OBTFX Review – An Introduction
In this era where people are looking into trading options to increase their money, Scam brokers are also increasing in the number who make people believe in their false trading companies and steal their money. OBTFX is yet another scam broker whom we are going to review today in order to help you all to invest money wisely and with a trusted online trading platform. This company claims to be a registered broker from the kingdom Saint Vincent and Grenadines, an offshore country belonging to the Caribbean. Although the broker promotes that their company can be trusted upon and are a licensed company. However, these claims are not true as the kingdom of Saint Vincent and Grenadines does not allow trading and does not approve licenses for the same.
Every country has a regulatory authority that approves the licenses for the trading companies, without the possession of which you are not allowed to legally establish a broker company in the country. FCA, the regulatory authority of the UK has issued a warning against OBTFX in the name of not possessing a license and running their company under a forged license. FCA also asks people to do thorough research before investing their money with such scam brokers in order to avoid debt traps and loss of money.
About OBTFX Review
Upon researching this broker, we have come across major red flags that can successfully emphasize the fact that OBTFX is a complete scam and should not be used by anyone. Upon going through their website we noticed that the company trades in forex, indices, commodities, stocks, and crude oil. OBTFX provides three trading platforms, namely, Meta Trader 4, SIRX Web Trader, and mobile trader. It also offers many accounts for the customers to choose from such as green, premium, platinum, executive, and presidential. These trading accounts are comparatively very expensive with the minimum initial deposit ranging from $5000 to $250000. The company also provides a variety of payment options such as through cards and bank wire. For the ease and flexibility of first-time users, this company claims to have an option where you can start a demo account in order to get a hold of the trading techniques. However, upon selecting the option, we are redirected to the real account window. This is yet another example of how strategically they have created the website in order to confuse the customers and thus tricking them into making a real account without experience.
Even though OBTFX claims a hassle-free withdrawal process, it takes 4-5 business days to process the request. The company also states in its policies that if the customer intends to use any of the bonuses, then they must trade at least one-quarter of the money before withdrawing. This yet again proves the company to be a scam as bonuses are not really free gifts and the licensed traders offer any bonuses. Scam brokers often claim to offer bonuses as a way to lure in customers and steal their money.
Is OBTFX a scam or legit?
OBTFX is a scam broker and is an unregulated company. It claims to have a license and may try to coax you into opening an account, however, we recommend you not to rely on the company’s website and trust them. Always do your research before investing.