Optimus FX is a company that acts as both its own company and as an introducing broker to IC Markets. They aim to improve on the quality offered by other brokers and to build long-lasting relationships with their clients. We will be using this review to better understand the services on offer and so you can decide if you want to sign up with them.
Account Types
There are three different accounts available but there is not an account overview. The accounts on offer are Standard Accounts, True ECN Account sand an ECN (cTrader) Account. The different features of them are not made obvious but as we go through this review, in each section we will outline any differences between them.
Platforms
There are three different platforms so a lot to chose from, we have outlined the features of them below.
MetaTrader 4 (MT4): MT4 is one of the world’s most beloved trading platforms and is used by hundreds and thousands of users. Some of its key features include a market watch, multiple order types, thousands of indicators, a huge number of compatible expert advisors, trading history, analysis tools, multiple charts, and automated trading.
cTrader: cTrader is chock full of features, some of them include market-leading spreads and low commissions, with servers in the LD5 IBX Equinix Data Center. There are no restrictions on limit orders, with traders being able to use multiple order types, detachable charts, expanded symbol display, real-time reports, and one-click trading.
MetaTrader 5 (MT5): MetaTrader 5 (MT5) is the newer version of MetaTrader 4. Additional services expand the functionality of the platform making its capabilities almost limitless. MetaTrader 5 offers the built-in Market of trading robots, the Freelance database of strategy developers, Copy Trading, and the Virtual Hosting service (Forex VPS).
Leverage
Leverage can be chosen between 1:1 and 1:500 and is selected when opening up a new account.
Trade Sizes
Trade sizes start from 0.01 lots and go up in increments of 0.01 lots. It is not known to us what the maximum trade size is or how many open trades you can have at any one time.
Trading Costs
There is an added commission of $3.5 per 100,000 traded when using the ECN account, when using the Standard account there is no added commission as it uses a spread based system instead.
Assets
The available assets have been broken down into a number of different categories, we will be looking at what instruments are in them now.
Forex: EURUSD, USDJPY, AUDUSD, GBPUSD, USDCAD, USDCHF, AUDCAD, and more.
Metals: XAUEUR, XAUUSD, XAGEUR, XAGUSD, XPTUSD, XPDUSD.
Spot Energy: WTI Crude Oil, Brent Crude Oil, and Natural Gas.
Soft Commodities: Sugar, Coffee, Corn, Wheat, Soybean, Cotton, Orange Juice, and Cocoa.
CFDs: AUS200, US30, US500, UK100, DE30, HK50. USTEC, F40, STOXX50, IT40, JP225, ES35, US2000, CHINA 50, WIG20.
Cryptocurrencies: BTCUSD, BCHUSD, ETHUSD, DSHUSD, LTCUSD.
Spreads
The spreads on offer depend on a few factors. The first being the account type that you are using. The Standard account has spreads starting from 1 pip while the two ECN account shave spreads starting from 0 pips. The spreads are variable which means they move with the markets and will often be seen slightly higher than the stated figures.
Minimum Deposit
The minimum amount required to open up an account is $200. We do not know if this reduces once an account has already been opened.
Deposit Methods & Costs
There are a number of different methods available and can be deposited in AUD, USD, EUR, GBP, SGD, NZD, JPY, HKD, CHF, or CAD.
Available payment methods include:
Credit / Debit Card, PayPal, Neteller, Skrill, FasaPay, Wire Transfer, Local Bank Transfer, POLi, Broker to Broker, WebMoney, Bpay, China Union Pay, Qiwi and Thai Internat Banking.
The only fees are for depositing with China Union Pay which has a fee of 0% – 3.5% and Qiwi which has a fee of 3%.
Withdrawal Methods & Costs
You can withdraw using the same methods which for clarification are Credit / Debit Card, PayPal, Neteller, Skrill, FasaPay, Wire Transfer, Local Bank Transfer, POLi, Broker to Broker, WebMoney, Bpay, China Union Pay, Qiwi and Thai Internat Banking.
Any fees that are there are charged by your own bank so check with them to see if any are added.
Withdrawal Processing & Wait Time
Withdrawal requests should be processed within 24 hours (except over the weekend) it will then take between 1 to 5 working days for the funds to fully process depending on the method used.
Bonuses & Promotions
Thee does not appear to be any active bonuses at the time of writing this review.
Educational & Trading Tools
From looking around the site there are no educational materials or resources available.
Customer Service
You can contact Optimus FX by using an online submission form as well as there being postal address, phone number, and email address available.
Address: 4160 NW 1st Avenue, Suite 13, Boca Raton, FL 33431
Phone: 1.800.771.6748
Email: [email protected]
Demo Account
Demo accounts are available to use with MetaTrader 4, you can select any of the accounts to mimic as well as the leverage and initial deposit. Demo accounts are great as they allow you to test out the markets and new strategies without risking any capital.
Countries Accepted
This information is not present and so you will need to contact the support team to get this information.
Conclusion
Optimus FX shares a lot of its features with IC Markets but they also act as their own broker and introducing broker. There is plenty of options when it comes to acocunts and trading platforms as well as plenty of assets to trade. Lots of deposit and withdrawal methods with very few fees are also great. Optimus FX could be a good route to use when signing up but the ultimate decision is yours.
