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OTOIA Broker Review

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OTOIA Review 5

Latest All(5) Exposure(5)
Exposure
I think I got scammed.

I got scammed almost exactly like the person who commented below. Now I can't even log into the site. I think this is a total scam.

jyp1234
2024-12-04
Exposure
Withdrawals are not available and site contact is not possible.

The current site is not accessible. Access has been blocked since December 1st. It seems to be a fraudulent site.

jyp1234
2024-12-04
Exposure
I invested 113 million won for 4 months based on the promise of earning 30% on the principal, but I did not receive the money.

I have been deceived by a broker from the end of July to the end of November and invested a lot of money, but I cannot withdraw the money. It's very difficult, my brothers and sisters. I even borrowed money from my mother and took out a loan to invest. The thought of having to pay back the loan interest is keeping me awake at night, and I don't know how to tell my family. A Japanese woman approached me on a dating app and said she wanted to be friends. I needed a friend because my younger sibling was sick. That woman (broker) said she wanted to contact me on KakaoTalk, so I added her as a friend and started communicating. The broker introduced me to a site called Otoia, where I could earn 30% on my principal. I logged into the site and was told that I also needed to have MetaMask and Bithumb sites to make money. I invested 1 million won in my first trade and earned 300,000 won. Since I earned 300,000 won, I was told to withdraw it. The broker kept demanding that I invest more, saying that the larger the principal, the more money I could make. They said that if I invested 30 million won, I could earn a monthly salary. They also said that their uncle works at a securities company in Japan and that by analyzing trading nodes, the principal can increase by 30% three times a month, and the more the principal increases, the more money can be made, up to 40%, 45%, 50%, 55% of the principal. They said their friends have made a lot of money through investments and are not working now. Another friend sold their house and bought a bigger one through two trades, and they said there is a lot of money on Otoia. They kept urging me to invest more, telling me to sell my house, take out a loan, sell my brother's house, and so on. I wish I had known that the broker was deceiving me. I regret it now. Please help me. It's very difficult.

FX4027228885
2024-12-02
Exposure
Withdrawal is not available

I am using the trading platform called otoia. Since November, when I tried to withdraw, they refused to allow the withdrawal, stating that I need to pay taxes, I need to deposit a security deposit, and I need to improve my credit score because it has dropped. I don't understand why I need a security deposit and credit score to withdraw my own money.

FX3648783160
2024-11-22
Exposure
Withdrawals are not available

When applying for a withdrawal, if your credit score drops from 100 to 95, you will be required to pay a review fee of $2500. Is this a scam?

토토사장
Authenticated
2024-11-20

  

Otoia 2025 Review: Everything You Need to Know

  Summary: Otoia has garnered significant negative attention in recent months, with numerous user complaints highlighting issues related to withdrawals and customer support. The absence of regulatory oversight and a lack of accessible trading platforms further exacerbate concerns about the broker's legitimacy.

  Note: It is crucial to note that the lack of regulation and accessibility across different regions raises serious red flags. Information was gathered from various sources to ensure fairness and accuracy in this review.

  

Ratings Overview

Category Rating (out of 10)
Account Conditions 1
Tools and Resources 2
Customer Service 1
Trading Experience 2
Trustworthiness 1
User Experience 1
Regulatory Compliance 1

  How We Rated the Broker: This rating is based on comprehensive research and analysis of user experiences, regulatory status, and available features.

  

Broker Overview

  Founded in an unspecified year, Otoia has emerged as a controversial player in the forex trading market. The broker primarily offers trading through an online platform that lacks the robustness of established competitors like MT4 or MT5. Users have reported significant difficulties in accessing their accounts and withdrawing funds, leading to serious concerns regarding the broker's reliability. Additionally, Otoia operates without any notable regulatory oversight, which is a critical factor for traders seeking security and trust.

  

Detailed Section

  Regulated Areas/Regions: Otoia appears to lack any regulatory oversight, which is a significant concern for potential traders. The absence of a regulatory body means that there are no guarantees regarding the safety of funds or fair trading practices.

  Deposit/Withdrawal Currencies/Cryptocurrencies: There is limited information regarding the specific currencies supported for deposits and withdrawals. However, user complaints indicate that withdrawal requests are frequently denied or delayed, raising concerns about the broker's operational transparency.

  Minimum Deposit: The minimum deposit requirement is not clearly stated in available reviews, but given the overall negative feedback, potential traders should approach with caution.

  Bonuses/Promotions: There is no information available regarding any bonuses or promotions offered by Otoia, which is not uncommon for brokers facing scrutiny.

  Tradable Asset Classes: Otoia offers a limited range of tradable assets, primarily focusing on forex. However, user reviews indicate that the trading experience is marred by technical issues and a lack of available trading pairs.

  Costs (Spreads, Fees, Commissions): Users have reported that Otoia's spreads and fees are not competitive, especially when compared to more established brokers. The lack of transparency regarding fees contributes to the overall negative perception of the broker.

  Leverage: The leverage options available through Otoia are not well-documented, which may further deter potential traders looking for favorable trading conditions.

  Allowed Trading Platforms: Otoia does not appear to support popular trading platforms like MT4 or MT5, which are standard in the industry. This limitation could be a significant drawback for traders accustomed to more feature-rich platforms.

  Restricted Regions: Otoia's operational regions are unclear, but the lack of regulation suggests that it may not be a suitable choice for traders in many jurisdictions.

  Available Customer Support Languages: The customer support options are limited, and users have reported difficulties in reaching support representatives. This lack of effective communication is a common complaint among users.

  

Repeated Ratings Overview

Category Rating (out of 10)
Account Conditions 1
Tools and Resources 2
Customer Service 1
Trading Experience 2
Trustworthiness 1
User Experience 1
Regulatory Compliance 1

  

Detailed Breakdown

  •   Account Conditions: Users report significant challenges in account management, with many unable to withdraw their funds. This has led to a trust rating of 1 out of 10.

  •   Tools and Resources: The available tools and resources are minimal, and users have expressed disappointment in the lack of educational materials or trading aids.

  •   Customer Service: The customer service experience is notably poor, with users frequently unable to reach support or getting vague responses to their inquiries.

  •   Trading Experience: The overall trading experience is hindered by technical difficulties and a lack of features that are standard in the industry.

  •   Trustworthiness: The absence of regulatory oversight and numerous user complaints contribute to a trust rating of 1 out of 10.

  •   User Experience: The user experience is marred by accessibility issues and a general lack of support, leading to significant dissatisfaction among traders.

  •   Regulatory Compliance: Otoia operates without a regulatory framework, which is a critical concern for any potential trader.

  •   In conclusion, the Otoia 2025 review paints a concerning picture of a broker struggling with fundamental issues that undermine its credibility and reliability. Users are strongly advised to conduct thorough research and consider alternative, more established brokers before committing any funds.