Why Does Ontega Suck in 50 Words
Ontega may suck because they look a lot like a shady broker operating under the radar, without proper regulation and with a bit of a tainted reputation. But what certainly sucks is Ontega’s inactivity fee, no question about it: you will have to pay 500 US Dollars after 3 months of inactivity!!! This fee is paid on a quarterly basis afterwards.
Why Ontega Doesn’t Suck in 50 Words
Ontega may not suck because it offers charts powered by Netdania and Autochartist for free. I’m not sure that will be of any help, considering that we are dealing with an unregulated broker, but it’s there nonetheless.
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.
Should I Open An Account With Ontega
Ontega is an online broker that offers CFD trading on various assets, but mostly focused on currencies. The owning company is Green Pole Ltd. which is registered in Vanuatu with company number 14627. Rehoboth Ltd is a Cyprus-based company (not regulated by the CySEC) that operates the website in conjunction with Green Pole.
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, MT5, 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.
The listed address for Green Pole is Law Partners House, Port Vila Vanuatu and according to the website, Rehoboth Ltd is located at 73 Arch. Makarios III Avenue, CY1070 Nicosia, Cyprus. The listed phone number is +23412278918 and the email is [email protected]
This broker has complaints all over the place. Just type “ontega scam” or similar in a Google search and it will return tons of results about unsatisfied customers and missing money. 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 150K 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.
Trading Bitcoin With Ontega
You can trade only a limited number of cryptocurrencies 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 simplistic, 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. Demo accounts are not available and US clients are not accepted.
Range of Markets, Spreads and Leverage 15/20
They have a very limited asset basket, focused on fiat currency pairs. The rest of the assets are not well represented and we only managed to find a handful of stocks, indices, cryptos, etc. Spreads are high: 3 pips for EUR/USD at the time of writing. Leverage goes up to 1:200 for currencies and 1:10 for crypto.
Fees and Support 11/20
The spread (which is a commission after all) is wider than what you will find with more reputable brokers, but that’s not the biggest problem. So what is the biggest problem, you ask? Well, the 500 USD fee that you will have to pay if your account is inactive for 3 months. This is one of the biggest fees we’ve ever seen, so make sure you avoid it.
Support is available only as a messaging system, not live chat. Of course, you can always email or phone them.
Deposits and Withdrawals 13/20
The minimum deposit is $200 and can be done by wire, credit card or eWallets (Skrill, Neteller, ZotaPay). Withdrawals take up to 5 business days to process (and longer until they reach your account). In another part of the website they claim that withdrawals are processed within 24 hours, so it’s unclear which timeframe will apply. The minimums are not specified and neither are the methods but we assume you will be able to withdraw via the same method used for deposit.
Website Extras 10/20
Not much to call extra here but I’ll give them credit for offering Autochartist, a News Feed and an economic calendar on the platform itself, thus you will not have to leave the trading area to check the upcoming events and/or news.