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OTC Prime Review - is it scam or safe?

OTC Prime Review - is otcprime.com scam or good forex broker?

RATING: 1 / 1 REVIEWS ForexBrokerz OTC Prime
OTC Prime is not regulated. We cannot guarantee your money is safe.

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Trading Accounts & Conditions

 

Trading Account  Minimum deposit Min. trade size Maximum leverage Spreads *   
Standard $100 0.01 1:500 From 2.0 pips
Platinum $1000 0.01 1:500 From 1.5 pips
Gold $10000 0.01 1:500 From 0.0 pips

 *According to the information on the broker’s website.

 

Clients of OTC Prime have several account options. All accounts are said to offer NDD environment, floating spreads, commission-free trading and micro tradeable lots on the MetaTrader 4 platform.

 

A spread starting from 2 pips on EUR/USD is actually anything but low and competitive. By comparison, FxChoice, which is also registered offshore, but has earned its good reputation, offers average spreads of 1.2 pips on its commission-free accounts. For further information and comparison, you may check out real-time spreads of 15 leading brokers at our dedicated page.

 

Otherwise, with OTC Prime you can start with a rather small initial investment and use high leverage levels, which is typical for an offshore brokerage. Although many brokers offer leverage of 1:500 of higher, do not feel obliged to use the maximum. The higher the leverage, the greater the risk.

 

In fact, we are quite confused about the offerings of this broker. If you start registering for an account with OTC Prime, a drop-down menu shows account options that are quite different from the ones in the table above: Micro (Fix/Variable) and Standard (Fix/Variable). Such inconsistencies make us wonder whether we can trust this broker.

 

The Company. Security of Funds

 

Company

Country

Regulation

OTC Corporation Ltd.

SVG

FSA

 

OTC Prime is a newly-launched offshore broker whose website is not completed yet. It offers trading in more than 50 currency pairs, as well as precious metals on the popular MT4 platform. Indices and stocks CFDs are not available for trade with this broker.

 

The company that operates the brokerage brand and website, OTC Corporation Ltd. Is registered in St. Vincent & Grenadines (SVG). Although the broker claims to be regulated by the local FSA, the truth is that SVG does not have very strict requirements for the registered businesses and offers a tax haven.

 

While it is true that no regulation can protect you from dealing manipulation, misuse of client money, or company bankruptcy and no license can guarantee the funds in your trading account, there are certain financial agencies which struggle to put some certainty in the decentralized FX market in their jurisdiction. Money rules, transaction reporting and minimum capital requirements are set in the Australia, UK, Cyprus, among others. So, you’d better find a broker that is licensed in these countries of by other reputable regulators.

 

Trading Platform

 

OTC Prime offers its clients the most popular front-end application in the forex industry - MetaTrader 4 (MT4), desktop and mobile versions available.

 

The MT4 is a perfectly equipped platform that allows you to trade in the financial markets with ease of use. It provides the necessary tools and resources to analyze price dynamics of financial instruments, make the trade transactions, and create and use automated trading strategies (Expert Advisors).

 

 

We’ve installed OTC Prime’s MT4 in demo mode, but could not initiate any trades. Click to zoom in.

 

Promotion

In order to attract new customers, OTC Prime currently offers a $30 No-Deposit bonus to all new live account holders.

 

Methods of Payment

 

OTC Prime supports only bank wire transfer and credit/debit card payments.

 

Conclusion

 

OTC Prime is a newly-launched forex broker that uses the popular MT4 platform. Its main disadvantage is that it is registered offshore. Besides, we are not sure what account types this broker offers, and its demo account is not functional. Here are, in a nutshell, the pros and cons of OTC Prime:

                                                                          

 

Pros Cons
MT4 available  Not regulated
Commission-free trading Spreads above the average
  Limited CFD offering, payment methods
  Broker of questionable credibility

 

Latest news about OTC Prime
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Traders` reviews for OTC Prime

Spread

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Slippage

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Requotes

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Price feed

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Platform

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Deposit/Withdraw

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Cons

 

 

Customer service

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Summary

Pros

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