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Ortega Capital Review - is it scam or safe?

Ortega Capital Review - Is ortegacapital.com scam or good forex broker?

RATING: 1.5 / 1 REVIEWS ForexBrokerz Ortega Capital
Ortega Capital is an offshore broker. Your money is not safe.

RECOMMENDED FOREX BROKERS


Trading Accounts & Conditions

 

Account type Minimum deposit Maximum leverage Spread
Standard $5.000 1:100 From 0.2 pips + $8 commission per lot


Ortega Capital (not to be confused with Ortega Capital Group) is a forex broker, registered in Labuan, Mlaysia. The company has a rather decent offering, but a few major holes pop-up upon close inspection. Check the full review to see what we don’t like.


Ortega Capital Advantages


STP/ECN model
Ortega Capital doesn’t profit from their clients’ loses. The terms STP. ECN and NDD are mostly interchangeable in this context. This broker should technically be an ECN one, as their profit is charged as a separate commission, on top of the spread. As a comparison STP brokers simply put their fee in the spread, which is larger.


Tight spreads
With EUR/USD spreads as low as 0.2 pips and an $8 commission per lot, this is a very competitive trading intermediary. We must clarify, these are only the broker’s claims, which we have failed to properly test, due to a technical issue on their end.


The $8 commission is effectively 0.8 pips in spread, on pairs where USD is the second (quote currency). This means the total at Ortega Capital starts from 1 pip on the most popular currency pair, but goes higher for the rest.


MT4 available
Meta Trader 4 is still the industry leading forex platform, despite being quite dated. It offers a very clean charting package, while still being very intuitive. The main advantage of this platform is the possibility to use newly developed technical indicators and Expert Advisors. These are available at the MQL marketplace (and other online vendors).


Sadly we couldn’t launch Ortega Capital’s iteration of MT4, due to issues on their end, which we’ll cover below.


>>Better brokers offering MT4<<

 

Multiple payment methods
Ortega Capital supports Bank Transfers, Credit Cards, Skrill, Neteller and China Union Pay. This basically covers all the popular payment solutions, except the ones used by Russian traders and Bitcoin.


Ortega Capital Disadvantages


Regulated by LFSA
Ortega Capital is operated by several companies, the most respectable of which is regulated by the Labuan Financial Services Authority (FSA). This is a special jurisdiction, which presents itself as a “mid-shore” zone, while still being a part of Malaysia. This leaves mixed (while mostly negative) feelings. For more information on the risks involved with such brokers, check the link below.


>>Why are offshore companies risky?<<


Multiple companies
Ortega Capital also has a legal entity based in St. Vincent and the Grenadines. Even if you believe Labuan to be a decent jurisdiction, this is a typical offshore zone, which we would not recommend. In case you still want to open an account with this broker, be sure to check with which company you are registering.


Issues with the trading platform

As we mentioned above, we weren’t able to access the MT4 platform offered by this broker, due to a connection problem. After registering an account (which required an SMS verification) we created several demo accounts, but were still not able to access the company’s server.


Very high minimum deposit
With a $5,000 minimum deposit requirement, Ortega Capital will be hard to access for a lot of traders. A lot of brokerages have gone the other route on this issue – removing all deposit levels, with the hope of attracting many clients.


No CFDs available
While the number of forex pairs supported by Ortega Capital is rather high (over 70), they do not offer indices, commodities or any other CFDs. This is not as big of an issue as some of the previous ones, but is still worth mentioning.


Conclusion


Ortega Capital is a “mid-shore” forex broker. Their offer seems appealing (especially given the low costs of trading), but at the end of the day, Labuan is still a jurisdiction, which has to prove itself. We believe the security of your investment should be a bigger priority than saving a few bucks on every trade.


Trading with a broker in a well-established jurisdiction will allow you to sleep much more comfortably. One of our favorite examples for such a place is the United Kingdom, where the Financial Conduct Authority (FCA) oversees brokerages.


 >>A list of FCA brokers<<


All investment intermediaries there have to follow a lot of rules and frequently send reports. The two most important rulings are the segregation of client accounts and the Financial Services Compensation Scheme (FSCS). The former means the broker can’t access your funds at will – they must be kept in special bank accounts. The FSCS, on the other hand, is the last resort – if your trading partner goes bankrupt, this mechanism will protect your investment, up to £50,000.


Here is the summary of Ortega Capital:

Pros Cons
STP/ECN model Regulated by LFSA
Tight spreads Multiple companies
MT4 available Issues with the trading platform
Multiple payment methods Very high minimum deposit
  No CFDs available

 

Latest news about Ortega Capital
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Traders` reviews for Ortega Capital

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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