10 Best OTC Forex Brokers
and Trading Platforms

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Over-the-counter trading or OTC refers to a trade that is not made on a formal exchange as most OTC trades will be made between two parties, often handled via a dealer network. The most popular OTC market is the FX Market, where currencies are exchanged via a network of banks, instead of on exchanges. What this means is that forex trading is decentralised and can take place 24 hours a day and are not tied to an exchange’s open and close times.

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

Here is an overview of the 10 Best OTC Forex Brokers and Trading Platforms available:

alpari

Alpari

Alpari with its long-standing brand history, numerous offices, range of account types and diverse managed account offerings is the perfect choice for Forex and CFD traders who are looking to leverage the power of MetaTrader platforms.  Alpari is regulated by the FSC.

Alpari integrates research content from several third-party providers under its Forex Analytics section and is a MetaTrader-only broker.  The native versions of the mobile app for MetaTrader 4 and MetaTrader 5 are available for Android and iOS devices straight from the developer.

Alpari offers traders more than 250 tradable assets to trade across Forex, Stocks, Indices, Metals, Cryptocurrencies and Futures on the MetaTrader suite of trading platforms.

In addition to a demo account, 4 more accounts are on offer. These 4 accounts are divided into standard accounts and enhanced accounts, which are known as ECN types.  The standard account options are available as a basic option and are known as the MT4 MicroAccount and the standard MT4 account. The accounts more suited to experienced traders are the standard ECN account and the ECN Pro Account, which offer instant execution.

Customer Service is available via live chat, email and phone service.

ic markets

IC Markets

IC Markets was founded in 2007 and International Capital Markets Pty Ltd (IC Markets) was established in Sydney and acquired an Australian Financial Services License (AFSL) with the Australian Securities and Investment Commission (ASIC) in 2009 and is considered average-risk.

Feature

IC Markets

Forex: Spot Trading

Yes

Currency Pairs (Total Forex pairs)

63

CFDs – Total Offered

41

Social Trading / Copy-Trading

Yes

Cryptocurrency traded as actual

No

Cryptocurrency traded as CFD

Yes

 IC Markets offers three account types in which trading costs vary from commission-free on the Standard account to commission-based pricing on the True ECN and cTrader accounts and IC Markets provides a mobile version of all the platforms it offers, including MetaTrader 4 and MetaTrader 5 and cTrader, all of which come standard for iOS and Android.

IC Markets supports a wide range of languages including English, Japanese, Chinese, Polish, Afrikaans, Danish, Dutch, German and more.

Customer Support is available via Phone, Live Chat and Email.

Exness review

Exness

Exness is authorised by the Financial Services Authority (FSA) of Seychelles and was founded in 2008. Traders have the ability to trade on Forex and CFDs on Crypto, Metals, Energies, Stocks and Indices on the MetaTrader 4 and MetaTrader 5 trading platforms for Windows, Mac, Linux, Android and iOS and the Exness Web Terminal.

Exness offers traders 5 different trading accounts to choose from. Standard Accounts include the Standard and Standard Cent. Professional Accounts include Raw Spread, Pro and Zero. Demo accounts and Islamic swap-free accounts are also available.  Exness offers over 105 different instruments to trade, including over 103 currency pairs.

Exness supports a wide range of languages including English, Russian, Chinese, Urdu, Malay, Indonesian, Hindi, Arabic, Bengali, Farsi, Tamil, Vietnamese, Thai, Korean, and Spanish via Live Chat and Email.

Forex Time (FXTM)

FXTM

FXTM or ForexTime was founded in 2011 and  is a registered brand name of Exinity Limited, regulated by the Financial Services Commission of Mauritius with license number C113012295.  FXTM offers users seven different accounts types where the execution method, range of markets, available platform, and commissions and fees may vary.  Three accounts are offered under the Standard category.  Forex Time (FXTM) is a MetaTrader broker which offers forex and CFD traders multiple account options for both MT4 and MT5 platforms.

FXTM offers traders the opportunity to trade in the following markets:

  • Forex
  • Cryptocurrencies (Bitcoin, Ethereum, Litecoin etc) Please take Note: FXTM offers crypto trading via Exinity Limited and Instruments on offer are based on a traders country of residence.
  • CFDs for Indices and Commodities (FTSE, DAX, Nasdaq etc)
  • Spot metals (Gold, Silver)
  • Shares CFDs (Apple, BP, Google etc)

FXTM provides research in the form of daily technical and fundamental news analysis provided by an in-house team of analysts.

Customer Service is available phone, email, online chat options – WhatsApp, live chat, Viber, Telegram or Messenger.

HotForex

HotForex

HotForex was established in 2007 is well regulated by FCA, CySEC, DFSA, FSCA and SFSA.

The HotForex MT5 terminal offers 21 different timeframes, superior analysis tools, trading across HotForex asset classes, close to 100 simultaneous charts, hedging and one-click trading and 80+ technical indicators plus an in-built economic calendar.

The account can be accessed from anywhere using an iPhone, interactive charts for 9 timeframes, advanced trading functions, one-click trading, 24 analytical objects, and 30 technical indicators.

Hotforex’s Metatrader offers a fast order execution, news feed, multiple order types, support for EAs.

Key features include:

  • Supports:  MT4, MT5 for desktop, web & mobile
  • Minimum deposit:  $5
  • Leverage:  1:1000
  • Trading Instruments:  Forex, Cryptocurrencies, CFDs on Stock Indices, Commodities, metals

Customer support is available via phone and email.

FP Markets

FP Markets

FP Markets is a global, online broker regulated by the Australian ASIC and the Cypriot CySEC which was founded in 2005 and offer Forex trading and has a head office situated in Australia. When starting off with FP Markets traders will need to make a minimum deposit of $100 and a demo account is on offer with a wide variety of instruments and currency pairs on offer.

Over 100 instruments and over 60 currency pairs in total is on offer, on the popular MT4 forex trading platform.  FP Markets also offers traders mobile apps for Android and iOS.

FP Markets Trading benefits include:

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Offers Negative Balance Protection

FP Markets Trading Accounts Offered include: Demo, Mini, Standard, ECN, STP, Managed and Islamic and all accounts support a wide range of languages including English, Spanish, Portuguese, Romanian, Bulgarian, Arabic, Russian, French, Italian, Greek, Philippines, Latvian, Polish, Indonesian, Thai, Malay, German, Vietnamese.

Customer Service is available via email, phone and live chat.

XM Group

XM Group

XM Group (XM) is a group of regulated online brokers. Trading Point of Financial Instruments was established in 2009 and is regulated by the Cyprus Securities and Exchange Commission (CySec 120/10).  

There are four account types on offer – Micro, Ultra-Low, Standard and Zero which all allow for up to 200 open/pending positions per client.  XM offers traders more than 1000 financial instruments to trade on both the MT4 and MT5 platforms, including Forex Trading, Stocks CFDs, Commodities CFDs, Equity Indices CFDs, Precious Metals CFDs and Energies CFDsForex trading is available on over 55 pairs, including the major USD, GBP, EUR and JPY pairs.  Traders must take note that XM does not offer binary options or futures.

Customer Service is available via live chat, Phone and email support.

OctaFX

OctaFX

OctaFX is a Forex ECN broker registered by CySEC in St. Vincent and the Grenadines and offers the option to trade on Forex, Indices, Metals and Cryptocurrencies via CFDs, across the MetaTrader and cTrader suite of trading platforms as well as their own OctaFX Trading App

Three main types of trading accounts are on offer – MetaTrader 4 Micro, MetaTrader 5 Pro and cTrader ECN. OctaFX also offers Copy Trading accounts, a swap-free account and demo trading accounts. OctaFX offers 24/5 customer support via Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.

eToro best brokers

eToro

eToro is an online broker which was founded in 2006 and offers CFDs and Social Trading, with a head office based in Cyprus, UK.  eToro is supervised by the Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) regulatory bodies and has been in operation for over 14 years.

eToro offers traders two ways to trade: CFDs, Social Trading and eToro traders will need to make a minimum deposit of $200 and the platform can accommodate various levels of traders from beginner to expert.  Traders can trade in a wide variety of over 100 instruments and over 50 currency pairs on eToro’s user-friendly custom trading platform which is available as a browser-based web application. eToro also offers traders mobile apps for Android and iOS, making it easier to keep an eye on and execute trades.

eToro trading accounts on offer include:  Demo, Micro, Mini, Standard, STP and Islamic.  eToro supports a wide range of languages including English, German, Spanish, French, and Italian.  24/6 customer support is available via telephone and support ticket.

xtb best broker

XTB

XTB is a European broker which was founded in 2002, and has offices in 13 countries across the globe.  XTB is regulated by the UK Financial Conduct Authority (FRN 522157) and has been listed on the Warsaw Stock Exchange since 2016.

XTB is a fintech company which combines financial services with innovative technology and it offers clients two platforms to choose from:

  • xStation 5
  • MT4

Traders can choose from 25 crypto CFDs (9 individual coins or 16 crypto pairs) which are available 7 days a week (from 3am Saturday to 9pm Friday). Traders can buy or sell digital coins with 2:1 leverage and 365-day expiry.

Trading Features:

Accounts offered:

Funding methods:

Allows scalping 

Demo account

Credit cards

Allows hedging 

Micro account 

Bank Transfer

Offers STP 

Mini account 

PayPal

Low min deposit 

Standard account 

Skrill

Guaranteed stop loss 

Islamic account

Payoneer

Offers Negative Balance Protection

 

Netelle

XTB support a wide range of languages including English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, Turkish, Arabic, and Russian.

With so many excellent OTC Forex Brokers available, the list would not be complete without the following 5 OTC Forex Brokers and Trading Platforms –

IQ Option logo

IQ Option

IQ Option is a forex & binary options broker with offices based in the UK, Cyprus, and the Seychelles, and regulated by the FCA and CySECIQ Option offers traders three trading account to choose from, Retail, Professional and Demo.

IQ Option offers the following underlying assets for FX trading.

90+ Currency Pairs

Based on major and minor world currencies.

17 Crypto Pairs

Based on Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, Ripple, Dash, Zcash, Qtum, Cardano, OmiseGo, Stellar, EOS, IOTA, NEO, NEM, TRON.

5 Indices CFDs

Based on baskets of different blue-chip stocks.

3 Metal CFDs

Based on Gold, Silver and Platinum.

2 Energy CFDs

Based on Crude Oil (WTI, Brent).

1 Soft CFD

Based on Wheat.

130+ Stock CFDs

Based on shares of US, UK and EU companies.

28+ ETF CFDs

Based on exchange-traded funds containing various tradable assets.

IQ Option offers the following underlying assets for Binary Options trading (unfortunately, not available for EU residents).

30+ Currency Pairs

Based on major and minor world currencies.

2 Indices BOs

Based on DFMGI, TelAviv-25.

2 Metal BOs

Based on Gold and Silver.

20+ Stock BOs

Based on shares of US companies.

Payment methods accepted include all the usual options like VISA, MasterCard, Skrill and Neteller, plus a range of other online money transfer services, including AstroPay, Qiwi, and WebMoney.  IQ Option’s trading platform is web-based and supports both binary options and forex & CFD trading within the same user interface. 

Customer support is available 24/7 via email and local phone numbers in 13 countries.

AvaTrade

AvaTrade

AvaTrade is an online broker founded in 2006 offering Forex trading, CFDs trading, Spread Betting trading, and Social Trading.

  • Regulated by: Central Bank of Ireland, Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Financial Stability Board (FSB), British Virgin Islands Financial Services Commission (BVI)
  • Headquarters:The British Virgin Islands
  • Foundation year:2006
  • Used: by over 200,000 traders

Across all markets, MetaTrader 4 gives traders access to over 250 assets, 30 advanced charting tools, trading history, and other useful information.  Customer support is available by email, phone, or live chat.

FXCM

FXCM

Forex Capital Markets Limited or FXCM is a Spread Betting, CFD and Forex trading broker, authorised and regulated by the UK Financial Conduct Authority under the Forex Capital Markets Limited and is part of the Leucadia Company, which offers users the ability to trade on Forex, Forex Baskets, Indices, Commodities and Crypto on its own proprietary Trading Station platform for Desktop, Web and Mobile, as well as on MetaTrader 4, NinaTrader and ZuluTrade

FXCM offers traders 4 main types of trading accounts to choose from, including  Spread Betting, CFD Trading, Active Trader and Professional Clients. A Free Demo account is also made available.

Customer Support is available via Live Chat, Phone, Email and SMS.

Axi Affiliates

Axi Affiliates is an online broker which was founded in 2007 and offers Forex, CFDs and Social Trading, is a global broker and has a head office situated in Australia with no minimum deposit needed to get started plus a demo account is on offer.  Axi Affiliates is authorised and regulated by the Australian Securities & Investments Commission (ASIC). Axi Affiliates is able to accommodate various levels of traders and offers the MT4 forex trading platform plus mobile apps for Android and iOS, respectively. Axi Affiliates Trading benefits include:
  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
Axi Affiliates Trading Accounts on Offer include Demo, Micro, Mini, Standard, ECN, STP and Islamic and support is offered in a wide range of languages.  Customer support is available via Phone, Live Chat and Email.
Forex.com

Forex.com

Forex.com is a platform which can be used for trading foreign currencies and precious metalsForex.com is a registered Futures Commission Merchant (FCM) and Retail Foreign Exchange Dealer (RFED) with the Commodity Futures Trading Commission (CFTC) and member of the National Futures Association (NFA # 0339826) since 2004. Traders can trade over 80 currency pairs as well as silver and gold.  Three types of accounts are on offer including Standard, Commission and a Direct Market Access account.  Forex.com works with a web-based platform, mobile apps, and desktop across the Forex.com trading platform or MetaTrader.

Customer support is available by phone, live chat, or email 24 hours a day during market hours.

Maximize
the stock
Markets

with 1:2 leverage
on the world's
leading stocks

In Conclusion

OTC trading gives companies that do not meet stock exchange requirements an opportunity to raise capital, which can help fund expansion and growth. OTC trades offer greater flexibility when compared to their more controlled and standardised exchange-based counterparts.

EXNESS is this month's #1 Broker