Who Is OT Capital?
OT Capital was an online brokerage platform that had its offices in Australia and stated it was owned by OT Markets Pty Ltd. The platform’s website is now shut down. While operational, this broker offered trading in forex, indices, stocks, commodities, crypto, and more, and a leverage of up to 1:500, according to its website.
In the OT Capital review below, we investigate whether this was a legit organization or whether an OT Capital scam has been perpetrated, resulting in the loss of funds for many of its members.
Is OT Capital a Licensed Broker?
The answer to the question, ‘is OT Capital regulated?’ is a definitive no: this broker was operating totally without any regulation or licensing in place. The Australian Securities and Investments Commissions (ASIC) is the regulator, and they actually issued a public warning against having dealings with OT Capital in February 2018:
“18-036MR ASIC obtains interim injunctions and warns investors against AGM Markets, OT Markets and Ozifin (Trade Financial)” from asic.gov.au
It is highly advisable, before signing up with a broker, to ensure that the individual or organization being considered has all the necessary regulations and licensing in place. This means both peace of mind that the broker is acting properly and following best practice and also acts as an assurance that, should the company run into trouble, members have some chance of redress.
Is OT Capital a Scam or Legit?
There are many red flags present to suggest that OT Capital was operating as a scam broker, one of the most prominent being the warning against the company put out by ASIC. Further, when the platform was active, it offered no access to free demo accounts to enable potential investors to get an idea of the organization’s market strategies and trading processes. The trading conditions, too, were very unclear on the website, with no information provided on minimum deposits, payment methods accepted, or the nature of the spreads offered. Platforms that are deliberately vague and websites lacking key details are often a major warning sign that the operation is a scam.
Following its public warning in 2018, ASIC launched an investigation of OT Capital; this resulted in a court order being issued against the company and the freezing of its assets. In conclusion, then, is OT Capital a scam? It undoubtedly is.
Biggest Complaints Against OT Capital
There are a plethora of negative reviews of this company online. The majority of OT Capital complaints are from former investors claiming that the company is a scam and that they have had problems withdrawing their funds:
“woww, they Took money easy next to impossible to withdraw it. Like terrible, terrible company/website. I would rather have burnt the money I put on there than give it to them again. blocking payments and withdrawals, sometimes blockinng the whole account. I do not recommend this service. 😎 All thanks to sog1994 via tellegram was able to get back my funds” From Trustpilot
There have also been reports from previous members that representatives from the company made frequent requests for more and larger investments - this would certainly fit the profile of an organization running a Ponzi style scheme, in which the only source of income is derived from new investment, rather than any real trading positions at all. In this type of scam, the platform will close down, and its founders disappear at the point that new investment dries up, taking all of the remaining funds with them. This very clearly seems to have been the case with OT Capital.
Can I Get My Money Back from OT Capital?
Yes, it is possible to get an OT Capital refund. There are two ways to go about this; firstly, you could choose to pursue the case yourself and make representation to all of the organizations involved in the movement of your scammed funds, in a bid to get them returned. Secondly, you could instruct the services of a professional chargeback company to pursue the matter on your behalf. The latter option has a significantly greater chance of success as a chargeback company has the expertise, industry knowledge, and experience needed to obtain your OT Capital money back.
What Is the Chargeback Process
Begin by choosing the company you wish to work with - be sure to check online reviews from past clients and the companies’ success rates. Next, get in contact with the company to fully discuss your case; most chargeback businesses have a simple contact form available on their websites. A chargeback representative will look at your case in detail and will decide whether it has a high chance of success and, if this is deemed to be so, it will be taken on. You will likely be asked to provide proof relating to the scammed investment, relating to both the total amount of money lost and the dates that the transactions took place.
The subsequent part of the process involves the team collecting all the documentation and evidence necessary to track down your lost funds and confront all of the entities - individuals and organizations - involved in the scam in a bid to recover your money. The whole process can take about six months, depending on the complexity of the case; often the timeframe is significantly shorter. In the highly likely event that an OT Capital refund is obtained, this money will be deposited directly into your bank account.
If you have been the victim of an OT Capital scam, then it is really important to make contact with a reputable chargeback company at your earliest convenience to take the first step towards recovering your scammed funds.