Otet Group LTD is a company with offices in Cyprus but with offshore regulations in Mwali. Let’s find out what business decisions made this brokerage choose offshore instead of domestic regulations.
This detailed Otet Markets review shows you the importance of Tier 1 trusted regulations. But also ways to protect yourself regardless of the fact if the broker is licensed or not.
| Regulated by: | MISA |
| Is This Company Safe? | No |
| Known Websites: | Otetmarkets.com |
| Have Warnings from: | N/A |
| Registered in: | Cyprus |
| Operating since: | 2023 |
| Trading Platforms: | MT5, cTrader |
| Maximum Leverage: | 1:3000 |
| Minimum Deposit: | $100 |
| Deposit Bonus: | Not available |
| Trading Assets: | Forex, Commodities, Indices, Cryptos, Shares |
| Free Demo Account: | Available |
| How to Withdraw from This Company? | Even though the broker is offshore regulated you shouldn’t have withdrawal problems. But if you do, our chargeback experts can advise you accordingly about further steps. |
Legal info: Is Otet Markets legit?
To be legitimate nowadays is extremely hard. Especially knowing there are more and more unlicensed companies. But not every license is trusted, either. Therefore, we always suggest traders trust FCA, BaFin, and ASIC-regulated firms. Even CySEC has better safety protection than many other authorities.
Thus, with MISA regulations, the company doesn’t have any obligations. They don’t have compensation schemes either. So, if the broker disappears, you are on your own. But let’s say their MISA license is better than nothing.
Who are Otet Markets’ Clients?
Keep in mind that this broker is active only for a couple of months. Since 2023, when they started, they were mainly offering services to traders from:
- Turkiye
- Germany
- Netherlands
- United States
- United Kingdom
There it is. A potential problem. To trade with UK citizens, you must obtain an FCA license or TPR. Yet, OtetMarkets has none. Therefore, if you see any irregularity, feel free to report it. But also to contact our specialists for advice.
Traders Experiences
Another worrying sign is that the company already has almost 40% of negative reviews. If you check Trustpilot, you will see 6 comments at the moment. But for a couple of months, that’s already a bad sign.
If you have any complaints about the company’s activities, don’t hesitate to share them with us. Actually, that’s the recommendation because we can advise you about funds recovery.
Leverage, Commissions, Spreads, Fees and Taxes
One of the shocking options with this brokerage is their leverage of 1:3000. If you don’t set up your trades properly, money can be gone in seconds. But there’s worse. You can get into debt as well since there is no negative balance protection.
Another key fact is spreads, fees, and commissions. None of those are precise. Instead, the broker claims to have normal or minimum requirements. Let’s be honest, everyone has a different minimum in their heads.
Otet Markets Trading Features
It seems that the broker offers cTrader and MetaTrader 5. However, the QR codes on their website are not properly arranged. Therefore, download options for the app are misleading traders. In any case, traders can enjoy a vast of advanced features and trading tools. Yet, with minimum funds protection measures.
Is Otet Markets legit?
It should be. But there are many reasons to think otherwise. In any case, you can test the broker and risk it. Or to choose a Tier 1 licensed one and avoid any troubles. To understand better the difference, read our Sterling FX review.
Available Trading Assets
Regardless of your preference, you won’t lack any options with Otet Markets firm. Thus, the conditions for some may be quite expensive. It’s unknown, after all, how much they will charge you. Anyway, the company offers:
- Forex – USD/GBP, AUD/EUR
- Commodities – gold, palladium
- Indices – DAX30, CAC40
- Shares – Tesla, IBM
- Cryptos – BTC, ETH
Account Types
Account type offers depend on the software choice. But those are quite similar. Anyway, the ones choosing MT5 can get:
- Beginner
- Classic
- ECN
- Premium
- Huobi Crypto
While cTrader fans can get:
The main difference comes from stop-out percentages, spreads, and commissions.
Mobile Trading App
Both trading software have dedicated mobile apps, which is a huge advantage, especially for mobile traders. Sadly, the company has quite unclear QR codes, leading to nothing instead of a trusted store.
Demo Account
In general, demo accounts are a great option for testing the tools, advanced features, and costs. However, leaving your contact details just to get a demo is not always a smart move. To find out why, read our Bitbank review.
Otet Markets Withdrawal
Withdrawal procedures with unclear conditions can be a nightmare. Apparently, the company is in the process of getting more reliable funding methods. But currently, they only accept cryptos. Which is not a good sign.
Even though withdrawals are processed within 24 hours. As for the commission, the company charges between 0.25% and 0.75%. Bear in mind that crypto transfers are irreversible and anonymous. While card purchases can be reversed through the chargeback. Our FXProtrade review is there to reveal some withdrawal tips and tricks.
Customer Support
As for the contact options, the company did a nice hustle. There are a vast of options. But even some encrypted. In case they sell you a story, it’s for your protection; don’t bite it.
Anyway, you can reach out to the company via e-mail, phone, Telegram, and WhatsApp. But also, you can send a ticket or open a live chat.
Key Information To Consider About Otet Markets?
To be honest, Otet Markets brokerage has quite an attractive offer with their trading software choice and contact features. However, their regulation is not on the highest level. If they have an FCA license, they would be on top of the list for sure. Currently, you have better options.
In any case, we hope you won’t have any issues with the company. But if you do, our refund specialists are available for consultation. Most importantly, non-obligatory ones. So, get in touch today.
FAQ Section
Is Otet Markets Legit?
Generally, yes. Thus, there are some signs that you might have potential issues with the company.
What Platforms Are Available at otetmarkets.com?
Surprisingly, the company offers the two most attractive software options. Those are cTrader and Meta Trader.
What Account Types Does Otet Markets offer?
There is a wide range of options. Thus, none of them are precise with terms. Also, they depend on the software choice.
What is the Otet Markets’ withdrawal policy?
Only crypto withdrawals are possible with fees up to 0.75%. Also, the processing time is 1 day. But if that doesn’t happen, feel free to contact us for advice.
