Beware! Otofpr is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
The Otofpr website is filled with promises of transparency, fair terms and security of funds. What’s missing is evidence that this is indeed a regulated forex broker. In this review, we will look at the evidence that Otofpr is in fact a scam and point you towards more credible alternatives for investing in the financial markets.
Otofpr Regulation and safety of funds
|Guaranteed Funds||Segregated Accounts||Negative balance protection|
|UK regulated brokers||£85 000||Yes||Yes|
|EU regulated brokers||€20 000||Yes||Yes|
|AU regulated brokers||No||Yes||Yes|
|US regulted brokers||Yes||Yes||No|
If a financial services provider is legitimate, you will find on its website clear and detailed information about the company that owns and operates it, where it is based, and what licences it has. Genuine brokers also provide access to a comprehensive set of legal documentation. The availability of such information does not guarantee that it is not false or misleading.
The owner of the website is listed as the company Otofpr Capital Group Limited, which is allegedly licensed by Cyprus Securities and Exchange Commission (CySec).
But a check of this statement in the register of this regulator shows that it is a lie. Otofpr is not among the brokers licensed by CySec, but among those blacklisted.
When choosing a broker through which to invest in the financial markets, you should not only make sure that all the information required by law is available, but also that this information is true. Always check that the company is indeed on the records of the specified regulator and that the domain used is among those officially approved for the particular broker.
There are many benefits for retail traders to trade through a licensed broker in the EU. These brokers must maintain a minimum net capital of at least EUR 730 000, which guarantees that the company is financially stable and has a serious long-term approach. When clients deposit money in their trading accounts, they are kept segregated from the broker’s operating funds in separate bank accounts. Thus the clients’ money remains shielded in case of mishaps like a broker’s bankruptcy.
All brokers licensed in Cyprus and other EU countries are members of the Investor Compensation Fund, which may cover a maximum of EUR 20,000 per person in the event of broker insolvency. EU forex brokers are required to report their clients’ transactions on a regular basis. This requirement is designed to improve investor protection and promote market integrity and transparency.
Otofpr Trading software
|Analytical tools||Auto trading||Custom indicators||Mobile apps|
|MT4||30+ indicators||✅||✅||Android and iOS|
|MT5||50+ indicators||✅||✅||Android and iOS|
|cTrader||40+ indicators||✅||✅||Android and iOS|
Otofpr claims to offer the web-based trading platform TradingView. But after registering an account we do not get access to a working trading software. The web platform we find on the dashboard of the website is completely non-functional.
But even if Otofpr had a more convincing platform, that would not make this website credible. Fake brokers use rigged trading software to mislead their victims that their money is really being invested. But this trade is entirely sham.
If you use the services of a licensed broker, you will get the opportunity to use established software with advanced features and versions for all types of devices and operating systems. The most widely used trading platforms in the industry are MetaTrader 4 (MT4) and MetaTrader 5 (MT5). These platforms have established themselves as industry standard because they offer a wide range of features, including a variety of options for customization, multiple account usage, designing and implementing custom scripts for automated trading and backtesting trade strategies.
Otofpr Trading instruments
Otofpr advertises trading in forex, commodities, indices, stocks and cryptocurrencies. But we have no reason to believe that this fishy website offers real trading.
Otofpr Spreads and cost of trading
Otofpr does not provide clear and detailed information on the trading conditions it claims to offer. Genuine forex brokers provide detailed information about the trading conditions. Legitimate companies also offer different account types to suit clients with different experience, capital and investment intentions.
Otofpr Maximum leverage
|UK regulated brokers||30:1||5:1||❌||10:1||10:1|
|EU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|AU regulated brokers||30:1||5:1||2:1||10:1||10:1|
|US regulated brokers||50:1||❌||❌||❌||❌|
The website mentions a leverage of 1:100, which also indicates that this cannot be a licensed broker operating in the European Union.
The European Securities and Markets Authority (ESMA) and accordingly all EU regulators limit leverage to 1:30 for major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies.
Higher levels of leverage are only offered to professional clients who trade entirely at their own risk. If you don’t qualify as a professional trader but are willing to take the risk of high-leverage trading, the most viable option is to use the services of an offshore affiliate of an established brand.
Otofpr Deposit and withdrawal methods
|Deposit time||Withdrawal time||Price|
|Crypto||24 hours||24 hours||Fee depends on crypto|
Otofpr only allows the deposit of funds with cryptocurrencies. This is typical of financial scammers. Cryptocurrencies are their payment method of choice because on the one hand they allow the scammer a degree of anonymity, and on the other hand they do not allow the scammed to ask for a refund.
While there are some legitimate brokers that accept digital currencies like Bitcoin, they do so alongside other transparent payment methods such as credit/debit card, bank transfer or popular e-wallets like PayPal, UnionPay or FasaPay.
Otofpr Minimum deposit
Otofpr requires a minimum investment of 1,000 USD. For ten or even a hundred times less you could open a trading account with a reputable and regulated forex broker.
Otofpr Withdrawal requirements
|Trading volume||Fee/Tax on withdrawal||Minimum withdrawal|
|Otofpr||Not specified||Not specified||Not specified|
|UK regulated brokers||No||No||No|
|EU regulated brokers||No||No||No|
|AU regulated brokers||No||No||No|
|US regulated brokers||No||No||No|
The lack of a publicly available Terms and Conditions or Client Agreement means that scammers may have set many traps such as hidden fees and impossible-to-meet withdrawal terms.