OTProfits Broker Review
Foundation Year : 2019
OTProfits is a financial service provider operated by Habonix Solutions Ltd, a company with registration number HE396742, headquartered in Nicosia, Cyprus and by Aronex Corporation Ltd, a company with registration number 8417765-1, incorporated and registered in Seychelles and having its legal and correspondence address at Eden Plaza F25-28, Eden Island.
OTProfits has operations in 11 countries worldwide and offers several leading trading platforms, advanced trading technology, over 350 trading instruments and bank-level security with a regulated market leader.
The company is regulated by the Seychelles Financial Services Authority FSA (license number SD014).
· Trading Instruments Offered
With OTProfits customers will gain access to five tradable asset classes:
- Forex Trading
- Stocks Trading
- Indices Trading
- Commodities Trading
- Trading Cryptocurrencies
The Foreign Exchange Market is the largest segment within the global financial market, with its daily turnover currently exceeding $5 trillion. It can be accessed 24 hours per day, 5 days per week and allows participants to react instantly to the latest macroeconomic reports, political or other events by utilizing a multitude of trading strategies.
OTProfits provides access to the Forex market through the use of derivative instruments known as Contracts for Difference (CFDs). With CFDs any FX market participant is enabled to speculate on the movement of currency pairs without the need to actually own any of the two currencies in the pair.
By utilizing knowledge and skill set of their own, market participants predict if a given currency will gain or lose value against the other currency in the currency pair and if their projection is correct, this will result in a profit.
OTProfits allows access to 47 currency pairs:
- Major currency pairs
- Minor currency pairs
- Exotic pairs
Which can be traded five days a week on any device at any location across the globe with no commissions on profits or deposits, bid-ask spreads of as low as 0.7 pips and leverage up to 1:500.
Due to its 24/5 activity, high liquidity, volatility and low costs of trading, Forex remains a preferred segment for many traders.
With OTProfits’ leverage, tools, and Stock CFD offering, trading the global Stock Market is possible with less initial investment.
Traders can choose over 75 major stocks; speculate on price movement without the need to own the assets. Personalize the available trading platforms on any device and take advantage of lightning-fast order execution, no commissions on profits or deposits, bid-ask spreads of as low as 0.21 points and leverage of up to 1:50.
Traders seeking diversification of their portfolios may find OTProfits’ Index CFD offering appealing. The brokerage offers 15 major global indices traded on a range of trading platforms and devices with no commissions on profits or deposits, bid-ask spreads of as low as 0.32 points and leverage of up to 1:125.
OTP offers CFDs on 17 commodities in three major groups: precious metals, energies and agriculture-based commodities. The broker will charge no commissions on profits or deposits while offering tight spreads and leverage of up to 1:125 on its PC-based, Web-based and Mobile platforms.
The cryptocurrency market operates during the entire week and is not intervened by any central bank or government institution. It tends to be way more volatile compared to other market segments, thus, it offers endless opportunities for traders to successfully implement their strategies.
OTP offers CFDs on more than 30 crypto instruments, including:
Traded on a range of platforms with low spreads and leverage of up to 1:2. The broker will charge no commissions on gains or deposits.
· Trading Platforms Available
With OTProfits clients can take advantage of three types of trading platforms:
- MetaTrader 4 for PC
- MT4 WebTrader
- MT4 Mobile for iOS and Android
PC-based MetaTrader 4
The popular and versatile MetaTrader 4 desktop trading platform provides a range of valuable analytical tools for both beginners and traders with advanced knowledge of technical analysis.
The MetaTrader 4 platform is equipped with:
- 9-time frames
- 23 analytical objects
- 30 built-in technical indicators
- Fast execution of trading orders
The above trading feature will probably suit any trading method within a dynamic market environment. The average execution speed of trade orders is 0.08 seconds. The platform can be downloaded to a PC free-of-charge.
This is a no-download version of the popular MT4 platform run from a browser, which offers the entire analytical toolkit available on the PC-based version. Notable features include:
- Real-time balance
- Multiple windows to chart contrasting assets
- Integrated Stop Loss/Take Profit functions
- In-platform price updates and smart price alerts
- 1-click account switching
- Built-in platform support
All that is required to use MT4 WebTrader is a reliable Internet connection.
MT4 Mobile App
Traders, who would like to track market developments while they are on the go, will probably find the MT4 mobile applications for iOS and Android attractive. They can be downloaded on any mobile device free-of-charge. Notable features of the MT4 Mobile App include:
- Up-to-date information on order types
- A complete set of charts (including candlesticks and bars) and 9-time frames
- One-click trading
- Trading history and execution modes
- Automated trading, email and free mobile chat
· Trading Account Types
Depending on clients’ trading expertise and risk tolerance, OTProfits offers a three-tier system of trading accounts: Silver, Gold and Platinum. The screenshot below presents some of their basic specifications:
The next screenshot visualizes detailed information on spreads associated with some of the most popular trading instruments:
Then, we can take a look at leverage levels associated with the main asset classes:
And finally, here is the list of services available for any of the three account types:
A person is allowed to operate only 1 live account. Once such is created, clients will automatically receive a demo account with a balance of $100,000 in virtual money, aimed at skill improvement and strategy testing. Clients can switch between Live and Demo accounts at any time.
The demo account is available for a period of 7 days, but the time span can be extended. To do that, clients will need to get in touch with their account manager.
A live account can be opened by making a deposit in one of three allowed currencies:
Once the account is opened, its account currency cannot be changed.
Under strict KYC/AML regulations, clients need to verify their identity by presenting a copy of a valid International Passport, National ID card or Driver’s License. The broker will also request a Proof of Residence such as a utility bill or bank statement in the client’s name and address dated within the last 6 months.
· Deposit and Withdrawal Methods
To make a deposit, OTP clients may use one of the three secure payment methods:
- Credit or Debit Card
- Bank transfer
The minimum deposit amount on the broker’s platform is 100 US Dollars, British Pounds or Euros. If clients choose to deposit funds into their trading account via bank transfer, the minimum amount is 1,000 US Dollars, British Pounds or Euros.
There is no maximum deposit amount.
Clients can withdraw funds by using the initially chosen deposit method. There is no maximum withdrawal amount per transaction. The broker will process all withdrawal requests within 7 business days.
· Trader Education Material
OTP offers an extensive trader education database, structured as follows:
- Video on demand
Video on Demand
This section includes 6 videos for beginners, 9 videos for advanced traders, 3 videos on basic FX trading terms (pips, short & long, take profit order) and 4 videos focused on how to navigate the MT4 trading platform.
The next section offers an extensive selection of ebooks covering different aspects of FX trading.
In this section OTP provides two tutorials focused on how to operate the MT4 platform and its mobile application.
In this final section the broker provides 5 courses that cover topics ranging from FX market overviews to FX trading strategies.
· OTProfits Security
OTProfits allows access to the most advanced technology in order to maintain security of all customer transactions. The broker’s hardware and software security protocols include:
- Secure Sockets Layer (SSL) software and strict firewall protection that covers all data during transmission
- SAS 70 certified data centres
- Level 1 PCI compliance that encrypts all transactions, data servers and services
· Customer Support
OTProfits offers professional 24/5 customer support ready to aid clients in resolving any account or technical difficulties.
· Bonuses, Contests and Promotions
Currently, OTP does not offer any bonuses, trader contests or promotions.
· Final Words
OTProfits is a trusted, well-regulated and financially sound online trading provider. Compared to other CFD providers, OTP allows trading even over the weekend, running 24/7. Before you risk any of your hard-earned money you can opt for a FREE demo account that will give you the same benefits that come with a live account.
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