Ontega Review – Pros and Cons, Main Features and Security
Ontega company is primarily registered in Vanuatu. Since 2016 they are operating worldwide, but most importantly with the necessary domestic license. However, the company doesn’t offer compensation funds or segregated bank accounts for deposits.
In general, these things make brokers reliable. Not just a license from a Tier 3 regulator.
|Is This Company Safe?
|Potential withdrawal issues
|Have Warnings from:
|Xcite mobile trader, Web-trader
|Forex, Commodities, Indices, Shares, Crypto
|Free Demo Account:
|How to Withdraw from This Company?
You can request a withdrawal from Ontega’s representatives or contact us in case you face any issues regarding this question.
Legal info: Is Ontega legit?
If you are just looking at the ontega.com license, yes. The company Green Pole Ltd is licensed by Vanuatu Financial Services Commission (VFSC). Thus, that regulation is not strict as some Tier 1. Such as FCA, BaFin and ASIC. For instance, FCA requires the broker to have segregated bank accounts but also provides compensation funds of up to 85.000 GBP per trader.
On the positive side, the company offers negative balance protection and guaranteed stop-loss. But don’t let that trick you.
Who are Ontega clients?
For more than 6 years in the business, the company spread all across the world. Thus, everyone wonders if is Ontega legit. There are different options among traders. But most of those are coming from:
Therefore, Spanish speakers prepare yourselves for a journey. But if you find any difficulties, feel free to contact us for further advice.
Leverage, Commissions, Spreads, Fees and Taxes
It’s not rare that offshore brokers offer high leverage. In this case, it goes up to 1:200. However, European and US brokers allow retail traders a maximum of 1:30 and 1:50, respectively.
While rollover fees go up to 0.5%, spreads and commissions are not transparent. Unlike with Tier 1 licensed brokers. But some fees should worry us much more. Firstly, the company reserves the right to clear out the balance if you don’t open any trade for 45 days. But also to charge you a $500 inactivity fee after 3 months. And every quarter onwards.
Ontega Trading Features
With a quite poor trading software and missing advanced features, you can’t expect much. Instead of trusted Meta Trader or cTrader, the company offers a web-based platform. Thus, without any advanced features like social or copy trading.
Many brokers offer similar features. But only if you know all the possibilities you can choose the right one. Therefore, we invite you to read our EasyMarkets review as well.
Is Ontega legit?
There are many traders on different platforms reporting issues with this broker. Mainly withdrawal ones. In general, where’s smoke there’s a fire. So, just be even more careful before investing and use only trusted payment providers. Overall, the best choice is always a card transfer because of chargeback availability.
Available Trading Assets
Most of the time, brokers tend to provide as many assets as possible. But that doesn’t define a broker as reliable. As for the tradeable assets, you can enter 5 major categories. Those are:
- Forex pairs (EUR/SEK, AUD/JPY)
- Commodities (gold, platinum)
- Indices (JPY225, AU200)
- Shares (Amazon, McDonald’s)
- Cryptos (BTC, ETH, XRM)
Ontega Regulated broker doesn’t have conventional account type separation. Instead, everyone gets the same conditions and everyone can start already with $200. Thus, there is no Islamic or demo account available.
Mobile Trading App
Generally, Ontega login is completed via the browser. But also, there is XCite Mobile Trader available for iOS users. Sadly, the software is only available since January 2023 and it’s not tested out properly. But even more disappointingly, it doesn’t offer any advanced features.
For beginners overall, the best solution is a demo account. With virtual funds, they can gain confidence in their strategies and gain knowledge. However, with Ontega broker they have to deposit money straight away since there is no demo account offer.
Important to realize is that the company doesn’t offer any kind of education. Neither video materials nor e-books. Which is quite strange considering the Ontega License.
Ontega withdrawal procedure is quite clear. They also clarify what documentation is necessary to complete a withdrawal. However, the processing time and fees are not disclosed. Which puts a shadow over the withdrawal overall.
Another key point is the withdrawal method. You can only use the method that you have used for a deposit. Some of those methods are:
- Visa/Master card
- Bank transfer
- e-payments (Skrill, Neteller,PaySafe, Rapido etc)
One of the most important aspects nowadays is customer service. According to the company, you can get in touch with them via phone or e-mail and there is WhatsApp with the UK phone number available.
Also, you can try reaching out via live chat. Thus, the working hours are limited to working days 8 AM – 7 PM GMT+2. Unfortunately, some traders reported issues in this sphere. Mainly because the company was not responding to their withdrawal issue queries.
Key Information To Consider About Ontega?
Even though the company holds a valid license, such regulation is not reputable as Tier 1 ones. Such as FCA, CFTC, BaFin and many more. Also, the company offers high leverage and non-reliable trading software. But what’s a huge downside is the high costs of trading with them. Primarily, shamelessly high inactivity fees.
On top of that, the company doesn’t offer micro or demo accounts. Also, spreads and commissions remain unknown to the company. Therefore, many potential issues are expected besides withdrawal ones. In case you experience any issues, but especially withdrawal, don’t hesitate to contact us. Our team can advise you on a strategy for fund recovery. Book your consultation today!
What Is Ontega?
Ontega Broker is an offshore company registered in Vanuatu and offers CFD trading services. Thus, the company doesn’t have any Tier 1 rank license.
Is Ontega Regulated?
Yes. The company is licensed domestically by Vanuatu Financial Services Commission. But many experienced traders wouldn’t find it satisfying.
Should I Open An Account With Ontega?
Considering many negative reviews about the company, you better rethink your choices. But if you already did and have any issues, feel free to contact our team for advice.