FXOTP

FXOTP Information

FXOTP is a forex and CFD broker registered in Ground Floor. It offers a variety of tradeable instruments, including forex, indices, stocks, metals and commodities. FXOTP has a esay-to-use trading paltform, 24/5 customer service and demo account, and also provides low spreads for commission-free standard accounts and original accounts, making it suitable for traders of all levels. However, the lack of regulation is a major concern, which makes it risky.

Pros and Cons

Is FXOTP Legit？

The registered address of FXOTP is Ground Floor, The Sotheby Building, Rodney Village, Gros-Islet LC01 101. Saint Lucia with registration number 2023-00396.

However, its regulatory information can't been found in FSRA, and it has not been regulated by other well-known regulatory authorities such as the Financial Conduct Authority (FCA) in the UK or the Australian Securities and Investments Commission (ASIC).

What Can I Trade on FXOTP？

FXOTP allows you trading CFDs on forex, indices, shares, metals, and commodities, using their trading platforms.

Account Type

FXOTP provides two account types for users to choose from, and provides demo account.The standard account is very suitable for beginners and those who like an easier trading experience. It offers a competitive spread as low as 1.3 points, ultra-fast execution speed, and no commission for transactions so it is an economical choice for many people.

On the other hand, the raw account is designed for experienced traders who prioritize the lowest possible spread. The spread of this account is only 0.2 points, providing finer market access, but a commission of $7 is charged per lot of trading. This account type is suitable for high-frequency traders and people who perform a large number of transactions.

FXOTP Fees

Fxotp fees are a medium level compared in the industry.

Trading Fees

The Standard account offers 1.3 spreads but no commission, while the Raw account has tighter spreads from 0.2 pips, but charges a commission of $7 per lot.

Swap Rates

Both accounts have 0% swap fees.

Trading Platform

Deposit and Withdrawal

FXOTP doesn't charge a deposit or withdrawal fees. The minimum deposit is $300, and there are different gifts for different deposit levels.

Deposit Options

Withdrawal Options

Customer Service

FXOTP offers multiple ways to reach customer service, including phone, email, online chat, and a contact form. They have 24/5 customer support, which is a plus. However, they only support English service, which may not be convenient for non-native English speakers.

The Bottom Line

The advantage of FXOTP lies in its variety of trading instruments and low spreads with commission-free, but the lack of regulation is its biggest risk. FXOTP is a good choice for traders with high risk tolerance and seeking diversified investment oppportunities.

FAQs

Is FXOTP a safe broker to use？

Because FXOTP is not regulated by any major financial agencies, using it carries some risk.

Is FXOTP good for beginners？

Yes, FXOTP has a user-friendly trading interface, 24-hour customer service, and a demo account for beginners to trade.Is FXOTP good for day trading？

Spreads on raw accounts are tight, but commission costs could lower returns.