Overbit launches MT5 for those looking for 500x and 100x leverage for FX and Crypto
The derivatives broker offers a range of markets within crypto, forex, and commodities – with leverage of up to 100:1 for crypto and 500:1 for foreign exchange trading.
Overbit has launched MetaTrader 5 (MT5) to enhance a faster and seamless on-the-go trading experience on its offshore derivatives trading platform.
The introduction of MetaTrader 5 software introduces the option for traders to use Bitcoin or USDT as a deposit when trading crypto or forex.
Seychelles: Overbit based offshore
Chieh Liu, Chief Executive Officer at Overbit, said: “MetaTrader 5 (MT5) is intended to accommodate more asset classes which include cryptocurrencies. This MT5 software is a popular choice for the modern and forward-thinking Overbit trader who is constantly seeking new, powerful and high-quality investment tools.”
Overbit added MT5 to its offering in order to assist traders to trade better and with more ease using the professional technical analysis tools and Expert Advisors (EAs), which offer algorithmic trading and trading strategy testers to equip users with effective choices.
The derivatives broker offers a range of markets within crypto, forex, and commodities – with leverage of up to 100:1 for crypto and 500:1 for foreign exchange trading.
High leverage is a double edged sword as it maximizes the potential for profits but also for losses. Being registered in Seychelles under Abberton Trading Limited, Overbit can offer extremely high leverage levels for its users at their own risk.
Margin trading carries a high level of risk to the users’ capital and they should only trade with money you can afford to lose. Margin trading may not be suitable for all traders.
Australia’s financial watchdog, ASIC, has recently renewed its restrictions on CFD products, namely the maximum leverage of up to 50:1. The decision follows the conclusion that new measures, which took effect on 29 March 2021, reduced retail losses by 91%. A huge win for the regulator and the FX retail landscape.
For instance, ASIC observed during the order’s first six months of operation:
a 91% reduction in aggregate net losses by retail client accounts (from $372 million to $33 million aggregate net loss per quarter on average)
51% fewer loss-making retail client accounts per quarter on average
an 87% decrease in margin close-outs affecting retail client accounts per quarter on average
an 88% reduction in negative balance occurrences for retail clients per quarter on average.
ASIC Commissioner Cathie Armour commented: “We have seen a substantial reduction in harm to retail clients resulting from CFDs as a result of ASIC’s product intervention. Our extension of the product intervention order for five years will ensure that the leverage ratio limits and other protections can continue to reduce the size and speed of retail clients’ CFD losses. These consumer protections are more important than ever during volatile market conditions”.
