|Varies by account type: $150 (Standard), $1000 (ECN)
|Up to 1:1000
|MetaTrader 4 (MT4)
|Forex, CFDs on stocks, indices, commodities, cryptocurrencies
|Standard Account, ECN Account
|24/5 live chat and email support
|Deposit & Withdrawal
|Credit/Debit Cards, Bank Transfers, Electronic Payment Systems
Overview of OBT
OBT is a trading platform headquartered in Hong Kong. The company has been operating for 2-5 years, offering its services in the financial markets. It's important to note that OBT operates without regulation from any official governing body, making it an unregulated exchange. This lack of regulatory oversight can be a cause for concern, as it may affect the transparency and supervision within the platform.
Traders using OBT have access to a diverse selection of tradable assets, including Forex, CFDs on stocks, indices, commodities, and cryptocurrencies. This variety allows traders to diversify their portfolios and potentially enhance their trading strategies.
Is OBT legit or a scam？
OBT operates without regulation from any official governing body, a factor that can understandably raise questions about the transparency and supervision of the exchange. Unregulated exchanges lack the beneficial oversight and legal protections provided by regulatory authorities. Consequently, this lack of regulation can result in heightened risks related to fraudulent activities, market manipulation, and security vulnerabilities. Moreover, the absence of regulatory oversight can create obstacles for users in their pursuit of remedies or dispute resolutions. Furthermore, it can contribute to a trading environment that is less transparent, making it challenging for users to ascertain the legitimacy and reliability of the exchange.
Pros and Cons
|Diverse Tradable Assets
|Lack of Regulatory Oversight
|Limited Educational Resources
|User-Friendly MT4 Platform
|Minimum Deposit Variation
|Multiple Account Types
|No 24/7 Support
Diverse Tradable Assets:
OBT offers a wide range of tradable assets, including forex, CFDs on stocks, indices, commodities, and cryptocurrencies. This diversity allows traders to build a diversified portfolio and explore various markets.
OBT provides high leverage options, allowing traders to control larger positions with a relatively small amount of capital. While this can amplify potential profits, it's important to use leverage cautiously due to the increased risk.
User-Friendly MT4 Platform:
OBT utilizes the MetaTrader 4 (MT4) platform, known for its user-friendly interface and comprehensive trading tools. It caters to both beginner and experienced traders, offering a seamless trading experience.
Multiple Account Types:
OBT offers multiple account types, including Standard and ECN accounts. This variety accommodates different trading preferences, from those seeking simplicity to those looking for specific advantages.
OBT allows free withdrawals, ensuring that traders can access their funds without incurring additional costs. This can be beneficial in managing your trading capital effectively.
Lack of Regulatory Oversight:
OBT operates without regulation from any official regulatory authority. This lack of oversight raises concerns about transparency and supervision within the exchange. Unregulated exchanges may lack the legal protections and oversight provided by regulated platforms, potentially increasing the risk of fraud, market manipulation, and security breaches.
Limited Educational Resources:
OBT has limited educational resources, which can be a challenge for new users trying to understand the platform and trading cryptocurrencies. Educational resources like a comprehensive user guide, video tutorials, live webinars, and blogs are crucial for traders to develop their skills and knowledge. The absence of these resources can hinder the learning process.
Minimum Deposit Variation:
OBT has varying minimum deposit requirements depending on the type of account you choose. This can be a drawback for traders looking for a consistent and low minimum deposit across all account types.
No 24/7 Support:
OBT's customer support is not available 24/7. While they offer 24/5 support through live chat and email, the absence of round-the-clock assistance may inconvenience traders in different time zones or those needing immediate help during weekends.
OBT offers a diverse range of trading assets, allowing users to explore various financial markets. Here's a concrete description of the trading assets available on OBT:
Forex (Foreign Exchange): Users can trade a wide variety of currency pairs in the Forex market. This includes major currency pairs like EUR/USD, GBP/USD, and USD/JPY, as well as minor and exotic pairs. Forex trading provides opportunities to profit from fluctuations in exchange rates.
CFDs on Stocks: OBT allows users to trade Contracts for Difference (CFDs) on stocks. This means you can speculate on the price movements of shares of publicly traded companies without actually owning the underlying stocks. It offers exposure to global stock markets and the potential for profit from price changes.
Indices: Trading indices on OBT involves speculating on the performance of groups of stocks listed on various stock exchanges. This allows you to gain exposure to broader market movements and diversify your investment portfolio by betting on the overall performance of these stock groups.
Commodities: OBT offers the opportunity to trade commodities, which are the basic components of more complex goods or services. This includes physical goods like oil, gold, silver, and various agricultural products. Commodities trading can be profitable in both rising and falling markets.
Cryptocurrencies: Cryptocurrencies have gained significant prominence in recent years, and OBT allows users to trade various digital currencies. This includes well-known options like Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and more. Cryptocurrency trading is available around the clock, providing opportunities in the dynamic and rapidly evolving digital asset market.
OBT offers two distinct account types, the Standard Account and the ECN Account, each tailored to cater to different trading preferences.
The Standard Account on OBT is designed to provide traders with a user-friendly and accessible trading experience. Here are the key aspects of the Standard Account:
Leverage: Standard Account holders can access leverage of up to 1:1000. This means that for every
Spread: The Standard Account offers variable spreads. This means that the difference between the buying (ask) and selling (bid) prices of assets can fluctuate based on market conditions. Variable spreads can provide flexibility, but they may widen during times of lower market activity.
Commission: One of the advantages of the Standard Account is that it doesn't charge any commission for trades. Traders can execute trades without incurring additional costs beyond the spread.
Minimum Deposit: To open a Standard Account, traders are required to make a minimum deposit of $150. This relatively lower minimum deposit makes it accessible to a wide range of traders, including those who are just starting in the trading world.
Withdrawals: Withdrawals from the Standard Account are free, ensuring that traders can access their funds without incurring additional costs. This feature contributes to the overall cost-effectiveness of the account.
The ECN (Electronic Communication Network) Account on OBT is tailored for traders who seek specific advantages. Here are the key aspects of the ECN Account:
Leverage: ECN Account holders can access leverage of up to 1:1000, similar to the Standard Account. This high leverage provides the potential for amplified trading positions relative to the trader's capital.
Spread: The ECN Account offers variable spreads as well, but they can start from as low as 0 pips. This potentially provides favorable trading conditions, especially for traders who prioritize tight spreads.
Commission: Unlike the Standard Account, the ECN Account charges a commission of $7 per lot traded. This commission structure is offset by the potential benefit of lower spreads, making it suitable for traders who prefer such a fee model.
Minimum Deposit: To open an ECN Account, traders are required to make a higher minimum deposit of $1,000. This account type is designed for more experienced or financially committed traders who can meet this deposit requirement.
Withdrawals: Similar to the Standard Account, withdrawals from the ECN Account are free, allowing traders to access their funds without incurring additional costs.
How to Open an Account？
Opening an account with OBT is a straightforward process. Here are the steps to guide you through the account opening procedure:
Step 1: Visit the OBT Website
Step 2: Click on “Open Account”
Step 3: Complete the Registration Form
You will be directed to a registration form. Fill in the required information accurately. This information usually includes your personal details, contact information, and financial information. Make sure to provide a valid email address and phone number.
Step 4: Choose Your Account Type
Step 5: Verify Your Identity
To comply with regulatory requirements and ensure the security of your account, OBT may request identity verification. You will typically need to provide scanned or photographed copies of documents such as your passport or ID card. Follow the instructions provided by OBT for this verification process.
Step 6: Fund Your Account
After completing the registration and identity verification, you'll need to fund your trading account. OBT offers various deposit methods, including credit/debit cards, bank transfers, and electronic payment systems. Select your preferred payment method and follow the instructions to deposit funds into your account.
OBT offers a maximum leverage of up to 1:1000. Leverage is a financial tool that allows traders to control larger positions in the market with a relatively small amount of capital. In the case of OBT's maximum leverage of 1:1000, for every $1 in your trading account, you can potentially control a position size of up to $1,000 in the market.
High leverage can amplify both potential profits and potential losses. While it provides the opportunity for significant gains, it also increases the risk of substantial losses. Traders should exercise caution and implement effective risk management strategies when using high leverage to protect their capital.
Spreads & Commissions
OBT offers a flexible spread model, and there are no commissions charged for trading. Here's a more detailed description of the spreads and commissions:
OBT provides variable spreads. Variable spreads mean that the difference between the buying (ask) and selling (bid) prices of assets can change based on market conditions. During times of high market liquidity, such as major economic news releases, spreads may tighten, offering more favorable trading conditions. Conversely, during periods of lower market activity, spreads may widen. Variable spreads provide flexibility to traders, and they can benefit from competitive pricing under favorable market conditions.
OBT does not impose commissions on trades for its accounts. This is especially beneficial for traders who prefer not to incur additional trading costs beyond the spread. The absence of commissions can lead to cost savings for traders and is a feature often found in no-commission trading accounts. This means that traders can execute trades without worrying about additional charges related to commissions, making it easier to calculate and manage trading costs.
The MetaTrader 4 (MT4) platform provided by OBT is a powerful and versatile trading platform designed to meet the needs of traders at all skill levels, from beginners to experienced professionals. It offers a range of features and tools that enhance the trading experience.
Key Features of OBT MT4:
User-Friendly Interface: MT4 is known for its user-friendly interface, making it accessible to traders with varying levels of experience. The platform's layout and design are intuitive, allowing for easy navigation and efficient order execution.
Charting and Technical Analysis: MT4 provides a comprehensive set of charting tools and technical indicators. Traders can conduct in-depth technical analysis by using various chart types, timeframes, and drawing tools. The platform also supports custom indicators and expert advisors (EAs) for automated trading strategies.
Order Execution: OBT MT4 offers various order types, including market orders, pending orders, and stop orders. This flexibility allows traders to execute trades based on their preferred strategies.
Real-Time Quotes: Traders can access real-time price quotes for various financial instruments, enabling them to make informed trading decisions.
Risk Management: The platform supports risk management tools, including stop-loss and take-profit orders, to help traders control and minimize potential losses.
Deposit & Withdrawal
OBT offers various payment methods for deposits and withdrawals, each with its minimum deposit requirement and payment processing time. Here's a description of these aspects:
Credit/Debit Cards: OBT accepts payments via major credit and debit cards. This method provides a convenient and widely-used way for funding your trading account. It's a quick and straightforward way to deposit funds.
Bank Transfers: Traders can deposit funds into their OBT accounts through bank transfers. Bank transfers are a secure and traditional method for moving funds, especially for larger deposits. However, they may take a bit longer to process.
Electronic Payment Systems: OBT supports electronic payment systems, which can include popular e-wallets and online payment platforms. These systems offer flexibility and quick transaction processing, making them a convenient choice for many traders.
Payment Processing Time:
OBT provides customer support through various channels to assist traders with their inquiries, issues, and account-related matters. Here's a detailed description of their customer support options:
Contact Phone Number:
Traders can reach OBT's customer support team via phone at +1-246-777-9845. This phone number is available for direct contact, allowing traders to address their concerns and inquiries by speaking with a support representative. It provides a convenient way to seek assistance and clarification on various trading-related matters.
OBT also offers support through WhatsApp, a popular and widely-used messaging platform. Traders can use WhatsApp to engage with the customer support team. This method is particularly convenient for mobile communication and quick responses. Traders can send text messages, multimedia content, or voice messages to communicate their questions or issues.
For written communication and inquiries that require more detailed explanations, traders can reach out to OBT via email at firstname.lastname@example.org. Using email allows traders to provide comprehensive descriptions of their concerns and receive written responses. This method is suitable for inquiries that may require documentation or a more detailed response.
OBT faces a notable deficiency in its educational resources, which may pose challenges for novice users seeking to familiarize themselves with the platform and the intricacies of cryptocurrency trading. Some key educational materials that are conspicuously absent from OBT include a comprehensive user guide, instructive video tutorials, live webinars, and informative blogs.
The scarcity of educational resources on OBT can create impediments for new users attempting to navigate the platform and engage in cryptocurrency trading. This scarcity can result in errors and financial losses, potentially dissuading newcomers from continuing their trading endeavors. It's essential for OBT to consider enhancing its educational offerings to foster a more informed and secure trading experience for its users.
In conclusion, OBT offers a diverse range of tradable assets and high leverage options, making it appealing to traders looking for market variety and potential profit amplification. The user-friendly MetaTrader 4 platform further simplifies the trading experience.
However, it's essential to consider the lack of regulatory oversight, limited educational resources, varying minimum deposit requirements, and the absence of 24/7 customer support as potential drawbacks. These factors can affect transparency, user education, and accessibility, which traders should weigh against the platform's advantages before making their investment decisions.
Q: Is OBT regulated by any financial authority？
A: No, OBT operates without regulation from any official governing body.
Q: What are the available account types on OBT？
A: OBT offers two account types: the Standard Account and the ECN Account.
Q: Can I access educational resources on OBT？
A: OBT provides limited educational resources, which include a user guide, video tutorials, webinars, and blogs.
Q: What is the maximum leverage offered by OBT？
A: OBT offers a maximum leverage of up to 1:1000 for both Standard and ECN accounts.
Q: What are the available payment methods for deposits and withdrawals？
A: OBT supports credit/debit cards, bank transfers, and electronic payment systems for deposit and withdrawal transactions.
Q: Is there a 24/7 customer support option on OBT？
A: No, OBT's customer support is available 24/5 through live chat and email, but not 24/7.