On February 13, 2018, the Australian Securities & Investments Commission (ASIC) issued a warning to the public about OTCapital’s conduct, which it determined was misleading or deceptive, and/or unconscionable. In addition, it warned that potential investors are likely to suffer detriment as a result. The investigation is continuing.
OTCapital is an Australian forex and CFD broker that owned by OT Markets Pty Ltd., whose headquarters is located at Office 9, 242 Hawthorn Road, Caulfield, North Victoria 3161, Australia. Its phone number is: +61 39 999 7330, and customer support email address is: email@example.com.
OTCapital is operated by OT Markets Pty Ltd, a registered Australian company. The company registration number is ACN 621 714 181. OT Markets is the corporate authorized representative of AGM Markets Pty Ltd, which holds license #422662 issued by the Australian Securities & Exchange Commission (ASIC).
The site is only available in English and is aimed at an Australian audience.
OTCapital uses the MetaTrader4 platform in desktop standalone, web-based and mobile versions. Hundreds of underlying assets are available for trading CFDs, including all popular forex pairs, indices, individual shares, and commodities such as Brent, crude oil, gold, platinum, coffee, and sugar, among others. Cryptocurrencies have recently been added as well.
Personal information is defined and protected in accordance with Australia’s Privacy Act 1988 (Commonwealth) (Act) and the National Privacy Principles. Client information, therefore, is treated as confidential and stored securely. Only personnel with security passes may access the premises. All computer-based information is protected through the use of access passwords on each computer. OTCapital also promises to destroy personal information if and when it is no longer required.
There are three levels of account types, which offer various benefits, and the smallest account size starts at $250:
- Silver, with leverage as high as 1:200 for forex, 1:50 for most commodities and indices and at most 1:20 for stocks and equities
- Gold, with leverage levels of 1:400 on forex, 1:100 on indices and commodities and 1:40 on stocks.
- Platinum, with leverage levels of 1:500 on forex and 1:125 on commodities
Each type offers different spreads and leverage levels. Prospective clients are free to consult with OT Capital representatives to determine which is most appropriate for their needs.
OTCapital may provide bonuses to traders. Note, however, paragraph 22.1(b) on the Terms & Conditions page, which states as follows:
Withdrawal of any bonus or credit from any account is subject to OTCapital condition that you must have performed a trading volume of at least 20,000 times for each $1 bonus (or such other volume as agreed by OTCapital). Any bonus or credit can only be withdrawn when the condition has been fully satisfied (to the satisfaction of OTCapital). Any withdrawal of funds from an account made before satisfaction of the condition (to the satisfaction of OTCapital) will be immediately cancelled and removed from the account.
These conditions effectively render the bonuses unrecoverable.
The forms of payment are not specified on the public site itself or in the Terms & Conditions page.
OT Capital’s comprehensive “education” section provides a variety of e-books, tutorials, videos, and courses, as well as seasonal reports on the earnings of the top companies whose assets are featured on the site.
There is an e-book on forex and another for advanced traders. There are tutorials on the MT4 and MT4 Mobile platforms. The videos available are entitled “Trading as an Art Form,” “Chance and Risk,” “Are You an Emotional Trader?,” “Distributing Risks,” “Currency Pairs,” and “Buying and Selling.” Course titles include Trading Strategies, CFDs and Stocks, Social Trading, Trading Tools, and a Beginner’s Course.
Customer support can be requested by phone, email, chat or by submitting an online form. The support personnel are available from 12AM to 10AM GMT.
OT Capital is not a licensed broker.