OTX FOREX is a forex broker established on August 1, 2013, as per their official website. They primarily offer financial trading services in forex, indices, spot metals, energy, stocks, and commodities. The company's headquarter address is not disclosed. This broker does not provide services in jurisdictions where it would contravene local laws or regulations.
Corporate Registration and Regulatory Status:
The OTX FOREX official website does not disclose its corporate registration and regulatory information. Furthermore, no concrete entity or regulatory information about this broker was found during verification, raising doubts about the existence of the broker's corporate entity.
Account Opening:
Traderknows attempted to open an account on the broker's official website and found that OTX FOREX no longer offers account opening services, only login functionality for already registered accounts.
Account Types: OTX FOREX offers a demo trading account (no longer available for opening) and four different types of real trading accounts: MICRO Account, ISLAMIC Account, ECN Account, VIP Account.
MICRO Account:
- Minimum Initial Deposit: $100
- Spreads: From 1.5 pips
- Maximum Trading Leverage: 1:500
- Minimum Trade Size: 0.01 lots
- Hedging/Scalping/Swaps: Available
- Trading Commission: $0
ISLAMIC Account (Details no longer viewable):
- Minimum Initial Deposit: $200
- Spreads: From 1.2 pips
- Maximum Trading Leverage: 1:500
- Minimum Trade Size: 0.01 lots
- Hedging/Scalping/Swaps: Available
- Trading Commission: $0
ECN Account:
- Minimum Initial Deposit: $1,000
- Spreads: From 0 pips
- Maximum Trading Leverage: 1:200
- Minimum Trade Size: 0.01 lots
- Hedging/Scalping/Swaps: Available
- Trading Commission: $10 per standard lot
VIP Account:
- Minimum Initial Deposit: $5,000
- Spreads: From 0 pips
- Maximum Trading Leverage: 1:200
- Minimum Trade Size: 0.01 lots
- Hedging/Scalping/Swaps: Available
- Trading Commission: $7 per standard lot
Trading Platform:
The broker's official website claims to offer a proprietary trading platform, OTX Forex App, but does not provide a download link.
Deposits and Withdrawals:
OTX FOREX does not clearly state the supported methods for deposits and withdrawals on its official website.
Summary:
Traderknows reminds investors that the corporate registration and regulatory information of OTX FOREX is not transparent, and this broker currently cannot provide new account openings, only allowing login with already registered accounts. The broker uses its proprietary trading platform, but the official website no longer provides a download link, and the supported methods for deposits and withdrawals are also unclear. Traderknows advises investors to stay away from OTX FOREX when choosing a broker, and to opt for brokers that are transparent, strongly regulated, and have a good reputation, in order to avoid unnecessary financial losses.
Currently, this broker is marked as "Suspected of Scam" on Traderknows.
