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Open Deal Broker Review
Open Deal Broker does not offer leverage. The company also states that they neither have spreads nor take commissions. This policy is quite strange and begs the question, how do these people make money? No one does business without having the intention to benefit from it.
Open Deal Broker is a binary options broker. They claim to be the most secure and efficient medium to earn from the forex and binary market. They deal with crypto, stocks, and EFTs. Despite Open Deal Broker claiming to be very safe, this company’s transparency is wanting. Cryptocurrencies are not traceable.
The company’s webpage indicates that Open Deal Broker joined the market in 2009. This statement is not valid. They have only been around since 09/09/2022. Open Deal Broker offers 24/5 customer support to their clients. But, this inconveniences its clients. It does not give this broker any advantage over others in the market. Most legitimate binary options offer 24/7, reliable customer support.
Despite the effort to appear legitimate, this broker has a lot of red flags. They cannot be reliable to any client. Meanwhile, legitimate crypto companies exist alongside these fraudulent ones. They offer a safe environment for clients to trade and grow their investments.
Open Deal Broker is among the shadiest brokers ever to exist. Their website is a clone of the legitimate broker etoro.com. Open Deal Broker was so lazy they had to copy the honest broker word for word. They even forgot to replace the other company’s name in one of the sections. Who does that? They have run out of ideas and cannot come up with anything unique. This forgery shows how unprofessional they are. Open Deal Broker is a massive scam.
Open Deal Broker offers a platform that gives its traders and investors access to more than 2000 financial assets. These assets include stocks, cryptocurrencies, EFTs, indices, currencies, and commodities. However, the platform is substandard. Although clients can perform basic trades, it limits long-term ones. There are very short-term expiration options.
Additionally, the webpage indicates they have sponsored some of the world’s favorite teams. These include Arsenal, Rugby Australia, Midtjylland, Southampton, and Crystal palace. This allegation is not valid. There is nothing to prove any of this information.
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Open Deal Broker claims that its business model relies on the success of its clients. They further say they would do anything possible to ensure the business stays transparent. Easier said than done. The company does not withhold most of these promises made to its clients.
Open Deal Broker has six trading plans. In addition, like most brokers, their platform offers a demo account. The demo account has free $100,000 virtual money. This account helps the clients to have an insight into how the website may perform. The minimum investment amount is $500, and a maximum of $100,000.
The least deposit in each of these accounts ranges between 1,000USD and 150,001USD. The company also offers ridiculous referral discounts varying from 7% to 25%. The variation depends on the type of account.
However, the company does not organize its webpage. Open Deal Broker lists the trading plans in a shady table that is not divided and doesn’t have titles. Colored lines separate the sections. As a webpage visitor, it is up to you to figure out the different plans.
Open Deal Broker does not offer leverage. The company also states that they neither have spreads nor take commissions. This policy is quite strange and begs the question, how do these people make money? No one does business without having the intention to benefit from it. Open Deal Brokers want to steal your deposits.
The broker guarantees unsuspecting clients of different amounts of Return on Investment. The Crypto and forex market is very volatile. There is no way to guarantee profit or loss. This ridiculous return on investment amounts is one of Open Deal Broker’s schemes. This scheme is to lure people into depositing their funds with them. This is a shady scam operation.
Deposit and Withdrawal
This company only accepts crypto deposits. This deposit method is a significant problem. Unfortunately, users cannot make chargebacks once they send the funds to the company. It is also impossible to trace the funds. You can quickly lose your money. The founders may decide to take off with investors’ funds.
The company processes withdrawals within 72 hours. This time is extended, especially in the case of an emergency. Adding to this, they only allow a minimum withdrawal amount of $10,000.
Founders and Physical Location
When choosing a company to invest in, it is advisable to know the people behind it. Knowing them gives you an idea of what to expect. Unfortunately, Open Deal Broker does not introduce the people behind the operations. There is no reason a legitimate company would hide the founders’ identities.
The company also lists its address as Washington, DC, in the US. After researching this company, we discovered that the domain is in Iceland. Open Deal Broker is a scam operation.
Regulation and Safety
Open Deal Broker claims to be licensed by IFSC. This statement is not valid. The license is for a company that does not deal with a brokerage in the financial market. This revelation means any authority does not regulate open Deal Broker, which shows they are free to do what they like. Open Deal Broker are using this opportunity to the fullest. You should always ensure you invest in regulated companies.
Additionally, the website claims that the clients’ funds are kept in segregated accounts. Licensed corporations hold such accounts with an authorized third party. It is crucial to ensure that your funds are stored safely by your investor. Additionally, the clients’ funds remain secure if the investor goes bankrupt.
However, the statement about the segregated accounts on the webpage is not original. This statement is part of the details copied from eToro’s website. These means do not store clients’ funds in segregated accounts.
It does not end there. The company’s website contains more misleading information. It claims that its multiregulated platform follows the strict regulations of several authorities. They also state that clients’ data is protected. Unfortunately, this is also copied from the legitimate broker, eToro. Your personal information and funds are at risk.
Overall, Open Deal Broker has no advantages. This company spells terrible news. There are too many red flags. The people behind this operation are willing to do anything to steal your funds.
Open Deal Broker contains a lot of red flags you should not ignore. Firstly, The company copies everything on a legitimate company’s website. There is nothing original about Open Deal Broker. The company is not regulated. To make matters worse, they present another company’s license. This move shows how desperate they are to appear legitimate, yet they are clearly not.
This company lack transparency. Even worse, they only accept crypto deposits. This deposit method means that users cannot track or recover their funds. The company’s account types have not been clearly stated. You are left to assume what the figures presented mean.
Nonetheless, some companies will give you better services. These companies are original and transparent. Only use legitimate forex brokers in the market. They will provide the best trading experience without compromising your funds’ safety.