Is Orbimount.com a Legitimate Trading Platform or a Scam?
In the ever-evolving world of online trading, discerning legitimate platforms from scams is crucial. This article evaluates Orbimount.com, focusing on its legitimacy and potential red flags.
Company Overview
- Company Name: Orbimount
- Website: orbimount.com
- Registered Country: Unknown
- Regulation Status: Unregulated; claims of regulation are misleading.
- Operating Since: 2023 (exact date not specified)
- Trading Platforms: WebTrader (no mention of MT4 or MT5)
- Leverage Offered: Up to 1:500
- Minimum Deposit/Deposit Bonus: Minimum deposit of $250; no deposit bonus mentioned.
- Available Assets to Trade: Forex, Crypto, Commodities, Indices
- Demo Account Availability: No demo account available.
- Customer Support Contact Methods: Email and live chat.
Red Flags Indicating It is a Scam
Unlicensed and Unregulated
Orbimount claims to be regulated but lacks licensing from any reputable financial authority such as the FCA or ASIC. This raises significant concerns about its legitimacy.
Misleading Information
The platform may falsely claim affiliations with legitimate brokers to gain trust among potential users.
Fake Reviews and Testimonials
There are indications that Orbimount uses paid or fabricated reviews to enhance its reputation online, which is a common tactic among scam platforms.
Withdrawal Issues
User complaints frequently highlight difficulties in withdrawing funds, suggesting that the platform may be designed to trap users’ investments.
Lack of Demo Account
The absence of a free demo account is concerning for traders who wish to test the platform before committing real money.
Trading Platform and Conditions
Orbimount offers a proprietary WebTrader platform but lacks more established options like MT4 or MT5. The high leverage offered (up to 1:500) poses significant risk factors for traders. Users have reported issues with spreads and commissions being higher than advertised, along with reliability problems during trading sessions.
License and Regulatory Issues
Evidence suggests that Orbimount is not licensed by any recognized regulatory body. Warnings from authorities like the FCA indicate that this platform operates outside legal boundaries. Additionally, there are reports claiming false affiliations with regulated entities, further undermining its credibility.
User Feedback
Common complaints from users include:
- Difficulty in withdrawing funds.
- Poor functionality of the trading platform.
These issues highlight significant risks associated with using Orbimount for trading activities.
Deposit and Withdrawal Methods
While specific deposit methods are not detailed on their website, user feedback indicates problems with withdrawals across various methods. Many traders report delays or outright refusals when attempting to withdraw their funds.
Why Unregulated Brokers Are Risky
Dealing with unlicensed brokers like Orbimount poses severe risks including:
- Loss of funds without recourse.
- Lack of legal protection against fraud.
Traders should exercise extreme caution when considering such platforms.
How to Get Help if You Are Scammed
If you suspect you have been scammed by Orbimount, services like Reportscammedfunds.com offer chargeback assistance and legal support for recovering lost funds.
Conclusion
In conclusion, it is advisable for traders to avoid orbimount.com due to its unregulated status and misleading practices. Opting for properly regulated brokers ensures better security for your investments. If you have already fallen victim to this platform’s tactics, seek legal help immediately or report your experience through appropriate channels.
