OcoDigi – Can You Trust Them?

Website URL: https://ocodigi.com

Founded: 2023

Regulations: No Regulations

Languages: Russian, English, Spanish, German, French, Italian, Chinese

Deposit Methods: Cryptocurrencies

Minimum Deposit: $150

Free Demo Account: Not Provided

Number of Assets: N/A

Types of Assets: Stocks, Indices, Commodities, Currencies, Cryptocurrencies

Trading Accounts and Conditions

OcoDigi offers their clients the following trading accounts:

• Regular: The minimum initial deposit requirement is $150. The maximum leverage offered is 1:100.
• Progressive: The minimum initial deposit requirement is $1,000. The maximum leverage offered is 1:500.
• Expert: The minimum initial deposit requirement is $10,000. The maximum leverage offered for this account is also 1:500.

Spreads, commissions, order execution methods and other trading conditions are not specified anywhere on OcoDigi’s website or trading platform.

OcoDigi – Advantages

There are no advantages to trading with OcoDigi.

OcoDigi – Disadvantages

Here is a list of all the issues that clearly tell us that OcoDigi is a scammer:

• Lies about Regulation

The first thing we notice about this broker is their lack of regulation.

On their website, OcoDigi claims to be based out of Cyprus. The broker provides us with a Cyprus address and telephone number. However, the broker does not give us other corporate details such as the name of their company.

The broker also claims to be regulated by the local regulator – the Cyprus Securities and Exchange Commission. They provide us with a license number (032/16) to make it look legitimate.

All of these claims are lies. OcoDigi is not regulated by the CySEC in any way. We checked the regulator’s online database and confirmed our suspicions.

This broker has lied about being regulated and that makes OcoDigi a scammer.

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• Blacklisted by Bank of Russia

We are not the only ones to have noticed that OcoDigi is operating without proper authorization. The Central Bank of the Russian Federation – the Bank of Russia in short – has issued a warning against this broker. According to the warning, this broker is operating within their jurisdiction without authorization. The regulator goes on to state that dealing with this broker would be a bad idea has they are scammers.

Such a warning clearly tells us that OcoDigi is a scammer.

• Serial Scammer

We need to warn all traders that we are dealing with a dangerous serial scammer in OcoDigi. This broker has multiple domains which they are using to scam as many people as possible. In fact, we just reviewed another broker by the name of Starq Emic that we have exposed as a scammer.

Starq Emic’s and OcoDigi’s websites are identical – word for word and design for design. There is absolutely no different between either website.

This proves to us that we are dealing with a serial scammer, one that continuously creates new domains with the same content in a bid to scam as many traders as possible before they are exposed and shut down.

• Poor Trading Platform

We also need to highlight the lack of a quality trading platform here.

OcoDigi claims to offer two types of trading platforms – a Web Trader platform and a mobile platform. However, the broker does not offer their clients a demo account where prospective clients can check out their platform – and trading conditions – for themselves. This is the first sign of things not being right.

The next sign is that the platform this broker actually offers is of such poor quality that it barely functions.

The main product offered by a broker is their trading platform. So, legitimate brokers ensure that their trading platform is the best possible one in the market – usually the MetaTrader 4 or MetaTrader 5 platform. Both come loaded with a massive number of features, tools and a marketplace with 3^rd party apps.

This broker offers us nothing more than a web-based trading tool on which you cannot do more than buy and sell some assets.

When a broker skimps on their main product offering, you know you are dealing with a scammer.

• Issues with Trading Conditions

While this broker’s minimum initial deposit is attractive, nothing else in their trading conditions is. This broker tells us nothing about their spreads, their commissions or their order execution methods, to name a few of the trading conditions that are missing.

We are only told that their leverage is a maximum of 1:500, which, by the way, is illegal in the European Union (which is where this broker is supposedly based).

Along with the trading platform, the trading conditions are a critical offering for any legitimate broker. So, they make sure that they are clearly defined on their website and their demo platform. The lack of clarity of trading conditions indicates a scam.

• Single Payment Method

The only way that traders can make payments with OcoDigi is via cryptocurrencies. This tells us clearly that we are dealing with a scammer.

Legitimate brokers ensure that they offer their clients multiple payment options – bank cards, bank and wire transfers, e-wallets and then cryptocurrencies.

The problem with crypto payments is that they are all permanent and anonymous. This means that if you are not dealing with a trusted party, then you will never know where your money is gone. And you will never be able to get it back. And this is exactly what scammers like OcoDigi depend on.

So, if you are dealing with a broker for the first time, it would be best to use credit cards as a payment option. This way, if you are scammed, then you can at least file for a chargeback and have a chance at getting your money back.

• No Withdrawal Policy

This broker has no withdrawal policy in place, which means that you will not know how much money you can withdraw from your account. You will also not know conditions for withdrawals or what fees are being imposed. 

Conclusion

OcoDigi is a serial scammer and it would be best for all traders not to do business with this broker.

OcoDigi

2.5

User Experience

2.3/10

Payment Options

2.2/10

Security

3.0/10

Support

2.2/10

Reputation

2.6/10

Pros

• None

Cons

• Lack of Regulation
• Blacklisted by the Russian Bank
• Poor Trading Platform
• Serial Scammer
• Issues with Trading Conditions