Ocean Markets refers to itself as a “developing broker” that provides investment services across the global financial market in CFDs, Forex, commodities, indices, etc. Ocean Markets operates across https://oceanmarkets.biz and https://oceanmarkets.org (currently not available). Additionally, Ocean Markets claims to have advanced trading tools and 24/7 customer support.
All of these promotions set up affiliate brokers to have serious discrepancies with the name of the Ocean Markets Broker, which brings serious concerns for due diligence and the environment in which they operate as a broker.
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Ocean Markets License and Regulation
Unregulated and Unsafe
Ocean Markets is an UNLICENSED and UNREGULATED broker. The website claims it is owned and operated by Valep Ltd., located in the Marshall Islands, which is home to many offshore registration companies, as there is no regulation.
- The Marshall Islands does not offer forex licensing or broker monitoring.
- The website offers a British contact number; this goes against the offshore registration.
- The Terms and Conditions on the site appear to be from a European regulatory framework, so it doesn’t clarify any form of regulation.
Important Note: We searched the Marshall Islands IRI registry; Valep Ltd is a real company, but that does not in any way verify that they have been authorized to offer trading services.
FCA Warning
The Financial Conduct Authority (FCA) of the United Kingdom released a warning to the public regarding Ocean Markets on May 11, 2023. This is a very serious indication that Ocean Markets are illegally targeting UK clients, and possibly others, without any authorisation whatsoever.
What Ocean Markets Claims vs Reality
Ocean Markets presents a range of attractive features aimed at enticing potential traders:
Claims:
- Greatest trading and investment conditions
- Real-time updates on economics and politics
- Creative tools for traders
- Customer support without time limits
Reality:
- No verified trading platform and no demo access to foreign exchange
- Vague legal framework and vague jurisdiction
- No transparency about fund safety, withdrawal conditions, and client protections
- Regulatory authorities have raised concerns
The types of inconsistencies mentioned here are often overt signs of a high-risk, untrustworthy platform.
User Complaints and Negative Reviews
Several conversations on forums like Forex Peace Army indicate some strange experiences about financial loss and emotional distress:
❝They will keep calling you to invest in crypto, promising a steady income. I trusted them because a Filipino agent claimed they were based in Singapore. I invested almost ₱400,000. I later found out they are only based in Makati City, Philippines, not Singapore. I was initially depositing and growing my account, and when I tried to withdraw funds, I was blocked. I feel cheated.❞
Common Complaints:
- High-pressure calls to put in more money
- Delay or refusal to withdraw funds
- Misrepresentation of identity and location
- Lack of accountability or customer after the deposit.
Is Ocean Markets a Scam?
There are some serious question marks against them. With no regulatory guidance, conflicting information, and an official warning from the FCA, we do not feel Ocean Markets can even be classified as a credible or safe broker. Furthermore, many different users have reported similar experiences that suggest deceptive and manipulative practices that they were not compensated for.
Reasons to Avoid Ocean Markets:
- No regulatory oversight
- Multiple users are reporting a refusal to withdraw funds
- Warning from a top-tier regulator (FCA)
Final Verdict
Ocean Markets appears to be a non-licensed broker and possibly dangerous. The messaging and web presence that Ocean Markets puts out are misleading and do not indicate what the trading experience is really like for most brokers. Trading deposits, trading, and the lack of protection for your funds and lack of accountability do not protect your investment with Ocean Markets; your funds are at serious risk.
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