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OTFX -

Score

1.26 /10
Danger

OTFX

Australia

Scam Brokers

1-2 years

Suspicious Regulatory License

Suspicious Scope of Business

Suspicious Overrun

High potential risk

https://www.otfx.com/#

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Comparison

Quantity 3

Exposure

Open Account
Website

Score

Regulatory Index0.00

Business Index5.10

Risk Management Index0.00

Software Index4.00

License Index0.00

Open Account
Website

Licenses

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

Single Core

1G

40G

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Broker Information

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Company Name

OTFX

Company Abbreviation

OTFX

Platform registered country and region

Australia

Company website

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Company summary

Pyramid scheme complaint

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This platform is a Ponzi Scheme. Please stay away! 3
Previous Detection : 2025-01-22
  • This broker has been verified to be illegal and all of its licences have expired, and it has been listed in WikiFX's Scam Brokers list. Please be aware of the risk!
  • The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.

WikiFX Verification

Exposure

3 pieces of exposure in total
Pyramid scheme complaint
Expose
OTFX · Company summary

Note: OTFX's official website: https://www.otfx.com/#/ is currently inaccessible normally.

OTFXReview Summary
Founded1-2 years
Registered Country/RegionAustralia
RegulationRegulated by ASIC (Suspicious Clone)
Market InstrumentsForex, Indices, Stocks, Bonds, Commodities CFDs, and Cryptocurrencies
Demo Account/
Trading PlatformOTFX Platform
Min Deposit$50
Customer SupportSocial media platforms (Twitter, Telegram, Facebook, and Instagram)

OTFX Information

OTFX is a broker, established in Australia within the past 1-2 years. It offers six types of trading products and provides its proprietary OTFX Platform along with five deposit methods. However, its regulation is suspicious clone. It has a minimum deposit requirement of $50, and lacks transparency regarding account types and fees.

Pros and Cons

ProsCons
Offers six types of trading productsSuspicious clone regulation
Provides OTFX PlatformMinimum deposit of $50
Offers five deposit methodsLacks account and fee information

Is OTFX Legit ?

OTFX is regulated by the Australia Securities & Investment Commission (ASIC) under license number 670 543 772. However, its current status is Suspicious Clone.

Is OTFX Legit ?

What Can I Trade on OTFX?

OTFX offers six types of trading products: Forex, Indices, Stocks, Bonds, Commodities CFDs, and Cryptocurrencies.

Tradable InstrumentsSupported
Forex✔
Indices✔
Stocks✔
Bonds✔
Commodities CFDs✔
Cryptocurrencies✔

Trading Platform

OTFX offers the OTFX platform, accessible through web, desktop, and mobile devices.

Trading PlatformSupportedAvailable DevicesSuitable for
OTFX platform✔Mobile and Desktop（Windows & macOS）Experienced Trader

Deposit and Withdrawal

OTFX supports a minimum deposit requirement of $50. It supports several deposit and withdrawal methods, including digital currencies, online banking, bank wire transfers, credit cards, and Skrill. Withdrawals can be made via credit or debit cards or bank wire transfers, with processing times typically ranging from one to two working days for online methods, and three to five working days for international wire transfers.

News

ExposureWhat is the matter with OTFX?

OTFX, an Australia-based broker with around two years of trading experience, has recently come under scrutiny for its questionable practices.

WikiFX
2024-08-20 16:16
What is the matter with OTFX?

NewsOTFX enhances investment precision through technological progress and professional services.

In the investment field, precision is of utmost importance, as the saying goes, "A miss is as good as a mile.

WikiFX
2023-12-07 10:04
OTFX enhances investment precision through technological progress and professional services.

NewsThe impact of OTFX's business philosophy on the financial investment industry.

Before establishing a successful venture, it is imperative to forge a successful team.

WikiFX
2023-12-07 10:02
The impact of OTFX's business philosophy on the financial investment industry.

NewsThe future trend of OTFX is guiding the financial technology in the foreign exchange domain, reshaping the ecological landscape of the forex industry.

Navigating the path of technological advancement, constructing new heights

WikiFX
2023-12-06 10:18
The future trend of OTFX is guiding the financial technology in the foreign exchange domain, reshaping the ecological landscape of the forex industry.
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User Reviews

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User comment

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Comments

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Mandery
more than one year
OTFX is awesome! They've got a ton of trading instruments to choose from and their educational tools are top-notch. Whether you're a beginner or an experienced trader, they've got something for you to help you grow and succeed.
OTFX is awesome! They've got a ton of trading instruments to choose from and their educational tools are top-notch. Whether you're a beginner or an experienced trader, they've got something for you to help you grow and succeed.
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2024-07-10 17:49
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Jeroen Here
more than one year
Their margin requirements are insanely low, which sounds great at first, but it's actually a recipe for disaster. They don't have any margin call mechanisms in place, so you could easily get wiped out without any warning. To make matters worse, they don't offer negative balance protection, meaning you could end up owing them big time if things go south.
Their margin requirements are insanely low, which sounds great at first, but it's actually a recipe for disaster. They don't have any margin call mechanisms in place, so you could easily get wiped out without any warning. To make matters worse, they don't offer negative balance protection, meaning you could end up owing them big time if things go south.
Translate to English
2024-03-14 16:52
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