Ocean Markets Review – 5 Facts About Oceanmarkets.org

Ocean Markets is a broker with a 13-year of experience in European markets but no legal papers to back it up. It also claims to have worked with HSBC (a British bank and the second biggest bank in Europe), which is a transparent deception given that Ocean Markets is an offshore broker with few qualifications and dubious conditions. This broker is untrustworthy for many reasons - read on for more information in the following assessment.

This is not a good place to start. Especially for a firm that claims to have been in Europe for 13 years. As seen by the aforementioned paperwork, the corporation was just recently registered in the Marshall Islands (October 26, 2020). Because of their lack of regulation, the Marshall Islands are a popular destination for fraudsters. Essentially, anybody may form a corporation there without having a local office or even visiting the Islands.

Ocean Markets' sole distant link to Europe is a UK phone line. However, Ocean Markets did not appear on the FCA registry, which includes all UK-licensed brokers.

Of course, being an offshore broker does not automatically qualify you as a fraudster; but, blatantly lying about your qualifications does. Offshore sites have minimal to no regulation or none at all. Simultaneously, licensed brokers in the United Kingdom, for example, must answer to a stringent financial regulator — the FCA – and observe the various requirements it imposes. All UK brokers are required to hold client deposits in segregated accounts, which means that after you deposit, the broker has very limited access to your money and cannot reinvest it as they see fit. This way, you'll know precisely how your money is being handled and will be able to withdraw it instantly. All UK brokers also engage in a compensation program that may cover damages caused by a broker's insolvency — in such circumstances, you may claim up to £85 000. When you wish to deposit any quantity of money anywhere, registered brokers are a far better alternative.

TRADING SOFTWARE FOR OCEAN MARKETS

Ocean Markets claims to be using its own online trading platform, xCritical. We couldn't test that platform since there was an issue with the website and we couldn't create an account at the time.

Ocean Markets also offers MetaTrader 4 and MetaTrader 5 – the most popular software in the market – for accounts with deposits of more than $60 000. We highly advise seeking up brokers using such sites since they are chosen for a reason. For starters, they are more costly than online platforms, indicating that the broker was ready to spend on high-quality software. But the most significant benefit that MT provides is simply a large number of functions and trading instruments – from a market with a range of trading applications to Expert Advisors.

TRADING CONDITIONS FOR OCEAN MARKETS

Ocean Markets provides six distinct account options, with deposits beginning at $500. This is a little excessive given that most licensed brokers would start an account for somewhere between $10 and $100 and will seldom ask for more than $250.

The spreads offered by Ocean Markets start at 2.5 pips for the Starter account, which is far higher than the industry benchmark of 1.5 pip and would be exceedingly unprofitable.

The leverage of 1:200 offered by Ocean Markets is also a little too high, given that the maximum allowable leverage in the UK is 1:30. When you are new to trading, you should be wary of such high leverage - you may win money quickly, but with such huge trading potential comes the chance of losing a lot of money.

Surprisingly, Ocean Markets sells vaccine business stocks as a trading tool. We don't know how true that is.

DEPOSIT/WITHDRAWAL METHODS AND FEES IN OCEAN MARKETS

There are several odd costs included in the Terms and Conditions, including a hefty 5% fee for 90 days of inactivity and a 5% withdrawal fee if you opt to withdraw before completing 5 transactions.

While we were reviewing the account details, another troubling element emerged - the organization provides a variety of perks. Bonuses are prohibited for regulated brokers, and no legitimate broker will provide them if they want to maintain their license. A few paragraphs in the terms and conditions verified what we already knew — Ocean Markets exists just to grab your money.

If you wish to access any money gained as a result of the bonus, you must first attain a large trading volume. Given that the initial bonus is 40%, if you spend $5000, the bonus would be $2000. This implies that if you want to see any money, you must attain a turnover of $20 000 000, which is utterly ridiculous. They further state that “if the Client chooses to withdraw money before attaining the requisite trading volume, all open positions on the Client's account will be canceled and the remaining money cleared...”

You may deposit and withdraw funds with Visa/MasterCard, Neteller, Skrill, and Paysafecard (a Russian payment system offered by a few brokers). The minimal withdrawal amount is $50, although we highly advise avoiding investing money with such con artists in the first place.

HOW DOES THE SCAM OPERATE？

Such frauds operate in a simple but successful manner. You notice a banner or an ad on the Internet and are driven to the scammer's website, where you are bombarded with promises of quick and easy money. Fake license numbers, delighting customer testimonies, and grandiose statements all lead you astray. So you submit your contact information — an email address and a phone number.

The first wave of fraudsters enters the scene the instant this occurs. You are besieged with phone calls and emails for a deposit. So you submit that deposit, and after a while, you may see that you are making a profit and question whether you should invest more money. This is a planned ploy since the fraudsters want to milk you for as much money as possible before you realize anything is wrong.

The issue arises when you attempt to access your money. Scammers may come up with many reasons why that cannot happen, such as making up more taxes. They may say you are unable to withdraw funds due to a stipulation in their Terms and Conditions, which is why you should always read them carefully and understand what you are committing to. Finally, they may request that you verify your account by giving them a photo of yourself together with a personal document or proof of residence - something that real brokers do as soon as you register an account with them. However, if you are dealing with fraud, this is done just to verify that you are their customer. In this approach, they might claim that you invested all of your money freely, making it hard for you to subsequently seek a chargeback.

WHAT SHOULD YOU DO IF YOU'VE BEEN SCAMMED？

You should immediately call your bank or credit/debit card issuer and request help. If you deposited using a credit or debit card, you have 540 days to submit a chargeback. If you used a cryptocurrency, there is almost no way to get your money back. If you have granted fraudsters access to your computer or financial information, you should change any passwords immediately. You may also call authorities and attempt to spread the word about the scam too as many people as possible.

Finally, never believe any company that promises you a speedy means to receive your money back. Such “recovery agencies” may ask you for a fee to collect your investment and then disappear as soon as they have it. They are often the same folks that duped you in the first place.

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