Ontega is a broker that wants you to become an online trader because it is the fastest and easiest way to make money (or lose it, they don’t tell you that). The company is associated with a holding company called Greenpole which is registered in Vanuatu and governed under their jurisdiction. They would like you to think they are CySEC regulated but they aren’t. They list Rehoboth LTD as the payment processor, Rehoboth is located at Methonis 8, 1070 Nicosia Cyprus but when I looked them up they are not listed as a Cypriot Investment Firm. I also found information about another shady looking broker called Ubanker.com.
Is Ontega A Scam?
Ontega may not be a scam but you’re not choosing the best, safest broker when you choose them. I say this because they are putting forth some scam-like signals so you should be careful whatever you do. Vanuatu regulation doesn’t do much to protect traders from shady dealing, and the fact they try to mislead the public about CySEC regulation doesn’t assure me of their integrity.
Editor’s Note: Why doesn’t Ontega Suck?
Ontega may not suck because it is a broker with CFDs on a wide range of assets including indices, stocks, commodities, and cryptocurrency. They also have leveraged accounts with limits far superior to the new ESMA rules in Europe.
Why Does Ontega Suck?
Ontega may suck because they look a lot like a shady broker operating under the radar, avoiding regulation and taking advantage of their clients.
Should I Open An Account With Ontega
Ontega is a CFD and FX broker with tradable contracts on forex, stocks, indices, commodities, and cryptocurrency. The leverage on accounts is up to 1:200 for forex and commodities with lower amounts for stocks and indices. The platform is web-based and can be accessed through desktop, laptop, tablet or mobile.
The platform has three types of charts; line, bar, and candlesticks. The chart can be viewed in multiple time frames and come with several tools and indicators. The downside is that the charts are very simple and there are not very many tools or indicators, you will be better served to use a different charting package like MT4, Autochartist or TradingView.
The platform can be set up in several ways depending on your style. They suggest active traders use the tab set-up listing up to a dozen assets in an easy to view manner. Trading is easy, why wouldn’t it be, all you have to do is one click after you set preferences for leverage. So, back to the question, should you open an account with Ontega.com? Only if you want simple, unsophisticated trading with a low-quality broker.
I was not able to find complaints about Ontega.com but the broker is pretty new, they haven’t been around long, so far as I can tell. According to SimilarWeb stats, they did not have much traffic until early 2018 when their mass-marketing campaign hit the web. As of this writing, they are getting about 1.5 million views per month, mostly from the Democratic Republic of the Congo (about 75%) so traders in that country beware.
Ontega Regulatory Warnings
There are likewise no regulatory warnings on Ontega.com but we won’t be surprised if one turns up. Regardless of their honesty and integrity, they are operating without a license so they will inevitably cross the path of regulators. The only thing that may keep them from getting a warning is that most of their business is in the Democratic Republic of the Congo where there is no regulation to speak of.
Trading Bitcoin With Ontega
You can trade Bitcoin and a wide variety of cryptocurrency at Ontega.com. They are not a cryptocurrency exchange so you will be trading CFDs but you can trade with leverage for added return (and bigger losses). Most tokens are paired against the dollar, euro or pound, but there are also a number of Bitcoin-denominated pairs as well.
User Friendliness 15/20
The platform isn’t unfriendly it just isn’t top of the line. The charts are weak, the tools are weak and the information they give is weak. It comes in a number of languages though and can be used on mobile, so there is that.
Number of Assets And Expiry 18/20
They have a wide range of assets, and cryptocurrency, so they score points here. Expiry is open-ended on the spot positions.
Commissions, Support And Effective Return 15/20
Again, not a bad broker but not a good one either. Commissions are non-existent but there is a spread to overcome and based on our experience it is wider than what you will find with more reputable brokers. Support is there but it took a long time to answer and effective returns are what you make them.
Deposit, Payment And Bonus 15/20
Deposit is easy and can be done by wire, credit card or eWallet. Payments are safe but may take up to two full weeks before they show in your bank account. There are no withdrawal fees but there are some bonuses that will affect your balances should you choose to accept one.
Website Extra’s 10/20
Not much to call extra here but I’ll give them credit on the number of assets and having cryptocurrency.
Ontega Overall Ratings 73/100