Beware! Optimarket is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
There is nothing optimal about trading with Optimarket – the company is run by scammers and an European regulator has issued a warning against them in the past. Let’s take a closer look at the broker:
Optimarket regulation and safety of funds
Optimarket is unregulated, but what’s more, it is connected to another scam broker – EuroFX, which we have previously reviewed here. Let us explain – the following can be found at the bottom of Optimarket’s website:
The broker is based in Dominica, which does not regulate its Forex markets at all, and attracts a lot of scammers because of it. However, we would like to point out the name of the company running Optimarket – Donnybrook Consulting Ltd. The name was familiar – it was the same company behind EuroFX! And if you do not believe us, check out the warning issued against it by the Spanish authorities:
There can be no question – Optimarket is a scam. You are better off trading with EU brokers, which do not draw the ire of the regulatory bodies in the Union – and besides, doing so will allow you to to use several protections like guarantee funds, which are not available to traders with offshore brokers like ones registered in Dominica.
Optimarket trading software
Optimarket provides access to a web-based trading platform – it cannot really be compared favorably to industry-standard trading software Metatrader 5. For one, it lacks Metatrader’s sophisticated automated trading features, but overall, the platform Optimarket provides is just simpler. Here is what it looks like:
As you can see, the spreads on it are truly audacious – 3 pips for the EURUSD pair, which should have spreads no higher than 1 pip at the absolute most. What’s more, the leverage Optimarket offers, 1:500, is banned in most of the world for retail traders – regulators see them as vulnerable to losses from using it. Therefore, most brokers that offer such amounts are either unlicensed or worse – scams like Optimarket.
Optimarket deposit and withdrawal methods and fees
Optimarket accepts deposits via credit cards and cryptocurrencies – the latter are always final, with no chargeback option. Be careful when investing with them, be it with Optimarket or any other broker! The minimum deposit is $250 – which is more than what a legitimate broker would demand to open an account with some of the real brokers offering micro accounts for as little as $10.
As for withdrawals, we cannot help but think they will be either impossible or incredibly complex with Optimarket – the broker is a scam, and what’s more, it does not disclose its Terms and Conditions with us, as scams often do. To that end, we have no idea what fees and complications are in the way of you getting your money.
How does the scam work?
Optimarket is a scam. This much is evident from all we have said so far – but how does the scheme work?
We have sufficient reason to believe that Optimarket operates using a very simple, yet efficient scam scheme – it starts with a future victim following an ad that promises incredible return rates on investments – the victim is then taken to a website that is much alike Optimarket’s. They are asked to make an account, leaving a phone number or an email. Once they do, a barrage of calls, emails, or what have you drowns them, the scammers asking for one thing and one thing alone – deposits.
If they get it, they will ask for more and more money until the victim realizes they are being conned and tries to ask for a withdrawal or stops depositing. At this point in the scam, the fraudsters simply disappear.
What to do when scammed?
When scammed, there are a number of things you must do to avoid further losses – first off, delete all desktop sharing software the scammers had you install and change all credit cards and forms of ID they had access to. This is done to restore your privacy.
Then, you will want to contact your bank and explain what happened to you – since Optimarket accepts payments via card, you might be able to get a chargeback, provided no more than 540 days from the transaction have passed. What’s important, however, is that you do not fall for the recovery agency scam – there are several ways to tell real recovery agencies from scam ones – real ones will never approach you first and will never demand upfront payment for their services!
Finally, there is no shame in being scammed like that – the people running the schemes are masterful manipulators – do not be afraid to talk about your experience. We can eliminate such scams – but only though a wider general awareness of the particular model.
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