OctaFX review (2022) Review
Forex broker OctaFX was formed in 2011. Its name sounds like a trademark of Octa Markets Incorporated. It is headquartered in St. Vincent and therefore the Grenadines and operates in accordance with international rules and legislation. OctaFX’s solid awards cannot be overlooked. From this point of view, the forex broker can be considered exemplary. Global Banking and Finance Review and Forex Report magazine, two online portals that provide informative and independent news for the global banking and financial industry, have noted OctaFX’s high level of customer recognition.
OctaFX is fully compliant with international legal standards, as evidenced by licenses from the following respected regulatory bodies:
- British Financial Conduct Authority FCA;
- Caribbean Financial Supervisory Authority FSA;
- Cyprus Securities Exchange Commission CySEC.
In addition, the company is strictly regulated under the laws of St. Vincent.
The broker presents CFD trading on Bitcoin, Ethereum, and Litecoin to its clients. OctaFX operates as an STP (straight-through processing) and as an ECN (Electronic Communication Network) broker. Narrow spreads are allowed, execution is fast and there are no slippages or requotes. All major currency pairs, gold, silver, etc. can be traded.
The broker offers its users to earn by not only implementing their own trading, but also by copying the trades of successful traders (forex robots). The OctaFX Copytrading feature increases the overall profit potential and provides additional fund management options for all clients. There is an excellent opportunity to create a balanced and diversified trading portfolio by selecting any number of forex strategies from professional traders on octafx.com. In the future, such a portfolio can become a source of a permanent income.
The amount of leverage a user can choose per trade depends on the account type and the asset being traded. In OctaFX the maximum leverage for currency pairs is 1:500, 1:200 for metals and 1:50 for indices.
OctaFX is primarily a MetaTrader broker offering a suite of platforms from MetaQuotes Software Corporation: MetaTrader 4 and 5. While both platforms are standard with slight differences in functionality between brokers, there can be significant differences in how the platform is configured for trading spreads and commissions, betting execution, features, and administrative areas. Both platforms can be used on desktop, laptop, and mobile devices. In general, the broker offers the following terminals for operation:
- MetaTrader 4 – this user-friendly platform has become a favorite with many traders and brokers. Over the years it has proven to be a reliable terminal for a wide range of players. There are a number of useful tools such as forex indicators, charting tools, advanced risk management, real-time trade execution, etc.
- cTrader is a relative newcomer to the market but is already gaining popularity among many interested traders. It is similar to MT4 but has several additional tools that make it unique and secure.
- MetaTrader 5 is a versatile platform that offers outstanding trading and market analysis capabilities. Here you can use oscillators for forex, news, automated trading systems, including in the Market, etc.
OctaFX demo account
A forex broker’s demo account largely determines the future success of its traders. Testing certain strategies, choosing trading tools, all of this is realized without the risk of financial loss on a demo account (forex without investment and risk). The company offers its clients the opportunity to try out the platform in a risk-free environment. Users will also have unrestricted free access to all trading accounts. Demo accounts can be replenished on demand by testing strategies or testing their bots.
Just click on “Open demo account” on the main menu and fill in general information, like email, password and phone number.
Submit your details by clicking “Open Account.”
Alternatively, you can sign up to your demo account with Facebook and Google.
You can also join weekly demo contest and win real money.
Types of accounts
The broker offers traders several account options:
- MetaTrader 4 Micro Account – micro account. Requires a minimum deposit of only $5, which is great for any beginner or trader with a very limited budget. Minimum order volume is 0.01 lot and the maximum is 10 lots. Leverage – up to 1:500.
- MetaTrader 5 Pro. For more experienced traders. Spreads are floating starting from 0.2 pips. There are various tools for trading: 28 currency pairs, 4 cryptocurrencies, and others. Hedging and EAs are available.
- cTrader ECN. Progressive trader’s account, which provides more transparency in pricing.Currency leverage is up to 1: 500 and the metal one makes 1: 200. The minimum trading volume is 0.1 lot, but the maximum is unlimited. Trading instruments: 28 currency pairs, gold, and silver.
Fees and deposit/withdrawal methods
There are no additional commissions for trading except for the spread. The uniqueness of cooperation with OctaFX is that deposits and withdrawals are made via bank cards connected to the Visa payment system, with no commission charged at all, and the transaction is completed within 1 working day.
The following methods are available for funding your account:
- Major credit cards like VISA and MasterCard. The minimum deposit amount when depositing by credit card is $5.
- Wire transfer
- Minimum requirement for a deposit via NETELLER is $50.
Customer support on OctaFX is available Monday through Friday, 24/5. Traders can contact it via email, live chat, or phone.
Licensed and regulated brokerage company OctaFX has been providing its clients with impressive service in the financial market since 2011. Its transparency is unquestionable by its clients and is confirmed by numerous positive feedbacks of traders about the broker.
Pros / Cons
- Availability of licenses from competent international regulatory bodies
- A variety of trading accounts and a relatively wide range of instruments for your PRO account
- High leverage
- Pro accounts have very high minimum trading volume with a leverage of 1:200
- Limited deposit and withdrawal options