The forex market is a worldwide trading market that trades currencies. It is the largest market in the world in terms of the trading volume. The foreign exchange market includes selling, buying, and exchanging currencies. In order to provide the traders with a platform where they can trade foreign currencies, Forex brokers come into the scene. It is a financial services company that aids in providing a platform to the traders.
Are you considering trading forex with OctaFx? There are hundreds of brokers online now, making it really hard to know which brokers are genuinely reputable and trustworthy. We have tried and tested this broker, as well as doing in-depth research so you can make an informed decision as to whether to use this broker for your trading. Let’s find out more…
Who Is OctaFx?
Octa Fx was established in 2011 in St. Vincent and the Grenadines. OctaFX is offering access to CFD trading, ECN trading, commodity trading, and trading with prize-winning Forex trading conditions. They are reliable to use on mobile (android and iOS) via their own trading app and Microsoft windows.
You can start trading simply with the high account balance, or you can use a demo account for free that does not require any deposit. OctaFX is offering competitive conditions that are suitable for traders of any level. They are providing you an opportunity to learn more and earn more.
Almost 1.5 million traders around the world have chosen OctaFX as a reliable broker to work with. It is a Straight-through processing (STP) broker that provides the traders with platforms like MetaTrader 4, MetaTrader 5, and cTrader.
This OctaFX broker also offers social trading through Copy Trading with special research tools and AutoChartist trading. They are claiming to provide several facilities that do not include any swaps, slippage, or delays. They are not demanding any commission on deposits or withdrawals, like the majority of forex brokers these days do. Traders trading through OctaFX are under European regulatory oversight, under CySec.
What Account Types Do They Offer?
OctaFX is offering three different types of platforms, termed as MetaTrader 4, MetaTrader 5, and cTrader ECN.
|MT4 (Micro)||MT5 (Pro)||cTrader (ECN)|
|Spreads floating at 0.4 pips||Spreads floating at 0.2 pips||Spreads floating at 0.2 pips|
|$0 commission||$0 commission||$0 commissions|
|1:500 leverage||1:200 leverage||1:500 leverage|
|28+ pairs||28+ pairs||28+ pairs|
|0.01 minimum lot||0.01 minimum lot||0.01 minimum lot|
|0.1 second execution||0.1 second execution||0.1 second execution|
It is a beginner-friendly platform but equally embraced by experienced traders. It provides you with impressive analytical and trading tools. It is flexible enough to offer support trading in cryptocurrencies, Forex as well as CFDs. OctaFX is providing educational material and a free demo account where beginners can challenge their skills. Its best features include a user-friendly interface making it easy to deal in currencies with peace of mind. MT4 platforms do not cause slackening of the device and run smoothly on any mobile phone or desktop. One reason it has traders from around the world is that this platform is available in multiple languages.
MT5 is a next-generation platform with a pro account that is thought to replace MT4 in the near future. It allows multi-pair testing, and in comparison, its back-testing features are better and faster than MT4. Several problems that MT4 has like, pending orders, have been eliminated in MetaTrader 5 pro account. It has better features than MT4; one-click trading makes it easier to open a new position with just a single click. For market monitoring, it is now possible for traders to set up a date, time, and events. It has a better strategy tester that has improved testing capabilities and a lengthy explanation of results.
Its best features include the fast filling of orders at once. Despite filling orders at once, it does not compromise on the quality. Protecting margins is possible by using two types of stop-out options. It offers Forex and Metals only with 26 different time frames. With its advanced order protection, it is possible to cover all negative balance by compensating it back to zero. cTrader can be used both on mobile phones and desktop smoothly. It has a web application as well as a mobile application compatible with both android and iOS.
OctaFx Trading Conditions
OctaFX is providing services for traders of any level. Be at ease if you are a beginner; OctaFX is a beginner friendly broker. Variety of offers and benefits which they are offering includes Automated alerts; they use their trend prediction tools on USD pairs, Chart patterns that are completely identified as emerging, use of several other tools to optimise stop-loss and take-profit levels. Since OctaFX is offering three different types of platforms, that is, MetaTrader 4, MetaTrader 5, and cTrader, the conditions of commissions and costs vary depending upon the account.
All of this information can be found on their website. For MetaTrader 4 micro account, they do not demand any commission while the leverage is up to 1:500 with floating spread starting at 0.4 pips and fixed spreads starting at two pips. In the case of cTrader ECN, this account demands commission with the tightest spread option that is zero pip. It does not have, and swap-fees and the leverage are up to 1:500. While considering the MetaTrader 5 Pro account, It is a commission-free account with floating tips starting at 0.2 pips. From the OctaFX website, we found out that there are just three-day fees and no swap fees.
What Trading Platforms Do They Offer?
OctaFX is offering three leading platforms from which customers can choose one according to their own choice.
OctaFX MT4 has over 20K electronic advisors, many of which are free of cost. One should invest in necessary upgrades so that one could enjoy full MT4 functionalities completely.
MetaTrader5 trading platform is the one that serves all the features and has all the assets that are necessary for trading. cTrader is an alternative with the best features when compared to MT4 and MT5. cTrader trades through ECN. OctaFX also provides Autochartist Pro, which intensifies the performance of MT4 and MT5 platforms.
|MetaTrader 4||– Basic platform|
– Free to use
– Great for beginner traders
|MetaTrader 5||– Basic platform|
– Free to use
– More advanced options for experienced traders
|cTrader||– More advanced platform|
– Free to use
– Great tools and charting options for more experienced traders
However, Autochartist is available for users who have achieved a Silver badge. OctaFX also supports social trading, which is possible via Copytrading.
OctaFX has improved its educational portal to a good extent. With its demo learning account, users compete in a weekly contest in which beginners are able to earn real cash up to $1000. This cash is then deposited in the real account with which you can trade live in a global market.
OctaFx Deposit And Withdrawal Options
The deposit and withdrawal options offered by this broker are fairly limited, but it’s still enough of a selection for the majority of traders.
The transfers are all processed extremely fast so you can get up and trading in no time at all! Bitcoin and Mastercard are both completely commission free but Perfect Money does charge a small 0.5% deposit fee, which really isn’t a lot.
The minimum deposit for this broker is $5 with Perfect Money, but realistically this isn’t going to be enough to trade with, so I would recommend at least $50 to get you started.
All withdrawals are processed within 1-3 hours, then take 30 minutes to reach your account. This is much faster than many of the brokers out there in the industry right now!
Client Support Offered
They have nice customer support that is available 24/7. One can contact them via a live chat or a Telegram. They respond immediately to queries asked by customers. In case of aid or additional assistance, they can contact you via call.
|Call||+44 20 3322 1059|
|Contact Form On Website|
|Address||Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines|
Q: Is OctaFX regulated? A: It is not regulated internationally, however, it is under the supervision of European Subsidiary under CySEC.
Q: How much amount can I deposit minimum? A: The minimum of $5 can be deposited on an OctaFX account.
Q: What is the minimum amount to open an account? A: The minimum amount of $100 and upto $500 is required to open a real OctaFX account.
Q: Can OctaFX be trusted? A: Is considered as high-risk. It has a score of 64 out of 99. It does not operate a bank and is not publicly traded.
Q: How long does it take to withdraw money from OctaFx? A: After the request is processed, it does not take more than 3 hours. It also depend upon the payment system of the user that how long will it take to reach the final destination.
OctaFx Reputation and Reviews
While going through an OctaFX review section on Forex-ratings.com, We have found that customers are not really satisfied with their money withdrawal process.
This is what one of their customers has to say: “OctaFX will deposit your money within a few minutes, but they will not withdraw your money. Trying to make excuses all the time.”
In another response, a customer is reporting a similar issue, “I have an Account OctaFX. I deposited my money 1500INR in my OctaFX account; due to some Octafx name issue, my money is not added to my OctaFX account. I am waiting for the last two days till now my money is not refunded in my bank account kindly refund my money.“
However, another customer has to say that they work completely fine if one knows how to use it the right way. This is what another customer has to say:”I can guarantee, if you follow the regulations and format of Octa fx, there is an absolute “No problem” with this broker. I trade their account every week, and l trade successfully, and they are awesome for instant funding and withdrawals. I follow their trading numbers daily, and they are very accurate. No shady business. I would like to deposit 1M very soon. That is the faith I have with this broker; they are extremely transparent.”
In Conclusion – Are OctaFx a good broker?
It is one of the best Forex trading brokers, with around 1.5 million users in 100 countries. They have tried to provide every kind of facility to their customers, and with their Islamic accounts and multiple language options, they are gaining the trust of more and more traders all over the world.
OctaFX provides the best three different platforms that are all beginner and expert friendly. Despite some issues related to money withdrawal that users report, it is a continuous executing platform gaining its reputation in the business world.
What do you think about OctaFX as a broker? Was it reliable for you? How were your money depositing and withdrawal experience? Is it a good one or a bad one?