OTC-MARKET.CH is a financial trading platform that claims to offer Forex and CFD trading services. However, there have been several reports and warnings against this platform, accusing it of being a scam broker that engages in fraudulent activities. In this review, we will provide an overview of OTC-MARKET.CH and examine the claims against it.
Company Overview
The company is situated in Geneva, Switzerland. Though, we could not get enough information on their details. This lack of information raises the first warning sign for this trader.
Broker Name | OTC Market SÃ rl |
Location | Geneva, Switzerland |
Address | Rue du Rhône 14, Genève; Rue du Grand-Chêne, 1003 Lausanne |
Website | https://www.otc-market.ch/ |
Regulation | Not Regulated |
Team
There is no information available on the OTC-MARKET.CH website about its team members, which is another red flag. The lack of information about the team responsible for managing the platform raises doubts about the company’s authenticity and competence.
Services or Products
OTC-MARKET.CH claims to offer Forex and CFD trading services, but there is no clear information on its website about the instruments it offers for trading. The website also lacks essential information about the trading conditions, such as spreads, leverage, and margin requirements.
Trading Platforms
OTC-MARKET.CH claims to offer a trading platform but fails to specify the type of platform it provides. There is no mention of popular trading platforms such as MetaTrader 4 or 5, which raises questions about the platform’s reliability and security.
License and Regulations
License Status
OTC-MARKET.CH does not provide any information on its website about its license or regulatory status. This lack of transparency and regulation suggests that the platform is not authorized to offer financial services.
Regulation Status
There is no regulatory body that oversees the activities of OTC-MARKET.CH. We tried to find a single piece of information about their regulation. But, we found a warning from its own country’s regulatory body, FINMA. We will show you the warning in the later section.
You also can go through our other scammer lists such as the SEC Blacklisted Companies, FCA Unauthorised Firms List, ASIC Blacklisted Companies, & Bank Guarantee/SBLC Review.
Why Dealing With Unlicensed Brokers Is Risky?
Dealing with unlicensed brokers is risky because there is no authority to hold them accountable for their actions. Unregulated brokers may engage in fraudulent activities, such as misappropriation of funds, manipulation of prices, and refusal to process withdrawals. Therefore, it is crucial to trade with regulated brokers who comply with the rules and regulations set by the regulatory bodies.
Legal Warnings Against OTC-MARKET.CH
There have been several warnings against OTC-MARKET.CH by regulatory bodies such as the Financial Conduct Authority (FCA) and the Austrian Financial Market Authority (FMA). The FCA has cautioned the public against dealing with OTC-MARKET.CH, stating that the platform is not authorized to offer financial services in the UK.Â
The FINMA has also issued a warning against the platform, stating that it is not authorized to provide financial services in Switzerland.
Client Feedback About OTC-MARKET.CH
About Trading
There are numerous negative reviews and complaints from traders who have used OTC-MARKET.CH. Most of the reviews accuse the platform of fraudulent activities, such as price manipulation, stop-loss hunting, and account closure without prior notice. The platform’s lack of transparency and regulation also raises concerns about the safety of traders’ funds.
About Customer Service
Several traders have also reported poor customer service from OTC-MARKET.CH. The platform allegedly fails to respond to traders’ queries and concerns, and there have been reports of traders being blocked from accessing their accounts.
How Can FXfarmupdate Help You If You Get Scammed?
If you think this trader scammed you, please submit your case to us. We will evaluate your case and will provide you with a free consultation and service recommendations to help you in retrieving your lost fund. We can also help you with legal help if needed.
Final Thought
OTC-MARKET.CH appears to be a dubious broker that operates without proper regulation and licensing. Dealing with unlicensed brokers is risky and may lead to financial loss, identity theft, or other fraudulent activities. Therefore, it is essential to conduct thorough research before investing money in any financial service provider and choose regulated and reputable brokers to ensure the safety of your funds and investments.
