Is Oscar Markets a Scam?

At FXCanary, our safety assessments are built on a structured framework that weighs regulatory oversight, client-fund protection, user-reported outcomes, and the broker's own disclosures. We cross-check licences against public registers, analyse aggregated industry data, and read through real user reviews to identify patterns that numbers alone cannot reveal. Each broker is then assigned a Scam Risk Score out of 100, with higher scores indicating greater risk.

For Oscar Markets, our analysis has produced a Scam Risk Score of 75 out of 100, which we classify as 'Severe'. This score is not arbitrary; it is derived from a combination of factors: the absence of any verified regulatory licence, a poor Trustpilot rating of 2.5 out of 5 based on six reviews, and a high density of negative user reports, particularly around withdrawals and customer support. The score also reflects the fact that we found no evidence of clone or impersonator sites, which in some cases can be a mitigating factor, but here it does little to offset the more serious red flags.

Our review of Oscar Markets found no verified regulatory licence on file. The broker's full legal name is Oscar Markets Limited, and its registered address is listed as Level 8 – Al Sila Tower, Abu Dhabi Global Market, Al Maryah Island, P.O. Box 27522, Abu Dhabi, United Arab Emirates.

However, we could not verify this address against any public register, and user reviews explicitly state that the company does not have a physical office in Abu Dhabi. One reviewer wrote: 'They don't have an office in Abu Dhabi. Not regulated.

Established to deceive people.' Another echoed: 'They're Lying About That And also they lie about a lot of things.'

In jurisdictions like the UK, EU, or Australia, regulated brokers are required to segregate client funds from their own operational accounts, participate in compensation schemes (such as the FSCS in the UK), and offer negative balance protection. None of these protections apply to Oscar Markets because it holds no licence from any recognised regulator. The absence of regulatory oversight means that if the broker fails or misappropriates funds, clients have no recourse to a compensation scheme or an ombudsman. This is a fundamental gap in client-fund protection.

The most serious and consistent complaints against Oscar Markets concern withdrawals. Out of the six reviews on Trustpilot, three explicitly mention withdrawal problems, and all three are negative. One user reported: 'For a long time, they showed me profits after I had invested a huge sum. But all of that changed when my withdrawal requests bounced countless times no matter how much I tried.' Another stated: 'I have more than $2000 which I can’t withdraw.' A third wrote: 'they didn’t give withdrawal and capital also washed out.' These are not isolated incidents but a clear pattern.

In our experience, withdrawal failures are the single most reliable indicator of a broker's integrity. A legitimate broker may occasionally delay a withdrawal due to verification checks, but repeated refusals, unresponsive support, and the eventual loss of capital are hallmarks of a fraudulent operation. The fact that multiple users report being unable to access their own funds—and that one user's account was driven to -$1800 after 'wrong trades'—suggests that Oscar Markets may be operating a 'no-payout' scheme, where profits are shown on screen but never materialise.

Customer support is another area where Oscar Markets fails dramatically. All three reviews that mention customer support are negative, with users reporting that phone numbers are dead and emails are ignored. One user wrote: 'Their UAE contact number is not working. Even sent a mail to them but no response.' Another described the sales agent and relationship manager as 'theif' (sic) and part of a fraudulent scheme. A third user said that both the sales person and relationship manager were scammers, indicating that the problems are not just with the support desk but with the entire sales operation.

Effective customer support is not a luxury; it is a necessity, especially when a trader needs to resolve issues with deposits, withdrawals, or platform functionality. When a broker becomes unreachable precisely when a client requests a withdrawal, it is a deliberate tactic to avoid accountability. In our view, the unresponsive support is not a sign of incompetence but of intent to deceive. Traders should be extremely wary of any broker that cannot be contacted when it matters most.

Oscar Markets offers several account types, including ECN, Pro, Islamic, and Standard, with minimum deposits ranging from $5,000 to $10,000 for the ECN and Pro accounts, and leverage up to 1:500 or 1:1000. However, the structured data does not disclose spreads, commissions, or tradable instruments for most accounts, and the only mention of spreads is 'from 0.0' for ECN and 'from 0.8' for Pro, with no commission details. This lack of transparency is concerning, as it prevents traders from assessing the true cost of trading.

More troubling is a user report that the broker 'has full control on meta 5 they open wrong trade they made my account-1800usd'. This suggests that the broker may be manipulating the MetaTrader 5 platform, executing trades without the client's consent, and driving accounts into negative territory. If true, this is a severe breach of trust and a clear sign of fraudulent activity. Even if the claim is not fully verified, the fact that a user experienced such an event is a red flag that cannot be ignored.

The reviews also touch on the issue of profits and payouts. One user said: 'For a long time, they showed me profits after I had invested a huge sum.' This is a classic tactic in investment scams: the victim is shown impressive returns to encourage further deposits, but when they attempt to withdraw, the money is never released. The user's experience—watching profits accumulate on screen but being unable to access them—is a textbook example of a 'phantom profit' scheme.

Another user mentioned that their 'capital also washed out', meaning they lost their entire investment. This aligns with the pattern of a broker that not only refuses withdrawals but also manipulates trades to generate losses, thereby eliminating the need to pay out. In our assessment, the combination of phantom profits and forced losses is a strong indicator that Oscar Markets is operating a fraudulent scheme rather than a legitimate brokerage.

The overarching theme across all reviews is a complete lack of trust. Users describe Oscar Markets as a 'fraud company', 'cheaters', and 'big scammers'. One reviewer wrote: 'please don’t trust this broker they are big scammers they didn’t give withdrawal and capital also washed out.' Another said: 'Everything is fake.' These are strong words, but they are consistent with the objective evidence we have gathered.

In our assessment, Oscar Markets fails on every pillar of trustworthiness: no regulation, no verifiable physical presence, unresponsive support, and a clear pattern of withdrawal failures. The broker's Scam Risk Score of 75/100 reflects this, and we would advise any trader to avoid depositing funds with this company. The risks of losing your entire investment are simply too high.

Our investigation identified several concrete red flags for Oscar Markets. The most significant is the absence of any verified regulatory licence, which means there is no independent oversight and no client compensation scheme. The user-reported withdrawal failures, unresponsive support, and alleged platform manipulation are equally serious. The fact that the broker's registered address appears to be fictitious—based on user claims that there is no physical office in Abu Dhabi—further undermines its credibility.

On the green flag side, we found no evidence of clone or impersonator sites, which is unusual for a fraudulent broker. However, this is a minor point and does not offset the overwhelming negative evidence. In fact, the absence of clones may simply indicate that the broker is operating under its own name and does not need to impersonate others to attract victims. We also note that the broker's website may be professionally designed, but this is not a reliable indicator of legitimacy, as many scam brokers invest in convincing websites.

If you have already deposited funds with Oscar Markets, the first step is to stop making any further deposits. Continuing to invest in the hope of recovering losses is a common trap in scams. Next, attempt to withdraw your remaining funds immediately, and document all communications, including emails, chat logs, and transaction records. If the broker refuses to process your withdrawal, you should report the incident to your local financial regulator and to the authorities in the jurisdiction where the broker claims to be based, such as the Abu Dhabi Global Market's regulatory body.

You should also consider contacting your bank or payment provider to dispute the transactions. Many payment providers, including credit card companies and e-wallets, offer chargeback mechanisms for fraudulent transactions. Time is of the essence, as chargeback deadlines are often limited to 120 days from the transaction date. Additionally, you can file a complaint with online review platforms and consumer protection agencies to warn others and potentially trigger an investigation.