OctaFX Review 2022

The Forex market offers attractive opportunities for traders, but also involves risk. That’s why before diving into Forex trading with a live account, it’s best to open a risk-free Forex demo account. The OctaFX Demo Account provides the same Forex trading experience as real accounts.

I rank OctaFX among the best-priced ones, and OctaFX delivers on its statement to help Forex traders earn more. While OctaFX operates without a regulator, it remains a duly registered international business company in Saint Vincent and the Grenadines with registration number IBC 2011. It does segregate client deposits from corporate funds and offers negative balance protection. OctaFX also has been catering to clients from over 100 countries for over a decade. OctaFX provides four different account types, the OctaFX MT4 Account, OctaFX MT5 Account, OctaFX Islamic, Swap-Free, and Risk-Free OctaFX Demo accounts respectively. The minimum deposit amount required to open an OctaFX live account is $100 USD.

This could mean that the bonuses are only available to traders in particular jurisdictions. First off, OctaFX offers an ECN account for as low as a $5 initial deposit, making it one of the very few brokers to offer this. This low initial deposit of $5 will qualify you for either the MT4 Micro account or the cTrader ECN account. The Islamic account can be accessed through all of OctaFX’s trading accounts mentioned above.

The account you go for may also depend on the trading platforms that you wish to use, instruments you want to trade and minimum deposit requirements. MT4 is ideal for new traders and more experienced traders who require a simplistic yet sophisticated platform. It has an intuitive user-friendly interface that is easy to navigate and fully customisable.

Is OctaFX legal in India?

I like the cost savings at OctaFX for traders who keep leveraged positions open for multiple trading days. The cost savings for a 1 standard lot EUR/USD position can amount to $60+. OctaFX has recently improved its pricing environment, and I rank the overall trading costs among the best industry-wide, and there is no inactivity fee or currency conversion cost. It is also a rare broker fully compliant with Shariah law for Islamic traders.

I like that OctaFX offers several cryptocurrencies but am missing other third-party payment processors. OctaFX processes withdrawal requests between one and three hours. Trading with OctaFX will involve minimal fees, spreads from 0.6 pips, and commission-free trading depending on the account traders select. The required minimum deposit to open an OctaFX account is $100 USD.

In order for firms to become and stay classed as a registered members of the FCA firms must comply with some of the strictest regulations in the world. These requirements can be seen as buffer funds and they must be substantial. Therefore, some regulations are needed, and this is provided by the top-tier regulators such as FCA and CySec.

However, there can be no guarantee on how good or bad the signals will perform. I personally like to maintain full control over my trading as I feel like you can become a better trader in the long run when you learn from your mistakes. MT5 has a simple interface just like its predecessor with some new features that improve the overall experience. There are more technical and fundamental indicators for chart analysis, 21 timeframes, graphical objects, support for more order types, an economic calendar and more. I would say this is a good stock trading platform for those of you who are looking for something more than just forex.

OctaFX Compared

The layout for this is different to the MT4 platform so there will be a slight learning curve. The MT4 and MT5 are standard with only slight variations between firms, the functionalities can be significantly different in addition to spreads, fees, and other tools, features and admin areas. For example, the winner of the Champion demo contest will win $1,000 which will be credited to your account. The weekly cTrader competition is a draw with a prize of $400 for the lucky winner. This initial deposit will also be eligible for an OCtaFX bonus of 50%. If $50 is deposited then you will receive half of the initial deposit as a bonus to your funds.

Stability, perfection and close attention to detail is what makes OctaFX different from our competitors. Our highly educated and well-trained Customer Care Department works 24/5 to answer your inquiries and help you. OctaFX has a consumer rating of 2.33 stars from 9 reviews indicating that most customers are generally dissatisfied with their purchases. You can diversify your portfolio with the broker offering gold, silver, crude oil and other commodities. On the account monitoring page of the OctaFX website you can select an account or nickname and view its performance, charts, profits, orders and history.

Markets

The MT5 trading account is highly recommended since the cost reductions from the lack of exchange rates have a significant impact on profitability. OctaFX designates the MT4 trading account for the Regular Trader and the MT5 trading account for the Smart Trader. You can sign in to your Personal Area through your Personal Area password and registration email address. The swap-free trading system is the most distinctive feature of OctFX. There are approximately $6,000,000 in trading incentives paid out to date, which is a remarkable number.

Then he offered to make account under his i.b on Octafx and he will manage account for free and all profits will be mine. I made account on octa , and he blew my 3000$ account in few days . OctaFX crypto brokers canada offers a 50% bonus on each deposit, and a four-tier status program rewarding active traders. It also maintains a Trade & Win promotion, where each lot counts as a prize lot, redeemable for prizes.

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As such, it is divided up into different jurisdictions, each with their own regulatory body, enforcing its own guidelines and regulations. This means the protection offered to you will depend on where the broker is based and who it is regulated sogotrade scam by. If you enjoy the imagery in the forex basics section then you’ll probably enjoy the videos provided too that will guide you through your MT4 account set up. These tutorials are for both the computer version and mobile app.

However, this will only happen provided personal information about the withdrawer in available and verified. As per the international anti-money laundering laws, Forex brokers need to follow specific rules and OctaFX complies to them all. The cTrader ECN account is not far off but is limited to 28 forex pairs and 2 metals markets but offers a differential by being a commission-based account. This account is available on all of their trading accounts that they have listed above. All that you will need to do is to check the “Swap Free” box when you are signing up at the broker.

One of the best brokers out there

Another fact of note is trading incentives, with more than $6,000,000 in payouts to date. I highly recommend the MT5 trading account, as the cost savings from the absence of swap rates makes a notable difference in profitability. OctaFX classifies the MT4 trading account for the Habitual Trader and MT5 for the Smart Trader. OctaFX accepts all the most popular payment methods including VISA, Bitcoin, Neteller, and MasterCard. OctaFX does not charge its clients any Deposit or Withdrawal fees. Furthermore, deposit and withdrawal fees applied by third parties will also be covered by OctaFX.

OctaFX might do this by becoming a member of the Financial Commission in Hong Kong, the most reputable organization for offshore brokers. Other alternatives include third-party insurance to safeguard customer money and regularly disclosed website audits. You can rest assured of immediate responses to your queries as the FX broker gives top priority to customer satisfaction. Only you can access your OctaFX account to withdraw funds as every fund withdrawal requests email confirmation. Commodities– Trade a variety of commodities such as crude oil, silver, and gold on the OctaFx trading platform.

The MT4 demo account expires after 8 days of inactivity, while the MT5 demo account will expire after 30 days of inactivity. We value transparency nadex exchange and openness in the way we review the partners. To bring transparency to the forefront, we have publishedour review process.

Its mobile trading and copy trading service apps remain highly popular, with over 10 million downloads. Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world.

OctaFX is one of the most well-known CFDs and Forex brokers in the world so far. Started in 2011, this company has been incorporated in the financial markets of the Grenadine islands and Sy Vincent. No, OctaFX does not impose a daily limit on the number of deposits and withdrawals. To avoid processing delays, it’s recommended that you deposit and withdraw all of your funds in one transaction.

The OctaFX Demo account does not expire and is available without limit. OctaFX makes use of segregated accounts to protect their clients’ funds coupled with negative balance protection. Between 74-89% of retail investor accounts lose money when trading CFDs. TradingBrokers.com is for informational purposes only and not intended for distribution or use by any person where it would be contrary to local law or regulation. We do not provide investment advice, offer or make solicitation of any investment products.

There is some loss in functionality when compared to the desktop versions of these trading platforms, including reduced timeframes and fewer charting options. Will be disappointed that OctaFX only allows trading accounts to be denominated in EUR and USD. Always check the exchange rate when converting from GBP to other currencies as hidden conversion fees can make trading expensive and affect profitability. Customer support is available 24/7 and is best reached via live chat or Telegram. A webform is equally accessible, and traders may alternatively call.

Additionally, MT4 and MT5 are generally more difficult to set up and are less user-friendly than the web-based platforms available at some other brokers. The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browser. Overall, OctaFX has fewer instruments to trade than most other brokers, which may leave some traders dissatisfied. We consider OctaFX to be a high-risk broker because British traders have no recourse in the event of a dispute with the company. For instance, if the deposit amount is $400, then OctaFX will provide bonus promotions of $200.

While our partners compensate us for our work, they can not alter our review process, ratings, and recommendations. OctaFX has two trading accounts with very low costs, but we found the rules on leverage restrictive. Each account is linked to a different trading platform but is otherwise similar. Furthermore, the mt4 account has the facility of 28 fiscal currency sets, leverages of gold and silver asset classes, three prominent cryptocurrencies, and four well-known indices. Since stock indices are not physical assets, they can be traded via products that reflect their price movements via the OctaFX CFD trading platform.

Its social media networks never shut down, especially on those seeking help with any issue. OctaFX regularly holds webinars, which are beneficial for those new to Forex trading and are determined to make a career out of it. While learning on your own is admirable, OctaFX works with big names in the industry and connects with their user base through different mediums. Whether you live in Indonesia or Pakistan, OctaFX has you covered and provides you with daily expert trading advice along with educational insight in your language.