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In recent times, we have had a lot of complaints about a fraudulent platform called Oriontero, it has been brought to our attention that there’s a fraudulent scheme going on there with the aim to steal from investors. The IOSCO and FCA  also confirmed in their publication that oriontero.com is a scam platform. Just to clear any doubts, oriontero.com is a SCAM.

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When compared to the other brokers, Oriontero claims that while its rivals continue to use traditional trading techniques, it has pledged to offer traders technical platforms, tools, and software that other brokers haven’t yet. Bold claims, but Oriontero is actually just another shady brokerage with an ordinary Webtrader that is anything but exceptional. In actuality, Oriontero is a scam, as you’ll learn in the review that follows.

Regulation and the safety of funds in Oriontero

Oriontero is a shadowy brokerage that withholds information about its location, contact information, and even its licence and incorporation numbers. And as anticipated, we discovered nothing about this entity in our research other than a slew of cloying evaluations that are remarkably similar to one another. So it is reasonable to say that since Oriontero is unregulated and anonymous, your money will be in danger if you deposit it there.

On the broker’s website, nevertheless, it states that a licencing process is now underway. Well, only after obtaining the necessary licence are legitimate brokers permitted to provide Forex services. Oriontero wasn’t making a joke, despite our best efforts to believe so. That is a con!

Oriontero deliberately misleads the public because the most important factor in regard to Forex trading is regulation. Dealing with unregulated brokers is generally a bad choice because these companies lack accountability and are nameless. To put it in context, the people handling your deposit with Oriontero are anonymous, and they are not accountable for their conduct. Additionally, scammers favour working with offshore shell firms since once clients’ money is received, it practically vanishes. We only advise using licenced brokers because of this.

Because deposits are not mixed with the broker’s funds, regulators like CySEC (Cyprus) and the FCA (Britain) mandate account segregation to protect clients’ assets in the event of a broker’s bankruptcy. The segregated accounts increase accountability, expedite withdrawals, facilitate chargebacks, and generally aid in preventing fraud.

Additionally, European businesses are protected by deposit insurance funds established to reimburse customers in the event of unforeseen circumstances. For example, CySEC brokers’ clients are eligible for up to €20 000 in compensation, while British guarantees go as high as £85 000. On the other hand, Oriontero’s only goal is to steal your money, and as there is no trustworthy authority to supervise it, it is free to do so.

Another offshore broker, Oriontero, is not worthy of your time or money. The truth is that there are literally hundreds of businesses exactly like it, and they all struggle with the same challenges due to a lack of regulation, fraudulent or incomplete legal papers, and poor trading conditions. As we previously stated, Oriontero is no exception, and there isn’t a single justification for choosing to trade with the company over an authorised, regulated broker.

However, if this assertion hasn’t persuaded you to stay away from the broker or if you want additional details, please read the review that follows. It reveals every shortcoming of Oriontero, beginning with the most significant one: its complete lack of regulation.

Oriontero: Is it a trustworthy Forex broker?

Without a doubt not, the business lacks a licence from any regulating agency. This is what it says about that.

Although Oriontero’s direct admission that it is unregulated is good, it does not free the broker from the high level of suspicion that is appropriate for unregistered businesses. For instance, Oriontero declares that it is obtaining a licence but makes no mention of who or when it expects to get one. Such ambiguous claims do not convince us that Oriontero does not experience the same problems that all offshore brokers face, such as the inability to establish their legitimacy due to a lack of regulation. There is no way for them to demonstrate their qualifications to even keep your funds, even if their objectives are apparent.

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Regulated brokers must adhere to guidelines created to guarantee only these two things. Since every regulator has a different philosophy, let’s use the UK’s FCA as an example to illustrate the advantages of doing business with reputable organisations.

All brokers are required by the FCA to submit daily reports on open and closed trades in order to combat scammers, which makes it difficult for any of them to operate any form of scam or manipulate pricing in any way. The FCA mandates that brokers have more than 730 000 euros to their name and take part in guarantee funds in order to shield traders from the volatility and choppy market movements. In this manner, even if the broker fails, its clients will still receive up to 85,000 pounds from these assets.

For the sake of brevity, we won’t mention all of the advantages of using UK brokers for trading. However, if you’re interested in learning more about the top-rated brokers who adhere to the British regulatory framework, you may do so here.

Oriontero: Can I Make Money With It?

No, as already indicated, the broker has no licence whatsoever. Although we’ve already highlighted the benefits of trading with reputable brokers, it bears emphasising that you should always make sure the organisation you wish to work with is regulated.

What kind of leverage is offered by Oriontero?

Most regulatory organisations have long considered leverage of up to 1:200 to be too excessive for the average retail trader, but OrionTero gives virtually anyone accesses to it. But they are still offered by Oriontero. In an effort to draw in new clients, the majority of offshore brokers do just that. Be cautious if you encounter such large leverage in the wild because you almost certainly have to deal with an unregistered broker, a con, or both.

What is the Oriontero minimum deposit amount?

While trustworthy brokers generally agree that their lowest, micro account tier should only cost $10, Oriontero sets its minimum deposit requirement at a whopping $10,000. Another example of OrionTero’s lack of competitiveness is this.

What trading platforms are offered by Oriontero?

Access to a pretty underwhelming web-based platform is provided by Oriontero. It lacks many of the capabilities that we have been accustomed to using because of the straightforward user interface and robust automated trading of industry-standard Metatrader 5. However, here is how the OrionTero software appears:

Trading software Oriontero

Although Oriontero claims that its platform is superior to all others and is the only one available, the Webtrader we used is actually relatively widespread. Too many dubious brokers, some of whom have been proven to be fraudulent, offer the same crude software that is incomparably inferior to MetaTrader 4 and MetaTrader 5. We contrast Webtrader with MTs as both are the finest; MT4 dominates the market in terms of volume traded, while MT5 is offered by the greatest number of brokers. Anyhow, Oriontero’s subpar trading software makes it worthwhile to avoid it for that reason alone.

Oriontero actually states that MT4 and MT5 are available, but this is untrue—a further sign of fraud as the brokerage takes advantage of the platforms’ positive reputation.

In any case, the Webtrader’s disclosure of trading fees appears to be accurate; the EUR/USD spread is 0.6 pip, roughly in accordance with industry standards. In particular, customers pay $6 each lot as opposed to $10 or less when trading with legitimate brokers. However, as we already know, Oriontero is a fraud, thus in this instance, the favourable trading conditions are useless.

Leverage is set at 1:200 by default and cannot be altered, which is a warning sign that clients are being placed in a dangerous trading environment. Too many nations throughout the world have banned 1:200 because it is risky. The US now has a 1:50 limit, while the EU, UK, and Australia all have 1:30 limits.

Deposit/withdrawal procedures and fees for Oriontero

The minimum deposit is supposed $10,000 via wire transfers and credit/debit cards, but we are unable to confirm their availability. Anyway, independent of everything else, $10,000 is just too much.

There is not enough information available about withdrawals and costs; the only thing we are aware of is the broker’s 5-day processing time for requests. Anyhow, discussing withdrawals is pointless given that the broker is another scam we’ve exposed.

HOW DOES THE FRAUD OCCUR?

We uncovered Oriontero, so now we’ll demonstrate what con artists typically undertake to extort as much money as they can from their victims.

You will be contacted as soon as fraudsters have your contact information and promise you the moon and the stars. Additionally, these criminals frequently pose as employees of respected businesses, financial institutions, government agencies, and other organisations in order to win trust. If you don’t recognise the warning indicators, you can wind up depositing since scammers will sound assured in what they are stating.

The fraudulent activity, however, really starts once you give the con artists money. Once the con artists have the necessary sum, they will manipulate pricing and fabricate false reports to make you feel like you are winning, tricking you into starting to think big and considering larger deposits.

The con artists will then ask you to gradually increase your money and makeup tales to get you to keep making deposits. However, as soon as you decide to make a withdrawal, con artists will ask you to make another deposit because, in their words, there are taxes and fees that you need to pay. You’ll probably realise something is amiss at this time, and the con artists will simply stop communicating with you and vanish once the deception is too obvious. Later, the entire website will be taken down and replaced with a new one, allowing the con artists to continue their illegal activities.

HOW TO RESPOND TO A SCAM

As the scammers may have already obtained your information, it would be better if you first called your bank to tell it and deactivate your card. This will help you avoid being exposed to extra threats.

Then, alert the financial authorities, submit complaints, notify the police, and don’t forget to spread the information online so that others are aware of the scam. However, it’s important to take your time attempting to get your money back because many fraudsters construct phoney chargeback companies to double-scam victims.

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