OctaFX Review – Is This Forex Broker Legit or a Scam?

Summary

OctaFX is a forex broker which features a lot of users and several tools and features. OctaFX has many factors that put it apart from additional forex brokers. Read on our detailed review to master about OctaFx.

About OctaFX

OctaFX is a broker that was based in 2011 and is currently regulated and based at Saint Vincent and the Grenadines. Having been in the business for a range of years, they’ve gathered a high numbers of traders that utilize their trading platforms that include both Metatrader along with cTrader.

The broker now offers backup trading services that have attracted lots of new and expert traders. Here, much like additional high broker reviews, we’ll have a comprehensive go through the qualities and services that OctaFX offers, and just how it contrasts with industry competitors.

OctaFX Landing Screen

OctaFX Account Opening

OctaFX offers three different consideration type s to users. Every one of the account types works primarily with a trading platform that is different. The account types offered are a Micro Account, that uses MT4, a Pro Account that works by using MT5, along with also an ECN Account which avails of this cTrader platform.

The Micro Account may possibly be an underlying reason for confusion since it isn’t as micro because traders can expect compared to additional Micro Accounts out of FXTM along with others. Even the OctaFX offering of a Micro Account still includes quite large deposits and trading capacities.

Minimum Deposit

OctaFX Deposit Methods

OctaFX comes with a varying minimal deposit depending upon the account type that’s open. The deposit is $100 for a Micro or even ECN Account, or even $500 for launching using a Pro Account.

This minimum deposit can possibly be considered as marginally more than many competitors, especially concerning the Micro Account that OctaFX offers.

Availability and Ease of Opening

The broker supplies its assortment of services for the majority of countries of the planet. The exceptions to the decree would be the United States, Belarus, Brazil, Myanmar, Cuba, Cyprus, Iran, Iraq, Kazakhstan, Libya, Niger, North Korea, Russia, Sudan, Syria, along with Ukraine.

Aside from such exceptions, even starting an OctaFX demo accounts is very straightforward. Simply enroll your basic personal advice throughout the broker’s internet site, and you’re prepared to begin with virtual trading.

Opening an OctaFX live accounts demands a bit more hours and information, but continues to be relatively straightforward. Here you may merely use broker internet site to upload evidence of your identity and house. Observing this, you’re prepared to trade forex and a number of different marketplaces.

Product Offerings

OctaFX Account Options

OctaFX provides a selection of services and products across several marketplaces from the business. This changes slightly depending on the accounts type, however, comprises trading chances available on 28 forex currency pairs, including 4 alloys, two energies, 10 indices, and also 3 cryptocurrency CFDs.

Read also  Super Simple Bot Review - Is This Forex Bot Legit or a Scam?

The assortment of services and products offered, whilst it can cover each the big areas for trading that might be of interest, isn’t quite as extensive provided by a number of different brokers of some similar prestige. That is very true of those forex currency pairs getting offered.

OctaFX Commissions and Fees

OctaFX usually does not charge any commission on trading no matter the account type that is employed. Like most different brokers, they alternatively prefer to build-in their mark up into the costs made available.

Spreads range from a floating 0 pips dispersed throughout the ECN Account into a predetermined starting spread of two pips using a micro-accounts. The ordinary EUR/USD spread by way of a Micro Account using OctaFX is known as 1.1 pips and also lower through both of the additional accounts options. Despite the minimal access to marketplaces, this is considered competitive on the wider scale over the business.

Non-trading Fees

The broker doesn’t contain any sort of withdrawal or deposit fee. Neither do they take part in the billing of an inactivity fee? This is going to be a pleasing surprise to a lot of infrequent or casual traders after all virtually all brokers charge a commission of any sort on accounts that are inactive.

This superior degree of competitiveness concerning charges and fees helps OctaFX recover a border from various areas where they aren’t as competitive with other big brokers.

OctaFX Platforms and Tools

OctaFX MT4 Webtrader

OctaFX offers platforms in every variation, on line, background computer, and mobile, from Metatrader, along with cTrader. What this means is traders may get MT4, MT5, and also cTrader platforms predicated upon their accounts type.

Desktop Platform

OctaFX Trader Market Order

Traders can pick from a selection of MT4, MT5, or even cTrader background computer and online platforms. All of these are exact famous and both admired platforms that cater to nearly every trader within the market in a few sort.

MT4 maybe your dependable and highly successful platform concerning functionality and capacity to customize graphs with an increase of professional instruments and indexes than any on the marketplace. This powerful, if aesthetically basic arrangement has satisfied many traders all through the years that appreciate that the awareness of detail and succinct ordering process they could avail of.

MT5 is a small step up from the counterpart, even though it still instills many of the similarly trading ability and capability to customize virtually every field of charting and design. This design will be many similarly as MT4 with the most important commanding functions managed through the negative toolbars.

The cTrader desktop program is headquartered within the industry and will be offering an even far more updated visual that can attract a few traders. Much like MT4 and MT5, traders are free to customize many of the design and execute their automated trading strategies where required. The platform is quite intuitive and user-friendly at precisely the similar mode with the graphs displayed from the fundamental console, and a number of the controls operating over the periphery. The contrasting colours and marketplace hart screens allow it to be rather simple for traders to see and read trends on graphs, and also these allure very usually to newer traders from the industry.

Read also  XM Broker Review - Does This Forex Broker Deserve Your Business?

Ultimately, all programs comprise a fruitful and succinct ordering system that makes up about a variety of sorts of arrangements and standing and it is very quick to implement.

Mobile Trading Platform

OctaFX Profit Calculator

The trading platforms supplied by OctaFX are furnished by way of MT4, MT5, and also cTrader. All of these are on Android and iOS and provide greater than adequate work for trading on the go. Every one of the mobile platforms offered are all readily navigable and provide usage of economical calendars, marketplace information, and also comprehensive professional indexes to be put on the graphs.

The OctaFX program is utilised to manage your own account and switch between mobile trading programs. This allows exceptional facilities to handle your rankings and maintain current with the most current marketplace moves, in addition, to make financial modifications to your balance along with also other places. This application is also confirmed, just on Android.

Education and Research

This is another region where OctaFX comes into the forefront. They give a remarkable array of educational options that could help both the new and seasoned traders. All these are offered via the broker’s dedicated education department you need to comprise plan tutorials, basics, and also a variety of video manuals to assist traders to grow and overcome the most frequent barriers to entrance in trading.

This is matched with the diverse assortment of both third-party and independent search tools provided. Trading signs are offered by Autochartist, and the broker comes with a separate area of these websites for trading applications. Included in these are the most up-to-date in marketplace information and advice, in addition to reports, video analysis, and a vast selection of calculators and also an economical calendar.

OctaFX Differentiators

OctaFX Deposit Bonus

The simple fact that OctaFX is regulated and based at Saint Vincent and the Grenadines could be your before all else and chief differentiator. This might possibly not be viewed favorably by those traders that welcome greater rigorous supervision, though it can start the chance for that broker to supply increased leverage bonuses. This is something that they avail of with the offering of a 50 percent deposit bonus bringing lots of traders.

They may also be among the very few brokers to work with Metatrader along with cTrader platforms. This is going to be mostly swayed with traders, and undoubtedly opens OctaFX into your wider market, especially one of the people experienced traders.

Read also  CEX.IO Review - How Does This Cryptocurrency Exchange Stand Out?

Customer Service

Customer service is found to a 24/5 basis once the marketplaces are all available, and is available in a lot of forms. These generally include phone service situated in the UK, Hong Kong, and Indonesia, email, and an internet site established livechat facility that has been extremely helpful and prompt if analyzed. Both telephone and email contact had been also replied in a speedy period, also given considered and productive replies to a selection of evaluation questions.

OctaFX Trustworthiness

This is the critical part of any foreign exchange broker, plus yet one where OctaFX will find it difficult to a particular level. It’s rather evident in their key presence within the business, and responsive consumer support, they have been a trusted broker, while this isn’t instantly clear predicated on regulation and licensing independently.

The simple fact remains that lots of traders won’t completely trust a broker who’s not governed in a developed pulse using a respected monetary regulator. It can appear that OctaFX comprehends this and will work on becoming governed by CySEC in accordance with a company. Until there nevertheless they might need to simply accept that lots of possible traders can turn off depending on the truth that they’ve existed since 2011, and continue to be professionally regulated.

Conclusion

Ultimately, OctaFX works nicely in some specific locations. That is indicative of a broker that is around the business for quite a very long period since they will have, also knows just how to answer certain demands of traders. That is fairly evident within their own extensive education, trading platform, and research supplies, together with competitive pricing.

Frustratingly though for a massive broker, the purpose of emptiness, even with so many decades, is the law. It needs to be said however, if OctaFX will not manage to procure a CySEC permit in the close future, together with the strength of another locations, they are going to grow to be an increasingly major presence within the industry.

OctaFX

3.6

Trust

3.0/5

Commissions and charges

4.1/5

Deposits and Withdrawals

2.8/5

Trading Platforms

4.2/5

Customer Service

3.8/5

Pros

  • The wide array of research and education tools offered provide traders with a superb possibility to learn and grow
  • OctaFX is among those very few brokers to give trading platforms out of the MetaQuotes and Spotware from the shape of Metatrader, also cTrader. This increases the selection of options accessible to traders at a certain way
  • Fees, Fees, and also spreads are one of a few of the very acceptable that may have been noticed from the industry

Cons

  • The variety of services and products offered, specially with just 28 forex currency pairs to trade, is considered quite a few

Comments are closed.