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Otto Forex Forex Broker provides real users with * positive reviews, 1 neutral reviews and 11 exposure review!

Otto Forex Broker Review

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Otto Forex Review 12

Latest All(12) Neutral(1) Exposure(11)
Exposure
Fraud platform Otto

The Otto platform is an organization created for scammers. I was invited to work, gained trust through deceit, and they fraudulently took possession of my funds, $5000 plus the honest earnings of $5768, totaling $10768. Now they are demanding an illegal 10% tax payment. Threatening me with harm, they hacked into my account and took my money. People, do not fall for the arguments of these individuals. I took out a loan and borrowed money from acquaintances, and now these funds are being used by scammers. Please read reviews online before starting to work on any platform. And to the scammers, I sincerely wish for divine punishment, so that you suffer for our tears, the tears of our children.

Kimbat
2024-12-01
Neutral
Otto Forex: Advanced MT5 Platform with Competitive Spreads and Diverse Assets

Otto Forex has been a reliable trading platform for me. The MT5 platform is top-notch, providing advanced features and a user-friendly interface. I appreciate the competitive spreads they claim to offer, which helps minimize trading costs. The variety of tradable assets, including currencies, CFDs, commodities, Fibre Optic Communications, and Fintech solutions, allows for diversification. The multilingual customer support is a plus, and the accessible minimum deposit makes it easy to get started. Overall, it's a convenient and efficient platform for traders.

Benedictine
2023-12-07
Exposure
Otto Forex is confirmed to be running a scam

Several withdrawal requests declined which confirms that they are running a scam. I was asked to pay tax which after payment, they claimed not to receive and want another payment. it’s one problem after another and this is frustrating. several reviews online have revealed their scam operations which was also confirmed by a regulated cyber forensic body (Fintrack/org). looking at resolving the withdrawal issues with FT is a better option for me because Otto forex support team are unresponsive to my requests for over a weeek now .

Gary145
2022-05-28
Exposure
They defrauding me and won’t remit my funds.

My case against Otto hasn’t resolved. I press confirm not knowing that pressing it make resolved. I thought when you press confirm is confirming that all your input are true and real. I was surprised when I saw it was resolved. I tried doing it again but it got denied because they said it’s duplicate.I hope you will accept this for mediation. I need to continue to complain their fraud activity. This broker is a fraud. It doesn’t say that I will pay a late fee after paying my clarification fee and after paying them still asked for 5% of almost 1.4M. Anyway, after paying my late fee on time, they withdrew my funds minutes after getting my payment, Otto forex still never remitted my money and insisted that they haven’t received the payment. If they haven’t received it, how come they withdrew my money from the platform account? Then telling me again and again to pay the fees. What’s that? Obviously it’s a fraud. They want more money to go into them without doing nothing and holding my account for ransom. I paid $70k clearly. They got it but never honest, even telling me that my screenshots were fake. I hope this will wake them up and remit my money. If they are honest, they should even return my $70k fee with 1.4M. I’ve given them time to correct it and kept reaching out to them but it seems they’re not serious to the point they are not answering my inquiries so I’m exposing and complaining about them now. Screenshots says it all.

FX4669633132
2022-05-21
Exposure
Fraud! They won’t remit my money

This broker is defrauding me. It doesn’t say that I will pay a late fee after paying my clarification fee and after paying them still asked for 5% of almost 1.4M. Anyway, after paying my late fee on time, they withdrew my funds minutes after getting my payment, Otto forex still never remitted my money and insisted that they haven’t received the payment. If they haven’t received it, how come they withdrew my money from the platform account? Then telling me again and again to pay the fees. What’s that? Obviously it’s a fraud. They want more money to go into them without doing nothing and holding my account for ransom. I paid $70k clearly. They got it but never honest, even telling me that my screenshots were fake. I hope this will wake them up and remit my money. If they are honest, they should even return my $70k fee with 1.4M. I’ve given them time to correct it and kept reaching out to them but it seems they’re not serious to the point they are not answering my inquiries so I’m exposing and complaining about them now. Screenshots says it all.

FX4669633132
2022-05-21
Exposure
SCAM!!asking more $ to proceed with the withdrawal

I never saw something like that. I have registered on this broker and uploaded all the documents such as ID and PoA. I deposit money via BTC and when I requested the withdrawal they sent and email confirming the withdrawal but they never sent the money to my BTC wallet. I have tried contacting the costumer support which is really bad, and they told me the withdrawal will only one proceed when I deposit more 873$. BIG LOL. SCAM BROKER!!!! and they are not regulated!!!

MrTrader
2022-04-12
Exposure
Metatrader 5

This broker does not let me withdraw my money or operate. It is already reported in the securities commission of the Spanish state for fraudulent bad practices that they have withheld 3700 usdt and do not let me withdraw, and I cannot communicate with them. I request to mediate so that they return my money

FX3332524552
2022-04-05
Exposure
They won't let you withdraw the funds

I have proof of the transfers and I have been operating for around a month. They do not allow me to withdraw the funds and ask for payment of 15% of taxes. Everything is totally illegal.

Segovia Harris
2022-03-31

  

Otto Forex 2025 Review: Everything You Need to Know

  Summary: Otto Forex has garnered significant negative attention in recent reviews, primarily due to its unregulated status and claims of fraudulent behavior. Users report difficulties in withdrawing funds and a lack of transparency regarding account conditions and fees. Notably, the broker claims to offer the popular MT5 trading platform, but many experts warn against investing with them.

  Note: It is crucial to be aware that Otto Forex operates under various entities across different regions, which may complicate regulatory oversight. This review aims to provide a fair and accurate assessment based on available information.

  

Rating Summary

Category Rating (out of 10)
Account Conditions 2
Tools and Resources 3
Customer Service and Support 1
Trading Setup (Experience) 2
Trustworthiness 1
User Experience 2

  How We Rate Brokers: Our ratings are based on a comprehensive analysis of user feedback, expert opinions, and factual data regarding the brokers operations.

  

Broker Overview

  Otto Forex, operating under the name Otto Forex Global Limited, is an offshore forex broker that has been active for approximately 2 to 5 years. The broker claims to be headquartered in London and offers trading on the widely recognized MT5 platform. However, it has come under scrutiny for its lack of regulation and transparency regarding trading conditions. The broker reportedly provides access to a variety of asset classes, including forex, CFDs, and commodities.

  Despite its claims of being regulated by the National Futures Association (NFA), multiple sources confirm that Otto Forex is not listed as a member and has been flagged by regulatory bodies such as the UK‘s Financial Conduct Authority (FCA) and Spain’s CNMV for operating without authorization.

  

Detailed Section

  

Regulated Geographic Areas

  Otto Forex is not regulated in any major financial jurisdiction. Both the FCA and CNMV have issued warnings against this broker, indicating that it is unauthorized to provide financial services in their respective regions. This lack of regulation raises significant concerns about the safety of funds deposited with Otto Forex.

  

Deposit/Withdrawal Currencies/Cryptocurrencies

  The broker does not clearly disclose the accepted currencies for deposits and withdrawals. However, it is common for brokers to offer transactions in major currencies like USD, EUR, and GBP. There is also no mention of cryptocurrency options, which is a growing trend among many forex brokers.

  

Minimum Deposit

  Information regarding the minimum deposit required to open an account with Otto Forex is vague, with some sources suggesting it may be around $100. However, due to the lack of transparency, potential clients should approach this information with caution.

  

Bonuses/Promotions

  Otto Forex does not provide specific details on any bonuses or promotions, which is often a red flag. Many brokers use attractive bonuses as bait, but these typically come with stringent withdrawal conditions that can trap traders.

  

Tradable Asset Classes

  Otto Forex claims to offer a range of tradable assets, including forex pairs, CFDs on commodities, and indices. However, the exact instruments available for trading are not specified, leaving traders in the dark about their options.

  

Costs (Spreads, Fees, Commissions)

  While Otto Forex advertises highly competitive spreads, specific details regarding fees and commissions are not disclosed on their website. This lack of clarity can lead to unexpected costs for traders, further complicating the trading experience.

  

Leverage

  The leverage offered by Otto Forex is not mentioned, which is a significant omission. Leverage can amplify both profits and losses, making it essential for traders to understand the terms before engaging in trading activities.

  

Allowed Trading Platforms

  Otto Forex promotes the use of the MT5 trading platform, which is known for its advanced features. However, the absence of information about the platform's specific capabilities raises doubts about the broker's legitimacy.

  

Restricted Regions

  Otto Forex does not specify any restricted regions on its website. However, given its unregulated status, it is advisable for traders in regulated jurisdictions to avoid this broker.

  

Available Customer Service Languages

  The broker's customer service appears to be lacking, with no clear contact information provided on their website. This absence of support is a significant concern, as effective communication is critical for resolving issues that may arise during trading.

  

Rating Summary (Revisited)

Category Rating (out of 10)
Account Conditions 2
Tools and Resources 3
Customer Service and Support 1
Trading Setup (Experience) 2
Trustworthiness 1
User Experience 2

  

Detailed Breakdown

  •   Account Conditions (2/10): The lack of transparency regarding the minimum deposit and withdrawal conditions makes it difficult for users to gauge the feasibility of opening an account with Otto Forex.

  •   Tools and Resources (3/10): While the broker claims to offer the MT5 platform, the absence of educational resources or tools for traders diminishes its attractiveness.

  •   Customer Service and Support (1/10): With no clear contact information and reports of unresponsive support, traders may find it challenging to get assistance when needed.

  •   Trading Setup (2/10): The overall trading experience is marred by the broker's unregulated status and lack of clear information about trading conditions.

  •   Trustworthiness (1/10): Otto Forex has been flagged by regulatory authorities, and numerous user reviews indicate potential scams, making it a highly risky option for traders.

  •   User Experience (2/10): The overall user experience is negatively impacted by the broker's lack of transparency and support, leading to frustration among users.

  •   In conclusion, the Otto Forex review indicates significant risks associated with trading through this broker. Potential clients should exercise extreme caution and consider seeking regulated alternatives to safeguard their investments.