Prime OTP Information
Prime OTP is an unregulated brokerage company registered in Mauritius. This firm provides a swath of investment choices with the popular MT5 platform. Two live trading accounts and a demo account are available with Prime OTP. However, this firm does not provide managed portfolio services. And lack of transparency about trading fees is another drawback.
Pros and Cons
Is Prime OTP Legit？
Prime OTP operates without regulation from any recognized financial authority. Engaging with an unregulated broker like Prime OTP carries substantial risks, and investors should be aware of the potential consequences before depositing funds.
What Can I Trade on Prime OTP？
When you open a brokerage account with Prime OTP, you've got over 2100 assets to trade. For example, you can diversify using: forex, shares, indices, commodities, and metals.
More investment options are a good thing since you can easily build a well-rounded portfolio. But if you're looking for cryptocurrency, bonds or ETFs, you won't find them here. If you're a beginning investor and want to learn more about trading, you can head to the Knowledge Centre to explore its extensive educational resources.
Account Types
Prime OTP offers two live trading accounts (Standard account and Raw account) and a free demo account. Both accounts have the same benefits of ultra-fast execution, transparent trading environment, and negative balance protection. With standard accounts, you can enjoy commission-free trading with spreads starting from 1.3 pips. Raw accounts provide much better spreads, which is starting from 0.2 pips. However, there is a catch: you need to pay a commission of $7 per lot traded.
Trading Platform
MT5 (MetaTrader 5) is available with Prime OTP. You can apply it on multiple devices, including Windows, MAC, Android, and IOS. It is a diversified financial trading platform that allows trading foreign exchange, stocks, and futures. It provides automated trading systems and excellent tools for various price analyses, the use of algorithmic trading applications, and copy trading.
Deposit and Withdrawal
Prime OTP does not charge any additional fees for funding. There are several funding and withdrawal options you could choose from. Any payments made via bank wire transfer could take three to five working days to show on an account. Funds will be credited once the firm receives the funds in its account. The minimumdeposit is $100.
However, there is limited information about the withdrawal process and relative fees.
Deposit Options
Withdrawal Options
Customer Support Options
If there's something you need to do that you can't manage online or through the mobile app, you can always reach out to Prime OTP'scustomer support. You have multiple choices: including email (support@primeotp.com), phone support (+97142254643), social media channels (Facebook, Twitter, YouTube, etc) and a message box on its website.
The Bottom Line
Variety is a good thing for building a diversified portfoilio. Having a mix of different investments can help with managing risk. You can find plenty of investment opportunities in Prime OTP with its user-friendly online & mobile platform. This brokerage could be a good option if you're a beginning investor. However, regulatory hurdles and lack of transparency on trading fees are major downsides. Before choosing a brokerage, remember to consider risks and keep a close eye on fees.
FAQs
Is Prime OTP safe？
Prime OTP is not regulated by any reputable financial authority. Before choosing a brokerage, remember to consider the risk involved.
Is Prime OTP good for beginners？
Prime OTP is a great platform for beginners with its easy-to-navigate platform.
Does Prime OTP offer leveraged trading？Yes, Prime OTP provides a leverage option, which is up to 1:500.
Risk Warning
Online trading involves considerable risk, so it may not be suitable for every client. Please make sure that you totally understand the risks involved and notice that the information above provided in this review may be subject to alteration owing to the constant updating of the company's services and policies.
