Abstract：Has OTET Markets scammed you by freezing your forex trading account? Were you caught off guard by hidden trading rules diminishing your trading gains? Is the Otet Markets withdrawal process too slow or negligent? Don’t you receive adequate support from the broker’s customer care department? You are not alone! Many traders have opposed the Saint Lucia-based forex broker for their alleged malicious tactics. In this Otet Markets review article, we have covered a series of complaints against the broker. Read on!
Has OTET Markets scammed you by freezing your forex trading account? Were you caught off guard by hidden trading rules diminishing your trading gains? Is the Otet Markets withdrawal process too slow or negligent? Don‘t you receive adequate support from the broker’s customer care department? You are not alone! Many traders have opposed the Saint Lucia-based forex broker for their alleged malicious tactics. In this Otet Markets review article, we have covered a series of complaints against the broker. Read on!
The List of Forex Trading Complaints Against Otet Markets
The Alleged Trade Agreement Violation and Fund Losses
Alleging Otet Markets of serious foul play, a trader recounted how the broker maximized his trade loss of $3.740.40 with a mandatory 5-minute execution freeze that was not mentioned in the terms of service, amounting to a violation of the rule. The trader, as per the admission, had a solid $860 margin and was looking to hedge before the Otet Markets app blocked the trade and let the price feed drain out his margin. As the losses mounted, the trader could not resist sharing this negative Otet Markets review. Take a look!
Whats More to the Earlier Allegation - Find Out Here
Continuing the allegation, the trader highlighted the inability to trade as the price moves. Besides, the trader pointed out the multiple lies of the Otet Markets customer support team, along with the wrong document that it sent to him. The trader faced huge losses as he could not sell or buy orders. This, understandably, left the trader frustrated and made him comment further on the broker. Read below to find the comment.
The Controversy Surrounding Trading Lot and Subsequent Losses
A trader recently accused Otet Markets of scams concerning trading lots. As per the admission, the trader opened 0.01 lot on the Otet Markets login. However, in real-time, 1 lot was opened, which caused the trader a loss of 30% on the position. As the trader enquired about the loss, the broker replied that it was the formers mistake. However, the trader displayed screenshots containing the lot he opened while sharing the Otet Markets review. Take a look at the complaint.
A Series of Withdrawal Denial Cases Against Otet Markets
As expected, multiple traders have filed complaints against the Otet Markets withdrawal process. Withdrawal requests remain pending for weeks and months with no action taken on them. Here are screenshots containing multiple withdrawal denial cases.
No Communication from Otet Markets Customer Support on Withdrawal Queries
As further evidence of the alleged poor customer support service, we found a complaint where the trader earned a profit of $2,139.51 and requested withdrawals with the broker. The trader was told to wait for 20 days, and he waited patiently until this point. As the supposed withdrawal date arrived, the trader tried to contact the customer support team about the status. Shockingly, the trader did not receive any response. As a result, the trader vented out his frustration with this negative Otet Markets review.
The Allegation on the Otet Markets Regulation
Expressing regulatory concerns, the trader pointed out that Otet Markets has the same licenses everywhere, including the office address and phone number. This makes it virtually impossible for traders to contact any official for trading queries. Here is a complaint screenshot containing critical glitches from Otet Markets.
Otet Markets Regulation & Score from This Short WikiFX Review
The series of scam allegations and withdrawal complaints made the WikiFX team investigate the broker thoroughly on several aspects, including its regulatory status. True to a trader‘s accusation shown above, Otet Markets was found to be unregulated. With no license, despite operating for over two years, one can imagine the numerous clients who may have been defrauded by the broker. That’s why the team gave it a score of just 2.20 out of 10.
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