Beware! OdinForex 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 a very real appeal about brokers that open with images of city financial blocks and skyscrapers, but one must always be cautious because these spectacles are most of the time included to distract you from what’s really going on. OdinForex opens in such a way, and if it weren’t for the classy pics, it would be even worse than it already is. We escalated quickly, but the truth is that OdinForex offers nothing that we have not seen before, and not in the good way might we add. The company hides its secret intentions behind misleading promises that are delivered through an array of channels, most notably the aforementioned images. Read the full review to find out more.
Unfortunately for us and our readers there was no way to create an account. The issue manifested itself in a completely broken and non-existent registration page. Either it wouldn’t load, or it redirected us to an error page. Due to this predicament we are forced to quote the website on all trading and payment conditions, If we did not have our doubts about the broker it wouldn’t be an issue, but this industry is flooded with scammer brokers, and unfortunately OdinForex is one of them.
The website claims to be offering forex currency pairs, spot gold, spot silver, crude oil, and indices. We find no mention of a spread or a leverage anywhere. This is not a smart move in any way you look at it.
OdinForex is available exclusively to English speakers.
ODINFOREX REGULATION AND SAFETY OF FUNDS
OdinForex is for us completely anonymous despite the UK contact address. It’s very irresponsible to add a fake address and claim it to be true. For the UK is without a doubt one of the most popular fake address locations overused by scammer brokers. We will lay to rest the false assertion that OdinForex is licensed in anyway in the UK. It’s simply not true!
Other than that we find OdinForex to be completely anonymous, which in turn makes s think that it does not want to be found. It probably solicits users, and only then reveals itself for a moment, a tie span just enough to scam someone.
There is also a noticeable lack of legal document which is a very dangerous thing. Legal documents are a guarantee that the broker will stay within the limits of the laws when dealing with the user. Without legal documentations OdinForex is able to treat the user as it pleases. Most of the time the client will be mistreated and manipulated.
It’s obvious that OdinForex is NOT LICNESED and a risk to all users. There is no reason to waste your time with it!
Trading should be done only with risk-free brokers, and by that, we mean regulated brokers, for all brokers pose a certain risk. Regulated ones are those that warn users of the risks and are tightly overseen by the given overseer. Thus any lost funds result only because of the user’s poor judgement or because of the dynamic fluidity of the market.
We encourage users to trade with FCA or CySec regulated entities, or other European or US-based licensed brokers. These are very severe with their firms and demand of them a ton of requirements. Regulators strive to keep brokers in touch with the law!
Moreover, the FCA and CySEC offer financial reimbursement schemes to users of brokers under their gaze. This fund cover losses of users in times when the broker becomes insolvent.
ODINFOREX TRADING SOFTWARE
OdinForex offers an MT4 trading software, and we have no way of knowing how it got a hold of it. Nevertheless, here it is, yet we cannot be comfortable with OdinForex even if it offers the MT4. It does not redeem the broker.
ODINFOREX DEPOSIT/WITHDRAW METHODS AND FEES
There is nothing revealed concerning the payment methods, a minimum deposit, and withdrawal-related stuff. The broker forces us to generalize here.
The most common minimum deposit requirement is $250, although we have seen requirements ranging from $1 to $25 000.
The common payment methods are credit and debit cards, wire transfer, e-wallets, and crypto methods.
Withdrawals are usually processed within 5 days tops, while the fees all depend on the broker, although scammer brokers tend to come up with commissions on the go.
Overall, everything we have revealed in the review resonates with the unregulated nature of OdinForex. Please do not invest here for you will regret it, as well as waste tour time.
How does the scam work?
The scams are very efficient and simple to follow for both the user and broker. At times, it may seem ludicrous to consider that one is in the middle of a scam! That is how effective they are!
Online ads that promise fast money, superb investment strategies, luxurious lifestyles, and beautiful sceneries, are all often a part of an investment scam. These advertisements are specifically tailored for more susceptible users. Clicking on them will redirect the person to either the website itself or an intermediary source.
It matters not where one ends up. Sooner or later the individual will be asked to provide a phone number or an email address.
Sooner or later, the unfortunate soul to have given these contact details away will start receiving emails or phone calls from the rep of the scam. The only and ultimate goal of these calls/email correspondences is to entail a preliminary deposit. This first investment is the client’s way into the scam, and after that, it will be much easier – for the user because his guard is down, and for the scammer, because he has gained the user’s trust – to bring about more deposits.
It all culminates to the point where the client wants to see results; he/she wishes to see some profit or withdraw his deposit and leave. A few things will happen. Either result will appear, completely fabricated by the fraudster, or the scammer will cut all communications with the user.
One thing is for certain. Users will not be able to withdraw! Typically, the broker will either cut all communication, quote its shady legal documents as a counter to all requests, shut down the user account, or even close the entire website!
What to do if scammed?
Immediately upon feeling suspicious file for a chargeback. Both VISA and MasterCard have extended their chargeback time span to 540 days.
Fraudsters can take out money from your bank account, and thus we encourage defrauded users to change their bank account name and password ASAP. And then users should contact the bank to set a plan of action with it.
Deposits made through any sort of cryptocurrency are for sure to be lost forever. That is why it is imperative to never invest in crypto.
So users will come across these self-proclaimed recovery agents, whose alleged job is to recover money lost to investment scams. All they ask is a service fee, which they will take and leave the user without a trace!