Orox Group

By now we have come to expect all sorts of colorful brokers from the wondrous depths of the internet. Here’s Orox Group, an alleged broker that tries to be inconspicuous in the mass of other firms. Read on to find out why it hides it real nature.

Orox Groop’s parent company is Astronyx Limited. As soon as we saw the information claiming that the it’s registered in St. Vincent and the Grenadines (SVG), there was no doubt as to the legitimacy of the broker. It makes no difference if a broker works under local laws. The pivotal aspect is missing, and that is that SVG does not regulated Forex and CFDs brokers, making Orex Groups UNLICENSED. All broker not holding a license are of a great risk to investors.

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirement for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

As an offshore broker, Orox Group can give away any leverage value the want. This one claims that the highest leverage it offers is capped at 1:400, as seen on the Accounts Type sub-page. We cannot confirm this to be the actual leverage, for we were unable to open the trading platform. The reason for this being that once we registered, the log in details on the confirmation email where incorrect. Not to mention that the email came nearly 30 minutes after the initial registration process.

The same issue is encountered with the spread. The site claims that spreads are variable, which is only logical, but fails to reveal any value whatsoever.

Since we cannot open the trading platform, we are left uncertain with what instruments we are dealing with.

The only language is English.

OROX GROUP LOGIN

Here the same issue plaguing OlympusMarket is encountered. The problem is that the broker has “blocked” access to its SIRIX Webtrader. This platform promises on delivering the industry standard functionalities that are a staple with each and every platform: live quotes, live market updates, pending orders, set limits etc.. The point is that there isn’t much originality here. And the fact that it’s inaccessible does not work in favor of it.

Furthermore, both leverage and spreads are uncertain. We do have information that the leverage reaches its peak at 1:400, but as you know, unregulated brokers are not to be trusted with the information they lay out on their websites.

OROX GROUP MINIMUM DEPOSIT

The minimum deposit is $200 for Credit/Debit Cards.

Deposits can be made via Credit/Debit cards.

The Wire Transfer button does not function as it should. Normally, its purpose is to redirect traders to the portal where all the necessary details are filled in in order to successfully transfer money into an account. Here, clicking on the Wire Transfer opens up the Cashier Help sub-window. In this window there is no hint of a Bank Transfer option. There is however mention of a Bitcoin payment method.

Such blatant inconsistencies should steer you away from making any kind of investment with Orox Group. This broker is clearly not legitimate and not regulated, meaning that who knows what they will do with your investment. Traders should deal exclusively with brokers regulated by exemplary agencies such as the FCA or CySEC, for they oversee a brokers activities from head to toe with a severe case of diligence.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

By giving away your Card info with the CVV code to some unconfirmed person you are literally giving access to your funds, and if these details fall into the wrong hands, rest assured that your bank account will be promptly emptied.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, often times for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

OROX GROUP WITHDRAWAL TIME AND FEES

There is no mention of a minimum withdrawal amount. This is common with shady brokers, as they will probably never allow you to withdraw.

However, if you wish to risk it, processing times have been indicated as being stretched to 7 days tops.

There are no withdrawal fees. At least that is what the broker wants us to believe.

ADDITIONAL FEES AND TAXES

There are however undisclosed Commissions and Charges that the broker may impose whenever it wants.

The dormant account fee is 10% or $100, whichever one is bigger, per month after 120 days inactivity:

Always be on your guard when dealing with unregulated brokers. They can easily launch incoming fees without warning. It is only logical then, that any attempt at withdrawing will be unsuccessful. The most popular excuses for denying your withdraw requests are usually smart and for the most part scripted. These include but are not limited to loopholes in the T/C, asking for more deposits in order to withdraw, or just prolonging your pending withdrawal by claiming that the market will suddenly propel, multiplying your winnings by unrealistic proportions.

ACCOUNT VERIFICATION

Traders will sooner or later realize that something is a foot. Filing for a chargeback might not be as easy as it seems if, beforehand, the user has given away a copy of his ID and proof of address to the unlicensed broker. With these in their possession the broker can easily refute any claims you might have against them.

If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect. Do not expect anything of the king from this broker; it will only bring you financial anxiety.

HOW TO RECOVER

Don’t delay, and file for a chargeback ASAP with your bank or credit card company, but also ask them what the situation with your current account is.

If you have given a CVV code to the broker, be sure to cancel your credit card as soon as possible, because the broker will not delay with draining every cent from it.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Orox Group is your average fraudulent broker. It ticks all the boxes, a registration within a country that does not regulate forex brokers, misleading information, etc… The just of it is that you shouldn’t bother with it at all.