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Ontega Review - is it scam or safe?

Ontega Review - is ontega.com scam or good forex broker?

RATING: 1 / 2 REVIEWS Ontega
Ontega is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts and Conditions

 

Trading account Minimum deposit Maximum leverage Average Spread
Beginner    $5 N/A N/A
Trader         $50 N/A N/A
Advanced    $200 N/A N/A
VIP                $1000 N/A N/A

 

Ontega is a new forex and CFD broker that offers 4 account types, as well as educational courses and materials. Unfortunately, it has not specified any of its trading conditions, apart from the initial investments required for each account type. This, together with the offshore registration of Ontega, are the main reasons why we gave this broker such a low rating. Read on to get all the details.

 

 

Ontega Advantages

 

Many asset classes covered

It seems that Ontega offers many currency pairs and various CFDs on a wide range of assets. The latter including indices, stocks, commodities, and cryptocurrencies such as Bitcoin. Cryptocurrencies are the hottest new asset on financial markets and a lot of investors enjoy trading in such. If you are one of those, however, it is best to trade Bitcoin on a regulated exchange or with a properly licensed broker (in the form of CFD).

 

 

>> Reliable forex brokers offering Bitcoin <<

 

 

Low initial deposit

Another advantage of Ontega is the fact that one can open an account with this broker by investing $5. Such low minimum deposits allow basically anyone to try out the services of the company.

 

However, we found a clause in the Terms and Conditions section of the Ontega’s website saying that the broker reserves the right to set minimum withdrawal amounts at their sole discretion, which is quite unusual and not very favorable for Ontega’s clients.

 

 

Ontega Disadvantages

 

Offshore broker

Ontega is owned by Green Pole Ltd, an offshore company, authorized by the Vanuatu Financial Services Commission (VFSC). It also operates another brokerage brand, UBanker. Vanuatu regulation doesn’t do much to protect traders from shady dealing, as is the case with all offshore zones actually.

 

The website of the broker also mentions that the group of companies includes Rehoboth Ltd, a company registered in Nicosia, Cyprus. In case some of you think that this means that Rehoboth Ltd. is licensed by the Cyprus Securities and Exchange Commission (CySEC), you are wrong.

 

To put it simply, Ontega is not a regulated forex broker and dealing with it is risky. Unregulated brokers often turn out to be fraudsters.

 

Trading conditions not announced

The lack of clarity regarding a broker’s trading conditions is always a worrisome sign. When combined with lack of regulation and a functional demo, this is a huge red flag. In the case of Ontega, we could not find any information on the trading costs (spreads and commission fees), nor the leverage levels provided.   

 

No testing service

Another disturbing fact about Ontega is that this broker does not provide free demo testing either, so potential clients do not have any clarity on trading costs and conditions prior to opening a live account with the broker. This shows lack of commitment and transparency.

 

MT4 not supported

Ontega offers trading on a web-based platform, also available as mobile apps. We could not test it, so we cannot say anything about it.

 

 

Nonetheless, we always consider the lack of support for the good old MetaTrader 4 (MT4) as a disadvantage of a forex broker. Many traders stick to the MT4, because of the reliability, easy of use and its advanced tools. The latter include great charting, support for automated trading strategies (EAs), programming environment and more.

 

 

>> Trade with a MT4 broker <<

 

 

Conclusion

 

Ontega is yet another offshore broker that we would not recommend. Firstly, because It is not properly regulated, and then, because it does not offer fair and transparent pricing – there is no testing service available to potential clients and the information on website is very limited. 

 

By comparison, forex brokers regulated in a EU Member state are far more reliable. Most of them have to meet certain capital adequacy requirements, to keep client funds in segregated accounts, to report transactions, and more. Besides, most European countries have established compensation funds for regulated brokerages, so even in case they go bankrupt, their clients will be compensated. That being said, one of the most popular jurisdictions for forex brokers in Europe is Cyprus.




>> Forex brokers regulated in Cyprus <<


 

Here are, in a nutshell, the pros and cons regarding Ontega:

 

Pros Cons
Many CFDs, including on cryptos Not regulated
Low initial deposit Trading conditions not clear
  No free demo accounts
  MT4 not available
  nimum withdrawal amounts possible

 

Latest news about Ontega
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Traders` reviews for Ontega

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Customer service

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Summary

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Ontega is a Fraud

I have fallen victim to this online scheme to defraud people....I'd highly recommend new online traders to read reviews before they patronise any online trading platform... I had accumulated $400 dollars before it automatically liquidated the account and I couldn't withdraw from it even after submitting the documents required

Tiamiyu Umar 11/08/2018

ontega fraud

ONTEGA is a fraud that is how I will tell the whole world cos i invested before i want to withdraw i could not withdraw before i loss finally

odebiyi abiodun 09/22/2018
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