OroTrade claims to be the right place for anyone wanting to become a successful investor. However, there’s every reason to doubt Oro Trade as no one has come out with proof of concept. By proof of concept, we mean no one has made any returns. We instead see a barrage of angry comments from users. Most of them have lost funds thanks to this naive platform. Please find out more in our detailed OROTRADE REVIEW.
There’s no denying that the website looks convincing. But, unfortunately, if you are not the type to do due diligence, you might fall for the aesthetics. And this is the most likely scenario all victims went through. None of them bothered to check the platform’s credibility.
That’s not to say you won’t get the chance to profit from other proven alternatives. Today’s investor wants a reliable partner to navigate through new investment options. Coin Staking, DeFi, and Masternoding are some of the engaging ways of investing. Give them a try!
OroTrade is not one of the platforms that will help make returns. In fact, the platform will likely make you lose more than your deposit. They will likely ask for your bank statement for other reasons.
Those who give them these documents might be in for a rude surprise. The people behind Oro Trade don’t have a solid reputation. Our review will expose why this platform is a trap set for naive investors.
When opening an account with the platform, it all looks straightforward. First, you need to fill in your contact details and full names. After that, the process looks normal up until they ask for verification documents.
That’s where we raise the flag as they ask for a copy of your ID, bank statements, and credit card information. With these documents, they can recreate your persona or hijack your bank account credentials.
A huge issue is they only ask for verification documents when you click withdrawal. That's where they know you will do anything for the funds to be released. So the only issue is, the platform is asking for these documents to fool investors.
When a legit platform wants to verify your account, they can send an email with a verification link or SMS Code. These are online fraudsters planning to wipe clean your bank account thanks to the documents.
On their account types page, the platform claims to offer six account types. These include Standard, Retirement, Education, Specialty, Managed, and Margin Accounts.
Standard
With the standard account, the minimum deposit is 50 Euros for electronic funding. When depositing using other means, you must deposit 2,000 Euros.
Retirement
Eligibility for this account type includes having 70+ years and an account balance of more than 6,000 Euros.
Education
The platform offers a 249 plan with no other information on it. It seems the plan is used as a college fund for users.
Specialty accounts
A limited liability or partnership account is what the Speciality plan brings to the table. But, again, there’s no minimum initial deposit with this account.
Managed
With the managed account, the platform creates a portfolio for investors. You must deposit 500 Euros to start using this account type.
Margin
The account allows users to borrow money from OroTrade, which highlights another feature. The platform acts as a lender to members.
You will notice that these accounts come with different depository amounts. Those for trading come with a minimum depository amount of 500 Euros.
And that’s the reason why you need to stop investing with the platform. The platform is asking for double the set price. All regulators in Europe and the States have set 250 as the minimum deposit.
Your funds are far from safe with this bogus forex investment platform. There is no way funds are safe with a platform that offers no safety net. Oro Trade ought to offer security cover for deposits made in the form of insurance.
Once you deposit funds, you are at the mercy of this platform. Therefore, you should expect no compensation from such a platform.
According to the disclaimer at the footer of the homepage, the platform is owned by OroTrade LLC. We searched for the registration of the entity and came out empty-handed. Therefore, we have reason to believe this is a non-existing entity.
The platform only intends to highlight the professional nature of its platform. In real life, they enjoy no registration, which is a problem. We see a lack of transparency in the name of those in charge.
What is clear is the anonymous nature of the platform. We don’t have the names of anyone working for the platform. It would be unwise to trust your investment with unknown persons. That’s why conducting due diligence before committing funds is crucial.
The funny thing with their website is there’s no contact information. So you won’t find any link to their staff. And this is a huge problem considering this is an investment platform. Members should have the chance to reach out at any time.
There’s a good reason why they don't want anyone making any contact. Once they have your funds, they are not bothered with the services they claim to provide. In addition, no fraudster wants to be tracked down by authorities or the victims.
The website has been running for 531 days as we publish this post. There’s a reason why we have to expose the platform’s online presence. With over a year in, the platform ought to have a license already.
Domain records also show the platform does not have any security software to protect investors. The website is using a server that hosts several low-rated forex investment websites. And this is a good enough reason to stay away from the platform.
Once you deposit funds hoping to invest, the platform allows you to trade. For beginners, the platform offers account managers who trade on your behalf. On the other hand, you may be an expert and even see your account balance rise.
All this is made possible in an attempt to fool investors into depositing more. However, when withdrawing funds, that’s when the platform shows its true colors. No one gets to withdraw funds, even the most successful trader.
OroTrade is not a licensed platform despite claiming to have a license from IFMRC. On their account page, we see a phone number. Unfortunately, it’s a U.S phone number that doesn’t work. If the platform resides in the States, it should be regulated by the SEC.
It’s not the case as investors don’t get to enjoy oversight. The platform lacks any documents to prove their case. And this is why we insist on staying away from unregulated platforms. It should be the last thing on your mind.
Oro Trade claims to have tools and platforms for all types of trading. The three platforms available include mobile, social trading, and web platform. But, unfortunately, none of the platforms are stable and have huge problems.
There’s the safety concern, and there’s the slow execution. So it’s best to use recommended platforms such as MT4, MT5, and SIRIX.
With the platform having serious license and security issues, we are adding them to our blacklist.
Choose wisely and go for industry acceptable platforms that offer insurance cover. In addition, these platforms offer a realistic way to trade.
Feel free to leave any comment or send us an email.
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