Global Broker Regulation Inquiry App
WikiFX
Xxpro 
1-2 years
Is OTC a legit broker for trading?
Broker Issues
Regulation
08-05
United States
WikiFX
Reply
OTC is not considered a fully legit broker since it is not regulated by any financial authority. Legitimate brokers are typically regulated by agencies that ensure they adhere to industry standards, offering protection to clients. Without such regulation, OTC lacks the assurances that regulated brokers provide, which makes it a risky option for those using the PayFX trading platform or planning to open an OTC account. If safety and regulatory oversight are important to you, it may be better to explore other options.
Similar Questions
What are the pros of Home Broker?
Ahmed Harb
06-09
Is DLSM a safe and legit broker?
Solotim
06-28
What are the strengths and weaknesses of AIKO Markets in terms of regulation?
Sanjay sirohi
08-10
Have you encountered any drawbacks with Consilium's customer service or noticed issues with the stability of their platform?
Franko Knavs
08-03
Is Toho Securities regulated?
Allan777
06-27