OctaFX Review: Is this broker legit, safe and trustworthy for UAE citizens and residents?
OctaFX is a well-established and regulated STP broker that offers trading on
a limited number of financial assets compared to the majority of other brokers.
These assets include trading on 32 Forex pairs, 5 commodities, 10 indices, and
30 cryptocurrencies. OctaFX also offers trading on a limited number of
cryptocurrencies. Visit OctaFX Website.
OctaFX provides clients with the option of opening one of two live trading accounts, which are known as MT4 and MT5, respectively. Both accounts provide great trading conditions, with spreads that average 0.7 pips, making them some of the narrowest in the business. This is one of the most competitive aspects of both accounts. A minimum deposit of only one hundred United States dollars is required, and traders will not be assessed a swap fee on their MT5 account until the third night that an open position is maintained. In addition, OctaFX does not levy any commissions or fees on deposits or withdrawals, nor does it assess any costs for periods of inactivity.
Tweets by OctaFX
AutoChartist is a copy trading platform, and the account monitoring service allows beginners to learn anonymously from successful traders. An Islamic option is available on all account types, and new traders will benefit from the excellent analytical section and range of useful trading tools. New traders will also benefit from the availability of an Islamic option. OctaFX's client assistance is provided 24 hours a day, seven days a week, which is extraordinary for an industry in which 24/5 service is the standard. OctaFX also provides extensive and well-presented trader education.
In conclusion, the OctaFX website is entirely localized into Arabic, and the company frequently organizes contests and deals just for customers speaking Arabic.
OctaFX is a Straight Through Processing (STP) broker that was established in 2011 and has its headquarters in Saint Vincent and the Grenadines. The company caters to traders from over one hundred different countries. The Financial Services Authority of St. Vincent and the Grenadines (also known as the SVG FSA) is in charge of overseeing OctaFX's operations.
The incorporation of Octa Markets Incorporated may be found on record in Saint
Vincent and the Grenadines (SVG FSA).
The firm was temporarily regulated by the FCA (the Financial Conduct Authority of the UK) from 2015 to 2017 (ref: 679306); but, after the Brexit referendum, the company opted not to renew its license and instead continued to concentrate on the market in the EU.
Octa Markets Incorporated is a subsidiary that is registered in St. Vincent and the Grenadines. the UAE traders will conduct their business under this corporation. The St. Vincent and the Grenadines Financial Services Authority is not recognized as a regulator of foreign exchange brokers and does not exercise any form of oversight over operations associated with CFD trading. However, this does not indicate that OctaFX has engaged in unethical or fraudulent behavior on its side; rather, it indicates that clients have no choice but to rely only on the reputation of OctaFX in order to protect themselves, since there are no further safeguards in place. OctaFX's customers are able to take advantage of larger leverage as well as a variety of perks and promotions thanks to the SVG Financial Services Authority.
In light of the foregoing, it is important to note that OctaFX separates all client money from the working capital of the firm and provides negative balance protection for each and every one of its customers.
OctaFX subsidiaries in Europe are controlled by CySEC, a well regarded body. This may allay some of the concerns that the Emiratis may have about trading via a company that is, for all intents and purposes, unregulated.
Most Transparent Broker 2020 (Forex Awards), Best Forex Broker Asia 2021 (Global Banking and Finance Review), Decade of Excellence in Forex Asia 2021 (Global Banking and Finance Review), Best Forex Broker Asia 2021 (Global Banking and Finance Review), Best ECN broker 2021 (World Finance), Best Forex Broker Asia 2021 (Global Banking and Finance Review), Best Mobile Trading App 2019 (Global Banking & Finance Review), and Best Forex Broker APAC 2019 (Global Banking & Finance Review) are just some of the accolades OctaF (European CEO Magazine).
Because of OctaFX's forward-thinking approach to copy trading, our affiliated website FXScouts named it the Best Forex Copy Trading Platform for 2020.
The fact that OctaFX has been around for a long time, has a history of responsible behavior, is regulated by CySEC, offers protection against negative balances, and has received widespread praise in the industry leads us to believe that they are a trustworthy broker.
OctaFX's trading costs are significantly cheaper than those of other brokers in a similar market.
OctaFX is not like other brokers that provide a variety of account types with lower spreads linked to higher minimum deposits. Instead, OctaFX provides only two market-execution accounts with minimum deposits that range from 100 to 500 US Dollars, depending on the payment method chosen. OctaFX's spreads are also significantly lower than those provided by other brokers. In addition, each account is connected to a distinct trading platform (either MT4 or MT5). The market conditions for trading are the same for both account options, but the advantages change depending on which trading platform is used.
OctaFX's willingness to post its minimum, average, and live spreads for each financial instrument on its website is a commendable demonstration of the company's commitment to openness.
The charges associated with OctaFX accounts were analyzed and compared to those associated with accounts held by other forex brokers. The expenses were determined based on the trading fees associated with one lot of EUR/USD (100 000 USD), which included the spreads and commissions.
For the sake of our computation, we chose to utilize one lot of EUR/USD as our benchmark because this currency pair is the one that is traded the most frequently and it typically has the smallest spread.
As can be seen from the table that is located above, the variable spreads, which are far lower than those offered by other brokers who provide a comparable service, include the trading fees. OctaFX is one of the brokers in the business with the lowest trading expenses, as the average cost of trading on the EUR/USD pair at other brokers is nine US dollars. In addition, OctaFX demands a minimum initial deposit of only one hundred United States dollars, which makes these accounts accessible to new traders.
The swap rate that is levied on positions that are held overnight is the last trading cost that should be taken into consideration at OctaFX. According to the website and to customer support, OctaFX does not charge any swap fees on MT5 for trading positions that are kept for the first two nights of trading. However, after the third night, a fixed cost will be applied.
Swap fees are accrued and deducted from the MT4 Account each night that an open position is maintained.
The formula for calculating swaps is as follows:
Price per pip multiplied by volume times swap (short/long) divided by 10.
For instance, if you short (sell) 0.5 lots of GBP/USD, the following will occur:
10 USD (the price per pip for one lot) * -4.8 USD (the short swap value) * 0.5 lots / 10 = -2.4 USD
OctaFX is one of the lowest cost brokers in the business as a whole, with expenses of 7 USD (EUR/USD) each lot traded, and with swap fees only being imposed from the third night onward, OctaFX is only available to clients who have been trading for at least three nights. In addition, the minimum deposit required to open an account with OctaFX is only 25 USD, however the company does encourage a minimum investment of 100 USD or its equivalent. This makes OctaFX an excellent alternative for both novice and experienced traders.
OctaFX's non-trading costs are significantly lower than those of other brokers in a similar market.
The non-trading fees that brokers impose are among the trading charges that are most frequently disregarded by investors. These fees have the potential to severely impact your profitability and should, as a result, be thoroughly investigated.
OctaFX does not, as a general rule, impose any fees associated with trading accounts, deposits, withdrawals, or even inactivity on trading accounts.
The overall costs associated with activities other than trading at OctaFX are lower than the norm for the industry. It does not cost you anything to make a deposit or take money out of your account, and there are no fees for inactive accounts either.
The procedure of creating an account with OctaFX is quick, easy, and entirely digital. Once an account is opened, it is instantly available for trading.
OctaFX welcomes all citizens of the UAE to register an account with the company, provided that they are able to satisfy the minimum deposit criteria outlined for the particular deposit type that they select.
Creating an account is a simple process, the entire registration procedure is conducted online, and accounts may begin trading as soon as they are activated:
New traders will be required to register for an account by clicking on the "Open Account" button located at the top of the website. This will take them to the registration form.
On the OctaFX intake form, customers are required to create an account by providing their email address and choosing a password.
After then, fresh investors are instructed to put in their personal information (including name, country of residence, email address, birth date).
Traders must next decide the sort of account they want to use (MT4 or MT5), whether they want a live or demo account, how much leverage they want, and what currency their account will be based on.
After this stage has been completed, traders will be able to start trading after making their initial deposit using any of the available payment methods.
When a trader requests a withdrawal of money, and only then, will OctaFX require them to provide any necessary verification documentation. These are the following:
Proof of Identification — OctaFX will accept any kind of identification granted by the government, including a passport, national ID card, driver's license, or any other form of identification authorized by the government.
Proof of Address A document containing a trader's full name, their current residential address, the issue date, and the issuing authority is required to be presented as proof of address. This document must have been issued in the name of the OctaFX account holder within the past six months and must be dated.
Before you begin trading, we strongly suggest that you read the risk information, client agreement, and terms of business that are provided by OctaFX.
In general, creating an account with OctaFx is a completely digital and painless procedure, and accounts may be used for trading right away once they have been opened.
OctaFX only has two different account types, which is a disadvantage when compared to other brokerages; nonetheless, these accounts are suitable for both novice traders and those with more expertise.
OctaFX provides its clients with two live account options, one of which is designed specifically for novice traders and the other for more seasoned investors. Inexperienced traders who have never traded before or who have been trading for a period of time that is significantly shorter than a year are considered to be beginner traders. Beginner traders typically do not like to take unnecessary financial risks by trading huge quantities of money, and they also typically are unable to trade full-time during the workweek due to other obligations.
Beginner traders should often look for trading accounts that have lower required initial deposits and that provide them the ability to trade in micro-lots. In general, the spreads on these accounts are typically bigger than the spreads on accounts that demand a higher minimum deposit. However, this is not the case with OctaFX, which offers low spreads on both of its accounts and requires a modest initial deposit.
In general, experienced traders have a preference for trading accounts that require a greater minimum deposit and have tighter spreads. This trade-off does not take place at OctaFX since the trading conditions offered by both accounts are of the highest possible quality.
Depending on the platform that you want to utilize, OctaFX provides you with a choice between two distinct account kinds in addition to an unlimited demo account. However, restricting account types to a single platform is an unusual strategy; this means that your options for accounts will be more limited if you are already familiar with the platform in question and want to keep using it.
The sole minimum deposit required for either of OctaFX's accounts is one hundred US dollars. OctaFX enables traders to duplicate transactions, hedge their positions, and scalp in real time, and all deals are completed in under 0.1 seconds. In addition, Islamic accounts are accessible to customers.
Demo Account OctaFX provides a high-quality and limitless Demo Account option, which is accessible on both the MT4 and MT5 platforms. It provides actual market circumstances and gives users the opportunity to win real money in a monthly competition called the Champion Demo Contest.
MT4 Account: In order to open an MT4 Account, a minimum deposit of one hundred United States Dollars is required. There is no commission paid on transactions. Spreads on average are 0.7 pips, which is substantially tighter than other brokers who offer comparable services. Leverage for foreign exchange trading may go as high as 500:1, and the margin call/stop out percentage is 25%/15 percent. In addition to that, indexes, metals, and cryptocurrency may all be exchanged. Every night that a job is held open, a swap fee will be assessed.
The minimum deposit for an MT5 account is the same as it is for an MT4 account, which is $100 USD. Spreads on the EUR/USD pair average 0.7 pips, and there is no additional cost for fees. The MT5 account does not begin to charge swap fees until the third night that a trade is maintained open, which is one of the key differences between the MT4 account and the MT5 account. In addition, MT5 has some elements that are absent from MT4, such as full-size tick charts, depth of market information, and an integrated economic calendar.
In addition, traders are only permitted to change the leverage levels they use once every twenty-four hours on OctaFX.
The following limits on leverage apply to all different types of accounts:
In general, OctaFX provides two different live trading accounts that are appropriate for both novice traders and those with more expertise. Both types of accounts have spreads that are narrower than those offered by the vast majority of other brokers; nevertheless, the fact that the two types of accounts are tied to distinct platforms may restrict traders who are experienced with just one platform.
OctaFX does not charge any fees for deposits or withdrawals, despite the fact that it only offers a restricted selection of funding ways. However, it only permits accounts to be denominated in Euros or US Dollars, which implies that traders will be subject to expenses associated with the translation of currencies.
OctaFX is a reputable broker that is not involved in the processing of payments to other parties. Each and every one of a trader's requests to withdraw money from their trading account must be sent to a bank account or another source that is under the trader's name.
There are a number of different methods that can be used to transfer money into your trading account. OctaFX does not charge any fees for making deposits or withdrawals; however, it only permits accounts to be denominated in EUR or USD, and it does not pay any fees associated with currency conversion.
Bitcoin: The smallest amount you can deposit is 0.00037 BTC, and the smallest amount you may withdraw is 0.00009 BTC. The processing time for withdrawals is between one and three hours, whereas deposits are completed within thirty minutes.
The bare minimum to use Neteller is fifty dollars, while the bare minimum to withdraw is five dollars. The processing time for withdrawals might range anywhere from one to three hours, but deposits are done quickly.
The least amount that may be deposited in Ethereum (ETH) is 0.02, while the minimum amount that can be withdrawn is 0.005 ETH. Withdrawals can take anywhere from one to three hours, whereas deposits are often completed within half an hour.
Skrill has a minimum deposit requirement of 50 US Dollars and a minimum withdrawal requirement of 5 US Dollars. The processing time for withdrawals is between one and three hours, whereas deposits are done quickly.
The minimum deposit with debit and credit cards issued by MasterCard is 50 euros, and transactions are completed promptly. It is not possible to withdraw money using a Mastercard.
Overall, OctaFX does not charge commissions for deposits or withdrawals, but the range of payment options is limited, accounts can only be denominated in EUR or USD, and funds cannot be withdrawn to Mastercards. Other drawbacks include the inability to denominate accounts in a different currency than EUR or USD.
OctaFX provides its customers with a variety of promotional opportunities, some of which may be taken advantage of without the expenditure of any funds at all.
Deposit bonuses of up to fifty percent of the amount deposited can be obtained through the OctaFX bonus program; however, withdrawal of the bonus funds is contingent on meeting certain trading activity requirements.
OctaFX gives its customers the opportunity to make their initial deposit at a fixed rate of 300 MYT to 100 USD. This offer is made just for traders based in the UAE. You have the option to withdraw this deposit at the same rate that it was made at.
Demo account competitions are held on the MT4 trading platform by OctaFX. The demo contest will go for a total of four weeks, and at the conclusion of that time, the player who finished with the highest amount on their demo account will be awarded the grand prize of 500 US dollars. The remaining top five players will each get a lesser reward.
The Trade & Win program awards free prizes and gadgets to traders on the basis of the volume of their trading activity. As an illustration, if you have used OctaFX's services to trade a total of 150 lots, you would be qualified to get an Android wristwatch. Among the other rewards are even computers and mobile phones.
Base Currencies (Trading Account Currencies)
OctaFX is one of the few brokers that exclusively provides accounts denominated in EUR and USD; this is in stark contrast to the vast majority of other brokers. The vast majority of other brokers let trading accounts to be denominated in anywhere from five to ten different currencies.
It is extremely restrictive for traders as OctaFX only permits trading accounts to be denominated in EUR and USD. This is especially problematic for the Emirati traders, as they are more likely to have bank accounts that are denominated in MYR. Because of this, the Emirati will have to pay conversion costs whenever they make a deposit or withdraw money from their accounts. Trading might become expensive due to conversion expenses, which can also have an impact on profitability.
Additionally, in order to avoid having to pay conversion costs, some traders could find it advantageous to establish many accounts, each of which uses a different base currency. On the other hand, due to the fact that OctaFX accounts may only be held in EUR and USD, this cannot be done.
In this circumstance, it is recommended that you sign up for an account with a digital bank. Digital banks provide customers with the ability to open bank accounts in a number of different currencies, excellent currency exchange rates, and free or low-cost international bank transfers.
Trading Platforms Provided by OctaFX
When compared to the help offered by most other brokers, OctaFX's trading platform support is around par.
OctaFX provides complete support for the trading platforms Metatrader 4 and Metatrader 5, which are among the most widely used trading platforms in the world. If a trader decides to switch brokers, having access to their own personalized version of a platform that is offered by a third party, such as MetaTrader 4 (MT4) and MetaTrader 5 (MT5), is an advantage that comes with the provision of such platforms. On the other hand, some brokers provide their customers with their own own proprietary platforms, which are typically easier to use for novices and quicker to set up.
Keep in mind that your choice of trading platform with OctaFX is dependent on the type of account you have, which in turn will influence the trading conditions.
Both MT4 and MT5 are accessible through a web browser on Windows, Android, and iOS devices.
Despite being released by MetaQuotes in 2002, the MT4 trading platform is widely regarded as being among the very best CFD trading systems available anywhere in the globe. The platform may have an air of antiquity to it, but it is nevertheless generally praised for the speed of its execution, the quality of its charting tools, its capacity for algorithmic trading, and its adaptability. Additionally, it provides tools to monitor price variations and recognize patterns of trending through the use of charts and graphs.
Additional capabilities of MT4 include the following:
The development, modification, and implementation of trading methods that are automated.
MQL4 computer language.
Automated trading, often known as algorithmic trading, is a method of trading that enables any trading strategy to be formalized and carried out in the form of an Expert Advisor.
Provides a platform for traders to create their own bespoke indicators.
Multiple order types
MetaTrader 5 is included in Market Watch's Window Navigator Window Analysis.
The MT5 trading platform is gaining popularity among Forex brokers, and this trend is expected to continue. It possesses a more up-to-date user interface, enables the creation of an infinite number of charts, demonstrates the Depth of the Market, and comes equipped with an Economic Calendar. Not only are its back-testing features faster than those of MT4, but it also permits simultaneous testing of many pairs of currency pairs.
In addition to this, it supports a greater variety of pending order types than MT5, comes equipped with an integrated chat system, and offers more sophisticated charting capabilities.
The following are additional features:
38+ pre-installed indications of technical status
44 different kinds of analytical charting tools
Additional kinds of orders that are still waiting
Additionally, MT4 and MT5 are often more complex to set up and are less user-friendly than the proprietary platforms that are offered at some other brokers. When considering OctaFX's platform support in comparison to that of other brokers, the overall quality is approximately average.
The mobile trading platforms offered by OctaFX are superior to those offered
by other brokers in a comparable market.
In addition to its own in-house mobile trading application, OctaFX provides mobile versions of the MetaTrader 4 and MetaTrader 5 trading platforms.
Both the MT4 and MT5 trading platforms may be downloaded onto mobile devices and tablets running the Android and iOS operating systems. Traders who are just starting out should be aware that there is a certain loss in capability when compared to the desktop trading platforms. This loss in functionality includes shorter timeframes and fewer choices for charting. Traders are able to operate from any location thanks to the MT4 and MT5 mobile applications, which provide the ability to cancel or make changes to current orders as well as compute profit and loss in real time.
OctaFX has its own OctaFX Trading App, which is only available for Android devices. This app grants you access to all of your OctaFX accounts, including your Demo Account, and is fully integrated with Market Insights.
In addition, the app enables traders to manage all of their accounts in a one location, giving them the option to make changes to their leverage, establish forex training accounts, open and close trades, deposit and withdraw cash, and monitor their bonuses and promotions. Because it is intuitive and well-designed, the application is appealing to newcomers to the trading market.
When compared to the mobile trading assistance offered by other brokers, OctaFX's offering of the MT4 and MT5 mobile versions, in addition to its own trading app, is considered to be among the best in the industry. Despite this, the OctaFX trading app is only accessible on Android-based mobile devices.
The trading tools provided by OctaFX are superior to those provided by other brokers in a similar niche.
In addition to providing market standards such as an Economic Calendar, Trading Calculators, and Profit Calculators, OctaFX also provides customers with an Account Monitoring tool, an excellent copy trading service, and Autochartist.
Account Monitoring Tool The Account Monitoring tool enables traders to watch the accounts of all other OctaFX traders and arrange the results according to balance, gain, trades, and account type. You are also able to go into the history of an account using this tool, which enables you to gain insight into how the account holder has successfully managed their success. Accounts are only ever represented by numbers, ensuring that their holders can never be identified.
OctaFX Copy-trading: OctaFX also provides a mimic trading feature that is free for all accounts. This function enables novice traders to copy the transactions of more experienced and successful traders for a nominal charge per traded lot. OctaFX is a foreign exchange (FX) trading platform. Beginners need only navigate to the Strategy Providers they are interested in following and click the "Copy" button. Their locations will be automatically duplicated when they are copied. The copy trade service is likewise very easy to use and has a clean and organized interface. This capability may also be accessed using the companion mobile app.
OctaFX now supports Autochartist, which is widely recognized as the gold standard in the field of trading signal providers. Traders may use the automatic alerts provided by Autochartist to further optimize their take-profit and stop-loss levels, conduct volatility analysis using the tool provided by Autochartist, and see integrated market reports. You need to have a minimum balance of $500 USD in your OctaFX account in order to use Autochartist, which is accessible on both MT4 and MT5.
In general, OctaFX provides a solid offering of trading tools, such as a first-rate copy trading service and Autochartist, which is regarded as one of the most effective technical analysis tools available in the market today.
When compared to other brokers offering a comparable service, OctaFX has a more restricted selection of tradable instruments available.
The variety of financial products available for trading CFDs on OctaFX includes foreign exchange (Forex), indices, commodities, and cryptocurrencies.
When compared to other forex brokers, OctaFX's offering of only 32 currency pairs is far less extensive. Both majors and minors are included in this category. The maximum leverage available on Forex pairings is 500:1.
OctaFX only offers a restricted number of indices for trading, with only ten to choose from. This is a far less selection than what is often offered by other brokers. The most widely used indexes are those that include the stock prices of a variety of the world's most successful and well-known corporations. On indices, leverage can go as high as 1:50.
Commodities: OctaFX allows trading on five different commodities, which is around the average number offered by other companies in this sector. Gold and silver are examples of commodities, as are forms of energy such as natural gas, crude oil from Brent, and crude oil from West Texas Intermediate. On commodities, the maximum leverage allowed is 1:50.
When compared to other brokers, the number of cryptocurrency pairings offered for trading at 24 hours a day, seven days a week is far more than the industry norm at over thirty. Bitcoin, Ethereum, Litecoin, and Ripple are just few of the cryptocurrencies that fall within this category. The leverage on crypto pairings is 1:25, which is larger than that offered by other brokers.
It is possible that some traders will be unsatisfied with OctaFX since, in general, the breadth and depth of tradable instruments that are offered by OctaFX is smaller than those offered by other brokers.
The instructional content provided by OctaFX and its alternate website is of a high quality, although it is mostly geared toward beginner traders. OctaFX does not provide much in the way of educational help for more experienced traders. OctaFX offers competitive customer assistance, but where it truly shines is in the research and market information it makes available to its clients.
The instructional resources provided by OctaFX are both more extensive and more in-depth than those provided by other brokers; nonetheless, these resources are designed more for novice traders than they are for seasoned market participants.
The website offers a variety of quick courses that cover all you need to know to get started, from Forex Fundamentals to Predicting the Market. You may access them at your convenience. Learners are given periodic assessments on the content, and the website as a whole is free of charge. Each lesson is a combination of video and written information, and it is organized in a way that makes it simple to comprehend. In general, a really useful resource for new traders, and we are hopeful that OctaFX will take into consideration bringing the course in-house and expanding it to cover intermediate and advanced levels.
When you return to the primary website of OctaFX, you'll notice that the in-house education area is anchored by a series of articles that are collectively referred to as Forex Basics. Explainers on ECN trading and risk management are only two of the subjects that are covered in these articles. Other topics include technical analysis and trading strategies, as well as more complex ideas like pair correlations and fibonacci retracements. These articles are informative, well-written, and thorough, and they give guidance that is useful for both novice and intermediate traders.
Additionally, OctaFX is quite active on YouTube, where they provide a variety of live trading sessions and webinars on a regular basis. These events are held in both Malay and English. In addition, on every Saturday there is a workshop for first-time traders that is presented in both Malay and English.
In addition, the primary website contains a brief Tutorial part that discusses the MetaTrader platforms, CopyTrading, Autochartist, and CFDs, as well as a Video Tutorial portion that focuses on getting started with MetaTrader. Both of these sections may be found on the same page. In conclusion, there is a frequently asked questions section as well as a dictionary of important words associated with forex trading. In addition, the education area includes links to the respective manuals for each of the supported platforms of OctaFX (MT4 ad MT5).
In general, OctaFX's training resources are among the finest in the business; nevertheless, the company could want to consider adding content that is better suited for more experienced traders.
In the same vein as its education department, the market analysis resources made accessible by OctaFX are superior to those provided by the vast majority of other brokers.
OctaFX's Market Insights section is one of the best in the industry, and it is often updated. However, it is only available in English. The Daily Forecast, the Daily Review, and the Weekly Review are the types of postings that are updated on a regular basis. These postings regularly make forecasts of future market moves; nevertheless, before acting on any predictions, you should exercise caution and conduct your own independent research.
Market in a Minute is a daily video series that is released to the OctaFX YouTube channel. It is a part of the Market Insights area of the website and it covers all of the significant news that occurred in the foreign exchange markets on the trading day before it. In addition to all of these daily updates, brief essays with comprehensive technical insight are occasionally released as a reaction to recent trading occurrences. These pieces are issued irregularly.
In addition, OctaFX maintains a Forex News section, which, like the rest of the website, is only available in the English language. This section offers succinct summaries of all the major news stories that have an impact on the forex markets; it is updated over the weekends, and its articles are clear and well-written. These briefings are provided without any indication whatsoever on how the occurrences will have an effect on the markets.
Customer service at OctaFX is available around the clock via live chat and 24 hours a day, five days a week by phone (including local numbers for the United Kingdom, Hong Kong, and Indonesia), email, WhatsApp, and Telegram.
In addition, for account setup and troubleshooting questions, the Finance Department is available from 6:00 am to 22:00 pm Eastern Time (EET), and the Customer Verification Department is available from 8:00 am to 17:00 pm Eastern Time (EET).
The support crew was very quick to respond, however they were lacking in knowledge. When we looked for answers to our inquiries concerning the swap costs associated with the MT5 account, we had a hard time finding them.
Forex trading is fraught with peril, and every broker is obligated to inform its clients of the dangers inherent in the trading of forex-related contracts for difference (CFDs). OctaFX would prefer it if you were aware of the following: Trading on margin in forex is fraught with significant dangers. Participants in forex margin trading are exposed to a number of risks, some of which include but are not limited to shifts in political conditions, shifts in economic factors, acts of nature, and other factors, all of which have the potential to significantly affect the price or availability of one or more foreign currencies.
OctaFX is a Forex broker that is regulated, and it possesses numerous
regulatory licenses that are shown below.
The Cyprus Securities and Exchange Commission issued the following statement on 372/18:
The number 19776 is the SVGFSA registration number (Saint Vincent and the Grenadines Financial Service Authority).
Even though they are not subject to the oversight of any of the main international regulatory authorities like the FCA or ASIC, they have nonetheless taken the necessary precautions to organize their firm in an ethical manner.
A significant regulatory requirement imposed by the major agencies is that corporate accounts and customer accounts be kept in completely separate locations. The split was put in place to prevent the use of customer deposits in the event that the broker had to go through with the liquidation process.
Even though OctaFX is not regulated by the FCA or ASIC, they nonetheless use segregated accounts to ensure the safety of their customers' money. This is an important point to bear in mind.
In addition to this, they follow a comprehensive and stringent anti-money-laundering policy. This strategy emphasizes that even while they may not be subject to top-tier regulation, they are in the process of putting in place the institutions necessary to become subject to greater regulation at some point in the future.
OctaFX is a Forex broker that uses an ECN.
ECN is an abbreviation for "Electronic Communication Network," and it refers to the business model used by forex brokers in which the orders placed by customers are transmitted to liquidity providers for execution.
OctaFX has a huge number of liquidity providers, including some of the top banks and financial institutions in the world. This ensures a deep book of bids and offers, which may be used to aggregate prices.
Because of this, they are in a position to provide their customers with spreads that are among the most competitive in the business. They provide straight-through-processing accounts (STP) with no commissions, and round-turn commissions on cTrader accounts that are among the most affordable in the industry (True ECN).
OctaFX, which is an ECN forex broker, does not requote their customers as a matter of company policy.
It is important to keep in mind that anyone who claims to be an ECN yet requotes the orders of their customers is actually operating a dealing desk.
They use an electronic communication network (ECN) trade execution approach and do not have a dealing desk. They then match these positions up against an aggregated list of bids and offers and then pass on the whole position to the liquidity providers that they use.
This specific business model sees ECN brokers generate money by collecting commissions off their liquidity providers every deal; hence, there is never a conflict of interest between the trader and the broker as a result of this particular model.
They would prefer, however, that their customers come out ahead financially, so that more money could be traded.
The mutually beneficial connection that exists between OctaFX and its customers, as was just discussed, is made abundantly evident by the Forex trading education materials provided by OctaFX.
OctaFX's educational offerings may be broken down into the following three categories:
Education consists of the fundamentals of foreign exchange (Forex), as well as video lectures and a convenient dictionary of terms connected to foreign exchange trading.
Analytics: In this section, you will discover all of the essential data, such as a calendar, news, and the interest rates of all of the main economies.
Trader Tools: An assortment of calculators and MT4 plugins, including as the extremely well-liked AutoChartist tool, which makes recognizing technical patterns a snap and is one of the most popular trading tools available.
There is no cost associated with gaining access to any of their Forex trading education articles or courses. Access to certain premium features, such as AutoChartist, will be restricted to those who have a live account. In general, this makes them a beginner-friendly broker, and in addition, their platforms are simple to operate.
OctaFX provides clients and prospects with a diverse selection of customer service solutions to choose from.
If there is some kind of customer service accessible twenty-four hours a day, seven days a week, Monday through Friday, you can be certain that if you have a query or a special need, it won't go unanswered.
The LiveChat function on their website is the quickest way to get in touch with them for support inquiries that have a high priority and require an instant response.
If you are searching for a more thorough response to a more serious support issue, then the best accessible alternative for you is to contact the support team through phone or email.
LiveChat is available Monday through Friday, 24 hours every day.
Email service is available Monday through Friday, 24 hours a day.
Phone service is available 24 hours a day, Monday through Friday.
The Whatsapp text service is available from Monday through Friday. 24/5
Telegram: Available Monday – Sunday 24/7
The social media platforms are accessible around the clock, seven days a week.
OctaFX offers a variety of deposit and withdrawal options, each of which has a different range of attainable execution timeframes. Only fifty dollars in US currency is required for their minimum deposit.
Their alternatives for financing an account are simple and straightforward, and not a single deposit method includes any kind of commissions or additional fees of any kind. When it comes to adding funds to your account, everything is exactly as it appears to be.
You may have noticed more account deposit and withdrawal options when reading another OctaFX broker review; however, keep in mind that these methods differ depending on the location in which you are located. The following sources of finance are accessible to South African forex traders:
When you pay using a credit or debit card, you have the choice to use either Visa or MasterCard, and the money will usually be accessible in your account right away.
Bitcoin: Making deposits with Bitcoin is straightforward and can be done anywhere in the globe. Keep in mind that even if they do not charge a fee, you will still be required to pay a fee to the Bitcoin network.
Skrill: OctaFX enables its customers to use the online transfer provider Skrill, which specializes in providing low-cost money transactions across international borders. The ideal solution for Forex traders in South Africa.
Another option for transferring money online is through Neteller, which can be used to send and receive funds to and from online retailers like OctaFX.
South Africans have access to local deposits at any of the major banks through the use of electronic funds transfer.
Transferring Money Via Wire You also have the choice to send money via wire transfer if you prefer this method of sending money.
In addition, OctaFX offers a deposit bonus of up to 50 percent for all of its customers to improve their trading margin. After a predetermined amount of lots have been traded using it, you will then be entitled to withdraw this bonus.
Due to requirements regarding the prevention of money laundering, the same method that you use to deposit money into your account must also be utilized when withdrawing money.
OctaFX only allows accounts to be funded in US Dollars or Euros for trading purposes. Forex dealers in South Africa who wish to trade in AED are unable to do so due to the fact that this cannot be done.
This OctaFX broker review has shown that the availability of negative balance protection to all customers to be one of the company's strongest selling points.
OctaFX is a forex broker that places a strong emphasis on risk management. Although an ECN broker is unable to guarantee that orders will be filled, they do assure that its customers will never lose more money than they initially deposited.
Demo trading accounts for MT4, MT5, and cTrader are all available from OctaFX. Please be advised that the login information for cTrader demo accounts is different from that of MetaTrader demo accounts.
OctaFX is well-known for its long-running demo contests, in which potential customers have the opportunity to compete for a piece of a monthly prize fund of one thousand dollars (USD) in cash. To enter the giveaway, you need to click on the link provided in our broker review to create a sample trading account.
At OctaFX, the leverage available to South African Forex traders varies based on the type of account that the trader has and the asset that they are trading.
1 to 200 for commodities
The time is 1:50.
Crypto: one to two.
Be mindful of the fact that before to making any short-term modifications to margin requirements, they will send clients an email warning in the event that market volatility is forecasted, such as in the lead-up to important elections or referendum votes.
On MT4 and MT5 accounts, they have a minimum volume requirement of 0.01 lots and give a leverage of 1:500 across the board for all Forex currency pairings.
Their spreads are changeable due to the fact that they are an ECN Forex broker that receive their pricing from numerous top-tier liquidity providers. The following are some examples of their typical spreads under normal trading conditions.
Spreads on Majors, Averaged Across ECN Accounts:
Currency Pairs: EUR/USD = 0.7 GBP/USD = 0.8 USD/JPY = 0.7 AUD/USD = 0.9 Account Types: EUR/USD = 0.7 GBP/USD = 0.8
There are three main account kinds available with OctaFX. Each account type operates on a distinct trading platform and provides a diverse set of trading conditions to appeal to a variety of traders.
OctaFX also offers one of the most reputable Islamic accounts in the business. When it comes to positions that are kept overnight, Islamic accounts are completely Shariah-compliant, which means that there are no interest payments or fees assessed.
In order to establish an Islamic account with OctaFX, you need to first verify that you are a Muslim and then select the "swap-free" option from the list of available account features.
In the course of this OctaFX review, one of the factors that was discovered to be disappointing was the lack of flexibility around trading platforms and account kinds.
The trading platform that you use is determined by the type of account that you establish. This places major restrictions on your options if you are interested in a certain account feature but do not want to use that particular trading platform.
The following is a list of the three trading platforms that are offered to their customers:
MetaTrader 4, often known as MT4, is the trading platform that has become the industry standard for retail Forex traders. The most widely used trading methods may be put into action with the assistance of the MT4 trading platform, which provides a variety of trading and analysis tools.
The MetaTrader 5 (MT5) trading platform is the latest generation of trading software developed by MetaQuotes. It goes far beyond the capabilities of MT4, boosting the amount of timeframes and tools available to traders while also enabling them to profit from hedging their holdings.
cTrader is an advanced trading platform that is both powerful and comprehensive. It was developed specifically for more seasoned Forex traders. A complex back end, level 2 pricing, quick order execution, and many order types, such as OCO orders, are among features that cTrader offers.
Desktop, mobile, and web-based versions of each of these trading platforms are all readily available to users.
If you are interested in finding out more about the source of the trading signals that you receive, you should check out their proprietary trading and copy-trading applications offered by the company.
Affiliate marketers in South Africa have the option to participate in the OctaFX Affiliate Program, which allows them to promote a Forex broker that operates on a really global scale to their friends and clientele.
The OctaFX affiliate program provides large payments and removes any earnings caps, and it caters to top affiliates by providing solutions that are specifically designed for them.
There are two different affiliate marketing approaches to choose from:
Refer a Friend is a program designed for traders who know one or more people who could be interested in OctaFX.
Affiliate Program: Open to all Forex experts, strategy suppliers, webmasters, and regional representatives.
You are required to get in touch with OctaFX's marketing department in order to become an affiliate for the company. During this conversation, you will go through the potential parameters of your collaboration.
OctaFX is widely considered by traders all around the world to be among the
very finest forex brokers currently operating in the industry. OctaFX provides
clients with access to trade in CFDs, commodities, and indexes under
circumstances that have won awards. In addition to providing access to the
foreign exchange market, OctaFX also provides a number of helpful incentives,
such as deposit bonuses and bonuses that do not need a deposit on your part
(NDB). Consequently, modern Forex traders no longer have any reason to feel
deprived, whether as a result of a low balance or a lack of access to worldwide
exchange markets. This is a significant development.
Forex trading circumstances that are trustworthy are something that OctaFX brokers maintain in order to give traders of all experience levels the opportunity to make more money. This is possible due to the fact that there is no commission on each time funds are deposited or withdrawn, that there are no swaps, that there is no slippage, and that there is no delay in the execution of orders.
INFORMATION REGARDING THE OCTAFX COMPANY:
Octa Markets Inc. is the name of the company, and its founding year was 2011. Its headquarters are located in Saint Vincent and the Grenadines, and the FSA is its regulatory agency (St. Vincent and Grenadines)
Broker Type : ECN/NDD
Negative balance protection is one of the advantages offered by OCTAFX.
There is no fee assessed for the depositing or withdrawing of monies at any time.
There will be no exchange.
There is no movement at all.
There is no time lost during the execution.
ACHIEVEMENTS OF OCTAFX OctaFX has been honored with a number of honors, including the following: BEST CUSTOMER SERVICE and was recognized by Global Banking and Finance Review as the Micro Forex Broker with the Fastest Growing Business in 2012. ASIA BROKER 2013 from the Global Banking and Finance Review, BEST BROKER CENTRAL ASIA, CENTRAL & EASTERN EUROPE 2013 from Word Finance magazine, and BEST CUSTOMER SERVICE 2013 from the same publication. BROKER 2013 by FX Empire, BEST BROKER EASTERN EUROPE, ASIA CENTRAL 2014 by Forex Report Magazine, BEST ECN BROKER ASIA 2014 by Global Banking and finance review, and a number of similar accolades from other publications.
OctaFX offers trading instruments that include more than 28 currency pairs, as well as more than 2 gold and silver pairings, 4 indices, and more than 3 crypto currency pairs, all of which can be accessible on a single platform.
OctaFX offers Muslims a special Islamic account or free swap, and after the necessary documents have been verified, the Islamic account or free swap feature will become operational immediately for Muslim traders.
PC users have access to OctaFX's three trading platforms—MT4, MT5, and CTrader—which are designed for forex trading. In the same way that users of iOS and Android may use the mobile platform, those who access the web-based platform can utilize WebTrade.
OctaFX Copytrading provides users with the possibility to automatically imitate the trades of prominent traders without having to devote a significant amount of effort to the development of their own trading strategy. Find the most effective Forex Master, and be sure to spread out your investments.
OctaFX allows customers to make deposits and withdrawals using a variety of different ways, including FasaPay, credit and debit cards, Neteller, Skrill, and wire transfers, among other options.
OctaFX offers support services that are available around the clock, five days a week, via email, live chat, and the phone. Languages of service offered include English, Chinese, and Spanish in addition to Indonesian.
OctaFX is a multinational broker that operates on a trading platform that was established in 2011. It is a trademark that encompasses the operations of two separate organizations. The first one is supervised by the CySec (Cyprus Securities and Exchange Commission). The other broker is located in Saint Vincent and the Grenadines, which allows traders to take advantage of improved leverage ratios and bonus opportunities. Over 900,000 people are utilizing its services, and it processes daily transaction volumes totaling $4 billion. It was crowned the best Forex Broker in Asia for the year 2019 by industry professionals.
OctaFX, much like other of its worldwide competitors, provides the price and trading experience of a no-frills broker while also providing clients with superb, high-quality educational materials and the chance to duplicate trades. OctaFX's execution is dependable, swift, and cost-effective, and it is powered by the well-known MT4 and MT5 platforms.
Traders can choose between an MT4 account or an MT5 account, both of which are available to them. With a maximum trading volume of 500 lots and no swaps, MT5 is designed for high-tech, intelligent trading. Traders who are only interested in a simple beginning can consider opening an MT4 account. The trading volume for that account type is lower—only 200 lots—but traders can prevent swaps by paying an additional commission fee in exchange for the swap-free status.
OctaFX provides access to the five most important cryptocurrency exchanges, including bitcoin, ethereal, and litecoin. These markets may be traded using the MetaTrader platforms. It's interesting to note that OctaFX's crypto markets do provide a leverage ratio of 1:2. There are other brokers who do not provide any form of leverage at all.
OctaFX places a great premium on providing both novice and experienced traders on its platform with in-depth research and educational content. Their online platform features a variety of guides, ranging from a glossary to videos, to help investors who are just starting out in trading or who are looking for new perspectives to support their trading process. These guides are intended to support investors who are looking for new angles to support their trading process. The entirety of the supplementary resources are of a very good standard, and YouTube is utilized to host the videos.
Customer service receives great marks in comparison to its contemporaries. The 'initial response time' is rather swift on average, and the service is available 24 hours a day, seven days a week. Hindi, Malaysian, Indonesian, Urdu, Chinese, English, German, Portuguese, Spanish, Vietnamese, and Thai are the languages that may be communicated in. Traders may approach it via live chat, email, the phone, or by filling out an enquiry form, which means that it satisfies many of their requirements.
Over the course of the previous ten years, OctaFX has amassed a significant fanbase. The platform has a robust in-house copy trading capability in addition to its significant trader-centric design, which is supported by very high-quality research and learning services that are on par with industry standards. The criticism stems from the smaller selection of financial products that are available for trading on this particular platform. However, this should not take away from what OctaFX is, which is a trading offer that is quick, efficient, and cost-effective, and which is earning a number of third-party industry accolades.
OctaFX is a worldwide broker that provides a novel approach to a variety of facets that are associated with the retail brokerage industry. Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent and the Grenadines is where the company's headquarters can be found. The company was established in 2011. OctaFX.com and OctaFX.eu are the websites where customers may purchase the company's wares.
Its OctaFX.eu branch is overseen by CySec, which is short for the Cyprus Securities and Exchange Commission, and it has offices all around the world. Because they provide an exceptional trade execution service, the company has a solid presence in the Asian market. This service is appealing to traders from all over the world, which helps the company attract them.
OctaFX is an umbrella name that is utilized by two different broker firms in their business.
Octa Markets Cyprus Ltd is an investment company that operates under the domain name OctaFX.eu. This company is registered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). Users will now have the ability to trade with a broker that is subject to European regulatory control and has increased levels of safety protections.
Clients are able to take advantage of higher leverage and bonus incentives since the OctaFX.com website is registered under Octa Markets Incorporated, which was created in St. Vincent and the Grenadines.
The strategy used by OctaFX has helped the company garner great prominence. In terms of the number of customers that utilize its services, it has over 900,000 users who have joined up, and it processes $4 billion in daily transaction volumes. Then there are the industry awards; a sample of some of the most recent accolades includes the title of Best Forex Broker ASIA 2019 and BEST ECN/STP BROKER 2019 (FX Daily Info), as well as Best FX Broker 2018; this is just a sampling of some of the most recent honors (European CEO Magazine).
OctaFX will appeal to individuals who are seeking for something that combines the greatest aspects of both worlds. It provides the price and execution experience of a no-frills broker, but in addition to this, it provides a variety of extra features such as high-quality educational materials and the opportunity to duplicate trades. It is possible that the phrase "improved execution" best describes the service.
Even while OctaFX provides a trading experience that is nearly on par with that of institutions, this in no way puts novice traders at a disadvantage when using the platform. To the contrary, the company just provides trade execution that is dependable, rapid, and inexpensive while utilizing market-leading technologies. Traders at all levels of experience can benefit from the available support, which has been tailored to meet the needs of novices, intermediates, and seasoned professionals alike. Those who are interested in enhancing their skill set or enhancing their trading technique can draw on the support that is currently available.
Traders have the option of using either MT4 or MT5 as their trading platform. Spreads can be as narrow as 0.0 pip spreads, and customers that choose the ECN/STP processing option will receive superior flow quality and lower slippage as a result of their decision.
Because it allows for transactions on a modest scale, the OctaFX MT4 account is an excellent choice for novice traders. A minimum investment of only twenty dollars is required, and a leverage ratio of up to one thousand is available (depending on the residence of the customer).
The MT5 account does not include any swaps and provides access to a larger variety of marketplaces than the MT4 account does.
The Pro account makes use of the MetaTrader MT5 platform and provides access to a greater number of markets than the Micro account does. Additionally, the spreads on the Pro account are often narrower.
The Copy Trader account section has its own terms and conditions, as well as a requirement for separate funding.
The emphasis in trading is placed on liquid marketplaces all around the world. Traders hoping for specific stock names will be disappointed, but they may trade forex pairs, metals, indexes, and cryptocurrencies, among other accessible assets. There are less than one hundred different instruments available, which means there is no room for more complicated instruments like the options that are located in the less active parts of the financial markets.
Due to the fact that the company is controlled by a top-tier authority (CySec), it is required to adhere to specific regulatory norms. As a direct consequence of this, the service is not offered in a number of different nations, including the United States of America, Brazil, Russia, the Ukraine, Syria, and Cuba.
OctaFX is so certain that its prices are competitive that the company devotes a portion of its site to displaying the live spread on many of the most important currency pairings. Even a cursory examination can show why the company is so keen to offer information.
Spread on currencies offered by OctaFX: 0.9 pip
Currency Spread on OctaFX: 1.2 Pip OctaFX
Because the expenses of trading are such an important factor in determining whether a business is successful or not, the broker is quite correct in emphasizing how much of a benefit this may be.
There is a difference in the spreads between the two different trading platforms. Traders are in luck since the 'Spreads' part of the broker's website gives a clear and detailed explanation of the fees connected with using MT4 and MT5, allowing them to determine which platform best suits their needs.
Although the number of markets available on each platform is distinct from one another, not one of them provides a selection of financial instruments that in any way could be considered excessive. The foreign exchange market (forex), metals market, soft commodity market, single stock market, index market, energy market, and your pick of one of five cryptocurrencies are all available for trading. The fact that the MT4 account only provides access to four stock indexes is evidence of the restricted choices (AUS200, GER30, NAS100, US30).
OctaFX has the same level of self-assurance regarding its financing charges as it does with its execution fees. The breakdown of the two distinct types of accounts is presented in a manner that is reassuringly clear to the reader.
During our testing, we did notice that when we scaled up into maximum position size, we were able to go very near to using up our maximum margin capacity when executing. This was the case regardless of whether or not we scaled up into maximum position size. Then, a relatively minor change in price started producing margin calls. This is more of an observation than it is a critique because all it does is show how the website facilitates the execution of aggressive trading methods.
Scalping, using expert advisers, and hedging are all acceptable trading techniques for any of the two account types, which is not something that should be taken for granted. Other trading tactics, like as arbitrage, are not authorized.
The trading community has a positive opinion of both of the platforms that are available to them. Because of the unique combination of functions that it provides, the MetaTrader suite of services is the most widely used trading platform in the world. Try out one of the hundreds of different indicators that are available to traders. It is simple to set up in order to trade 'algo' models on an automatic basis, and it offers the expert advisers and MQL5 support services that make it possible for traders to draw on the ideas of others.
Trading with OctaFX Utilizing MetaTrader 4 and 5 on Desktop
You can have access to the OctaFX services even when you're on the go by downloading the OctaFX app, the MetaTrader app, or internet browsers like Chrome or Firefox. There is no cost involved, and access is simple.
The OctaFX app, much like the desktop version, is primarily concerned with the execution of tasks. It offers a wide variety of fundamental services, such as charting tools, to clients in order to assist them in entering the markets with the appropriate amount of assistance.
During the course of our research, we discovered that using an internet browser provided the most direct access to all of the "extras," such as copy trading, that OctaFX makes available to its customers. A significant advantage of the service is that users may continue to interact with the entire range of services even when using devices with smaller displays.
The incorporation of an OctaFX copy trading option inside the existing set of offerings is very much appreciated. It is possible that it does not (yet) come with all of the features of certain specialist social trading platforms; nevertheless, this would make sense given that it is, in the end, a supplemental service and one that a lot of OctaFX's competitors do not even provide.
The process of establishing a duplicate account is quite uncomplicated. There is no further authentication that is necessary, and once a customer has set up their private wallet, it is simple to connect to the signals that are sent out by other traders.
OctaFX has done a good job of developing their own internal copy trade platform. It certainly appears to be something of a "work in progress" at this point. The following are the enhancements that our testers recommend:
Raise the bar for both the quality and number of master traders.
Be more practical in your fee expectations; in such a setting, a bold move like requesting 30 percent of the earnings might be appropriate.
Increase the amount of interaction that takes place between the master trader and the follower. It would be perfect if there was a chat room where people could discuss their views.
In-house copy trade platform developed by OctaFX
It is common knowledge that the MetaTrader platforms are famous for their ability to facilitate copy trading and build trading communities. OctaFX customers get access to all of the features that are available on the MetaTrader platform, including the Expert Advisor and MQL5 sections.
The service equips traders with the knowledge necessary to operate a cBot and make use of the free algorithms that are made accessible to them by providing lessons that explain how this is accomplished. This component of the website receives strong backing from the Education and Customer Service portions of the website respectively. A Virtual Private Server (VPS) that is devoted only to 'algo' traders is also available.
OctaFX now only provides access to five different cryptocurrency marketplaces, including bitcoin, ethereum, and litecoin. The MetaTrader platforms are used to trade in the markets that are now accessible, which is a positive as it ensures that the level of service will always be of a good standard.
OctaFX Core Trading Markets for Cryptocurrencies Coins such as Bitcoin, Ethereum, and Litecoin
Only trading accounts that make use of MetaTrader's platform are able to access the cryptocurrency market. There is presently no provision for them inside the Pro account.
OctaFX promotes itself as a cryptocurrency trading platform that provides high leverage. Even though other brokers do not provide any leverage at all, and even though OctaFX does provide 1:2 leverage on its crypto markets, our analysts did not deem this level of leverage to be exceptionally "high."
The charting tools that are included in MetaTrader MT4 and MT5 set them apart from one another. For example, the base MT4 package includes thirty pre-installed indicators, in addition to nearly two thousand free customizable ones and seven hundred that may be purchased separately.
Platform selection is ultimately a matter of individual taste, but OctaFX has made clear its intention by providing customers with the opportunity to choose between two platforms that are leaders in their respective markets.
The 'Analysis and Education' area of OctaFX's website is given a high level of emphasis and importance. For example, the library titled "Forex Basics/Technical Analysis" includes a step-by-step guide to help traders who are just starting out in the trading industry. This book covers a wide range of topics, from a dictionary of the fundamentals to films discussing the crucial subject of whether time period should be used.
OctaFX Acquire Knowledge about Trading Graphs
Educate Yourself on Some Trading Graph Examples Trading Graphs Provided by OctaFX OctaFX
Graphs of OctaFX's Timeframes
Users of OctaFX have access to a broad selection of instructional information that can be found in the 'Traders' Tools' area of the website.
The fundamental workings of the financial markets are broken down in great depth in the next section. There is also a trading signals section and market insights in addition to an economic calendar and daily analysis reports. In addition, there is video content offered, which touches on a wide range of subjects. YouTube is the host for the videos, and a significant portion of the content is saved there.
It should come as no surprise that the Education area of OctaFX's website is regarded as one of the company's top priorities. All of the resources are of a very good quality and are geared at traders of all experience levels, from novices to experts. The fact that OctaFX caters to all of these different categories is a huge advantage for the website, and the materials are made available to traders who are utilizing demo accounts as well as genuine accounts.
OctaFX.eu is a forex trading platform that is regulated by the Cyprus Securities and Exchange Commission (CySEC; license number 372/18 at the Cyprus Securities and Exchange Commission).
The address of the headquarters of Octa Markets Incorporated is Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent and the Grenadines. OctaFX is registered and regulated by the Financial Services Authority of the United Kingdom (FSA SVG license number #19776 IBC 2011).
The regulatory license that the broker held with the Financial Conduct Authority in the UK was only recently revoked by the broker.
OctaFX claims that the company is in complete accordance with international legislation and regulation requirements, and that it provides clients with guarantees on the security of their cash and negative balance protection (NBP).
Security of accounts is a priority for OctaFX, and in accordance with the recommendations made available by the more reputable regulators, all customer funds are held in separate accounts. Your data will be inaccessible to any third parties, and electronic access and communication will both be protected by a 'SSL-secured Personal Area,' which uses 128-bit encryption to keep your surfing secure and prevents unauthorized parties from accessing your information.
It is always a plus to have additional security features available, and OctaFX delivers more than the majority of its competitors do. Monitoring of the OctaFX technological environment is performed around the clock, seven days a week, by a devoted staff consisting of highly qualified security engineers and technical professionals. All transactions using credit and debit cards are required to go through 3D secure Visa authorization, and there are procedures in place to safeguard customers who are withdrawing money.
NBP is an abbreviation for no bigger loss; the OctaFX management and trade order system guarantees that the client will never lose more than the amount that was first deposited in their account. Even if a position 'gaps' due to extraordinary market conditions, the customer will not suffer a loss in excess of that amount, even if the money in their account are depleted. OctaFX distinguishes out from the competition since it provides ECN execution in addition to NBP. Many brokers believe that the two cannot coexist, and as a result, they only provide one of the two options (if they provide any at all).
When compared to the information it gives on its regulatory framework, OctaFX's operational risk management section is far more detailed. One suggestion for an enhancement is to make the website more open and honest when it comes to giving information about the protection of regulatory clients.
The process of opening an account in this day and age is fairly routine; however, OctaFX adds a particularly interesting twist to the way things are typically done. The broker takes advantage of the fact that some of its customers live in locations that still allow for promotional activity by providing those customers with access to a variety of deals and discounts.
The creation of a demo account is a hassle-free and cost-free activity. To upgrade to a live account does involve a little bit more legwork, but it is in no way a difficult process. VISA, AWEpay, bitcoin, FasaPay, local bank deposits, local bank transfers, Neteller, Paytm, Skrill, and UnionPay are some of the payment options that are available.
The maximum leverage that may be applied to each of the two accounts that are available is between 1:200 and 1:500. A swap-free (Islamic) account is available from the company in addition to having a minimum deposit requirement of twenty dollars (depending on the residence of the customer).
OctaFX is the leader in the industry in many ways, and one of those ways is its openness to disclose data about its own operations. In keeping with the open and honest nature of this strategy, it also presents a variety of metrics concerning the efficiency of the customer service staff that it maintains.
During our own testing, we discovered that the 'first response' time on average was far longer than the seven seconds that the company claims it takes on its website. In point of fact, the response time didn't even come close to beating the seven second mark in a few of the cases. One thing that really stood out to me was how knowledgable the staff was. Over ninety-six percent of the time, our inquiries were satisfactorily dealt with on the very first engagement we had with the company. In addition, we are willing to back the website's claim that complete resolution was reached in less than three minutes.
OctaFX Customer assistance is available around the clock, seven days a week, and agents may assist customers in the following languages: Hindi, Malaysian, Indonesian, Urdu, Chinese, English, German, Portuguese, Spanish, Vietnamese, and Thai. It is a reliable, trustworthy, and skilled service that is available around the clock. Traders may approach it via live chat, email, the phone, or by filling out an enquiry form, which means that it satisfies many of their requirements.
Within a very short amount of time, OctaFX has accomplished a great deal and achieved substantial development. It has just been eight years since it first entered a market that is notoriously saturated with competition, but in that time it has amassed a customer base of approximately one million dealers and won a number of honors in the sector. A strategy that is developed with the trader in mind first and foremost is essential to achieve such levels of success.
There is a large variety of supplementary services available in addition to the trading interface. For instance, the research and learning parts are of a very good grade, and the in-house copy swapping service is a nice complement to the whole package. Nevertheless, the provision of easy, fast, and cost-effective access to the markets is at the heart of what OctaFX has to offer. Clients have the option to trade via ECN portals, which significantly improves the overall quality of the execution. Users have the ability to pick the trading platform that is the most suitable for them thanks to the variety of options available.
Nevertheless, there is scope for further development. The amount of instruments that are available is not particularly extensive, and certain aspects of the site may benefit from being more open and honest because it can be difficult to ascertain certain facts.
The fact that there are two very little issues to address should not in any way distract from the overall trading experience, and OctaFX should be commended for so successfully shaking up the broker sector.
When you trade with OctaFX, the most important thing is not what you trade but how you do it. It would appear that the company will continue to rise to that challenge and offer its customers a trade experience of the highest possible standard.
Where do I find the instructions for creating an Octafx account? You may open an account with OctaFX online by following a few straightforward steps that allow you to choose between a genuine and a demo trading environment. Additionally, the method equips you with a wealth of knowledge on trading in the foreign exchange markets.
Is Octafx a broker that is subject to regulation? Yes. OctaFX is a trademark name that refers to two separate companies or organizations. The Cyprus Securities and Exchange Commission oversees both Octa Markets Cyprus Ltd. and OctaFX.eu as licensed financial institutions (CySEC). St. Vincent and the Grenadines is the location of the headquarters for both Octa Markets Incorporated and OctaFX.com.
Which costs does Octafx charge for its services? The commission for MT4 and MT5 is already factored into the spreads as a mark-up, and there is no additional cost that must be paid. Deposits and withdrawals are not subject to any commission fees.
What are the steps involved in taking money out of Octafx? After verifying your profile, the procedure of withdrawing money is as easy as going into your Personal Area on the website, navigating to the main menu, and selecting "Withdraw" beneath your Wallet balance. Once your profile has been verified, you will be able to withdraw money.
OctaFX is an online forex and CFD broker that was created in 2011. The
company's headquarters are located in St. Vincent and the Grenadines. It offers
considerable leverage on trading of up to 1:500 and uses the STP (Straight
Through Processing) and ECN (Electronic Communications Network) paradigm for
order processing. Additionally, it offers significant leverage on trading.
Additionally, they are famous for taking home the title for "Best Trades
Execution" at the FX awards in 2017.
Despite the absence of any financial oversight, the company has established itself as a trustworthy participant in the market and has more than seven years of experience under its belt. Today, the broker has created more than one million accounts for customers hailing from over one hundred different nations all over the world.
Forex trading as well as CFD trading based on equities, commodities, and cryptocurrencies are all openly available to clients. Additionally, live quotations for the most popular currency pairs and CFDs are provided on the website of the broker. These live quotes contain the most recent bid and ask prices, in addition to live spreads for each pair.
Customers of OctaFX have a choice of trading on any one of the following three platforms: cTrader, MetaTrader 4, or MetaTrader 5. cTrader has been gaining popularity as of late, despite the fact that MetaTrader 4 is still the most popular platform due to the fact that it is widely available and provides traders with an interface that is already known to them. In addition, the broker offers clients a mobile trading software that allows them to access trading platforms regardless of where they are.
In addition to providing Muslim investors with access to an Islamic account, the broker makes available the following four kinds of trading accounts on three distinct kinds of trading platforms:
cTrader ECN account, MT4 micro account, MT5 pro account, and cTrader account
For first-time traders and those individuals who lack significant trading expertise, the MT4 micro account is advised. It offers fixed spreads that begin at 2 pip increments. In addition to this, the minimum deposit amount required is only 5 USD, making it one of the most budget-friendly choices available among online brokers today.
With floating spreads beginning at 0.2 pips, the MT5 pro account is tailored specifically to the needs of experienced traders. Traders who use this account have access to a wider variety of currency pairings than those offered by other platforms combined.
Traders who are exclusively interested in trading forex and precious metals can use the cTrader ECN account. This account is ideal for traders who seek more price transparency. To ensure that the trader is at the top of his game at all times, each of these accounts has a minimum volume of 0.01 lot, and market executions occur at the lightning-fast rate of 0.1 second.
OctaFX does not impose any fees on deposits or withdrawals, which is a feature that we very much like. The minimum amount required to withdraw money is five dollars, whereas the minimum amount required to make a deposit is from five to fifty dollars. The broker processes both deposits and withdrawals within one business day, however the exact time it takes for a transaction to go through is contingent on the payment method that is used.
At the moment, the broker is running a campaign in which customers may take advantage of a bonus of an additional fifty percent on any deposit they make after making a minimum deposit of fifty dollars into any of their accounts. This is done to increase the clients' money and make it possible for them to engage in additional trading. The bonus monies may also be withdrawn, so you can trade with money that you don't have to worry about losing. This is a great chance.
It is unfortunate that customer assistance is accessible 24 hours a day, seven days a week given that some other brokers provide prompt service even on the weekends. They provide local hotlines in the United Kingdom, Hong Kong, and Indonesia in addition to live chats with technical support assistants that are available 24/7. After filling out a form on the broker's website, customers also have the option to request a callback from the company.
As of the year 2016, OctaFX established an education component to its website. This area has resources to teach novices more about the markets, risk management, technical analysis, and trading methods. OctaFX is now a broker that has just about everything covered.
There is an online trading program known as the octaFX Trading App, which you may have heard of. This FX and CFD broker has been around for quite some time and has experienced significant expansion over the past several years. Since its activation in 2011, the platform has demonstrated its dependability to users who are interested in engaging in trade activities.
According to the findings of our investigation, OctaFX is not considered to be in violation of any laws in India. During our investigation, we were unable to identify any connection between octafx and the Securities and Exchange Board of India (SEBI) or the Reserve Bank of India (RBI). SEBI is the regulatory body that oversees all share trading platforms in India.
Therefore, if a trader has any problems with application transactions, the Indian authorities will not be able to assist them in resolving any concerns in this regard. Since octafx is not subject to oversight by the relevant Indian authorities, numerous Indian nationalized banks do not engage in direct transactions on the platform.
We read a large number of evaluations available on the internet, and I was not surprised to come across concerns. As a result of testing a large number of different websites and applications, I am familiar with their operation.
OctaFX is, as of this moment in time, one of the most well-known CFDs and Forex brokers in the entire globe. This business was established in 2011, and it has since been integrated in the financial markets of both the Grenadine islands and Saint Vincent.
Over one hundred different countries are represented among this platform's clientele at all times. It is essential to take into account the fact that the Financial Conduct Authority in the United Kingdom recognizes OctaFX as a genuine and registered brokerage.
They are well recognized as being among the industry's elite Straight Trough Processing (STP) Electronic Communication Network (ECN) brokers. This indicates that they do not run a trading desk, which allows them to offer you some of the most competitive rates in the industry.
They service over 1.5 million trading accounts and have completed over 288.0 million deals to far. OctaFX places a considerable emphasis on bonuses, and as a result, the company has distributed approximately three million dollars in incentives.
In addition to the OctaFX Copy Trading program and an excellent selection of education and trading research tools, including AutoChartist, OctaFX provides services and features that are geared for both novice and experienced traders. These include the OctaFX Copy Trading program.
In this review of OctaFX, we are going to investigate this broker in further detail by looking into their technology, fees, regulation, and withdrawals, among other topics. We will also provide you with some helpful hints to ensure that you get the most out of your time spent using their platforms.
It is known for its user-friendliness and dependability, making it an excellent choice for novice traders as well as those with more experience. Building off of that stable foundation and providing a variety of "nice-to-have" services has led to them picking up a variety of awards, such as: Best ECN Broker 2020 (World Finance), Best Islamic FX Account 2020 (World Finance), Best Forex Broker Asia 2020, best Forex Broker 2019, and Best Forex Broker Asia 2018 (Global Banking and Finance), as well as Best Trading Condition (European CEO Magazine) and Best STP Broker (both, FX Report Awards, 2016), etc.
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The fact that it has received so many accolades demonstrates that traders have a positive opinion of the broker. It is also noteworthy to note that this broker is one of just a handful of brokers in the market that is prepared to be upfront with the trading volume data that it collects.
OctaFX possesses operational licenses with SVG registration in addition to having been regulated and authorized by CySEC.
The subsidiary of OctaFX is one of the most renowned firms that is registered, regulated, and governed by the laws of both Saint Vincent and the Grenadines. OctaFX is one of the world's leading providers of foreign exchange trading services.
OctaFX employs separate accounts to keep safeguarded customer monies separated from the company's balance sheets in compliance with the criteria set out by international regulatory agencies. Your money will remain safe and untouchable if you do this.
OctaFX provides protection against negative balances, which means that anytime your balance falls below zero, we will immediately bring it back up to zero.
Clients are safeguarded by Investor Protection and Compensation Schemes in the extremely improbable event that the broker is found to be unable to pay its debts or declares bankruptcy. In addition, the competent authorities is continuously monitoring OctaFX to ensure that it complies with all safety regulations.
OctaFX.eu, the website of the broker, is a domain that has been recognized by the Cyprus Securities and Exchange Commission (CySEC). Octa Markets Cyprus Ltd is the company that registered the domain.
At OctaFX, your primary options for opening an account are the MetaTrader 4 Micro, the MetaTrader 5 Pro, and the cTrader ECN.
They provide traders of all experience levels with features that are exclusive to their platform.
For those just starting out, MT4 offers the option of a micro account. Trading costs are increased when a minimum deposit of $100 is required, and when the maximum leverage allowed is 1:500.
A pro account is one that employs the MT5 platform, which is a little bit more complicated than the standard platform, and it is designed for those who have a solid grasp of forex and are prepared to invest for higher potential returns. When compared to the Micro account, this one has spreads that are a little bit narrower and will have reduced trading fees for bigger volume. However, the minimum deposit required is rather greater.
ECN trading account that is powered by the OctaFX cTrader platform. This is the platform that enables STP while also ensuring the lowest possible execution latency. However, these come with a significant amount of commission.
On top of that, you are authorized to utilize scalping strategies, hedge your holdings, and code your very own Expert Advisors (EAs) across all of these trading accounts.
OctaFX is also well-known in the business for providing customers with one of the most reputable Islamic accounts available.
During a rollover, an Islamic account will charge a set fee rather than a swapping interest rate. This cost is not interest, but rather is based mostly on the direction in which your position is moving.
This account may be used with any of their other trading accounts, which are stated above. When you are setting up for an account with the broker, all that is required of you is to click the box labeled "Swap Free."
Using the calculator that is provided here, you will be able to determine the commission that will apply to your specific trade. At the very bottom, there is a convenient tool that enables you to choose the asset, the transaction size, and the account type. This will give you an estimate of the cost that you are likely to incur.
The foreign exchange market presents traders with enticing prospects, but they need also be aware that it carries risk. Because of this, it is highly recommended that one first establish a risk-free Forex trial account before beginning to trade with real money in the foreign exchange market. The Forex trading experience offered by the OctaFX Demo Account is identical to that offered by genuine accounts. The only real distinction is that virtual currency is used in the demo account for currency trading. Because you are not dealing with actual currency, there is no possibility of losing any money.
You will have a better understanding of how to execute trades and your risk exposure if you practice using demo accounts that give you access to an infinite amount of virtual currency. In addition to having all of the capabilities of a genuine account, it enables you to do the following:
You are welcome to make full free use of it: You should put your trading techniques and bots through their paces for scalping, and you should also make as many risk-free trades as is necessary.
Trade with virtual currency: despite the fact that this is really a trading simulation, they nonetheless supply you with actual trading signals, all of which are provided at no cost to you.
Explore the full range of capabilities offered by the trading platform: Master the art of reading charts and making use of graphic objects, levels, Fibonacci retracements, and other tools.
In order to make the process of learning into one that is more enjoyable for you, we have designed a number of demonstration contests in which you will have the opportunity to win actual cash prizes. To win the first reward, you can either engage in reverse trading, make use of automatic trading, or demonstrate the newly acquired talents you have.
OctaFX makes it simple and fast to open an account with the company. Simply navigate to octafx.com and fill up the required fields with your name, email address, and password.
After then, check that your email address is correct.
The user is then presented with a new screen that prompts them to provide their address, phone number, and date of birth, as seen below:
Shortly after that, customers are then prompted to select the account platform that they would want to open, in addition to being prompted to select additional parameters such as real/demo, Islamic swap-free accounts, base currency, leverage, and other features as seen below:
After the user has made their selections, they will be sent to the OctaFX Personal Area, which is where they will be able to make deposits and withdrawals of money, as well as enter contests and establish new accounts, as illustrated in the following example:
Personal Area is amazing since customers may run various tasks from here, such as maintaining track of real and demo accounts, establishing new accounts, seeing contests and promotional offers, and copy trading services. Other capabilities include copy trading services.
Traders on OctaFX have the ability to make investments in a wide variety of options, such as currency pairings, cryptocurrencies, stocks, market indexes, precious metals, and other commodities. Trading on the most popular market indexes, such as the NASDAQ, the Eurostoxx 50, the Dow Jones, and others, may be profitable for investors.
Only the MT5 account provides access to all assets; the other two accounts only provide a portion of the full sum.
In general, there is not a huge selection of different types of instruments available.
You have your choice between two distinct trading platforms provided by OctaFX.
To begin, OctaFX provides access to the MetaTrader platform family, which is among the most widely used forex trading platforms.
Second, the company offers something called "cTrader," which is described by the company as the industry's "new standard" in forex trading.
All trading session and personal data are encrypted using the most up-to-date technology available, which is 128-bit SSL protection procedures. This gives users piece of mind by protecting them from any unforeseen compromises made by the hacker community.
The differences between cTrader, MT4, and MT5 are outlined in the following table.
From the Trading area of their OctaFX Personal Area, users may navigate to the trading platform of their choice and begin trading.
OctaFX gives traders the ability to choose from a variety of trading
platforms, catering to the widest possible range of trading tastes and
experience levels. This platform has a very straightforward configuration that
is simple to comprehend, and it provides both built-in expert advisers and
OctaFX Metatrader4 features:
We provide the tightest spreads in the business, with spreads beginning as low as 0.4 pips.
Cost effective: there are no commissions
Start trading with as little as fifty dollars, which is the low minimum deposit requirement.
Deposit bonuses: Receive a bonus of up to fifty percent on each deposit you make.
Extensive selection of financial assets, including 28 currency pairings, gold and silver, four indexes, and three cryptocurrencies.
High leverage: up to 1:2 for cryptocurrencies, up to 1:500 for currencies, and up to 1:200 for commodities.
Options for volume range from a minimum of 0.01 lots up to an indefinite maximum.
Extremely high accuracy: 5 digits
There are many other possibilities, including hedging, scalping, expert advisors, and CFD trading.
No swaps: No swaps need to be paid for orders that are kept overnight
MT5, which is becoming more and more popular on OctaFX, has been given serious consideration by a lot of people as a possible successor to MT4. In addition to the capabilities of MT4, it has a user interface that is far more modifiable, stop limit orders, and an integrated economic calendar.
The Industry's Tightest Spreads, with Spreads Beginning as Low as 0.4 Pips
Comprehensive selection of financial instruments, including 28 currency pairings, 4 commodities, 10 indexes, 4 energies, and 3 cryptocurrencies
Cost Effective: There are no commissions, only markups.
Volume options: Minimum of 0.01 lot size, limitless maximum
There is a high level of leverage, with up to 1:200 for currencies, 1:100 for commodities and energy, 1:50 for indices, and 1:2 for cryptocurrencies.
Extremely high accuracy: 5 digits
Deposit Bonuses: Receive a bonus of up to fifty percent on each deposit you make.
ECN brokers choose cTrader because it is the most advanced trading platform available to them. Naturally, it has Level II quotations, server trailing stops, single-click trading, and advanced charting choices. In addition, it has these features. Accounts are backed up on cloud servers, and a consolidated record of all of the accounts is maintained by the system.
In conclusion, if you would rather automate your trading strategy than do it manually, you may utilize the cTrader automate platform, which will assist you in the creation of individualized robots. With this set of programming tools at your disposal, you have comprehensive back-testing capabilities.
Although it may be used in a browser or traded through your mobile phone, you will probably want to download cTrader to your own computer so that you can make the most of its capabilities. cTrader can also be utilized.
OctaFX is also accessible on mobile devices, and there are apps designed specifically for iOS and Android. There is almost no discernible difference in performance between these mobile apps and their desktop counterparts. Traders may utilize them effortlessly to do business when they are moving about.
The OctaFX Trading App is a piece of Forex trading software that has been approved for official use. It enables any and all financial transactions that are typically possible through desktop applications. Users have access to the in-app settings, where they may exercise control over their OctaFX trader profile and any and all activity associated with that account. Traders' requirements are met by the applications that are given; nonetheless, we've used apps offered by rival brokerages that were simpler to operate.
The OctaFX MetaTrader 4 Mobile Trading App provides users with a selection of order types and execution modes, three distinct chart views (bars, candlesticks, and lines), in addition to nine distinct timeframes that can be viewed and thirty distinct trading indicators. Additionally, the OctaFX website provides helpful instructions on how to get started with the app:
On the other hand, the trading capability of the OctaFX MetaTrader 4 mobile trading software is really straightforward. One may easily go to other sections of the mobile trading app, such as quotations, charts, and history, for instance, directly from the app's homepage:
Trading capability is very simple to use, and a snapshot of your account may be seen in the following manner:
The OctaFX MetaTrader 5 Mobile Trading App provides a complete set of order capabilities, such as pending and stop orders, market depth, and options for netting and hedging accounts. Additionally, the OctaFX website provides helpful instructions on how to get started with the app:
The unique cTrader app has been designed to be user-friendly, functional, and well-organized in order to facilitate mobile trade execution. Although it does make it possible for customers to stay on top of administrative responsibilities like withdrawing and depositing cash, it gives the impression that its primary purpose is to assist traders in engaging in trading activities.
The default watch list on the mobile platform, much like the one on the desktop platform, only includes a select few markets and focuses mostly on currency pairings. In addition, there are not a great deal of analytical features that may be utilized on the mobile app. It's possible that certain aspects of the cTrader mobile experience have been simplified in order to provide a more streamlined and organized overall impression. It is not difficult to get into a position to execute trades. One-click trading and fully functional order screens are both accessible, and both of these features make it possible to put up trade instructions that include trailing stop losses and take profit objectives that are already built in.
OctaFX provides mobile trading apps for traders of all experience levels, making it possible for traders to engage in mobile trading while on the go. Another helpful tool provided by OctaFX is the company's own own OctaFX Trading App, which gives customers the ability to monitor their trading accounts as well as their financial situation.
The commission and charge structures of OctaFX change based on which of the three possible account types—Micro, Pro, or ECN accounts—the trader chooses.
When compared to other brokers, OctaFX's spreads are among the most competitively priced available.
This trading account does not charge any commissions, and customers have the option of selecting fixed spreads beginning at 2 pips or floating spreads beginning at 0.4 pips.
The MT4 Micro account features the biggest spreads, and traders have access to the fewest trading instruments available through this account type. In a standard transaction, the spread on a EUR/USD trade may be 1.1 pips, however if the same trade is executed using an MT5 Pro account, the spread might be reduced to 0.9 pips instead.
In addition to being a commission-free trading account, users of this account can trade with floating spreads beginning at just 0.2 pip increments.
The MT5 Pro account is often the best choice out of the three possibilities since it offers the most variety of tradable instruments and the most competitive pricing structure.
The cTrader ECN account is comparable, but it only allows trading in 28 different currency pairings and two different commodities markets. However, this account does provide a distinct advantage because it is a commission-based account.
Slippage and requotes are not an issue with OctaFX, and traders who have an ECN account benefit from fees that are extremely low or even close to nothing on foreign exchange pairings.
The amount of commission varies depending on the instrument, and although there are no exchange costs, there is a price for rolling over positions every week.
OctaFX allows investors to choose from a variety of payment methods, including credit and debit cards, bank transfers, e-wallets such as Skrill and Neteller, and more. Local bank transfers are another option available to merchants based in certain countries. OctaFX is always expanding their list of supported payment options.
Both depositing and withdrawing funds from OctaFX do not incur any fees, and the broker provides a bonus of up to fifty percent of the initial deposit in certain circumstances. This bonus is detailed in the following part of the OctaFX Personal Area:
How long does it take to make a deposit? When it comes to withdrawal requests, the processing period typically ranges from one to three hours, and it is confirmed by email. However, this will only occur if the withdrawer's personal information is both accessible and validated before the transaction can be processed. Forex brokers are required to follow various regulations in order to remain compliant with international anti-money laundering legislation; OctaFX adheres to all of these requirements.
How do you go about taking money out of your account?
1. Enter your login information into your account. To withdraw funds, click the "Withdraw Funds" tab in the menu.
2. Complete the required fields and indicate the amount of cash you wish to withdraw.
3. Determine the mode of your withdrawal.
4. Fulfill all of the relevant criteria for the form.
5. Confirm the withdrawal information, and then click the "Submit" button.
In order to withdraw funds, you will need to verify your account. Please submit your papers so that they may be verified.
The following nations have the following choices available:
Indonesia: Local banks, Visa, FasaPay, Bitcoin, Help2Pay
Local banks, Visa, Neteller, Skrill, Bitcoin, Help2Pay, and Billplz are accepted in Malaysia.
Vietnam: Local banks, Visa, Neteller, Skrill, Bitcoin, NganLuong
India: Local banks, Visa, Neteller, Skrill, Bitcoin
Pakistan: Local banks, Visa, Neteller, Skrill, Bitcoin, Billplz
Local banks in South Africa and Nigeria, as well as Visa, Neteller, Skrill, and Bitcoin transactions.
In addition, OctaFX maintains a wall between the money of its customers and those of the firm itself. As a result, it conforms to the guidelines established for international forex trading. In addition to this, it employs a model of authentication using 3D secure technology in order to add an additional layer of safety to online payments.
There is a wide variety of both incentives and promotional offers to choose from. On the other hand, these could shift with time.
The fact that non-EU customers of OctaFX can receive a bonus of fifty percent of their deposits is one of the platform's many useful features. If you make a deposit of at least $50, they will double your first deposit and offer you an additional 50% in bonus cash.
It is also essential to emphasize the fact that you will not be able to cash out your deposit bonus until you have completed the requisite number of lots traded. The following factors are taken into consideration to establish this minimal lot number:
The bonus sum expressed in USD divided by the standard lot number
Your deposit amount $400
Bonus of fifty percent, or two hundred dollars, is offered.
Your bonus is worth $200 divided by 2, so do that.
The number of lots available for trading one hundred lots
In addition to this, OctaFX.com is now running the following bonus and promotion programs:
You have the opportunity to win a (referred to below as "the Gift") courtesy of OctaFX.
You may sign up for TradeWin whenever it's convenient for you by creating a genuine account with OctaFX.
The 'prize lots' balance determines whether or not a customer is eligible to receive a gift at any given moment.
Users who want to participate in the promotion must trade using one of the trading instruments that we provide while logged into their actual accounts.
Users who participate in the promotion but trade using a demo account will not be eligible for the prize.
The term of an order is not subject to any restrictions, unless the Customer Agreement expressly states otherwise.
Only transactions that have already been completed are included in volume figures.
Create a Free Practice Account:
Copier area is one of the Trading Features.
OctaFX Copytrading provides users with the ability to instantly duplicate the trades of great traders, freeing them from the need to spend countless hours developing their own trading strategy. Make your selections from among the most accomplished Masters of Forex, and broaden the scope of your trading portfolio.
You are able to investigate the trading history of any of these great traders by looking at the leaderboard that lists all of them.
You will either be required to pay a commission for each lot that you trade or a revenue share in the form of a percentage of the spread in order to get remuneration. You might consider this to be the money that the master requires in order to allow you to follow in their footsteps.
You are able to view the ranks of the many "masters" and their return over the course of the previous year, in addition to the number of copiers they own and the amount of money they would want to be paid.
Create an account and then make a deposit in order to get started.
Find the Masters whose work you admire and then click the "Copy" button.
Keep an eye on it, and make money!
You are in complete command of the operation and have the ability to make changes to it or to stop duplicating deals at any moment.
When you cancel your subscription, all monies that were previously invested in the Master as well as any profits made through copying are returned to your Wallet.
Before you cancel your subscription, check to see that any open trades have been finished.
This is a new trading tool that, by mimicking the trades of more experienced traders, can assist traders in generating more reliable revenue.
OctaFX Copytrading provides their customers with the opportunity to generate additional money in the following manner: establish a Master Trader Account, detail your trading strategy, and determine the commission rate at which others can replicate your trades.
This will provide you the opportunity to not only develop a community but also demonstrate the trading prowess you possess. You will, of course, also have the potential to generate passive revenue from the commission through the use of this method.
To make a master account, go to the Master Area and either open a new account or designate one of your current accounts as the master account.
Prepare your Master Account for copier use by determining the amount of commission you will charge and outlining your strategy.
Keep an eye on it, and make money!
Users of OctaFX have the ability to obtain access to the AutoChartist trading signals, which provide a range of benefits to traders of all experience levels, including the following:
When opening and closing deals, it is important to pay attention to automatic alerts.
Innovative software for analyzing volatility, with the aim of optimizing stop-loss and take-profit levels
Take prompt action in response to significant price fluctuations. Accuracy in trend prediction of 83 percent or higher on USD pairings and more
Profit from up to fifty percent more orders thanks to chart patterns that are automatically recognized as they emerge and as they are finished.
Using Autochartist market reports, you may keep yourself up to date on the latest market moves and trading possibilities.
However, in order for customers to receive access to the AutoChartist trading signals tool, they are required to make a deposit in their trading accounts of more than one thousand dollars:
OctaFX provides customer care around the clock, on all workdays, 24 hours per day, five days per week. Customers have the option of contacting us by phone, e-mail, or live chat. The customer service personnel is able to provide assistance in the following languages: English, Spanish, Indonesian, and Polish.
Phone numbers: +44 20 3322 1059 in the United Kingdom; +852 5808 8865 in Hong Kong; +62 21 3110 6972 in Indonesia
Alternately, there is a facility to communicate with OctaFX either through WhatsApp or Telegram via an option that can be found in the "Contact Us" section of the website (although these are limited to texting only).
In addition, there is a Frequently Asked Questions section located under the 'Education' tab that covers a wide range of subjects.
In addition, OctaFX maintains a presence on a number of social media platforms, including Facebook, Twitter, Instagram, and YouTube.
The broker claims that ZenDesk indicates that OctaFX is 87.1 percent better than the industry average for customer support. OctaFX boasts a 7 second response time and a 96 percent customer satisfaction rating. ZenDesk reports that OctaFX is better than the industry average for customer support.
OctaFX provides its users with a number of useful tools for trading, including an economic calendar, market insights, forex news, profit calculator, trading calculator, monitoring, live quotations, interest rates, and a list of national holidays. Extra tools include the following:
OctaFX offers just the English language version of its superb Market Insights component, despite the fact that it is routinely updated. The Daily Forecast, the Daily Review, and the Weekly Review are the types of postings that are updated on a regular basis. These blogs usually make forecasts about the direction that the market will move in the future.
Market in a Minute is a daily video series that is released to the OctaFX YouTube channel. It is a part of the Market Insights area of the website and it covers all of the significant news that occurred in the foreign exchange markets on the trading day before it. In addition to all of these daily updates, brief essays with comprehensive technical insight are occasionally released as a reaction to recent trading occurrences. These pieces are issued irregularly.
The website offers a variety of quick courses that cover all you need to know to get started, from Forex Fundamentals to Predicting the Market. You may access them at your convenience. Learners are given periodic assessments on the content, and the website as a whole is free of charge. Each lesson is a combination of video and written information, and it is organized in a way that makes it simple to comprehend.
In addition, the primary website contains a brief Tutorial part that discusses the MetaTrader platforms, CopyTrading, Autochartist, and CFDs, as well as a Video Tutorial portion that focuses on getting started with MetaTrader. Both of these sections may be found on the same page.
Overall, the instructional content offered by OctaFX and its alternate website is of a high quality; nevertheless, the primary audience for this content is rookie traders. There is very little educational help offered to more experienced traders.
OctaFX is an extremely competitive broker that has a global reach, is well-respected and trustworthy, and has a global presence. In addition to this, it provides a competitive offering that includes minimal spreads, fair pricing, and cutting-edge technology.
Traders will find that OctaFX provides an extremely astounding variety of features and choices to choose from. Their individual help is also genuine, and the representatives working in customer service appear eager to find solutions to the issues and questions raised by customers.
Additionally, their trading bonuses and contests provide them a competitive edge in the brokerage industry. The vast majority of other forex brokers do not provide customers with such advantages. For first-time brokers as well as seasoned ones,
Demo accounts, which are designed to be an exact representation of genuine trading environments, can also be used by novice traders to hone their abilities and prepare them for the real thing.
Overall, OctaFX is a highly feasible Forex brokerage that not only provides a pleasant experience but also has the potential to generate profits for astute traders who utilize it.
OctaFX provides an outstanding analytical section, education that is thoughtfully created for novices, and trading tools that are among the best in the world.
The fact that there are only a few options for making deposits and withdrawals is another thing that should be considered a drawback, especially when compared to other market participants of a comparable size that provide a considerably wider range of options.
OctaFX is already making available a wide variety of cool and distinctive features that make trading more enjoyable for its customers. The provision of even more of these cutting-edge tools will assist them in standing out from the competition and will continue to establish them as a broker who is certainly deserving of consideration.
You are welcome to share your experiences in the comment section below or contact us for any extra information if you feel you need it. Nevertheless, we would be delighted to learn your own perspective concerning OctaFX.
Sites like OctaFX in the UAE
Here is a list of quality Forex, CFD, Stock and Crypto Brokers for new and professional traders living in the UAE:
- Olymp Trade - People simply love this one (Olymp Trade Review)
- Binance - World's largest cryptocurrency e-wallet and exchange that also has an online trading platform, where their members can invest or trade in virtually hundreds of cryptocurrencies and new tokens. (Binance Review)
- IG Markets UAE - UK broker located at Tower 2, Level 27, Al Fattan Currency House, DIFC. (IG Markets UAE Review)
- City Index Middle East - London-city broker with a branch in the UAE. (City Index Middle East Review)
- eToro - Social trading platform, but much better options are available out there. (eToro Review)
- Swissquote - It's a Swiss bank that offers an online trading platform for forex and CFD trading. (Swissquote Review)
- easyMarkets - Israeli brand that is big all over. (easyMarkets Review)
- Forex.com - Google ranks them in the top 10 for the term "forex". (Forex.com Review)
- Plus500 - UK brand that has its own platform, OK for CFDs, with mediocre reviews. (Plus500 Review)
- AvaTrade - Regulated by ADGM's Financial Services Regulatory Authority (FSRA) in Abu Dhabi. (AvaTrade Review)
- FXCM.com - Oldest brand when it comes to retail online forex trading. (FXCM.com Review)
- Mashreq Neo - An online trading platform provided by Mashreq Bank. (Mashreq Neo Review)
- ForexTime (FXTM) - Owned by Andrey Dashin from the Alpari broker fame. (ForexTime FXTM Review)
- Noor Capital - Licensed and Regulated by the UAE Central Bank and SCA. (Noor Capital Review)
- XM.com - XM broker is big in Africa and South East Asia, and now promoting themselves hard in the UAE. (XM.com Review)
- Saxo Bank - Danish Investment Bank with a long history of catering for premium forex investors. It also provides crypto trading facility. (Saxo Bank Review)
- Pepperstone - Originally Australian, but licensed locally by Dubai Financial Services Authority. (Pepperstone Review)
- CMC Markets - UK-based broker that is popular among CFD traders. (CMC Markets Review)
- ETX Capital - UK broker that has a decent reputation among Arab investors. (ETX Capital Review)
- Interactive Brokers - American online-trading broker that is expanding into Asian and Arab markets nowadays. (Interactive Brokers Review)
- Rakuten Securities - Japanese broker that usually looks out for large institutional investors. (Rakuten Securities Review)
- Dukascopy Bank SA - Swiss bank that offers online forex trading on its own proprietary platform. (Dukascopy Bank SA Review)
- IQ Option - It's a below-average broker with no Dubai office, but does have a toll-free virtual number for UAE: 800 032 0891 -> No Arabic, English only. (IQ Option Review)
Reviewed by Arpita Singh
Arpita Singh is the main writer at ForexBroker.ae. As a senior investment professional with 10+ years of experience working at top-tier Private Equity and Sovereign Wealth Fund; she is also responsible for fact-checking concepts, reviews, and related details about brokers and exchanges listed on this website. Full Bio.