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Caution Investors openmarkets.cfd – This is a suspected imposter entity. It may be impersonating or falsely claiming to be working with:
– a registered Australian business;
– Australian financial services licensee;
– Australian credit licensee; and/or
– the authorised representatives or employees of the business or licensee.
Overview of openmarkets.cfd:
openmarkets.cfd is a website that claims to offer online trading services in various financial instruments, such as forex, stocks, indices, commodities, and cryptocurrencies. openmarkets.cfd also uses a fake ASIC logo and registration number on its website. This is a clear sign of identity theft and deception.
Regulation and Compliance of openmarkets.cfd:
openmarkets.cfd is not regulated or licensed by any reputable authority, such as ASIC, FCA, CySEC, or NFA. This means that it operates illegally and does not comply with any rules or standards that protect the interests and rights of traders. Furthermore, openmarkets.cfd does not provide any information about its trading conditions, fees, spreads, leverage, margin requirements, or risk warnings. This indicates that it has no transparency or accountability for its operations and that it may impose hidden charges or unfair terms on its clients.
Customer Reviews of openmarkets.cfd:
openmarkets.cfd has received numerous negative reviews and complaints from traders who have used its services. Many of them have reported that openmarkets.cfd is a scam that does not allow them to withdraw their funds, manipulates their trades, closes their accounts without notice, or ignores their requests and queries. Some of them have also claimed that openmarkets.cfd has contacted them unsolicitedly and pressured them to deposit more money or to provide personal or financial information. These are common tactics used by fraudulent brokers to lure and exploit unsuspecting traders.
Products and Services Offered By openmarkets.cfd:
openmarkets.cfd claims to offer a variety of products and services for online trading, such as a web-based platform, a mobile app, an education center, a news section, and a demo account. However, these are likely to be fake or unreliable features that do not function properly or deliver what they promise. For instance, the web-based platform may have technical glitches or security vulnerabilities that compromise the performance and safety of the trades. The mobile app may not be compatible with different devices or operating systems. The education center may contain outdated or inaccurate information that misleads the traders. The news section may provide false or biased data that influences the traders’ decisions. The demo account may show unrealistic or manipulated results that create a false impression of profitability.
Location of openmarkets.cfd:
openmarkets.cfd states that its address is Trust Company Complex Ajeltake Road Ajeltake Island Majuro Marshall Islands MH96960. However, this is a dubious location that is often used by offshore companies that want to avoid regulation and taxation. Moreover, there is no way to verify the physical presence or legitimacy of openmarkets.cfd in this location. Therefore, traders should be wary of dealing with openmarkets.cfd as they may not be able to contact or sue them in case of any dispute or problem.
Customer Service Provided By openmarkets.cfd:
openmarkets.cfd claims to provide customer service via phone (+61 2 8015 5431), email ([email protected]), and live chat. However, these are likely to be ineffective or unresponsive channels that do not address the issues or concerns of the traders. Many traders have reported that openmarkets.cfd’s customer service is rude, unprofessional, or unavailable when they need help or assistance. Some of them have also alleged that openmarkets.cfd’s customer service agents have harassed them with calls or emails asking for more money or information.
Defensive Measures Against Fraudulent Brokers:
Traders who want to avoid falling victim to fraudulent brokers like openmarkets.cfd should take some defensive measures before choosing an online broker. These include:
– Checking the regulation and reputation of the broker on official websites such as ASIC’s Professional Registers or Scamwatch.
– Reading the terms and conditions of the broker carefully and understanding the risks involved in online trading.
– Comparing the trading conditions, fees, spreads, leverage, margin requirements, and risk warnings of different brokers and choosing the one that suits their needs and preferences.
– Testing the platform, app, education center, news section, and demo account of the broker before opening a real account.
– Using only secure payment methods such as credit cards, bank transfers, or e-wallets and avoiding sharing personal or financial information with the broker or third parties.
– Monitoring their trading activity and account balance regularly and reporting any suspicious or fraudulent behavior to the relevant authorities.
openmarkets.cfd is a suspected imposter entity that pretends to be a legitimate online broker, but is actually a scam that aims to defraud traders. It has no regulation or license, no transparency or accountability, no customer service or support, and no products or services that work properly or deliver what they promise. Traders should avoid openmarkets.cfd at all costs and choose a reputable and regulated broker instead.