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.
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