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/10

OTPFX

United Kingdom|2-5 years|
Suspicious Regulatory License|Suspicious Scope of Business|High potential risk|

https://otpfx.com/

Website

Rating Index

Contact

442038851116
support@otpfx.com
https://otpfx.com/

Licenses

VPS Standard
No restriction on the broker account. Support service provided by WikiFX

Single Core

1G

40G

Open Now

Contact number

English

442038851116

Broker Information

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Company Name

OTPFX Forex Trading

Company Abbreviation

OTPFX

Platform registered country and region

United Kingdom

Company website

Pyramid scheme complaint

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Warning: Low score, please stay away! 3
Previous Detection : 2024-02-25
  • It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
  • The CyprusCYSEC regulation (license number: 258/14) claimed by this broker is suspected to be clone. Please be aware of the risk!

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OTPFX · Company Summary

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.

Risk Warning

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

Feature Detail
Regulation No regulation
Market Instrument forex
Account Type Bronze, Silver and Premium
Demo Account N/A
Maximum Leverage 1:10
Spread (EUR/USD) Fixed at 1 pip
Commission N/A
Trading Platform Web
Minimum Deposit $250
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.

General Information & Regulation
General Information & Regulation

Market Instruments

OTPFX advertises that it mainly offers forex trading. However, more specific information about tradable assets cannot be found on the Internet.

Account Types

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.

Leverage

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.

Spreads

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.

Trading Platform Available

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.

Deposit & Withdrawal

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.

Bonuses

OTPFX also charges some fees. An account becomes dormant after 3 months of inactivity, but no fees are specified.

Customer Support

OTPFX‘s customer support can be reached by telephone: 442038851116, email: support@otpfx.com. However, this broker doesn’t disclose other more direct contact information like telephone numbers that most transparent brokers offer.

Pros & Cons

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.

User Reviews

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村头杠把子گق
more than one year
Big scam. I want to withdraw my money they are not allowing, first, before you invest they say one thing and then they say another thing, when you talk to them they don't listen at all on what are saying but rather just what they want and what they suggest (to make you invest more) and all that they are doing so professionally.
2023-02-27 15:22
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0
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Aiairen@
more than one year
I placed a sell order on GBPUSD and the trade went my direction, but my account balance went the opposite direction resulting it to being blown.
2022-12-16 11:42
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0
0
911
more than one year
OTPFX leaves you in a bubble of mess, they will only play you till you lose all your money. Never put trust in them! Their CYSEC license has been suspected to be a clone!
2022-12-06 14:41
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