OTX Forex Forex broker review — Everything you need to know

Minimum deposit

100 USD

Bonus

100%

Maximum leverage

1:500

Year founded

Unknown

Regulation

Trading platform

MT5

OTX Forex is the company’s trading and website name, which is owned and operated by Oxford Ventures LLC. This broker offers several accounts and access to the advanced MT5 trading app on both desktop and mobile devices.

In this unbiased review of OTX Forex broker, we will analyze its safety, accounts, trading costs, profit withdrawals, platforms, support, and more.

OTX Forex Overview of the website

The website of the OTX Forex broker is minimalistic in design and is responsive. However, the broker fails to provide a well-ordered menu and lacks many crucial details about its services. Traders often have to dig deeper to get details about even the most basic information, and there is no direct comparison between different accounts. There are only a few buttons on the website, which are not enough to provide convenience to users. The broker seems like a beginner and not an experienced one, as it has not figured out how to develop a professional website yet.

There is a live chat plugin built into the website, but it also feels obsolete and is not responsive enough to provide swift assistance. The website is not very mobile-friendly either, which is yet another let-down in this category by the OTX Forex broker.

In the end, the website is mediocre at maximum and still requires substantial improvements and refinements before it can be called a professional broker website.

OTX Forex Accounts Reviewed

OTX Forex broker trading account types are numerous and include Micro, Islamic, ECN, and VIP. These accounts require very high minimum deposits starting from 100 dollars, which makes this broker very unattractive. Micro accounts are called micro because traders can start with 1 dollar, and requiring 100 USD makes it not a micro but a standard account with high starting capital. Let’s briefly review each of these accounts to assess their competitiveness.

OTX Forex Micro Account

The Micro account, despite its name, requires very high minimum deposits. Here are its full trading conditions:

Minimum deposit – 100 USD
Maximum leverage – 1:500
Spreads – From 1.5 pips
Commissions – 0 USD
Minimum lot size – 0.01 lots

OTX Forex Islamic Account

The Islamic account is for Sharia financial law followers and has somewhat similar conditions to the Micro, but spreads are lower:

Minimum deposit – 200 USD
Maximum leverage – 1:500
Spreads – from 1.2 pips
Commissions – N/A
Minimum lot size – 0.01 lots

OTX Forex ECN Account

The ECN account is for scalpers, and the spreads are from 0 pips, but it does not disclose exact commissions:

Minimum deposit – 1,000 USD
Maximum leverage – 1:200
Spreads – From 0.0 pips
Commissions – N/A
Minimum lot size – 0.01 lots

OTX Forex VIP Account

The VIP also has 0 pips spreads and requires a higher deposit to be activated, but the broker still does not offer details about commissions:

Minimum deposit – 5,000 USD
Maximum leverage – 1:200
Spreads – From 0.0 pips
Commissions – N/A
Minimum lot size – 0.01 lots

Overall, the account offerings of OTX Forex are not very competitive, especially on the lower end, because of high deposits and spreads.

Deposit and withdrawal options at OTX Forex

OTX Forex broker lacks details about deposits and withdrawals. As a result, we do not know what accepted payment methods, fees, and processing times are. This is a major issue and usually a characteristic of a scam broker. As a result, this broker can not be trusted. It most likely accepts bank cards and wire transfers, and the hidden details make it difficult to conclude whether the broker is cheap or expensive with its transaction fees.

OTX Forex Assets — What can you trade?

Trading markets offered by OTX Forex are numerous and include popular markets such as Forex pairs, indices, commodities, shares, and spot metals. Most of these instruments are CFDs, which enable fast trade execution, but these assets are also known to be very risky. The broker does not offer crypto trading, which is a drawback for sure.

Trading platforms of OTX Forex

The main trading platform app of OTX Forex is the advanced MetaTrader 5 platform. The broker shows its pictures on its website but never mentions the platform name, which is suspicious. The platform is very capable, and the broker does not prohibit traders from using expert advisors and custom indicators. Mobile trading is also available via the mobile MT5 app, which is fast and light.

Education at OTX Forex

Educational materials of OTX Forex are extremely limited. There is only a dedicated section where a basic description is provided for what forex trading is, and it is nowhere near the actual trading education. There are no articles, video content, or trading courses available. The broker does not provide any market analysis tools or trading signals either.

OTX Forex Customer Support

Customer support is an integral part of forex trading, and OTX Forex offers live chat and email options. The broker also provides a phone support option, and there is an online form as well, which is provided via email. Overall, this completes the customer support process very well, as traders can use any support option depending on their needs. OTX Forex broker is multilingual as it offers its website and support in multiple languages.

OTX Forex bonuses and promotions

From promotions and bonuses, OTX Forex offers a 100% welcome bonus and a withdrawable 30% bonus. There are also some prizes offered. The 30% bonus, but the minimum deposit to be eligible for this bonus is 1,000 dollars. Strict conditions apply to both bonuses, and traders should carefully read all the terms and conditions to decide whether it’s worth signing up for these bonuses.

Is OTX Forex your broker? Final verdict

OTX Forex offers an MT5 trading app with multiple trading account type options, high leverage, but lacks regulations, has hidden withdrawal details, and high deposit requirements, making it a risky broker. While the platform provides bonuses and multiple assets, the absence of transparency makes this broker highly unreliable and risky for traders. Not recommended.