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Note: OTPFX is to operate via the website - https://otpfx.com/, which is currently not yet functional and no information about the company was immediately available. Therefore, we could only gather relevant information from the Internet to present a rough picture of this broker.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
General Information & Regulation
|Account Type||Bronze, Silver and Premium|
|Spread (EUR/USD)||Fixed at 1 pip|
|Deposit & Withdrawal Method||wire transfers, bank cards|
OTPFX, a trading name of OTPFX Forex Trading, is allegedly a forex broker registered in the United Kingdom that claims to provide its clients with leverage up to 1:10 and fixed spreads at 1 pip on the web-based trading platform via three different live account types.
As for regulation, it has been verified that OTPFX currently has no valid regulation. That is why its regulatory status on WikiFX is listed as “No License” and receives a relatively low score of 1.35/10. Please be aware of the risk.
OTPFX advertises that it mainly offers forex trading. However, more specific information about tradable assets cannot be found on the Internet.
OTPFX claims to offer three types of trading accounts, namely Bronze, Silver and Premium, with minimum deposit requirements of $25,000, $75,000 and $150,000 respectively. In comparison, licensed brokers allow setting up a starter account with a minimum deposit of $100 or even less.
The maximum leverage provided by OTPFX is 1:10. It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
The real EUR/USD spread is fixed at 1 pip.
Trading Platform Available
Instead of the world's most advanced and popularly-used MT4 and MT5 platforms, OTPFX offers a web-based trading platform. Anyway, you had better choose brokers who offer the leading MT4 and MT5, which are highly praised by traders and brokers alike due to their ease of use and great functionality, offering top-notch charting and flexible customization options. They are especially popular for their automated trading bots, a.k.a. Expert Advisors.
Deposit & Withdrawal
OTPFX offers a single funding method, which is a direct card payment through their system. The minimum initial deposit requirement is said to be $250. The minimum withdrawal amount is $1,000 for wire transfers and $100 for bank cards.
Bonuses & Fees
There are bonuses offered in general, but nothing specified for the moment. Note that you have to execute a minimum trading volume of 25 times the bonus plus the sum deposited to become eligible for withdrawal.
OTPFX also charges some fees. An account becomes dormant after 3 months of inactivity, but no fees are specified.
OTPFX‘s customer support can be reached by telephone: 442038851116, email: firstname.lastname@example.org. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most transparent brokers offer.
Pros & Cons
|• Multiple account types||• No regulation|
|• Website inaccessible|
|• High minimum deposit ($250)|
Frequently Asked Questions (FAQs)
|Q 1:||Is OTPFX regulated？|
|A 1:||No. It has been verified that OTPFX currently has no valid regulation.|
|Q 2:||Does OTPFX offer the industry-standard MT4 & MT5？|
|A 2:||No. Instead, OTPFX offers a web-based trading platform.|
|Q 3:||What is the minimum deposit for OTPFX？|
|A 3:||The minimum initial deposit at OTPFX is said to be $250.|
|Q 4:||Is OTPFX a good broker for beginners？|
|A 4:||No. OTPFX is not a good choice for beginners. Not only because of its unregulated condition, but also because of its inaccessible website and high initial deposit.|
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