Valuta Markets Review: Scam Warning Signs and Regulatory Concerns

Valuta Markets has drawn significant concern among traders due to reports of regulatory issues, unfulfilled withdrawal requests, and unreliable customer support. Valuta Markets, flagged by authorities and facing warnings, raises serious doubts about its legitimacy and safety for potential investors.

Is Valuta Markets Regulated?

Valuta Markets claims to be operated by Odin Network Ltd, purportedly registered in the Republic of the Marshall Islands under company number 111641. However, a search of the Marshall Islands Registry (IRI) yielded no matching results. It's also important to note that the IRI is a corporate registry—not a forex regulator—and registration alone does not authorize a firm to offer financial services.

Odin Network Ltd also claims to hold a license from the Mwali International Services Authority (MISA) under license number T2022103, but no corresponding information is found in the MISA database, either. In addition, MISA is not recognized as a legitimate financial regulator and has been labeled by the Central Bank of Comoros as a fictitious authority.

Clientele Feedback

Valuta Markets has received significant criticism from clients, citing prolonged withdrawal delays and unjustified charges, such as monthly inactivity fees. Users have also reported unresponsive customer support, automated replies, and unexplained account deductions. Many clients have expressed frustration, warning others to avoid the broker due to unethical practices and difficulties accessing their funds. This feedback highlights serious concerns about trustworthiness and transparency.

Withdrawal Issues

Clients frequently report withdrawal difficulties, with delays stretching from months to over a year. Many users claim they could only withdraw a small portion of their funds or none at all, particularly when profits were involved. Excuses like "system issues" are often cited, but these claims remain unresolved.

Unresponsive Customer Support

Clients described customer service responses as robotic or repetitive. Some have accused support agents of providing scripted answers without addressing concerns, leaving clients frustrated and helpless.

Suspicious Practices

Clients also report unexplained account deductions and transactions. Attempts to rectify issues through customer service were unsuccessful, leading to further distrust in the broker's transparency and credibility.

Regulatory Warning

On April 13, 2023, the Italian regulator CONSOB ordered Valuta Markets' website to be blacked out, indicating illegal operations.

Bottom Line: Avoiding Valuta Markets for Safer Trading

Valuta Markets exhibits several red flags, including regulatory warnings, unprocessed withdrawals, and poor customer support, making it a risky choice for traders. Research thoroughly before investing to ensure the safety of your funds.

BrokersView has added Valuta Markets to the Scam list.

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