FXOTP

FXOTP is a forex and CFD broker registered in Saint Lucia. It offers a variety of tradeable instruments, including forex, indices, stocks, metals and commodities. FXOTP has a esay-to-use trading paltform, 24/5 customer service and demo accountS, and also provides low spreads for commission-free standard accounts and original accounts. However, the lack of regulation is a major concern, which makes it risky.

Pros and Cons

Is FXOTP Legit?

No, FXOTP is not regulated by any reputable financial body. Please be aware of the risk!

What Can I Trade on FXOTP?

On FXOTP, traders can trade CFDs on forex, indices, shares, metals, and commodities.

Account Type

FXOTP offers two accounts to choose from, including Standard and RAW accounts. FXOTP not only provides live accounts but also sets up a freedemo account for traders to practice trading with virtual fund.

Leverage

FXOTP offers a leverage of up to1:500 for all accounts, which is quite high.

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.

Fees

Trading Fees

The Standard account offers 1.3 spreads but no commissions, while the Raw account has tighter spreads from 0.2 pips, but charges a commission of $7 per lot.

Swap Rates

Both accounts have 0% swap fees.

Non-Trading Fees

FXOTP doesn't charge a deposit or withdrawal fees.

Trading Platform

Deposit and Withdrawal

FXOTP accepts bank wire transfer, Visa/Mastercard and online wallets like Sticpay,USDT-TRC20, Skrill and Neteller as payment methods.

The minimum deposit is $300 and the minimum withdrawal is $0.

Any payments made via bank wire transfer could take3-5 working days to show on an account.