OctaFX Online trading has seen a boom lately. It is not surprising since it is a profitable and convenient business even for a new trader, which can serve as additional income or turn it into full-time work.
You don’t have to be a financial expert to buy and sell stocks through an internet-based trading platform. However, the trading endeavor shouldn’t be taken for granted since it entails certain risks for traders.
A considerable challenge is the rising number of anonymous and unlicensed brokers. Our OctaFX review will help you minimize the risk of online trading scams.
OctaFX is a multi-asset broker with HQ in Cyprus and a branch office in Saint Vincent and the Grenadines, operating since 2011 globally.
As the CySEC is considered a tier two financial market regulator, OctaFX lacks jurisdictions from top-tier monetary authorities, which doesn’t make it a less respectable forex provider. Continue reading this honest review keeping you in the loop.
Pros and Cons of OctaFX
Examining the ins and outs of the OctaFX broker, it is easy to conclude that there is no room for complaints about the broker. The biggest strengths of OctaFX are
- Fast and straightforward account opening.
- Low minimum deposit.
- Funds security.
- Risk management tools.
- A broad spectrum of trading instruments.
- Rich educational materials.
On top of this is access to a proprietary mobile trading application, industry-leading web trading platforms, favorable terms of exchange, and excellent customer support.
As for drawbacks, there aren’t many, just maybe the fact that US customers are not accepted and that it doesn’t have a license from major financial awarding bodies as its competitors do.
In this review, I would like to point out that the company has received many accolades in its eleven-long history. Customers from over 150 countries worldwide can trade on OctaFX trading platforms.
Over 30,000 users can’t be wrong; without complaints, their trust in this company indicates that it is not a shady brokerage.
Nevertheless, I want to stress the importance of thinking twice before taking risks while investing money.
Regulation and Security of OctaFX: Are They Safe or a Scam?
Cyber security experts recommend checking all the facts before investing your hard-earned money to prevent online trading scams. The first step in due diligence is inspecting if a broker is registered or unregistered.
It can be done quickly by simply visiting a company website and reviewing one of the major financial regulatory agencies. Doing so will save you time and money. Also, be cautious about easy earnings.
Regarding regulation, OctaFX trading is a licensed business by CySEC, operating under Octa Markets Cyprus Ltd, holding a license number 372/18, and having a company registration number 359992.
Thus, your money is safe with this provider of online trading services. Keep in mind that online trading is a heavily regulated industry; hence doing legal business unlicensed is impossible.
Go ahead with reading to learn more about the OctaFX broker review.
What Accounts are Available at OctaFX?
On the subject of accounts, OctaFX offers two options; each of them will suit a different level of trading experience. For occasional and less adept traders, the company has designed the OctaFX MT4.
As its title suggests, this account utilizes the MetaTrader4 platform. The second account on offer is the OctaFX MT5 using the more advanced trading platform MetaTrader5.
This option is aimed at tech-savvy, skilled, and frequent traders. The main characteristics of both accounts are outlined in the table below.
|Features||OctaFX MT4||OctaFX MT5|
|Spread||Floating, beginning at 0.6 pips||Floating, beginning at 0.6 pips|
|Commission/Markup||Zero commission/markup||Zero commission/markup|
|Trading Instruments||35 currency pairs, gold & silver, 3 energies, 4 indices, and 30 cryptocurrencies||35 currency pairs, gold & silver, 3 energies, 10 indices, and 30 cryptocurrencies|
|Leverage||1:30 for currency pairs1:2 for cryptocurrencies|
Up to 1:500 for SVG entity
|1:30 for currency pairs1:2 for cryptocurrencies to 1:500 for SVG entity|
|Min Volume||0.01 lot||0.01 lot|
|Max Volume||200 lots||500 lots|
|Execution||Market execution in under 0.1-second||Market execution in under 0.1-second|
|Precision||Five digits||Five digits|
|Deposit Currencies||EUR (€) or USD ($)||EUR (€) or USD ($)|
|Margin Call/Stop Out Level||25%/15%||25%/15%|
So, it is clear that OctaFX accounts allow you to trade with proven trading assets, like its main competitors, but what gives OctaFX the edge is that it provides excellent conditions for trade. Briefly, with OctaFX, traders can expect fruitful outcomes.
As we go forward with our OctaFX reviews, we want to emphasize that the demo account option is the main difference between a legal and an illegal broker.
Only the former will allow customers to practice trading for free—OctaFX clients can enjoy the privilege of the demo account.
The OctaFX demo account allows you to experience trading with no risks and restrictions, enabling you to build competence in online trading, master OctaFX trading platforms, and develop forex strategies.
Therefore, before setting up a live account with OctaFX, training on a demo account is highly suggested.
Deposits and Withdrawals Methods at OctaFX
Regarding modalities for funding, OctaFX stays competitive by presenting the most common payment methods for depositing and withdrawing funds. Before moving forward, it is vital to highlight the anti-money laundering policy.
Namely, unlike a fraudulent broker that provides different deposit options from withdrawal ones, a legit company makes sure these two options are the same.
In connection with funds protection, OctaFX offers segregated accounts to ensure your investment—the company keeps clients’ funds separated from its. Thus, you are protected in case of any sudden, adverse event, e.g., if the broker ceases trading.
Options and Deposit Fees
When depositing money with OctaFX, there are no commissions or additional costs. Moreover, customers get a bonus of a 50% deposit boost. Deposit options are summarized in the table below.
|Means of payment||Minimum sum||Fee||Completion time|
Speaking of the lowest required opening balance, OctaFX is ranked among affordable brokers. To start trading on OctaFX platforms, one must invest at least $50, which applies to both live accounts (OctaFX MT4 and MT5).
However, the company recommends making a $100 down payment to get the most out of trading.
With OctaFX, withdrawal functions in a similar way to deposits. As mentioned, it is essential due to anti-money laundering.
So, the company doesn’t levy withdrawal charges, and you won’t be flabbergasted by hidden fees, leaving no room for withdrawal complaints. Withdrawal options are summed up in the following table.
|Means of payment||Minimum sum||Fee||Completion time|
|Bitcoin||0.00009000 BTC||Nil||1–3 hours to approve the withdrawal and up to 30 minutes for funds transaction.|
|Skrill||$5 (USD)||Nil||1–3 hours to approve the withdrawal and up to 5 minutes for funds transaction.|
|Neteller||€5 (EUR)||Nil||1–3 hours to approve the withdrawal and up to 5 minutes for funds transaction.|
|Ethereum||0.00500000 ETH||Nil||1–3 hours to approve the withdrawal and up to 30 minutes for funds transaction.|
The critical point is that OctaFX protects its customer from insolvency by offering negative balance protection; to put it differently, you can’t lose more than you have initially deposited.
Lacking risk management mechanisms is a significant issue linked to not legit brokers; your equity is at risk of being lost to a non-registered foreign organization.
Different Trading Platforms Available at OctaFX
OctaFX has found its place among leaders in the saturated online trading market thanks to its innovative and reliable software.
Being that Clients have the opportunity to trade on prime trading platforms like MetaTrader4 (MT4) and MetaTrader5 (MT5), along with the OctaFX mobile trading app. Which platform you will use is up to you. So, let’s quickly take a look at each trading program.
Web Trading Platform
Those users preferring trading on computers (Apple MAC, Linux, and Microsoft Windows Operating Systems) can use both MT4 and MT5 platforms for web trading. This option doesn’t require any program installation and is convenient for those less skilled in technology.
Advanced users will appreciate a desktop version of the MT4 and MT5 platforms; both require downloads and come with pre-built features that vary on each platform.
We must say that MT5 is more sophisticated and trader-centric, and it fits both beginners and advanced traders. It can be installed on Windows, Linux, and MAC OS.
MT5 consists of many useful characteristics such as stop limit orders, an economic calendar, cutting-edge trading tools, a fully adjustable user interface, integrated copy trading & automated trading.
MT5 is also next-generation software, a successor of MT4, and has everything you need for successful online trading.
As it goes with the best online trading companies, so you have the chance to test the newest method of trading—algorithmic or automated trading—with OctaFX. Only the MT5 platform supports it.
This type of trading also utilizes trading robots analyzing quotes and providing you with valuable insights to assist you in decision-making. Ultimately, you will be more productive.
In addition, OctaFX has devised Autochartist, a free forex signal provider of automated alerts, helping you open/close orders, stop losses, and take profits; it is compatible with MT4, MT5, and the OctaFX mobile app.
Mobile Trading Platform
For users of mobile devices, both MT4 and MT5 can be installed on your smartphones and tablets, or you can access them using a mobile web browser. Whereas for those requiring more, OctaFX has created its proprietary mobile trading application OctaFX.
It is used for social copy trading and is compatible with both Android and iOS. So, it can be easily downloaded from Google Play or Apple App Store and installed quickly.
OctaFX Offers Bonuses and Promotions
Another bright side of OctaFX is a range of promotions, starting with a 50% bonus on each deposit you make; the bonus applies to both live accounts on offer.
Likewise, every OctaFX trader has a chance to win a prize when trading, ranging from minor (OctaFX t-shirts) to more valuable (laptop) ones.
The broker also runs a 4-week contest for demo account users trading on the MT4 platform. Therefore prices are for holders of first to fifth places.
Each promotion also adheres to rules each customer must meet to participate and get the reward. In this way, OctaFX cares for its customers.
Research and Education Provided at OctaFX
When it comes to research and education, a wide array of trader tools is at hand for clients. Forex news will keep you updated with current trends, while market insights will reveal information about meaningful business topics.
Additionally, you will find efficient resources such as an economic calendar, profit/trading calculator, live quotes, account monitoring, interest rates, and trading strategies. All in all, the broker provides more than you need for productiveness.
With OctaFX, education is of the same quality as research. Therefore, traders can engage in learning by attending webinars, reading professional articles and tutorials, watching video tutorials, checking trading glossaries, finding answers in the FAQ section, and examining manuals.
They can also practice real training and test their strategies on a demo account. In sum, you can’t fail with OctaFX.
OctaFX Customer Service Available
As is the case with other services rendered by OctaFX, this brokerage provides nothing more but exceptional customer service.
To conclude the broker webpage is in line with other legitimate-looking websites, inspiring confidence in its users. Clients can also seek help from the team via online live chat, emails, and phone calls in various languages.
Above all, OctaFX is a solid and licensed brokerage offering its services globally for over a decade. The company also enjoys a good reputation by dint of its contemporary trading software, competitive accounts, and beneficial trading conditions.
What’s more, investors won’t encounter deposit and withdrawal issues. To sum up, negative reviews associated with this online trader are negligible. Lastly, you can trade on OctaFX securely and successfully since you will be well looked after.
FAQs about OctaFX Broker
Is OctaFX a Reliable Broker?
As a result, OctaFX is not just a reliable brokerage but an industry leader offering international top-notch trading services.
How Long Does it Take to Withdraw Money from OctaFX?
Depending on your selected withdrawal method and your bank, it takes 1–2 business days on average.
Is There Negative Balance Protection With OctaFX?
Yes, there is negative balance protection that keeps clients from losing more than initially invested.