The investor claimed that Otet Group blocked the withdrawal request.

Otet Group on WikiFX

Otete Group LTD is a forex broker registered in Cyprus. According to what we know, this broker is not regulated by any regulatory institution. WikiFX has labeled this broker “No License” and given this broker an alarmingly low score of 1.50/10.

Case in Details

An investor, who opted to remain anonymous, shared the distressing experience with Otet Group LTD with WikiFX. The investor revealed that he engaged in high-risk trading with the broker, managing to accrue over nine thousand dollars in profit. However, when the investor attempted to withdraw the funds, problems arose.

On Friday, October 6, the investor requested a withdrawal of $200 and intended to transfer the remaining funds to a Huobi crypto account offered by Otet Group LTD. However, the withdrawal request was not processed, even worse, Otet Group requested the investor to share their trading strategy.

The investor provided a portion of their trading strategy but was hesitant to disclose the entirety of it. After this, Otet Group LTD ceased communication and failed to respond to the investor's subsequent inquiries through email and support tickets. The only responses this investor received through online chat were automated templates.

Allegations of Unscrupulous Brokerage

These allegations raise serious concerns about the transparency and reliability of Otet Group LTD. The investor's inability to withdraw their funds and the broker's request for a detailed trading strategy, coupled with the lack of adequate responses, has led to suspicions that the broker may be engaging in unethical practices.

The investor's experience serves as a warning to traders about the potential risks associated with Otet Group LTD. In the world of online trading, transparency, prompt customer service, and the ability to withdraw funds are crucial factors. Any broker that fails to meet these standards should be approached with caution.

Conclusion

Otet Group LTD's low rating by WikiFX and the troubling experience of an investor underscore the importance of thoroughly researching and evaluating a broker before engaging in any trading activities. Investors should exercise caution and due diligence when choosing a forex broker to safeguard their investments and financial well-being. The allegations against Otet Group LTD serve as a stark reminder that not all brokers operate with the best interests of their clients in mind.