Read our Oreus-Group review to see if this broker is a scam or legit. Just to clear doubts, this is a oreus.group review.
Do you want to succeed in online trading? People decide to engage in this activity in order to make profits and there is no denying that the financial markets have plenty of opportunities to offer. You cannot explore these without the services of an online broker and this is where a lot of people encounter trouble. It becomes clear quickly that there is no shortage of brokers to cater to your needs, but not all of them are up and up. There are frauds and scams in the space, as this Oreus-Group review will tell you, so you cannot take any chances when you are opening an account.
No matter how eager you are to open an account and start trading, you have to play it smart because it can have huge consequences in the long run. If you really want to achieve your financial goals, you will need a dependable and good brokerage by your side and this will need some effort on your part. Why? It is because just because scams are rampant does not mean that you can identify them easily. It has become a huge challenge for people to be able to distinguish between genuine and fraudulent brokers because the latter know just how to hoodwink people.
Would you be able to resist when you come across a broker that checks all the right boxes and offers you the best of everything? Most people will not be able to walk away and this is exactly what these fraudsters count on when they design your offerings. Therefore, you have to learn to resist the temptation in order to make the right call. It is not that difficult to do so because no matter how hard these scams may try, they cannot be exactly like authentic platforms.
Once you dig into their offerings, they will not be able to keep things together and you will be able to learn the truth. This is what happens in the case of Oreus-Group, which is trying to steal your money under the guise of an authentic and legitimate forex broker. However, you will soon learn that it is not a good company to engage with because it has the following flaws:
No licensing and regulation
What is the easiest way to avoid getting scammed? All you have to do is sign up with a licensed and regulated brokerage and you will be able to find the security you need. These companies have to maintain high standards, fulfill certain criteria, and comply with laws and offer transparency and safety to its clients. So, you need to check the licensing and regulatory status of Oreus-Group and this is where the trouble begins.
You will come to know that Oreus-Group is a broker that is owned and operated by a company named Bodacious Consulting LLC. The parent company is based in Saint Vincent and the Grenadines and this does not help the credibility of the brokerage at all. This is because it is an island republic based in the Atlantic Ocean and the Financial Services Authority (FSA) of this offshore zone has clearly mentioned that it does not oversee the forex industry.
This means that anyone can set up a company in Saint Vincent and the Grenadines and do not have to worry about accountability or rules of any kind. It indicates that Oreus-Group is definitely not licensed and regulated and trusting such a broker is definitely not a safe option for anyone. But, this is not the worst part about the brokerage.
When you do your research into Oreus-Group, you will also come to know that the National Securities Market Commission (CNMV), which is the regulatory authority of Spain, has issued a warning about Bodacious Consulting LLC. It appears that the company has been offering its services illegally in the country and this has prompted the regulator to issue a warning.
Malicious bonus policy
If you are looking for further confirmation that you are dealing with a fraudulent company when it comes to Oreus-Group, all you have to do is discover that they are offering trading bonuses to its clients. Yes, the bonuses might make the broker appear to be generous and attractive, but you should not forget that offering such bonuses has been banned in multiple jurisdictions.
This is because trading bonuses come with strings attached that can be exploitative and Oreus-Group is no different in this regard. According to their policy, traders have to achieve a minimum turnover requirement before they can make a withdrawal from their account after receiving a bonus. They have added the non-deposited funds clause, which means profits generated from the bonus cannot be withdrawn.
The problem is that Oreus-Group does not physically separate the profits you make from your own deposits and the ones made from the bonus, which means they will simply deny all withdrawal requests until you achieve the turnover requirement. Yet, the turnover requirement is deliberately kept so high that it is downright impossible to achieve. At the end of the day, it means there can be no withdrawals at all.
Crypto payments only
A look at the payment methods that are offered by Oreus-Group show that they only allow you to use cryptocurrency for your deposits. The problem here is that these deposits are irreversible and final; once you have made them, there is no getting your money back. As opposed to conventional methods like debit and credit cards and PayPal, you cannot file for a chargeback and get a refund, so your money will go to waste.
The trading conditions are also relevant because they impact your bottom line and Oreus-Group has spreads as high as 3 pips for the EUR/USD pair. This means the broker is not competitive at all because most professional companies don’t charge more than 0.5 pips or 1 pip.
If you are thinking about signing up with Oreus-Group, you are not making the right call and should choose to avoid this platform completely.