Odin Forex Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Odin Forex Review.
Odin Forex Review
Odin Forex offers its clients a choice of several live account types: 2 commission-free ones, STP/ECN and Premium accounts. The STP/ECN and Premium accounts provide tighter variable spreads, but also involve a commission fees and require significantly higher initial investment.
Micro lots are available for trade solely on the Micro account type, and, of course, the broker also provides free Demo accounts.
Keep in mind that Scalping and News Trading with Odin Forex are allowed with limitations.
The Company. Security of Funds
Company
Country
Regulation
ODIN MANAGEMENT PTY LTD
Australia
ASIC
Odin Forex is a MT4 forex broker offering trading in 28 currency pairs and precious metals. According to the information on its website, it has clients in more than 10 countries all over the world and most of their clients are from Asia and America. Odin Forex’ brand and website belong to Odin Management Pty Limited, a company regulated by the Australian Securities and Investment Commission (ASIC).
ASIC requires licensed financial services providers to meet strict capital requirements ($ 1 million) and to implement certain internal procedures, such as for risk management, staff training, accounting and audits. In addition, all client funds must be held in fully segregated client trust accounts.
Unlike many EU-based financial services providers, however, Australian forex brokers are not covered by any compensation scheme. FCA-regulated brokerages, for example, fall under Financial Services Compensation Scheme (FSCS), which protects consumers up to £50,000 per person per company.
Trading Conditions
Minimum Initial Deposit
Traders are required to deposit $10 in order to open an account with Odin Forex, which is a low initial amount to start with.
Average Spreads & Commissions
While spreads and trading conditions on Micro and Standard accounts appear average, when we tried out Odin Forex’s demo MT4, the spread for the EUR/USD pair was fixed at 4 pips. Such spread is double the amount that most fixed-spread brokers offer.
By comparison, easyMarkets (holding licenses from both ASIC and CySEC) provides spreads fixed at 1.0 pips on EUR/USD. For more information, you may check out and compare real-time spreads of 15 leading brokers here.
Maximum Leverage
The default leverage for Clients of Odin Forex is 100:1 for both accounts, which is average for the forex market. The maximum leverage level, however is very high, reaching 1:1000. You should keep in mind that such high leverage involves big risk of losses in excess of initial investments.
Most brokers usually offer leverage of up to 1:200 or 1:400, for instance easyMarkets provides leverage up to 1:400.
Trading Platforms
Odin Forex supports the standard forex trading platform MetaTrader 4 (MT4), available to its clients as desktop download and mobile apps.
MT4 provides a full spectrum of trading tools and resources: a number of built-in technical indicators, solid charting tools, wide range of Expert Advisers (EAs) and extensive back-testing environment.
Except the high fixed spreads, when we downloaded Odin Forex’s demo MT4, we noticed some more disturbing things: the platform is provided by Star Luck International Limited – a Hong Kong Private company limited by shares; besides, the instruments available for trade are only 7 currency pairs and several CFDs.
Methods of Payment
Odin Forex offers its clients the following deposit/withdrawal methods: bank transfer, debit/credit cards, e-wallet payments Perfect Money & China UnionPay.
Odin Forex is a well-regulated Australian forex broker that supports the MT4 platform. What bothers us with this broker is the difference between the trading conditions announced on its website and the ones on its demo platform, which by the way is provided by another company.
The Broker is not a safe forex broker, Instead you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Odin Forex Review Conclusion
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