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Ontega is a broker that allows clients to trade a wide variety of assets, including stocks, indices, cryptocurrency, CFD, Forex, commodities, and more
It is important to note that it is not a regulated broker at least not beyond its immediate region. The company is associated with a holding company called Greenpole which is registered in Vanuatu. It is only registered for that jurisdiction.
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Ontega wants to give the impression that it is licensed, but legally, it is only regulated for clients in its area. It does not take clients from the United States, but it is not licensed to deal with clients in most other areas of the world either. Currently, they get most of their views from the Democratic Republic of Congo (75%) and mostly deal with clients outside of the United States and Europe.
The company is so eager to seem like a CySec regulated broker and listed a company called Rehoboth as a payment processor, which is located in Cyprus, but on further investigation, Rehoboth is not listed as a Cypriot Investment firm.
Aside from the fact that Ontega is not regulated, there are also some complaints about Ontega and somem indication that it is unscrupulous in the way it deals with clients’ money.
There are complaints that Ontega does nto release funds promptly to clients and often avoids communication about serious issues. Ontega has not yet been censured or warned by a regulatory body, but since it falsely appears to be licensed, it wouldn’t be surprising if Ontega receives a warning at some point.
Ontega is known as mainly a Forex and CFD broker but it offers a variety of other investment vehicles, including commodities, stocks, precious metals, and cryptocurrency. Traders are offered four different types of accounts: beginner, trader, advanced, and VIP. There is no demo account. The minimum required to start trading with Ontega is small at 5 USD for a beginner account or 50 USD for a trader account. The VIP account requires a minimum of $1000.
It is difficult to find regulatory information and procedures on the website. For instance, commissions are not clearly stated and Ontega says it can determine a minimum for withdrawal at their own discretion which is not a great sign.
The website offers educational tools, including charts, tutorials, and videos that will help clients start trading. Its release received some notice from the press, including Yahoo.com, but there have not been many articles in the media about Ontega since its initial release in 2017.
Ontega promises to provide clients access to 97 types of investment assets for a minimum initial investment. Ontega also gives clients information about trading and tools to help them get started investing. Its disadvantages include a lack of a demo trading account, no MetaTrader or cTrader platforms, no LiveChat support. It also does not accept clients from the USA, which probably is a good thing since in any case Ontega is not licensed to deal with US clients.
In addition, there are many worrying customer complaints about Ontega.
There are a few positive or neutral reviews for Ontega, but there are also reviews complaining that the broker did not return their money until they made larger returns. There are several reviews claiming that, after a request to withdraw money, Ontega representatives simply dropped them and didn’t speak to them again.
Others said that instead of returning their funds, Ontega representatives urged them to provide more funds. The few positive comments that were given about Ontega were from those who had “just invested” and made some money. This may indicate that the broker may allow clients to make some money trading, but withdrawing funds can be a complicated matter.
Unfortunately, Ontega is another broker that looks professional upfront, with a decent website, a few positive comments from the press on the initial release of the product, and some educational tools that can help traders. This can lead visitors to believe that Ontega is a legitimate broker.
However, as with many unregulated brokers, according to customer reviews, Ontega engages in practices such as withholding funds when clients want to make withdrawals and aggressively asking for more money even if there are no returns to show for initial investments.
These and other behaviors are signs of an unscrupulous broker. Some unethical activities include:
If Ontega or another broker has engaged in any of the practices above and has taken your money, there are ways you can recover your funds. Trader Defence Advisory has a team of professionals well-versed in the financial industry, regulations and legal procedure.
Book a free consultation to find out whether a broker is legitimate or to get your money back from a scam broker.