Online trading has become a popular way for individuals to invest and make money. However, not all online brokers are trustworthy, and some are outright scams. One such broker that has come under scrutiny is OTCvo.com.
In this review, we will take a closer look at OTCvo.com, its services, and user experiences, to determine if it is a reliable online trading platform.
Overview
OTCvo.com is an online trading platform that offers access to various financial instruments, including currency pairs, commodities, and indices. However, its website lacks basic information that traders would want to know, such as fees and trading conditions.
It is possible to open a trading account with OTCvo.com by depositing a minimum of $250, after which traders can gain access to its trading platform. The platform offers traders the chance to speculate on the price movements of assets, using popular trading strategies like CFDs, Forex, and Binary Options.
Is OTCvo.com Regulated?
One of the most essential factors in determining whether an online broker is reliable is its regulatory status. OTCvo.com claims to be regulated by the Financial Conduct Authority (FCA) in the United Kingdom. However, we discovered that this claim is false and that the FCA has not authorized OTCvo.com or any company under that name.
Warnings From Financial Regulators
Several financial regulators have publicly warned investors against doing business with OTCvo.com. For instance, the Italian financial regulator, CONSOB, blacklisted OTCvo.com earlier this year, warning investors that the company was operating illegally.
Similarly, the Spanish financial regulator, CNMV, issued a warning that OTCvo.com was not authorized to provide investment services, financial advice, or aid in any investment decision-making capacity.
What Currency Pairs Do They Offer?
One of the advantages of trading with OTCvo.com is the countless financial instruments available for trading. However, upon further investigation, we found that its collection of currency pairs is limited to the most common ones – the Euro, British Pound, and the US Dollar. This lack of options could be a significant drawback for some traders.
Customer Support
OTCvo.com claims to offer 24/7 customer support through various channels, including email and phone. However, we found that its customer service was inadequate, with poor response times and limited assistance provided.
Trading Platform
OTCvo.com’s trading platform is entirely web-based, with no downloadable version. We discovered that the trading platform was confusing and disorganized, with many features hard to find. The platform’s user interface was also outdated, lacking the modernity and sophistication of top-tier trading platforms.
What Do Traders Think About OTCvo.com?
The user testimonials on OTCvo.com’s website are overwhelmingly positive. However, we found these testimonials to be questionable and, most likely, fake. Several social media platforms are home to the opinions of traders who have used OTCvo.com, and most of them are negative. Traders claim that the company uses aggressive marketing tactics to lure them, making promises of quick profits that are impossible to fulfill.
What To Do If You Get Scammed?
If you believe that OTCvo.com has scammed you, the first step you should take is to try and get your money back through the platform’s customer support. If that fails, you can contact your local financial regulator for assistance. You can also contact us and will provide you with a free consultation and service recommendations to help you in recovering the lost fund.
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Final Thought
OTCvo.com is undoubtedly not a reliable online broker. It makes false claims about its regulatory status, has a limited range of currency pairs, offers inadequate customer support, and has a confusing trading platform. Moreover, financial regulators have publicly warned against doing business with it. We advise traders to stay away from OTCvo.com to avoid any potential losses.
