw
| Classification | Unable to withdraw |
| Date | 2020-07-01 |
| Post Country | Hong Kong, China |
The user said that the fund became unavailable after it was transferred into Ouli. You may visit: https://www.wikifx.com/en/comments/detail/202007012992880781.html
Exposure 2. Fraud broker
| Classification | Others |
| Date | 2020-05-30 |
| Post Country | Hong Kong China |
The user said the leader Wang Fuwen had disappeared and the platform ripped him off. You may visit: https://www.wikifx.com/en/comments/detail/202005298992219853.html
Review 58
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