OCTA FX REVIEW
OCTA FX REVIEW
The OctaFX website is an umbrella brand used by two independent broker entities with a wide range of trading options and low initial deposits since it was launched in 2011. One entity is registered as an investment firm under CySEC (Cyprus Securities and Exchange Commission), while the other is established in St Vincent and the Grenadines which facilitates higher leverage bonus promotions for its clients coming from 185 countries.
Octa Markets Cyprus Ltd provides services to traders located in Europe who are regulated by European regulatory bodies such as CySec. The other entity’s service extends to those located outside of Europe; namely, people residing or working within America or any country that does not have regulations imposed on online trading firms.
The launch date for Octa Markets Incorporated was April 1st, 2005 when they merged with TradeASIA Holdings Limited- a company based out of Singapore, but has grown into one of Asia’s leading providers offering the best forex brokerage solutions including, FX spot trading through Fixed Income Derivatives Trading Market Advisory Services. Let’s have an in-depth analysis & get an honest OctaFX Review of its features.
Octa FX Pros & Cons
- Unlimited leverage of up to 500:1.
- Maintains a growing library of research, trading ideas, daily updates, and weekly forecasts.
- The newly launched platform provides social copy-trading for all account types including options that are Sharia-compliant.
- Registration fees or commissions are not required.
- It has an easy setup process as well as a low opening balance requirement.
- Scalping (or hedging) strategies are permitted along with Expert Advisors, which increase the potential profit margin even more on top of what’s already available through access to leverage.
- OctaFX is having difficulties competing with other leading brokers in the industry.
- It seems to be a problem, as cTrader’s platform isn’t available anymore through OctaFX.
- Some assets and currency pairs are not currently being traded by them.
About OctaFX
OctaFX Trading is home to more than six million trading accounts and continues to gain market share with its swap-free offering plus generous bonuses and incentives. OctaFX claims that it helps Forex traders earn more, so we reviewed this broker to calculate if the commission-free and swap-free MT5 trading environment deliver on this statement. Should you open a new account with OctaFX today?
OctaFX Trading has developed a proprietary copy trading service that expanded into an industry that is gaining popularity, especially among young traders. Its mobile app remains highly popular across all devices as well as over ten million downloads internationally, for both iOS and Android mobile phone users in addition to its online desktop platform (MT4).
OctaFX.com offers many great features and benefits that help traders improve their trading experience with the forex company. Octafx minimum deposit requirement of $50 is a contributing factor to this, as well as tight Octafx spread on almost all currency pairs and Islamic accounts for those seeking such an account type. There’s also a demo account, that provides traders the opportunity to test out OctaFX before committing to one of its three platforms- MetaTrader 4, 5, or even both.
OctaFX Features
Some of the important features of the Octa FX are as given below –
Different types of account
When you trade with OctaFX, you have access to three different account types designed to cater to traders of various experience levels and trader types. This range also includes Metatrader4 and Metatrader5 platforms. With this variety, it is easy for anyone in the world who want’s a reliable broker these days.
Cryptocurrency Platform
OctaFX: a cryptocurrency-friendly platform, with the ability to accept cryptocurrencies as payment, and 27 crypto trading pairs available for traders, OctaFX offers clients opportunities they won’t find anywhere else.
Various Resources
The website features comprehensive education resources for investors, as well as trading signals and charting tools to help them in their investing. They also provide updated articles and webinars on investment trends that are regularly added to the site.
Good Spread
With a number of currency pairs to trade and the inclusion of precious metals – all at an affordable cost per trade with market execution in under 0.1 seconds, you’ll enjoy trading here.
Retail loss rates are undisclosed.
Most retailers keep their loss rates close to the vest, but the average is around a few percent. That might not sound like much, but on an annual basis, it amounts to tens of millions of dollars.
Loss rates are kept low by a combination of inventory control systems, buying patterns, and sophisticated vendor relationships. Vendors who understand their customers’ business challenges are better able to provide products that help reduce inventory shrinkage.
The minimum Raw Spreads are not applicable in the Octa FX.
The minimum Spreads in the Octa FX are applicable only for the EUR/USD pair. These are the lowest available Spreads in the Octa FX. The maximum Octafx Spread are applicable only for the GBP/USD pair. These are the highest available Spreads in the Octa FX.
The minimum Standard spread is 0.6 pips.
The Standard spread applies to all Standard contracts and is the minimum amount that you can receive or pay when trading. The Standard OctaFx spread is the commission that you pay for each trade. It is a percentage of the total value of the contract and is charged on both buy and sell trades.
Commission for CFDs/DMA is zero.
The commission for the CFD account nad the DMA account is zero.
Also, the OCTA FX has the following account types available, and no fees apply to them:
- Demo account
- Managed accounts
- Islamic accounts
Octa FX Trading Platform
It is primarily a MetaTrader broker and offers a suite of platforms including MT4, MT5, and Copy Trading. The octafx trading app offer has grown in OctaFX’s offering; it merits inclusion alongside the best brokers.
From over 2,432 strategies available on their octafx copy-trading app found to be either breaking even or profitable within three months, that accounts for about 39% of all strategies offered by Masters (providers) at this platform!
We found their interface useful though would like to see more statistics that could help traders differentiate between providers who offer each strategy.
Mobile trading platform
OctaFX Broker has a proprietary app for social copy trading (the Copy trading OctaFX app), but it still trails behind industry leaders such as IG and Saxo Bank.
Apps overview: Since OctaFX broker is a MetaTrader-only, iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are standard fares; both can be downloaded from the Apple App Store or Google Play store respectively.
Octa FX Security
A reliable platform is essential for online forex trading, and OctaFX Broker excels on this count. With multi-platform support including desktop and web applications along with quick execution times, as well as support for android and iOS mobile devices, you’ll be able to use the platform with confidence from nearly any device. The layout of the interface is very easy to read while integration between all three platforms works seamlessly.
You can easily see charts updated in real-time whenever you need them thanks to its fast updates built into it; there are also a few problems experienced by users such as outputting disconnection or stability issues when using it, which makes this a stable and reliable choice among many others that lack these qualities.
Traders can be certain that OctaFX provides the best trading conditions. With no slippages, fast execution and a non-dealing desk model focused on straight-through processing (STP) execution. Traders have access to optimal trading conditions. They also come with several prestigious awards for customer service as well as the reliability of their platform, which includes being named European CEO Magazine’s best mobile app in 2019.
Octa FX User Experience
Account Opening
To trade on the OctaFX system, users will need to sign up for an account. Creating a demo account is a simple process, you just need to provide basic details. If you want to start trading with full functionality, though, you’ll need proof of your identity which may include your photo ID and recent utility bills among other documents like the trading authentication process, that gauges experience in forex trading and other assets. Until this process has been completed (which can take as little as 24 hours), limited functionality will be available on your account until then.
Deposite
Once your OctaFX broker account is up and running, you can start trading. You can use various payment options to add funds to the octa FX account. These include traditional methods like credit card or bank transfers as well as cryptocurrency and electronic payment services that are supported in 100 countries. Familiar names such as Skrill, Neteller, and PerfectMoney are all available! A great benefit of having an account is the 50% OctaFX bonus on deposits for non-EU clients that it offers.
Withdrawal
Withdrawing your profits to a designated bank account or an e-wallet is simple and can be done with minimal effort. One of the best benefits of OctaFX is its fast transfer times for both deposits and withdrawals along with no commission fees for either activity or currency exchange.
Education
OctaFX strives to provide a large amount of educational material for its clients. They include tools like Autochartist, trading signals, market research and news, and guides (and tutorials) in their endeavor.
Customer Support
Importantly if you encounter any difficulties or have questions OctaFX’s customer service team is very accessible as they offer 24-hour service Monday through Friday. You can reach them via live chat function or phone call but also WhatsApp and Telegram, so that even individuals who are comfortable solving this on their own can benefit from the FAQ section, which has useful information about certain topics like margin requirements.
Octa FX Pricing and Fees
OctaFX charges no commission and no fixed fees. It trades on the spread, meaning that it is a type of broker trading where you are trading against the market makers and taking advantage of their bid-offer spreads instead of paying commissions to execute your trade. The result is that OctaFX has low or even zero spreads for currencies and other assets.
OctaFX MT4 account holders have swap-free commissions, but those with an MT5 brokers account do not have swaps at all – except they also don’t pay any fees for deposits/ withdrawals either
Who should use Octa FX?
The OctaFX platform has a wide array of assets to choose from and its low opening balance requirements are ideal for those who want an affordable start in trading. The additional asset classes, such as US equities, UK stocks, and Japanese securities make it easy to diversify your investment portfolio all at once because they can be found on the same exchange.
In 2022, the cryptocurrency features of this platform will be very attractive for investors interested in Bitcoin or Ethereum due to their lack of fees or commissions. With monthly prizes and referral programs that encourage traders with competitive spirits; you’ll never stop learning!
Conclusion - OctaFX Review
OctaFX is an excellent trading platform with accessible starting deposits and a variety of asset classes and trading instruments. 50% deposit bonuses for non-EU customers combined with great features like leverage, copy trading support, and premium features at reasonable prices are all stand out features of OctaFX’s offering, which is ideal for both new traders to the forex market or more advanced traders who want to explore it on a reliable and affordable platform.
With 24/7 service Monday through Sunday from its customer support team, this offers you accessibility too, something that experienced investors will love very narrow spreads. There are no commissions along with automated or manual strategies including hedging (trading in one currency against another), scalping (purchasing large volumes of currencies when their price falls), as well as other innovative options such as cryptocurrencies.
All these make OctaFX the perfect place to start your trade journey, if you’re not sure what type would suit you best, and don’t know where else to go, also for the beginners, who are just getting started, the Octa FX platform is the best possible option.
