OTMFX Review

OTMFX

  • Name : OTMFX
  • Website : otmfx.com
  • Established : 2003
* Ranked #294 of 315 in DailyForex's top broker list

Info

Name : OTMFX
Website : otmfx.com
Established : 2003
Country : Cyprus
U.S. Clients Allowed : No?
Due to strict US regulation many brokers aren't able to accept traders with US citizenship.
See our list of recommended brokers that do accept US traders.

Advantages

  • Several Trading Accounts
  • Islamic Account

Disadvantages

  • No Regulation
  • Not Many Bonuses
  • No Demo Account

OTMFX Review

OTMFX Review

OTMFX is a global financial brokerage established in 2003 and is domiciled in Limassol, Cyprus with offices in London, Hong Kong, Australia and Denmark. OTMFX offers trading in commodities including metals such as gold, silver and oil, all the major currency pairs, stocks and indices. There is no regulation.

Accounts

There are several trading accounts at OTMFX. The Standard account suits both beginners and experienced traders. The standard account offers full trading education with personal account manager service, trading in more than 200 assets, leverage of 1:200, tight spreads and more. The Gold account offers the same features as the Standard account and provides additional special market data and trading opportunities, including an account manager in order to help him during his trading session and provide him with all the required data and tools in aim to achieve his goals.

OTMFX’s Diamond account is specifically for those who are looking to make high trading profits with a minimal risk by using the firm’s experienced market analyst team. This account offers the best trading services and each Diamond account owner receives a special credit card that will let him make quick withdrawals. Diamond account holders are also entitled to premium trading signals, special market reports and other special offers.

There are no fees or commissions with any of the accounts. Traders in all the accounts receive full and free access to the education center, daily trading signals and market news, live communication with the broker’s dealing room, training courses, 24 hours support,  remote trading by phone orders  and more.

OTMFX Trading Signals
OTMFX Trading Signals

A welcome bonus is provided to all new account holders and mobile trading is available to all.

The Islamic account conforms to the principles of the Islamic law. It has the same account benefits as any other account, but it doesn’t contain any commissions, fees, or Interests.

I was surprised to see that there was no demo account available.

Deposits/Withdrawals

Deposits to trading accounts can be done via credit cards, wire transfers and CashU.

The minimum deposit amount is 500 USD; the maximum deposit amount is 5,000 USD.  A maximum of 10 transactions per card per month is accepted and the maximum amount deposited in a month may not be more than 10,000 USD per card.

The minimum withdrawal amount and the maximum withdrawal amount is 5k and the withdrawal process procedure can take up to 2 business days.

A special benefit for VIP and Privileged Traders is the availability of the OTMFX Debit Card which gives them complete access to their funds 24/7. This card is just like an everyday Debit Card but it is attached directly to an OTMFX trading account so profits can be withdrawn whenever they are wanted.

Education

OTMFX offers one on one personal trading course to all clients that cover a multitude of trading skills and tips. Trading courses are provided by telephone using screen sharing programs. The courses are scheduled directly with each market expert trainer and include instruction in trading, technical and fundamental analysis, trading strategies and risk management.

Instruction on all topics is also provided in-full straight from the OTMFX website.

In addition, market news and market reviews are available daily on the site and OTMFX market experts provide daily trading ideas such as the trade of the day and a technical summary chart which are adjusted to the markets movement in order to focus on the most profitable asset.

An economic calendar and currency converter are provided. The FAQ page is limited but useful and a listing of worldwide interest rates is posted once a day.

Customer Support

Traders can access OTMFX representatives 24/5 via email, telephone to four different locations and online Chat. Direct online requests are also available.

The website is available in English and Arabic.

Bonuses/Promotions

A 30% welcome bonus for each new account opened is mentioned in the account section and on the side bars.

There is also a refer-a-friend promotion whereby each friend or family member interested in Forex trading entitles both the client and his referral to a special commission. At the time of this review, the commission was $100 for each.

Conclusion

OTMFX is a fairly new entry in the Forex industry but it manages to offer its clients a host of upscale and beneficial features. The platforms are top of the line, there are several trading accounts to choose from and the product line is more than adequate.

Advantages

  • Several Trading Accounts
  • Islamic Account

Disadvantages

  • No Regulation
  • Not Many Bonuses
  • No Demo Account

Review info: OTMFX
Review Date:
Rating : 2
Reviewed By :