Risk scorecard
Each area is scored 0 (clean) to 10 (worst). Higher means more risk.
Regulation
7/10 · HighThe only authorisation ever held is a Mwali brokerage licence whose register-printed end date of 14 June 2025 has passed with no renewal on record, so deposits are being taken today with no live licence from any authority.
Identity & transparency
5/10 · ModerateThe company is genuinely identifiable, with an active entity identifier, a registry-validated Saint Lucia number and a register entry matching its own domain, but ownership is undisclosed and the structure is layered across Saint Lucia, Comoros, Montenegro and a separate account-opening domain.
Withdrawals & conduct
8/10 · CriticalA consistent fund-integrity pattern of withdrawals cancelled and accounts then blocked with balances inside, meeting all four pattern axes across more than two platforms, offset only slightly by credible paid-out reports and a 16 per cent reply rate to negative reviews.
Reputation
7/10 · High301 reviews averaging 1.6 out of 5 on one independent platform against a 71 per cent five-star and 21 per cent one-star split with a hollow middle on the platform the company subscribes to, plus filed complaints, but no regulator warning anywhere.
Website claims
8/10 · CriticalA timeline opening at 2013 against a 2023 company, licensed-broker framing on a lapsed licence, Mwali described as a respected regulator, and six awards with no awarding body named.
Operational history
7/10 · HighVerified track record of about 2.9 years, governed by the 27 November 2023 incorporation, against advertised history reaching back to 2013 with no predecessor domain carrying that record.
Who they are
A quick desk file on the company behind the brand.
- Brand: Otet Markets, also written OtetMarkets and Otet Broker
- Legal entity: Otet Group Ltd., Saint Lucia company 2023-00595, incorporated 27 November 2023
- Second registration: Otet Group LTD, Mwali company number HY00523012, Comoros
- Registered: C/O ACE Corporate Services Inc., Ground Floor, Rodney Court Building, Rodney Bay, Gros-Islet, Saint Lucia. A European office is given as Vlasnik St, No. 5, Pd 1067 1/1, Becici, Budva 85310, Montenegro
- Website: otetmarkets.com, with accounts opened and funded on otet.org
- Only licence: MISA (Mwali) brokerage licence T2023304, issued 14 June 2023, register end date 14 June 2025
- Offers: forex, metals, energies, indices, shares and crypto CFDs on MetaTrader 5 and cTrader, from 25 USD, leverage up to 1:1000
- Not accepted: United States, Canada, Turkiye
- Age claim: a company timeline opening at 2013, against a 2023 entity and 2023 domains
- Market focus: Persian-language support and local rial payment methods, alongside a UK mobile number in the footer
Regulation
Who really oversees this broker, and what each licence is worth to you.
Proof of regulation on an official register: No
We could not confirm this broker on any genuine regulator’s register.
Licences the broker publishes
Mwali International Services Authority (MISA), Comoros
Registrar of Companies, Mwali, Comoros Union
Saint Lucia International Financial Centre, Registry of International Business Companies
Financial Crimes Enforcement Network (FinCEN), United States
Legal Entity Identifier (Bloomberg LEI), presented as membership of economic operators
Why we reached this verdict
How the evidence adds up.
Four findings carry this verdict, and each rests on a primary record rather than on opinion.
- The licence has run out. The Mwali authority's own verification entry for licence T2023304 names Otet Group LTD, gives the issue date as 14 June 2023 and prints a licence end date of 14 June 2025. That date passed sixteen months ago and no renewal appears on any record we could reach. The company's regulations page still carries licensed-broker framing and still points readers at that same verification entry. A firm taking retail deposits today on an authorisation that ended last year is, in practice, operating unlicensed.
- The licence was worth little even while it ran. Mwali is an autonomous island registrar, not a functioning supervisor, and the Comoros Union's central bank has publicly declined to recognise its licences. There is no compensation scheme and no client-money supervision behind it. The company's own article nonetheless calls MISA a respected regulator for international financial firms, which overstates what a reader is actually getting.
- Clients report that money does not come back. The pattern is consistent rather than assorted: a withdrawal is delayed or cancelled, then the account is blocked or closed with the balance inside, justified by risk management, bonus abuse, or an unspecified rule violation. One client describes a 150 USD withdrawal refused on 4 October 2026, another a 10,000 USD deposit and 670 USD profit locked behind a 70-day account block, another an IB commission withdrawal of 4,500 USD held nine days then rejected as bonus abuse with 17,170.87 USD frozen afterwards. Earlier filings on a complaints portal record 10,000 USD and 1,600 USD held in January 2024. The reports come from different users in different countries across more than two platforms, carry amounts and dates, and spike in September and October 2026. On our four-axis test the pattern meets all four.
- The history does not match the advertising. The about page opens its timeline at 2013. The operating entity was incorporated on 27 November 2023 according to the registry-validated global entity record, every brand domain was registered on 6 March 2023, and the earliest archived copy of the site is April 2023. No predecessor domain carries earlier history. On the evidence this is a business a little under three years old.
Supporting points: a Saint Lucia company number, a United States money-services-business registration and a Bloomberg legal entity identifier are presented together with the licence on the regulations page, and none of those three is financial regulation. Six awards are claimed with no awarding body named. The English site also describes itself as an independently run partner service whose advertising is not under the direct supervision of Otet Group LTD, which puts a layer between the brand a client sees and the company that holds the money. The footer publishes a UK mobile number and a Montenegro office while the FCA register holds no authorisation for this firm.
The figure is 73 per cent. Two scoring floors in our method were checked: four strong findings set a floor of 70, and the under-three-year track record sets a floor of 65. The evidence-based score already sits above both, so neither raised it. The operation being young is worth saying plainly though, because a short history means there is less of a record to clear a broker on.
Evidence ledger
Every finding, with its source and how strongly it points.
E1The Mwali authority's own licence verification entry names Otet Group LTD, company number HY00523012, licence number T2023304, date of issue 14 June 2023 and licence end date 14 June 2025, with the covered website given as otetmarkets.com. That end date has passed and no renewal appears on record.
E2The company's regulations page presents it as a licensed forex broker and lists MISA licence T2023304, Mwali company HY00523012, Saint Lucia registration 2023-00595 and a Bloomberg legal entity identifier together, with no licence dates shown anywhere on the page.
ModerateOtet Markets regulations pageE3The company's own article describes Mwali regulation as supervised by MISA, a respected regulator for international financial firms, and claims transparent licence verification. The Comoros Union's central bank does not recognise MISA licences and the framework carries no prudential supervision.
E4Trustpilot holds 153 reviews at 3.1 out of 5, split 71 per cent five-star and 21 per cent one-star with 8 per cent in between. Recent unprompted entries describe a 150 USD withdrawal refused on 4 October 2026, a 10,000 USD deposit with 670 USD profit locked behind a 70-day account block, withdrawal requests cancelled under unexplained excuses followed by account blocks, and profits withheld under a risk-management label.
E5An independent review page for the same domain holds 301 reviews averaging 1.6 out of 5 with a 15 per cent recommendation rate, with negative entries describing withheld funds and a locked account holding 543,450 EUR. Several positive-sounding entries promote named fund-recovery services rather than any trading experience.
E6A complaint filed on 23 January 2024 by a client in Cyprus states the account was blocked with 10,000 USD inside and the money was not paid out. The filing was closed without a documented broker response.
E7A complaint filed on 31 January 2024 by a client in the Philippines over 1,600 USD states that a withdrawal request was met with an immediate claim of rule violation, and that after the client approached independent forums the company sent a threatening email.
E8The about page opens its corporate timeline at 2013 as the start of the journey in the financial markets, with 2023 given as the brand launch, and claims coverage of over 150 countries. No predecessor company, brand or domain is named anywhere to support the earlier date.
StrongOtet Markets about pageE9Domain registration records show otetmarkets.com registered on 6 March 2023, with otetmarket.com and otetmarkets.net registered the same day, through the same registrar. The earliest archived copy of the website dates from April 2023.
E10The terms name two entities: Otet Group Ltd. registered 2023-00595 in Saint Lucia, and Otet Group LTD holding Mwali registration HY00523012 described as a valid brokerage licence, with governing law given as the laws of Comoros, Saint Lucia and the European Union.
E11The homepage footer states that the site is the English-language representative of a partner service, that its marketing is managed independently by third parties and is not under the direct supervision of Otet Group LTD, publishes a UK mobile number and a Montenegro address, and funnels all account opening to a separate domain.
ModerateOtet Markets homepageE12The Mwali register entry records the licensed entity as Otet Group LTD and the covered website as otetmarkets.com, which matches this broker's own domain and legal entity. The licence, company numbers and addresses belong to this operation, so no other firm's credentials are being used.
E13The global legal entity record for OTET GROUP LTD. is active and issued, gives the jurisdiction as Saint Lucia, the registration number as 2023-00595 validated by Saint Lucia's company registry, and the entity creation date as 27 November 2023, with the headquarters address on Moheli in the Comoros.
E14A search of the FCA register and warning list for Otet returns five unrelated UK firms and no entry for Otet Markets or Otet Group, so there is no UK authorisation for this firm and no clone or warning alert published against it.
ModerateFCA register firm search
The other side
The strongest case in this broker’s favour.
The case against this broker is not the only reading, and several points genuinely count in its favour.
- Nobody else's identity is being used. The Mwali register entry records the licensed entity as Otet Group LTD and the covered website as otetmarkets.com, which is this broker's own domain. The licence number, the company numbers and the addresses all belong to this operation. This is not a clone, and that rules out the single most damaging pattern in this market.
- The licence was real. It was issued to this company, for this website, on a date the register prints. The problem is that it lapsed, not that it was invented.
- The company is identifiable and the paperwork checks out. The global entity identifier 254900GDWDMGGGZPZH29 is active and issued, validated against Saint Lucia's registry, carrying registration number 2023-00595 and an incorporation date of 27 November 2023. Many bad operations cannot survive that check.
- The trading business appears real. There is a MetaTrader 5 server under the Otet Group name, cTrader alongside it, live pricing on the site and more than 500 instruments. This is not an empty shell with a payment form.
- No authority has acted against it. We found no regulator warning naming the brand or the domain, no enforcement action and no fraud-related court record. The FCA register search returns no entry for this firm and no clone alert.
- Some clients are paid. Dated reviews describe deposits and withdrawals going through without delay, and the company replies publicly to some complaints.
- Part of the negative record deserves caution. The Trustpilot profile is 71 per cent five-star and 21 per cent one-star with almost nothing in between, which is the shape of a managed rating rather than an organic one, and several positive-sounding reviews on another platform promote named fund-recovery services instead of describing any trading. Material on both sides of this broker looks shaped, so we weighted the specific, checkable complaints and discounted the generic ones in both directions.
What would change this
What we would need to see to revise the verdict.
This verdict is not fixed. Any of the following would move it.
- A Mwali register entry showing licence T2023304 renewed beyond 14 June 2025, or a current licence from a recognised regulator, would remove the central finding and move this toward a high-risk offshore rating instead.
- The site dropping the licensed-broker framing while it holds no current licence, and either removing the 2013 claim or naming the predecessor business and domain that supports it, would settle the misrepresentation points.
- A run of resolved cases, with evidence that blocked balances were released and accounts reopened, would pull the complaints score down sharply.
- Publication of audited client-money segregation at a named bank would address what the Mwali licence does not cover.
It would also move the other way. A regulator warning naming otetmarkets.com, an enforcement action, or a confirmed and specific demand for a tax or fee before funds are released would take this to the top of the scale.
Check it yourself
Official registers and warning lists. Verify every claim first-hand.
Mwali authority licence verification entry for T2023304
The issuer's own entry, showing the licensed entity, the covered website and the licence end date.
Otet Markets regulations page
What the company itself claims about its licence and registrations.
Global legal entity record for Otet Group Ltd.
Confirms the company exists and when it was incorporated. An identifier, not a licence.
FCA register search for Otet
No UK authorisation for this firm and no clone alert against it.
Trustpilot reviews for otetmarkets.com
The rating spread and the recent withdrawal complaints.
Independent review page for otetmarkets.com
301 reviews averaging 1.6 out of 5, on a platform the company does not subscribe to.
Frequently asked questions
Quick answers about this broker’s safety.
Is Otet Markets a scam?
We rate it likely a scam, at 73 per cent risk. The company is real and is not impersonating anyone, but the only trading licence it has ever held shows an end date of 14 June 2025 on the issuer's own register, and the site still presents it as a licensed broker. Clients across several platforms report withdrawals refused and accounts blocked with balances inside.
Is Otet Markets a fraud?
No court or regulator has found fraud against Otet Group Ltd, and we found no enforcement action and no fraud-related court record naming it. What we can say is what the records show: the licence it advertises ended on 14 June 2025, and multiple clients describe deposits accepted and withdrawals then refused. On that basis we assess the risk of fraud as high, but that is our assessment rather than a legal finding.
Is Otet Markets regulated?
Not currently, on the evidence available. Its brokerage licence T2023304 came from the Mwali International Services Authority in the Comoros, was issued on 14 June 2023, and the register's own entry prints an end date of 14 June 2025. No renewal appears on record. It holds no licence from any recognised regulator.
What is a MISA or Mwali licence actually worth?
Very little. Mwali is an autonomous island registrar rather than a working financial supervisor, and the Comoros Union's central bank does not recognise its licences. There is no compensation scheme, no client-money supervision and no realistic complaints route. Treat a Mwali licence as a sign that a firm wanted to look regulated at low cost.
Can I withdraw my money from Otet Markets?
Some clients report withdrawals arriving without trouble. Others describe requests delayed and then cancelled, followed by the account being blocked or closed with the balance inside, explained as risk management, bonus abuse or an unnamed rule violation. Reported sums range from 150 USD to over 17,000 USD, with a concentration in September and October 2026.
Is my money safe with Otet Markets?
There is no regulatory protection behind it. With the Mwali licence lapsed and no recognised regulator involved, there is no segregation requirement anyone supervises and no compensation scheme if the firm fails or refuses to pay. Any deposit is fully at risk.
Who owns and operates Otet Markets?
The brand belongs to Otet Group Ltd., a Saint Lucia company registered as 2023-00595 and incorporated on 27 November 2023, which also holds Mwali company number HY00523012. Its registered address is care of a corporate services provider in Rodney Bay, Gros-Islet, Saint Lucia, with a European office given in Budva, Montenegro. No named individual owner is disclosed on the site.
How old is Otet Markets?
A little under three years as a business. The operating company was incorporated on 27 November 2023, the brand domains were registered on 6 March 2023, and the earliest archived copy of the website is from April 2023. The company's own timeline opens at 2013, which nothing we could find supports.
Is Otet Markets a clone of another broker?
No. The Mwali register entry for licence T2023304 names Otet Group LTD and records otetmarkets.com as the covered website, which is this broker's own domain. The licence numbers, company numbers and addresses belong to this operation, so it is not wearing another firm's credentials.
Why does Otet Markets list a FinCEN registration and a Bloomberg LEI?
Because they sound official, but neither is financial regulation. A United States money-services-business registration is an anti-money-laundering filing, and a legal entity identifier is a reference code used to tag companies in financial data. Neither permits anyone to broker trades or protects a client's deposit. The same goes for the Saint Lucia company number 2023-00595.
Has any regulator warned about Otet Markets?
Not that we could find. There is no entry naming this brand or this domain on the warning lists we checked, including the FCA register and warning list, and no enforcement action. Warning lists lag new cases by months, so an absence is not a clean bill of health, but it is a point in the broker's favour and we record it as one.
What should I do if Otet Markets will not release my funds?
Put the request in writing and keep every screenshot and reference number. Ask for the specific clause of the client agreement being relied on. Do not pay any tax, fee or verification charge to unlock funds, as that is a pattern that never ends with money being returned. Then contact your card issuer, bank or payment provider about a chargeback and file a written complaint with the Mwali authority. Avoid any firm that offers to recover your money for a fee paid upfront.
What we recommend
The practical takeaway from everything above.
Our advice for anyone considering or already holding an account.
- Do not deposit. There is no current licence behind this operation and no compensation scheme, so an unpaid balance has no backstop.
- If you hold funds, request a full withdrawal now and do it in writing. Keep screenshots of your balance, your request and every reply.
- If a withdrawal is refused, ask for the exact clause of the client agreement relied on and the evidence behind it. Vague references to risk management or bonus abuse are not an answer.
- Never pay a tax, fee, insurance or verification charge to release your own money. No legitimate broker requires that, and paying it does not get funds out.
- Ignore anyone offering to recover your money for an upfront fee. People who have lost money to a broker are targeted next by recovery operations, and some are already circulating around this brand.
- Escalate where it can bite. Contact your card issuer, bank or payment provider about a chargeback, which is often the only realistic route, and file a written complaint with the Mwali authority that issued the licence.
This is an independent assessment of risk, not a legal ruling. Scores and verdicts follow the Wikilix broker-safety methodology and can change as new evidence appears. Review scores are treated with caution when a broker’s reviews look manipulated. Last reviewed October 5, 2026. If any detail here is out of date or incorrect, or you represent this broker, please contact us.
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