Score
Saint Vincent and the Grenadines
|
5-10 years
| https://otxforex.com/
Website
Rating Index
LicensesNo valid regulatory information, please be aware of the risk!
Saint Vincent and the Grenadines
otxforex.com United States
VIP is not activated.
General Information
Registered in Saint Vincent and the Grenadines, OTX Forex is an online forex broker offering diversified range of trading instruments, including Forex, Indices, Shares, Commodities, Spot Metal, Energies through the leading MT5 trading platform. Investors have the flexibility to choose from four different trading accounts, and the maximum leverage available is up to 1:500.
Please note that OTX Forex is not authorized or regulated by any regulatory authorities, be aware of the risk involved.
Market Instruments
OTX Forex provides clients with access to various popular and mainstream financial markets.
A total of six classes of trading assets, including Forex Pairs, Indices, Commodities, Stocks, Spot Metals, Energies are all available through this brokerage platform.
Account Types
Four trading accounts are available with the OTX Forex platform, including Micro, Islamic, ECN and VIP.
The Micro account is designed for those who are just starting out but dont want to risk a big amount of funds. To open this account, an initial deposit of $100 is required.
The Islamic account is designed for Muslim traders only, offering tight spreads with zero commission, additional technical indicators, as well as personal account manager support. This type of account asks for an initial deposit of $200.
The ECN account is ideal for professional traders or scalpers who pursue the lowest spreads, and this account can be opened with a minimum deposit of $1,000.
The VIP account is more suitable for traders with large trade volumes, and traders who want to try out this types of account need to fund at least $5,000.
How to open an account with OTX Forex？
Both live and demo account can be opened easily with the OTX Forex platform. A demo account is here for beginners to get a feel of this platform and practice their trading skills. To open a live account, a few steps are listed below:
1. Click on the “OPEN ACCOUNT” link on the homepage of the OTX Forex website.
2. Fill in some required details and upload your personal document for verification.
3. After approval, your account will be registered successfully.
4. Fund your account and start to trade on this platform.
Spreads & Commissions
On the OTX Forex platform, spreads and commissions are determined by trading accounts you are holding. The Micro and Standard accounts offer a commission-free trading environment, accompanied by average spreads.
The ECN account offers raw spreads, as low as 0.0 pips, asking for a commission of $10 per standard lot. The VIP account offers tight spreads starting at 0.0 pips, with a commission of $7 per standard lot charged.
Leverage
When it comes to leverage, OTX Forex allows traders to use leverage of up to 1:500, which is significantly higher than the levels regarded appropriate by many regulators.
Bear in mind that high leverage is not necessarily the good thing, as it can magnify gains as well as losses.
Trading Platform
OTX Forex offers its clients the access to popular MT5 trading platform that can be available for Desktop, Mobile and Web terminals.
Traders can quickly analyze market activity, place trades, and integrate automated systems thanks to this powerful platform's convenient workspace (Expert Advisors). Everything you need to begin trading on the financial markets, including all of the above features, is available in a single, convenient interface.
Customer Support
The OTX Forex website is available in multiple languages: English, Arabic, Bengali, Hindi, Indonesian, Malay. Traders can reach out to this brokerage house about any questions or concerns they may have about their accounts or their trading through the following methods:
Telephone: 00441865679984
Email: info@otxforex.com
You can also follow this brokerage on some social media platforms, such as Facebook, Instagram, Twitter and Linkedin.
Risk Warning
There is a level of danger that comes with trading on the financial markets. As sophisticated instruments, foreign exchange, futures, CFDs, and other financial contracts are typically traded using margin, which significantly increases the inherent risks involved. Therefore, you should consider carefully whether or not this sort of investment activity is right for you.
The information presented in this article is intended solely for reference purposes.
Yes, OTX Forex offers a demo account which allows me to practice without risking real money. I find demo accounts essential for testing out trading strategies, familiarizing myself with the MT5 platform, and exploring the asset classes offered by OTX Forex. I would definitely recommend using the demo account to get a feel for the platform and test my skills before moving to live trading.
OTX Forex provides the MetaTrader 5 (MT5) platform, a popular and comprehensive tool for forex trading. As someone who frequently uses MT5 for its advanced charting tools, automated trading, and multi-asset support, I find this a positive. MT5 offers a range of useful features for both beginner and advanced traders, including Expert Advisors (EAs) for automated trading and real-time data. For Atlas trading, the MT5 platform is a great choice, as it allows me to trade forex, stocks, and commodities seamlessly.
The minimum deposit required to open an account with OTX Forex is $100, which is quite reasonable for those starting in the forex trading space. For beginners, the Micro account is the most accessible, offering a low entry point for trading in a variety of asset classes like forex, cryptos, and commodities. However, I would still recommend being mindful of the trading conditions and potential fees before depositing a significant amount.
OTX Forex requires that withdrawals be made using the same method as the deposit, which provides an added layer of security. If I deposit using Bitcoin, I expect to withdraw via Bitcoin as well. Bank wire transfers and other methods typically take 2 to 5 business days, which is relatively standard. The 24-hour processing for withdrawals on business days is an advantage, but I’d ensure that withdrawal conditions are clearly outlined before making significant transactions.
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