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OTM Trade -

Score

1.55 /10
Danger

OTM Trade

United States

Scam Brokers

5-10 years

Suspicious Regulatory License

Suspicious Scope of Business

Clone Firm Indonesia

High potential risk

http://www.otmtrade.com

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Comparison

Quantity 58

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index7.34

Risk Management Index0.00

Software Index4.00

License Index0.00

The WikiFX Score of this broker is reduced because of too many complaints!
Open Account
Website

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

open now

Broker Information

More

Company Name

OTM Capital

Company Abbreviation

OTM Trade

Platform registered country and region

United States

Company website

Company summary

Pyramid scheme complaint

Expose

Check whenever you want

Download App for complete information

This platform is a Ponzi Scheme. Please stay away! 6
Previous Detection : 2024-12-22
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

WikiFX Survey

Danger

OTM Trade

Indonesia

WikiFX Verification

Exposure

58 pieces of exposure in total
Pyramid scheme complaint
Expose
Others

OTM Trade is a rip-off. Its website is disabled.

The leader Wang Fuwen is disappeared. The platform ripped me off.

2020-05-30 00:49
Unable to Withdraw

OTM Trade is allowed by our counter. It attracted investment opportunities in Shanghai Exhibition. Now I’m cheated but there is nowhere to bring my complaints to.

I relied my friend so I invest here but we know nothing about it. It look like a pyramid scheme. I wanna die

2020-09-10 08:47
Resolved

It induced you to deposit and blocked the investment in the name of money laundering. Unable to withdraw.

It induced you to deposit and blocked the investment in the name of money laundering, then asked for depositing to unlock the account. Unable to withdraw.

2021-10-21 08:05
Scam

OTM Trade refused my request for withdrawal. I was scammed of 170 thousand RMB.

The platform gave no access to my withdrawal with excuse of wrong bank card, asking me to pay 10% of the fund to modify the information. Then it asked for another 60 thousand RMB since my credit score has decreased due to the wrong information. After that, I was still asked to pay 100 thousand RMB for certification to an isolated account! It is a simply scam! Hope relevant department could see to this master! The platform is still cheating on clients!

2020-02-17 10:41
Unable to Withdraw

Unable to withdraw

It is one of the scams in Indonesia, which give no access to withdrawal.

2020-03-07 14:34
Unable to Withdraw

OTM Trade gave no access to withdrawal by grinding excuses.

Scam OTM Trade gave no access to withdrawal by grinding excuses! Don’t be scammed. I was cheated of 200 thousand RMB.

2020-02-17 01:03
Unable to Withdraw

Unable to withdraw

After the fund was transferred into Ouli, it became unavailable. The leader said it would go to Indonesia for verification after the virus. Currently, I could make withdrawals.

2020-07-01 11:35
Unable to Withdraw

OTM Trade refused my request for withdrawal. I was scammed of 170 thousand RMB.

I traded normally and then applied for the withdrawal. The platform gave no access to my withdrawal with excuse of wrong bank card, asking me to pay 10% of the fund to modify the wrong information. Then it asked for another 60 thousand RMB since my credit score has decreased due to the wrong information. I needed to raise 20 score, with 3000 RMB per score. After that, I was still asked to pay 100 thousand RMB for withdrawal. Otherwise, high rollover would generate and all fund would be froze. But my card could receive out-boundary remittance after verification. Thus, I was scammed by the platform. Meanwhile, the platform hasn’t registered company in China.

2020-02-18 12:32
Resolved

Unable to withdraw

Clients from Chinese mainland, Malaysia, and Taiwan cannot withdraw fund.

2020-03-27 15:50
Unable to Withdraw

Don’t be scammed by OTM Trade

Please be careful about the format of the platform and avoid being cheated. The customer service inveigles clients to pay a fee.

2020-02-17 01:02
Unable to Withdraw

Unable to withdraw

It is simply a Ponzi Scheme, in which both fund and profit are unavailable. When I asked for explanation, I was removed off the group. Please call the police as soon as possible, or your fund will be doomed.

2020-04-13 20:54
Scam

OTM Trade , together with data team, inveigled clients to deposit and gave no access to withdrawal.

The agent on the Wechat claimed that they had professional teachers, who could realize 0 risk and high profit through data-based forex trading, and induced clients to deposit. The teacher would made you profit firstly, with balance leaping from 30 thousand RMB into 300 thousand RMB. Then they would induce clients to add fund, but gave no access to withdrawal, manipulating clients’ accounts through backstage, blaming it on clients and asking for another 40000 RMB for modification. After doing so, I still couldn’t withdraw 1270 thousand RMB or so. The platform said that the profit was too high and asked for 86536.32 RMB as an individual tax. The customer service ensured that the fund would be received as long as I paid the fee. They didn’t replied to me within 24 hours, thus, another rollover generated. At that time, I realized that it is a simply a scam.

2020-02-17 19:54
Unable to Withdraw

All data in OTM Trade has been deleted. MT4 is closed.

All data in OTM Trade has been deleted. MT4 is closed. Call the police as soon as possible.

2020-04-17 12:18
Resolved

Fraud platform. Many people were deceived. The broker still tries to maintain stability. Doesn’t have conscience.

Fraud platform. Unable to withdraw. I was kicked out from the WeChat group by the broker as they didn’t let me tell the truth. False advertising.

2020-08-28 15:03
Unable to Withdraw

Hope relevant department punished such forex scam platform severely.

OTM Trade , with its agent and data teachers, inveigled clients to open accounts with high returns and manipulated their accounts maliciously. Then they also closed position compulsorily and charged high rollover. The following pics are the fake record by agent and the faced of the APP. Don’t be cheated. I have been scammed of 200 thousand RMB.

2020-02-20 23:52
Scam

OTM Trade , together with data team, inveigled clients to deposit and gave no access to withdrawal.

The agent on the Wechat claimed that they had professional teachers, who could realize 0 risk and high profit through data-based forex trading, and induced clients to deposit. A client deposited 50000 RMB and profited with the guidance of technical teacher through Miliao APP. Then my balance leaped from 58 thousand RMB to more than 510 thousand RMB. But I was asked to pay margin due to the wrong information. Then the credit score was influenced by it, thus, I needed to raise 20 scores with 3000 RMB per score. After doing so, the client sill couldn’t withdraw fund.The customer said that the client hadn’t opened the international business receipt, asking for 100 thousand RMB for verification fee. When I inquired the bank, they said my card could received out-boundary remittance. When I asked the service of Citibank again, they had no specified stipulation to show, At which time, I realized that I was scammed of 170 thousand RMB.

2020-02-19 10:42
    OTM Trade · Company summary

    Is OTM Trade a Scam？

    • Scam Brokers List

    OTM Trade has been listed on WikiFX's Scam Brokers list. The platform operates as a Ponzi scheme. Please be aware of the scam domain as follows:

    https://www.otmtrade.com/

    • Regulatory Concerns

    OTM Trade is currently regulated by Badan Pengawas PerdagangarBerjangka Komoditi KementerianPerdagangan and Indonesia Commodity and Derivatives Exchangeis but it's been under “Clone Firm” status. Both OTM Trade's licenses are clones implies OTM Trade lacks valid regulation. This means that the broker is not a safe forex broker. We recommend that you look for a regulated broker as an option.

    Clone BAPPEBTI
    Clone ICDX
    • Scam Exposure

    On WikiFX, “Exposure” is posted as a word of mouth received from users.

    Traders are encouraged to review information and assess risks before trading on unregulated platforms. Please consult our platform for related details. Report fraudulent brokers in our Exposure section and our team will work to resolve any issues you encounter.

    User Exposure on WikiFX

    As of now, there are 59 pieces of OTM Trade exposure in total. I will introduce 2 of them.

    Exposure 1. Can not withdraw

    ClassificationUnable to withdraw
    Date 2020-07-01
    Post CountryHong Kong, China

    The user said that the fund became unavailable after it was transferred into Ouli. You may visit: https://www.wikifx.com/en/comments/detail/202007012992880781.html

    Exposure 1. Can not withdraw

    Exposure 2. Fraud broker

    ClassificationOthers
    Date 2020-05-30
    Post CountryHong Kong China

    The user said the leader Wang Fuwen had disappeared and the platform ripped him off. You may visit: https://www.wikifx.com/en/comments/detail/202005298992219853.html

    Exposure 2. Fraud broker

    User Reviews

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    User comment

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    Write a review

    程婕维权
    more than one year
    Don't trade with OTM Trade! Totally a scam company. They rejected my withdrawal request for various reasons. You can also see on this website that there are still many victims.
    Don't trade with OTM Trade! Totally a scam company. They rejected my withdrawal request for various reasons. You can also see on this website that there are still many victims.
    Translate to English
    2022-12-12 10:19
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