A Trustworthy Trading Platform for Online Investors

OctaFX Review

2011 marks the year that OctaFX first opened its doors for business. Over four million users worldwide have used it during its eleven years of operation. The platform is one of the most reliable for online trading indices, stocks, and commodities, making it a top-tier brokerage. Let’s look at OctaFX and what they have to offer by thoroughly evaluating their brokerage services.

With OctaFX, traders can use the MT4 and MT5 platforms to trade with more features. Referral programs and general promotional practices can help increase your earnings. In addition, they offer comprehensive instructional materials, much like many other brokers. The Copy trading function is the most innovative part of this broker.

OctaFX Regulations

OctaFX was started 12 years ago in the Caribbean countries of the Grenadines and St. Vincent. There are government agencies in that country that oversee the company’s OctaFX.com website. CySec is in charge of supervising the OctaFX.eu website.

If you’re a citizen of one of the roughly 180 nations that OctaFX welcomes, you can use our trading platform without fear of being banned. The name of your country will appear in a list when you create an account. Please be aware that OctaFX is not accepting new customers from the United States.

Trading Platform

You can purchase or sell products with only a few clicks on the trading platform. In addition, the price chart typically includes various tools for analysis to help you understand the price movement, allowing you to maximize your profitability through well-planned trades.

Accessible through the desktop client, online browser, and mobile, the platforms enable automated trading functions. Autochartist Pro, which is compatible with the broker’s MetaTrading4 and MetaTrading5 trading platforms, is where clients can get the broker’s technical indicators, which include comprehensive daily market analysis and insightful technical indicators.

The 20,000 third-party customized features and electronic advisers (EAs), many of which are free of charge, can be adapted to the MT4 trading platform. You can only get your hands on the cutting-edge, competitive edition of MT4 once you shell out the cash for the required upgrades. Only the MT5 trading platform allows trading in all assets at this time.

Mobile App

The OctaFX trading app gives users access to most of the assets that can be traded, and it looks great even on devices with less screen space.

Traders can make deposits and withdrawals of funds, activate swap-free options, adjust leverage, and alter or restore their passwords. It is a separate trading solution that allows traders to manage all aspects of the OctaFX trading accounts while away from their desks.

Trading Tools

OctaFX provides several trading tools to make your life easier, like trading calculators that can determine the pip rates and swaps for a specific position. On their website, you can also use a built-in profit calculator to determine how much money you could make. You can also view real-time quotes to keep tabs on the value of your investments. This broker gives you access to various helpful trading tools, such as real-time market data and an automated charting service.

Market News and Analysis

OctaFX writes daily articles that look at the fundamentals and technicals of popular trading tools like CFDs and forex. In addition, it provides its OC LiveTrader program, a collection of media content that can be seen live-streamed on the firm’s YouTube account. The accuracy of the analytical material provided by OctaFX is on pace with what you would generally find with an average broker. It does have a lot of good information from the top brokerages in this field.

Deposits and Withdrawals

Bitcoin, Skrill, Neteller, Credit Card, Bank Transfer, and Wire Transfer are just some of the many deposit options available to OctaFX customers. OctaFX takes over 50 payment options, though some might not be available where you live. Local payment methods, such as wire transfers to a local bank, could take several days to clear. 

If you use a major credit card, bank transfer, debit card, Skrill, Neteller, or an electronic wallet instead of a traditional bank, your deposit will be in your account immediately. Bonuses are given to traders who put money into a live OctaFX account. They are meant to give traders an edge in the market. A trading account can be set up in either US Dollars or Euros.

Payment Methods

OctaFX accepts payments from the following options. 

Credit cards 
VISA
MasterCard
Debit cards
Bank transfers
Electronic wallets (Neteller, Skrill, and UnionPay)

Fees and Commission

When new traders sign up for OctaFX’s trading platform, they won’t be hit with any hidden costs. In addition, there are no charges for pre-mandate trading when you sign up for the forum. Spreads as low as 0.0 pips and commissions as low as USD 7 are available for trading with OctaFX. OctaFX’s spread list begins at 0.0 pips, and its commissions, which start at US$0.02 each 0.01 lot when trading only with ECN CTrader accounts, are meager compared to other brokerage firms and reasonable.

A user can make trade swaps on their Micro Account. However, automated trading swaps are only compensated for three days in the Pro Account Type.

Funds Safety

OctaFX protects its customers’ money by keeping it in separate accounts. This is a necessary condition to look for when searching for a broker because it ensures that your cash will be held in a particular location from the broker’s funds.

To put it another way, the broker is prohibited from using the funds you provide for the sake of the broker’s business. Thus, your money will remain secure even if the company declares bankruptcy. Also, it ensures there won’t be any problems with cash flow, even if a withdrawal request is processed immediately.

Customer Support

Monday through Friday, you can contact customer care at any time. Users can get the service by email, phone, live chat, or a contact form available in Indonesian, Spanish, English, and Polish. The help desk is known for how quickly they respond, how much they know, and how well they understand trading, which lets them give correct answers on the first try. While OctaFX is not the industry leader in this regard, they do a respectable job.

Account Types

There are 3 main types of accounts available at OctaFX. All types of accounts use a different trading platform to offer various business terms to attract more traders.

OctaFX additionally offers a dedicated Islamic account. Islamic account is completely compliant with Shariah, which means that there aren’t any interest rates or fees charged on holdings that are kept overnight.

To make an Islamic account at OctaFX, traders must prove that they are Muslims. Then, from the given account features, choose “swap-free.”

Bonus and Promotion

OctaFX provides traders with bonus promotions worth fifty percent of their initial deposits. To qualify for the bonus being offered, a minimum of 100 lots is required.

For example, if the sum of the deposits is $400, OctaFX may provide a bonus promotion equal to $200 of the customer’s choice. The user must split their bonus in half, giving users $100 to credit toward the prize offered if they follow the formula of $200 divided by 2.

OctaFX Pros and Cons

  • A low $25 initial deposit
  • Traders can choose from more than 70 different currency pairs.
  • There is no SWAP on any accounts.
  • Price differences fluctuate (variable)
  • Trading Platforms: MetaTrader 4/MetaTrader 5 and WebTrader
  • Funds currencies: US Dollars and Euros
  • Safeguards against negative balances for European Customers

Cons

Regulated by the Industry Standard-setting Body CYSEC

  • Not having the proper financial permissions
  • Significantly few monetary assets have been accumulated
  • Exclusively allows trading in Contracts for Difference (CFDs) for all financial assets.

Final Words

Based on testimonials from its clients, OctaFX has earned a reputation as one of the top brokerages in the industry. Firm customer service representatives are ready at all hours to answer your questions. Their high-security settings prevent hackers from gaining access to sensitive client data and offer multiple layers of security for all consumer cash. In addition, you can increase your trading margins by 50% by taking advantage of their deposit bonus offer. One of the finest parts is that they keep experts on hand to help you trade.

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