OBMarkets is the perfect example of a forex scam broker. They first opened operations in 2013 and were mainly marketing their services to traders in France, Belgium, and other European countries. OBMarkets advertised that they were a genuine forex broker, with attractive bonuses and attentive customer service representatives. However soon their clients started making complaints about them and the problems started surfacing.
OBMarkets Scam Practices
Several of their clients started complaining that they had problems withdrawing funds from their accounts. Their withdrawal requests were not approved by the broker and they were never able to withdraw any funds from their account. The excuse that OBMarkets representatives gave is that clients took a bonus and they first needed to make the trading volume of 30 times for each bonus dollar before they can withdraw money. OBMarkets clients were never told about this trading volume requirement and they never read the brokers terms and conditions, and because of this their money was locked in their account and they were unable to withdraw it.
We always advise our readers to carefully read their broker’s terms and conditions, because if they accept a bonus they will have to trade a certain volume before they can withdraw funds from their account. Traders always have the right not to accept a bonus from a broker. Overall traders should be smart and be familiar with their broker’s terms and conditions so there are no surprises later.
Another complaint about OBMarkets, was that their representatives were not reachable by phone or email when clients wanted to withdraw funds. Many clients tried to call their account manager by phone, but nobody was answering. Also, their emails were ignored and were never replied to.
There were many complaints published on the internet about OBMarkets by their clients and many traders were avoiding them altogether.
Financial Services and Markets Authority Warning Letter
On July 11, 2014, the Belgium Financial Services and Markets Authority issues a warning letter on their website against OBMarkets and warning people not to do business with them. Read the full warning issue here.
OBMarkets Closed Operations
At the end of 2014 OBMarkets closed operations and their website was no longer working.
How to Pick a Safe Broker?
The easiest way to avoid such scam brokers is by trading with a regulated broker. Check our full list of regulated brokers here. Also, make sure you check if there are any positive or negative reviews on the internet. If you are not sure about a particular broker submit a scam investigation or Proceed To Safety by choosing the Top #1 broker trusted by Is-Scam.com community members.