OctaFX Review: OctaFX has been the best broker ever, although there are other brokers that are good, OctaFX is just another amazing broker with a good user interface and transactions are so smooth.
I, personally use OctaFX and my experience is awesome their payout is fast, and depositing in your account is fast and only takes a few hours, a minimum of 1 hour your deposit will reflect in your OctaFX account.
So in this content, We will be talking about the Pros and Cons of OctaFX, we hope at the end of this review, you will get to know everything about OctaFX and try them out if this content satisfies your needs.
Is OctaFX a Legit Company?
OctaFX is a reputable international Forex broker with more than ten years of expertise. We offer one of the industry’s most competitive trading services and never engage in any unethical behavior or meddle with our customers’ accounts.
Along with its social copy-trading platform, OctaFX provides a basic, low-cost MetaTrader platform.
It has made significant progress in terms of trader pricing options, but it has a restricted selection of tradeable instruments and a lack of variety in its teaching content. OctaFX only has one regulatory license as well.
What Is OctaFX
OctaFX is a multi-asset broker and global online financial trading platform that was created in 2011. After more than 11 years, OctaFX has expanded to provide Forex trading to retail clients.
OctaFX is a worldwide broker. The headquarters of OctaFX is in St. Vincent and the Grenadines. Finding a broker who matches your needs when trading in the financial markets can take a long time.
In this OctaFX review, we’ll take a close look at how effectively the OctaFX platform performs in its capacity as an international multiple financial asset trading platforms for traders in 2022.
Having a trustworthy and qualified broker is critical to your online trading success. To avoid losing your money, make sure your broker is not a fraud or untrustworthy.
Make sure that your needs match the profile of your broker in order to have a successful working relationship. This is why we’ve taken the time to examine only the best brokerage firms, their procedures, fee structures, and other critical factors.
We want you to evaluate, analyze, and trust only the safest and best brokers with your hard-earned money. We hope you found this OctaFX review to be informative.
We’ve tried to explain the ins and outs of financial trading on the OctaFX platform as simply as possible so that you, the trader, are fully educated before using the OctaFX trading tools and depositing and withdrawing monies from OctaFX.
Online investing can be just as dangerous as any other type of offline investment. It is critical, like with any investment, to understand and investigate the firm with whom you are dealing.
When trading financial assets, such as Forex, using OctaFX. You should have faith in OctaFX and trust that your financial investments on the OctaFX platform will be well managed.
You may also read about other good OctaFX alternatives at the bottom of this OctaFX review. We hope that this OctaFX review will assist you in determining whether OctaFX is a good fit for you.
OctaFX.com has been offering clients a wide choice of trading alternatives with cheap initial deposits since it was founded in 2011. It has won multiple industry awards for its exceptional online trading services and platforms.
OctaFX is a brand that is shared by two different broker companies.
Octa Markets Cyprus Ltd, which operates under the domain OctaFX.eu, is a Cyprus-based investment firm authorized by the Cyprus Securities and Exchange Commission (CySEC).
This allows users to trade with a broker who is regulated by the European Union and offers higher levels of protection.
OctaFX.com is a website operated by Octa Markets Incorporated, a company based in St. Vincent and the Grenadines that allows its clients to benefit from increased leverage and bonus incentives.
OctaFX.com, based in St. Vincent and the Grenadines, currently allows clients from 185 different countries.
OctaFX Review India
OctaFX.com stands out for its ease of use and competitive spreads. The minimum deposit necessary to start an OctaFX.com account is simply $50, which is one of the lowest in the market.
You may assume less-than-ideal spreads with such a modest minimum requirement, but that isn’t the case. Almost all of OctaFX.com’s currency trading pairs, including exotic ones, have tight spreads.
OctaFX.com’s three platform types – MetaTrader 4, MetaTrader 5, and OctaFX.com – each have their own set of features, which we’ll go over in more detail below. All three account types are also available as fully Shariah-compliant Islamic accounts.
There is also a demo account available, which allows traders to try out the OctaFX.com platform before committing to a live account.
OctaFX Review: Trading Platform with over 50+ Assets
OctaFX is a multi-asset trading platform that offers more than 50 tradable assets. Forex is one of the assets available on OctaFX.
OctaFX trades a variety of financial assets. A financial asset is any tangible or intangible security or asset with monetary value. As a result, Forex is classified as a financial asset.
Features of OctaFX
OctaFX has some amazing features and they are listed below..
|1||Virtual Portfolio, or what is commonly known as a Demo Account|
|2||OctaFX offers Advanced Financial Chart comparison tools|
|3||OctaFX offers Research-backed analysis on financial markets and investments from top analysts|
|4||The OctaFX platform is available to use on multiple devices including iOS devices like iPhones and iPads, Android devices and online through a Web Browser.|
|5||OctaFX offers an easy to use trading platform with tools for both New Traders and Seasoned Experts|
|6||OctaFX users benefit from using the OctaFX platform in over 1 different language|
Pros and Cons of OctaFX
Below are the Pros & Cons of OctaFX.
|Scalping, hedging, and EAs are all permitted strategies||Not available to US customers|
|Shariah-compliant options available for all account types||Some assets and currency pairs are not available to trade|
|Access leverage up to 500:1 with negative balance protection|
|No registration fees or commissions|
|Easy account set up and low minimum opening balance|
OctaFX is great for investors looking for a low-cost option to get started trading a wide range of assets, thanks to its low opening balance requirements and tight spreads.
While the platform is primarily focused on forex, the extra asset classes – such as US, UK, and Japanese shares offer a good opportunity to diversify your investment portfolio in one location.
In 2020, investors will be particularly interested in OctaFX’s bitcoin trading option. As cryptocurrencies like Bitcoin, Litecoin, Ripple, Bitcoin Cash, and Ethereum become more prominent, investors are increasingly using them to fund their trading accounts as well as invest in them.
The lack of fees and commissions is a powerful motivator for traders to do what they love: trade.
OctaFX’s monthly awards and referral program, which creates a fun, competitive environment among fellow platform users, encourages this aggressive trading strategy even more.
Another notable feature is copy trading, which allows traders to imitate the patterns of OctaFX’s most successful users.
OctaFX Licensing and Regulation
OctaFX is controlled and supervised by reliable organizations, according to our research. You can look up each of OctaFX’s supervisory and regulatory bodies listed below. If you have a problem with OctaFX, regulation gives you some options. T
Traders are protected by regulatory authorities through reimbursement systems that return the client’s investment if the broker goes bankrupt.
In order to remain licensed and continue operations in such jurisdictions, brokerage firms must adhere to a variety of rules and criteria set forth by the regulatory authorities. The goal of regulation is to safeguard OctaFX traders and create a more secure trading environment.
The importance of financial regulation and license approval cannot be overstated.
Reputable financial regulatory authorities control, manage and supervise OctaFX. Regulatory organizations keep an eye on broker activity and will take action if something goes wrong.
Before dealing with a broker like OctaFX, make sure they’re a legitimate online broker.
See Below the OctaFX overview.
|Type of Broker||ECN/STP Broker|
|Regulation & Licensing
|St. Vincent and the Grenadines (OctaFX.com), Cysec (OctaFX.eu)|
|Accepted Jurisdictions||185 countries worldwide|
|Assets Offered||Currency Pairs (live quotes), CFDs, Cryptocurrency, Commodities, Stocks|
|Platforms Available||MetaTrader 4, MetaTrader 5|
|Mobile Compatibility||iOS, Android|
|Payment Types Accepted||Credit/Debit Card, Bank Transfer, Skrill, Neteller, FasaPay, PayTM, Nganluong, PerfectMoney, Bitcoin, Help2pay, Billplz|
Compliance & Regulation at OctaFX
OctaFX is based in St. Vincent and the Grenadines, a Caribbean country. The financial authorities of that country regulate the company’s OctaFX.com website. CySec oversees the OctaFX.eu website.
OctaFX is open to people of over 180 countries, unlike some trading platforms that ban foreign nationals from accessing their services. The name of your nation will most likely appear in the drop-down option during account registration. Clients from the United States are presently unable to register with OctaFX.
OctaFX generates money from the spread on the many asset types it offers, with no commissions or fixed fees. The spreads on currencies and other assets are highly competitive, even with this ECN/STP broker setup, and are comparable to many online trading platforms.
The MT4 account has swaps or Swap Free Commission, however, the MT5 account does not.
Apart from trading charges, OctaFX stands out for the lack of fees associated with its quick deposits and withdrawals.
OctaFX Safety & Reliability
For forex trading, a dependable platform is vital, and OctaFX delivers on this front.
You’ll be able to use the platform with confidence from practically any device, thanks to multi-platform compatibility that includes desktop and online applications, as well as rapid execution times and support for Android and iOS mobile devices.
OctaFX has a user-friendly interface and solid interaction with all three trading platforms. The smartphone apps are smooth to use, with clear charts and current prices that are updated in real-time.
Users have reported few issues with connectivity and stability, indicating that the platform is solid and reliable.
Overall, we found OctaFX to be stable and simple to use, with all of the platform’s key features working as expected.
User Experience with OctaFX
Users must first create an account before trading on the OctaFX platform. Signing up for a sample account is simple and only takes a few personal details and a valid email address.
You’ll need to offer personal ID verification and a few more papers if you want to sign up for a full account. Your photo ID, a current utility bill as proof of residency, and a trading verification process that determines your level of experience trading forex and other assets are examples of these.
Your account’s functionality will be limited until this process is completed.
Once your OctaFX account is up and running, you may begin trading on the platform of your choosing. OctaFX users can fund their trading accounts using a variety of payment methods.
OctaFX Broker Review
Traditional methods such as credit card, bank transfer, or direct deposit are available in over 100 countries, as well as cryptocurrency and a variety of electronic payment options.
Skrill, Neteller, and PerfectMoney are just a few of the payment options available. The site provides non-EU clients a 50 percent bonus on deposits, which is a tremendous benefit.
With OctaFX, withdrawing gains to a selected bank account or eWallet is a simple process that can be completed with a few mouse clicks.
One of OctaFX’s biggest features is its quick deposit and withdrawal timeframes, as well as the fact that there are no commissions on either of these transactions or currency conversion.
OctaFX has also made a concerted effort to provide teaching materials. With innovative tools like Autochartist, trading signals, market research and news, guidelines, and tutorials, the firm has made a significant investment in client education.
Importantly, if consumers have any problems or inquiries, the OctaFX customer support team is available 24 hours a day, 7 days a week, Monday through Friday.
The crew can be contacted via live chat, phone, WhatsApp, Telegram, email, and even regular mail. The FAQ section is especially useful for people who are comfortable figuring things out on their own.
Is OctaFX Trade Safe?
With a Trust Score of 67 out of 99, OctaFX is deemed high-risk. OctaFX isn’t a publicly-traded company, and it doesn’t run a bank. OctaFX is regulated by zero tier-1 (high trust) authorities, one tier-2 (medium trust), and zero tier-3 regulators (low trust).
Is OctaFX Global?
Yes, OctaFX is international, as it is available in 194 countries.
OctaFX is a global trading platform since it is available in 194 countries across Europe, Asia, Oceania, and Africa. The UK, Germany, Australia, South Africa, Thailand, and China are among the major nations covered by OctaFX.
OctaFX has a user base of over 30,000 people.
Minimum Deposit On OctaFX
When opening an OctaFX trading account, a minimum deposit of 5 GBP/USD/EUR is required.
OctaFX’s minimum deposit is the amount of money needed to start a new online brokerage account with them.
Don’t be put off by the fact that some brokers, like as OctaFX, require a minimum deposit to start a trading account. Brokers with larger minimum deposits frequently provide additional premium services that are not available for free on other platforms.
Brokers with smaller minimum deposits cater to a more mainstream clientele who aren’t interested in some of the more technical features and research tools.
Brokers who do not require a minimum deposit frequently do so to attract new clients.
Transaction commissions and other trading fees may be greater with a low minimum deposit account because they must make a profit in some way.
Brokers with a higher minimum deposit amount typically provide a bigger selection of trading facilities on their platforms. These brokers frequently provide more advanced technical analysis and research tools, as well as stronger risk management capabilities.
As additional online trading platforms have joined the market, the minimum amount required to create a live trading account has decreased as more brokers compete for new customers.
Some brokers ask a minimum deposit of up to 6500 GBP/USD, depending on the type of trading account you choose. Some brokers provide exchange rates of up to 10,000 GBP/USD.
OctaFX Withdrawal Fees
OctaFX does not charge any fees for withdrawals.
Each broker has its own set of withdrawal restrictions that govern how you can get money out of your trading account.
This is due to the fact that each brokerage business will have different withdrawal options, and each payment provider may charge different transfer processing costs, have varying processing timeframes, and may charge a currency conversion fee.
OctaFX Withdrawal Review
Conversion fees are determined by your base currency, receiving currency, and payment provider.
For instance, OctaFX allows you to withdraw funds to credit cards, VISA, MasterCard, debit cards, bank transfers, electronic wallets (eWallets), Neteller, Skrill, Fasapay, UnionPay, Bitcoin, BCA, Mandiri, BNI, BRI, FasaPay, and Bitcoin.
OctaFX Deposit Fees
Deposit fees are not charged by OctaFX. Although there may be bank or third-party merchant fees.
When depositing funds from your payment method to your trading account, you should always check the deposit costs, since certain brokers may impose a fee. This is due to the possibility that the payment method you select to fund your account will incur a cost.
When you deposit a certain fiat currency into your account, you may be charged a fixed fee. When depositing funds from a credit card, for example, fees are well-known to be exorbitant. If your broker allows you to fund your account with a credit card, this is an option.
OctaFX Commission Fees
On CFD instruments, OctaFX does not charge commission.
A commission fee may be charged by a broker as a service fee for enabling the purchase and sale of financial assets through your trading account. The majority of a brokerage’s revenue may come from commission fees charged to registered traders on client transactions.
Commission rates vary depending on the style of trade, the type of financial instrument, and the size of your trading account. If the brokerage fulfills, cancels, or adjusts an order on your behalf, you will be charged a brokerage commission.
If your brokerage fails to fulfill a market order, you will normally not be charged a commission. Be advised that your brokerage may impose a commission fee if your transaction is amended or canceled.
FAQS On OctaFX Review
Below is the Most Important question People ask about OctaFX.
|Which Country Owns OctaFX?|
|OctaFX.eu is owned by Octa Markets (Cyprus) Ltd who is regulated by the Cyprus Securities and Exchange Commission (CySEC).
OctaFX.com is owned by Octa Markets Incorporated which is not regulated by CySEC but has a registered business licence from St. Vincent and the Grenadines.
|What type of broker is OctaFX?|
|OctaFX is an umbrella brand used by two independent broker entities. Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) using the domain OctaFX.eu.|
|How long does it take to withdraw from OctaFX?|
|OctaFX usually process withdrawal requests for 1–3 hours, but it’s up to your payment system how long it will take the money to reach the destination.
Limits for withdrawals: Skrill, Perfect Money, Neteller—from 5 USD (5 EUR), without the maximum limit.
|What is OctaFX copy trading?|
|OctaFX Copytrading is a social trading app that helps you invest online and earn in the Forex market. With the app, you don’t have to spend long hours on learning how to trade or build your own strategy. You can simply start following experienced traders and copy their trades.|
|How old is OctaFX?|
|OctaFX is a Forex broker providing online trading services worldwide since 2011. It offers a state-of-the-art trading experience to more than two million trading accounts.|
Conclusion On OctaFX
Overall, OctaFX is a fantastic trading platform with low minimum deposits and a wide range of asset classes and trading instruments.
OctaFX’s product, which offers premium features at a very reasonable price, stands out for its 50 percent deposit bonus for non-EU users, as well as leverage and copy trading support.
This is great for traders who are new to forex trading and want to get a feel for the market on a safe, secure, and economical platform. The OctaFX customer care crew is incredibly accessible, as they are available 24 hours a day, seven days a week.
Furthermore, experienced investors with more advanced methods will appreciate the relatively tight spreads, the lack of commissions, and the ability to use any trading strategy, including hedging, scalping, and automated trading.
OctaFX is a terrific spot to start trading or deploy an existing strategy because of its exceptional assistance, as well as its extensive trader education tools and regulated approach.
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The Heartz Team