Otet Markets review – Can you trust this broker?

Otet markets is a global Forex broker that provides access to trading Forex, metals, indices, energies, US and EU stocks as CFDs (Contracts for Difference) and Crypto. Available platforms are MetaTrader 5 and cTrader.

Otet Markets’ central office is located in Limassol, Cyprus, and provides multilingual customer support 24/7. The broker offers various account types to attract different trader types.

Let’s delve deeper into the broker’s trading conditions and find out whether it’s worth opening a live trading account or not. We’ll discuss essential topics such as safety features, trading fees, available platforms, tradable instruments and more in detail.

The Safety and Security of Otet Markets

Safety and security is the top priority for every professional trader. Financial markets are filled with fake brokerages and scammers. Otet Markets isn’t regulated by top-tier regulators.

• Otet Markets Brokerage is regulated by the Comoros Financial Regulatory Authority with registration number HY00523012.
• It holds a financial activity license with license number 118922 from Marshall Islands
• Otet Markets is registered with a financial activity certificate number 254900HJ0CZRZVRN8C30 on the Bloomberg LEI website.

It should be noted that these financial institutions are low-tier. And registered doesn’t mean regulated.

In addition, deposits and withdrawals can only be made in Tether, and bitcoin. Cryptocurrency deposits, particularly in specific situations, may raise concerns due to their potential association with scams or fraudulent activities.

On the upside, the broker offers third party popular platforms such as MetaTrader 5, and cTrader, but the overall picture doesn’t leave the sense that Otet Markets can be trusted.

Trading fees of Otet Markets

There are no inactivity fees at Otet Markets, and deposits are also free of charge. However, withdrawals are charged with 0.25% to 0.75% commissions, which is a lot compared to competitors. Many Forex brokers have zero fees on withdrawals. Furthermore, currency conversion fees are also applied when making transactions as the broker only accepts Bitcoin and Tether.

Otet Markets offers both categories of accounts: accounts with zero commissions and spread markups instead, and accounts with zero spread markups (with commissions). Information regarding spread markups was difficult for us to gather because the broker doesn’t say it publicly. As for the commissions, we were told by the customer support agents that it’s 5 USD per lot traded round-turn.

Account opening at Otet Markets

Account opening process is fast and fully digital with Otet Markets. Traders need to visit the broker’s main page, and click the “Open An Account” button at the top right corner. Traders will be transferred to a registration page, where by providing personal information and contact details, they can finish the registration process in a matter of minutes.

Traders need to pick a preferred account type, trading platform and fund their accounts to be able to trade financial instruments offered by this broker.

cTrader account types

Otet Markets brokerage provides customers with a range of seven distinct account types. 5 of these account types are connected to the MetaTrader 5 platform, and 2 are connected to the cTrader software.

MetaTrader 5 account types

Available trading platforms

Trading platforms play an important role in the success of any given trader. Platforms help traders analyze markets and manage their risks. Furthermore, traders can use platforms to place different types of orders. In addition, some trading platforms offer social trading capabilities and tools for trade automation.

Otet Markets offers one of the best Forex and CFD (Contract for Difference) trading platforms: MetaTrader 5, and cTrader. Both platforms are highly popular. The main difference is that MetaTrader 5 is a multi asset platform while cTrader is generally used for trading currency pairs. Let’s take a closer look at each.

MetaTrader 5 (MT5)

Released in 2010, MT5 supports a variety of financial instruments, including currency pairs, indices, commodities, cryptos, shares, bonds, and futures. Main features of MT5 include:

• MT5 allows traders to hedge their trading positions, which means that it is allowed to open trades in the opposite direction. It should be noted that hedging strategies are difficult to implement and when used by unprofessional traders, losses can incur. Because hedging is risky, some countries and trading platforms do not allow them.
• MT5 uses the MQL5 programming language for developing automated trading programs.
• MetaTrader 5 is well-known for its enhanced backtesting capabilities. The platform comes with a strategy tester for backtesting automated trading strategies.
• MT5 provides market depth information through the DoM (Depth of Market) feature. DoM enables traders to analyze where traders have placed their bids and ask orders.
• MetaTrader platforms are super popular. And there’s a large community of traders that develop and sell trading robots and indicators. Furthermore, it’s easier to become a signal provider when using the MT5.

cTrader

cTrader was released in the same year as the MT5, in 2010. While the platform supports asset classes such as Forex, indices, commodities, and cryptos, traders do not have access to shares, bonds, and futures. Let’s take a closer look at the main features of the platform:

• Offers a slick and modern looking platform with user-friendly interface. The platform was designed in 2010 by the Spotware company, but has gone through numerous iterations and upgrades.
• cTrader uses C# programming language for creating custom-made trading algorithms, and indicators. C# is a much simpler language than what MT5 uses (MQL5). It should be mentioned that cTrader is not as widely used as MetaTrader platforms, and therefore, there are less custom-made trading robots and indicators available.
• The platform is often associated with true-ECN (Electronic Communication Network) brokers, as cTrader helps traders have direct access to liquidity providers.
• cTrader uses a netting system, which means that traders cannot hedge positions in the same currency pair.
• cTrader provides traders with Level II prices that helps them analyze bids and ask prices.

Traders can use desktop, mobile or web trading platforms. The mobile apps are available for both Android and iOS users. Desktop software is the main platform for traders, but the mobile and web terminals are also highly useful. Mobile and web applications help traders keep in touch with the markets and manage their active orders. Furthermore, mobile apps in particular are one of the best tools when it comes to emergency situations like loss of electricity and loss of access to the internet on your computer.

Deposits and Withdrawals at Otet Markets

There are no fees when making deposits. However, withdrawals are charged from 0.25% and 0.75% of the withdrawal amount. Traders can fund their accounts from $25, while the minimum initial deposit required to open a live trading account is $100. In addition, it should be noted that traders can easily transfer their funds from one trading account to another. Deposits are instant and withdrawals can take up to a day.

On the downside, all deposits and withdrawals are made with Tether and Bitcoin currencies. For example, in case you deposit 100 USD, the amount will be automatically converted to one of the crypto currencies, and deposited to your trading account. Which is a huge drawback, as this way traders will lose a lot of money on conversion fees. Furthermore, when taking money out of your account, it is also necessary to convert it into a crypto currency. Don’t forget that in addition to currency conversion fees, withdrawals are charged between 0.25%-0.75%. It should also be mentioned that crypto assets are highly unstable and they are characterized by large volatility.

It seems a bit weird that the minimum initial deposit is 100 USD, but deposits cannot be made in USD. We asked about this with the customer support team and they didn’t have an answer.

Markets and Products

Otet Markets provides access to a wide range of instrument classes, including currency pair, metals, indices, energies, US and EU stocks as CFDs (Contracts for Difference) and Crypto. As already mentioned most of crypto assets and all of the shares offered are only available on MetaTrader 5.

Forex trading at Otet Markets

There are 72 currency pairs available for trading that include major, minor, and exotic pairs. Maximum available leverage depends on your account type and ranges from 20:1 to 3000:1. Traders can use both cTrader and MT5 platforms to trade currencies.

Metals and energies trading at Otet Markets

Otet Markets offers CFDs on popular metals such as Gold, Silver, and Platinum against most widely traded currencies: US Dollar, and Euro. In addition, there are energies such as UKOIL, USOIL, and WTI-OIL. Energy prices are largely dictated by global supply and demand.

Indices trading at Otet Markets

Indices are popular instruments for market analysis. They help traders measure the health and fitness of certain industries and economies. For instance, US 500 or more commonly referred to as S & P 500 follows the performance of top publicly traded US companies. When the index goes down, it means that investors are losing interest in the US economy and vice versa. In addition to being a great indicator, indices can be traded as CFDs. Traders can access some of the most popular indices with this broker:

• JPN225
• France 40 Cash Index
• Spain 35 Cash Index
• Hong Kong 50 Index
• Germany 30 Cash index
• Australia 200 Cash Index
• SPX500 (US500)
• NAS100
• UK 100 Cash Index
• Switzerland 20 Cash index
• Euro 50 Cash index
• Netherlands 25 Cash Index
• Dow Jones 30

Shares as CFDs (Contracts for Difference) trading at Otet Markets

The broker offers most popular stocks as CFDs from US and European markets. Traders can trade popular companies such as Apple Inc, Boeing Co, Tesla Inc, Baidu, Citigroup, and more. When trading CFDs, traders can use leverage to increase their purchasing power, and go long or short. CFDs are perfect for market speculations but are generally avoided by long term investors due to high fees for keeping positions open. Long term investors prefer real or also referred to as physical shares.

Crypto tokens trading at Otet Markets

Otet Markets offers a wide selection of crypto assets on its dedicated Houbi Crypto account. The account type is only available for MT5 users and leverage is 1:1. This means that the assets aren’t traded as CFDs and investors can make investments instead of speculating short term.

Customer service of Otet Markets

When it comes to customer support, Otter Markets offers live chat, email, and phone support options to its clients. Traders can use a live chat window from the main page, use WhatsApp, or Telegram channels. Furthermore, the broker is active on social media platforms such as X (formerly known as Twitter), LinkedIn, Pinterest, Facebook, Instagram, and YouTube). The webpage is available in English, French and Arabic. Moreover, the live support is available 24/7, which is super convenient, especially for crypto traders as crypto markets remain open during weekends.

Education at Otet Markets

Receiving a quality education is essential for financial traders to make money. Traders need to learn how to analyze markets, create and backtest trading strategies, learn how to manage their emotions and risks, and keep improving their skills to remain competitive in the market.

Unfortunately, we couldn’t find educational material on the broker’s main page. There are no webinars, seminars, trading guides and glossaries available. Not even an economic calendar is provided.

Closing thoughts

To sum it all up, Otet Markets is a loosely regulated broker with questionable safety levels. The broker provides access to the most popular trading platforms such as MetaTrader 5, and cTrader. Maximum available leverage ranges between 20:1 and 3000:1 depending on the account type. The broker provides 7 different account types to meet the needs of different traders. When it comes to funding, Otet gets low scores from us. Transactions made only in crypto do increase privacy, but also make your deposits less traceable. Many scammers use crypto transactions to their advantage. While we cannot say with 100% certainty that Otet Markets is a scammer, we do not recommend this broker to our readers. Why choose Otet Markets when there are so many well-regulated Forex brokers?