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OTTO FOREX

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Operating status: SCAM

Website: https://www.ottofxtrading.com/

Broker violations and abnormal records
  • Feb 23, 2022 The UK FCA Added OTTO FOREX into Its Warnings

    On 24 Feb 2022, the FCA issued a warning that OTTO FOREX has not been authorised to carry out financial services and products in the UK, you may visit: https://www.fca.org.uk/news/warnings/otto-global-forex-limited

    On 24 Feb 2022, the FCA issued a warning that OTTO FOREX has not been authorised to carry out financial services and products in the UK, you may visit: https://www.fca.org.uk/news/warnings/otto-global-forex-limited
  • Apr 03, 2022 The Spanish CNMV Added OTTO ROREX into Its Warnings and Alerts

    On 4 Apr 2022, the CNMV issued a warning that OTTO FOREX has not been authorised to provide investment services, you may visit: https://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=1&nombre=Otto%20Forex%20Global%20Limited

    On 4 Apr 2022, the CNMV issued a warning that OTTO FOREX has not been authorised to provide investment services, you may visit: https://www.cnmv.es/Portal/ResultadoBusqueda.aspx?tipo=1&nombre=Otto%20Forex%20Global%20Limited
  • Apr 13, 2022 BrokersView has reviewed that OTTO FOREX is an Unregulated Forex Broker

    OTTO FOREX claims it is a reliable broker supervised by the US National Futures Association (NFA) with a license number: 05445302. We did find a match result to the company name "Otto Forex Global Limited" in NFA. However, the license number of Otto Forex Global Limited is 0545302 which is not the one this broker claims on the website. Besides, the result shows that this broker is not under valid regulation by NFA as Otto Forex Global Limited is not an approved member of the regulator. That means the regulation info this broker claim on its website is a false statement for unsuspecting traders.

    More importantly, two professional regulators-the National Securities Market Commission (CNMV) and the Financial Conduct Authority (FCA) both issued warnings that this firm has not been authorized to provide forex investments and services. So OTTO FOREX is not regulated by any regulators. That means investors' money in this broker is unsafe and cannot be protected by any law. Therefore, it is a scam. 

    OTTO FOREX claims it is a reliable broker supervised by the US National Futures Association (NFA) with a license number: 05445302. We did find a match result to the company name "Otto Forex Global Limited" in NFA. However, the license number of Otto Forex Global Limited is 0545302 which is not the one this broker claims on the website. Besides, the result shows that this broker is not under valid regulation by NFA as Otto Forex Global Limited is not an approved member of the regulator. That means the regulation info this broker claim on its website is a false statement for unsuspecting traders.More importantly, two professional regulators-the National Securities Market Commission (CNMV) and the Financial Conduct Authority (FCA) both issued warnings that this firm has not been authorized to provide forex investments and services. So OTTO FOREX is not regulated by any regulators. That means investors' money in this broker is unsafe and cannot be protected by any law. Therefore, it is a scam.
  • Jul 07, 2022 BrokersView has found that OTTO FOREX is not working

    On 8 Jul 2022, BrokersView found the domain https://www.ottofxtrading.com/ is not working, as most probably it was suspended and it is always a bad sign when broker's website is suspended.

    On 8 Jul 2022, BrokersView found the domain https://www.ottofxtrading.com/ is not working, as most probably it was suspended and it is always a bad sign when broker's website is suspended.

Related Complaints

Q&A

May I know if my fund will be protected in case of the broker stop operating ?

HelenaZ
Morocco
Apr 28, 2022
ANSWER OTTO FOREX is an unregulated broker and should be avoided at all events. OTTO FOREX claims to be owned and operated by Otto Forex Global Limited, a licensed entity supervised by the US National Futures Association (NFA).We indeed found a matching result in NFA's registry, however, OTTO FOREX is not overseen by the regulator as it is not an approved member of the regulator. Please be informed that if a broker claims to be eligible to solicit US customers in forex activities, it must: 1) be accredited as an approved Forex Dealer Member of NFA; 2) be admitted as a "retail forex exchange dealer." Obviously, OTTO FOREX doesn't satisfy these conditions. That means, this broker is merely a registered firm rather than a regulated one and is not qualified to carry out such services. What's worse, the Spain regulator CNMV and the UK regulator FCA have successively added OTTO FOREX to the alert list to warn the public that this firm is not authorised to provide the investment services in their countries. You can check the full or warning from CNMV and FCA against OTTO FOREX respectively.Our verdict is that OTTO FOREX is thoroughly a scam on account of running its business without any relevant license approved by a reputable regulator. Therefore, we would recommend traders stay away from this broker and trade with licensed brokers.
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