OctaFX Review 2020 and Technical Opinions
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Would you like to fully understand if Octafx is reliable or if it’s a scam?
Do you want to find out everything you can do with Octafx, expert opinions, and user reviews?
In this Octafx review, you’ll find everything you need to dispel any doubt, including our feedback on Octafx, both practical and technical, after years of experience on the platform.
The best thing you could is to open a free demo account to try out first-hand the Octafx platforms, to be able to fully follow this review.
PART 1 – Legal Information to Ensure the User that OctaFX is not Scam
The last thing you want as a trader is to be caught up in a scam. This is why we invest the full weight of our resources in carefully examining the legal information and licensing of the company. While OctaFX bad reviews have been kept to a minimum, this is still an area you should pay great attention to. Proper licensing and compliant operation will save you both money, and heartache, further down the line.
Is OctaFX a scam? Is OctaFX reliable? OctaFX review and legal opinions
Naturally, the question of, “is OctaFX safe” is one which springs to mind. This will be particularly true if you are just entering the forex trading sector for the first time. With all brokers, this is also a reasonable, and correctly cautious approach to take. Conducting this OctaFX review, our team has noted that OctaFX have been active in the industry since 2011.
Throughout this period, OctaFX have managed to secure hundreds of millions of trades in more than 100 countries around the globe. This points to the broker being among the most reliable of choices for your next trades. Another huge factor which immeasurably boosts the trust levels of OctaFX broker is the fact they have recently been approved for a CySEC license.
This is a huge leap forward for the broker, and a signal of their positive intent for future relations with you as a trader. All things considered, our OctaFX reviewers can conclude, the broker operations are safe, reliable, and trustworthy. This means that OctaFX is certainly not a scam, and you should trade with confidence.
When I make a deposit to OctaFX, where does my money go?
As with so many of the top forex brokers we have reviewed, the funds you deposit for trading with OctaFX are directed to trusted, segregated accounts within top-tier financial institutions. This means they cannot be accessed directly by the broker, and are completely controlled by you. This should help to provide the confidence you need to trade without fear.
Is OctaFX regulated? OctaFX Regulations – OctaFX license opinions
Yes. OctaFX regulation just took a giant leap forward in recent months. The company have been operating out of, and regulated by Saint Vincent and the Grenadines for the many years since their inception. In March 2019, they completed the CySEC licensing process, and are working to launch their new EU domain which is currently under construction.
This means, besides being regulated and compliant for many years in SVG, they will now also be regulated by CySEC for European operations. These are one of the most respected regulators in the financial world. The fact that OctaFX has actively pursued regulation by them is somewhat extraordinary, as many brokers do not often want to shine such a stringent spotlight on their operations.
This willingness to be regulated just further demonstrates the level of faith which you can place in OctaFX, knowing that they are fully above board, and have your best interests as a trader at heart.
How to check the OctaFX licenses
OctaFX regulation and licensing can be checked out in detail at the related regulatory body sites. These are available as follows:
- SVGSFA (Saint Vincent and the Grenadines): (19776 IBC 2011)
- CySEC (EU): (372/18)
What type of broker is OctaFX? OctaFX technical opinions
OctaFX can be considered an ECN/STP type of broker. This OctaFX ECN style of operation means they can often provide the very best prices to you as a trader. This is due to the fact that STP mean your order is directly sent to the liquidity provider.
Without the order being internalized by the broker, the best rates can be provided for your order. This non-dealing desk type of operation is becoming more and more common in the sector. This is mainly due to the fact traders are starting to expect the very best prices.
These can only be provided through the likes of OctaFX where the goals of both you, and your broker, are much more closely aligned. OctaFX is one of the very best ECN/STP brokers, with a progressive attitude towards customer relations, and always working hard to ensure the very best prices for you as a trader which can help maximize your returns.
How does OctaFX profit?
Depending upon which account type you choose, OctaFX has a couple of ways through which they can make a profit. With the OctaFX Micro, and OctaFX Pro accounts, they profit, as other major brokers do, from a very slight markup in the spread which is offered to you. The second way in which the broker profits through their offering to you is commission.
While the Micro and Pro accounts mentioned, are free of commission, the OctaFX ENC account features a round turn commission of $6 per lot depending upon which market is traded.
Where is the legal office of OctaFX?
The legal offices of OctaFX are located as follows: Cyprus 47 Strovolos Avenue, 5th Floor, Kyros Tower, Strovolos 2018, Nicosia Saint Vincent and the Grenadines Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
- Regulations: Octa Markets Incorporated is regulated by the FSA. (You do not own or have any rights to the underlying assets. Please refer to the Disclosure documents available on the website.)
- Type: ECN, STP
- Leverage: 1:500
- Minimum Deposit: $ 5
- Platforms: MT4 (web platform, desktop, Android, iOS), MT5 (web platform, desktop, Android, iOS), cTrader (desktop, Android, iOS)
- Headquarters: Octa Markets Incorporated is headquartered in Kingstown, St. Vincent and the Grenadines
- US Customers: No
- Other instruments: CFDs on indices, commodities, cryptocurrency
PART 2 – OctaFX Account Opening
What can you do with OCTAFX? OCTAFX features opinions.
OctaFX offers a wide range of products for trading across a variety of the most popular markets to all traders. This varies slightly depending upon the type of account you choose to open, but includes trading across 28 forex currency pairs. These feature all of the major pairs you would expect, together with a range of minor, and exotic pairs.
Metals, energies, indices, and cryptocurrency trading are also featured through OctaFX at some of the most competitive prices in the sector.
Beyond these markets, in terms of features, OctaFX is beginning to rise to prominence with its copy trading addition. You can now copy some of the most profitable traders on the platform, to help unlock profits which may have previously remained out of reach.
His complete range of services, and all-encompassing attitude is another example of how OctaFX is advancing itself to remain among the top forex brokers in 2020.
OCTAFX demo: how to open a free virtual account
Opening an OctaFX demo account could not be easier. In just a few short minutes, and with the most basic of personal information, you can be trading in replicated conditions, just as they would be with a live account, but with no-risk demo funds. The OctaFX demo contest is also available to those with an OctaFX demo account to compete against others in a similar position.
OCTAFX Live: how to open a Live OCTAFX account
Opening an OctaFX live account is a similarly painless process. This requires little more time than the opening of your demo account, and only a few additional personal details, plus account verification are required. This verification can be completed by uploading your proof of identity, and proof of residence documents electronically. The entire process is both secure and fast, completed within less than five minutes.
OCTAFX Deposits and Withdrawals – All the options
OctaFX offers a range of deposit methods to you as a new, or existing trader. There are no additional charges or fees, and OctaFX withdrawal can also be processed through any of these methods.
As mentioned, all OctaFX withdrawals can be quickly processed to the same methods as your deposits. There is also no additional OctaFX commission to worry about. The minimum withdradwal is typically $5, with the minimum withdrawal to visa being $20.
OCTAFX minimum deposit
The OctaFX minimum deposit required is $100. This is applicable to both the OctaFX micro, and OctaFX ECN account. For opening an OctaFX Pro account, the minimum deposit is $500, though this is offset by highly competitive commissions and other great features.
OCTAFX Bonus and Offers
An OctaFX no deposit bonus is not available, though they do offer some other fantastic bonus opportunities to boost your profit-making potential. This includes a huge 50% deposit bonus on each and every deposit.
This is beyond what many top brokers typically offer. Usually you would find a welcome deposit bonus which is one time only. With OctaFX, you can benefit from a bonus of 50% on every deposit you make. OctaFX contest offerings are also very strong. These include wonderful prizes across both contests for real, and demo account users.
What type of trader are you?
74-89% of retail CFD accounts lose money
PART 3- OctaFX Review, Accounts, Conditions, and Fees
OCTAFX Account Types
There are three distinct types of account offered by the broker. The OctaFX account types are, the Micro account, the OctaFX Pro account, and the OctaFX ECN account. The micro account utilizes MT4 as its trading platform, the pro account takes advantage of Metatrader 5, and the ECN account uses cTrader. These can be important distinctions based on your trading experience.
In terms of usage, all accounts possess many of the same great features, with the micro account being more powerful than that of many other top brokers. This is the account which OctaFX recommend for new traders starting out in the industry. For more experienced traders, they recommend a pro account, while for progressive traders, the OctaFX ECN account is suggested.
Commissions, Fees, Spread and Market Trading Hours on OCTAFX
Both the micro, and pro accounts feature commission-free trading. With these accounts, spreads are also highly competitive. These begin at just 0.2 pips. This represents a very good opportunity for you to begin trading without having to worry about the spreads or commission.
The OctaFX ECN account meanwhile, operates on a commission basis, with no markup on the price. Therefore, spreads start from 0 pips with this account. The OctaFX cTrader commission is set at $3 per single turn of 1 lot. This varies slightly depending upon which markets you choose to trade, but remains highly competitive when compared to some others in the industry.
OCTAFX Islamic Account
An OctaFX Islamic account, which is 100% compliant with Sharia law is offered. This can be accessed through further contact with the OctaFX customer support team after you sign up.
OCTAFX Leverage – What it the highest leverage OCTAFX offers?
The leverage offered by OctaFX is extensive. This is likely thanks to their regulation in Saint Vincent and the Grenadines, which is more liberal in this regard. Under CySEC regulation, you can expect a more limited leverage availability, but for the moment, OctaFX offers leverage of up to 1:500 on currency pairs.
OctaFX offers trading in 3 major cryptocurrencies. These are traded as CFDs against the US Dollar, and represent three of the most popular choices in the cryptocurrency industry. Bitcoin, Litecoin, and Ethereum, markets are all available for trading through OctaFX.
CFDs trading is widely available on a range of markets through OctaFX. You can choose from major indices, metals, cryptocurrencies, and other commodities when trading OctaFX CFDs. Although some other major brokers may provide access to more CFDs trading opportunities, OctaFX really focuses on creating a positive experience for you as a trader.
This means, you can be guaranteed some of the best leverage of up to 1:200 on metals CFD trading, and also the most competitive, commission-free trading environment in the sector.
PART 4 – OctaFX Trading Platforms Review
OctaFX features both Metatrader and cTrader platforms. This means that as a trader, you are left with a wide breadth of options to choose from, depending on the account type you choose to open with OctaFX. Copytrading functionality has also been added on both desktop and mobile.
OCTAFX Trading Platform Review
As an OctaFX trader, you are free to select from MT4, MT5, or cTrader trading platforms depending upon your account type. These are available in desktop, web-based, and mobile formats. This also represents the entire cream of the trading platform sector when it comes to third-party software.
OctaFX MT4 appears, and functions just like it always does. This means, the visually rudimentary exterior is combined with some of the most powerful, robust, and efficient operation of any trading platform, ever.
This can also be said of MT5 which matches its stablemate with the same left-side controlled layout, combining fast, effective order execution with a range of the most powerful charting tools and the most customizable console in the sector.
cTrader is very close to Metatrader in terms of customizable options, and efficiency. The layout is also user-friendly in the extreme, and it poses a less-daunting prospect in terms of its enhanced visuals. Either way, the premium-level functionality of both platforms make it easy to identify why they are the top choices for forex traders around the world. OctaFX does a great job in having them available in harmony to all traders.
These trading platforms are also available in concise, yet powerful, and similarly impressive web-based formats, and mobile. These are becoming ever more important mediums as the entire industry moves strongly forward in recognizing the need for powerful mobile trading options.
OCTAFX Copy Trading
OctaFX copytrading is a relatively new innovation, added to the broker in 2018. This allows for two types of user; a copier, and a master. As a copier, you can benefit from choosing which master traders to copy, and profit in line with their investments. Profitability and other metrics area all clearly, and transparently outlined within the rankings screen.
As a master trader, you allow your trades to be copied by others. Through this, you can earn certain commissions on successful trades. These vary depending upon your success, and following, but can typically earn you up to $15/lot traded. This can be replaced by a commission of your choosing.
The OctaFX copytrading area is extremely intuitive, and attractively designed to promote engagement. The service is available on desktop, but has also recently been launched for android devices, meaning you can engage in OctaFX copytrading, and all of the potential profits it brings, on the move.
OCTAFX Tutorial: Where to find the best OCTAFX Guides
OctaFX promote an extensive educational infrastructure for traders of all levels. This is great in helping you get started, or in learning more about the industry, and how you can trade with the best profit potential.
The benefit of more, top-quality education however, cannot be overstated. This is precisely what you can receive if you decide to add to your forex education with Investingoal. Here you can access many of the best trading and copytrading guides, as well as top broker reviews, to help you successfully advance your career.
PART 5 – Support, Research and Educational Material
OCTAFX Customer Support
OctaFX customer support service is among the best in the industry. They are available on a 24/5 basis when markets are open, and can assist with your questions in a number of languages. Their phone support is available on UK, Hong Kong, and Indonesian local numbers.
This phone support is backed up by their dedicated email team, and further reinforced by the speedy, and helpful web-based live chat.
All of the customer support channels were tested by our OctaFX review team, and each returned excellent results for speed, efficiency, and relevance of information provided.
OctaFX performs well when it comes to research tools. As with many top forex brokers, they offer a comprehensive economic calendar in addition to an entire area of their site dedicated to research tools. This area includes a variety of video content, market analysis, the latest news, and a wide range of calculators to help you pinpoint your exact position within trades and the market. OctaFX has also partnered with the industry leading service of Autochartist, in providing forex signals.
The educational section offered by OctaFX is equally beneficial, and informative. Similar to the likes of HotForex, they offer a wide range of video related content which covers the basic fundamentals and how to get started as a forex trader. This content will be especially helpful to new traders looking to start out in the industry.
For everything which is not covered here, an exhaustive collection of FAQs was put together by the team to help you along every step of the way.
OCTAFX Trading Academy
The OctaFX trading academy may not be there specifically in name, but in nature it certainly is. Taking a collective look at the education and research material provided by the broker, when used in collaboration with much of the forex guidance material you can collect from other sources, including Investingoal, it is quite clear you have access to as much top-quality material as any of the best trading academies.
PART 6 – Final Thoughts and Opinions, Comparison with Other Brokers
Through our years of experience in the forex industry, we have conduct a countless number of broker reviews. This places us in an excellent position to offer our own opinion on what we have found through our thorough review of OctaFX. The primary goal of these opinion is to help you make the best choices possible for your future trading career, and profitability.
OCTAFX review, OCTAFX opinions and final comments
OctaFX has been operating in the sector since 2011. Throughout this time, it is very evident to our expert eye, they have continued to advance their offerings and features, with your future as a forex trader a top priority.
This trader-centric approach is evident in almost every aspect of how OctaFX conducts their business. They feature a great range of trading markets, yet it is tailored to be small enough that you can focus without distraction. This offering is then complimented by the extensive availability of tools and research infrastructure. They also offer a selection of the best trading platforms in the industry. This shows a great flexibility in meeting the needs of traders.
Ultimately, OctaFX has grown into the industry over the last 8 years, and continue their march upward in the popularity rankings. This ensures that, not only will they continue to become of the biggest and best brokers you should trade with, but they will also have the foresight to maintain that position.
Why You Should Choose OCTAFX
There are a broad range of reasons we could select as to why you should trade with OctaFX. These include their stellar licensing and regulatory compliance. Remarkably, this has advanced even further to being regulated by CySEC. They also retain amazing leverage capabilities, with up to 1:500 OctaFX leverage available to finance your trading dreams.
These points, together with the highly competitive spreads, and availability of multiple top trading platforms, all point to one overriding fact. OctaFX operates with you as a core priority. This alone is the reason why you need to begin trading with OctaFX.
OCTAFX Reviews – PRO
- Enhanced licensing with the addition of CySEC regulation. This makes OctaFX a stronger, and more trusted top forex broker.
- Working with both cTrader, and Metatrader mean you have flexibility to choose between the best trading platforms in the forex sector.
- OctaFX education and research infrastructure is extensive, and impressive. This provides expert guidance to those requiring encouragement to start trading.
- The OctaFX spread offerings are also among the most competitive in the entire forex industry.
OCTAFX Reviews – CONS
- Some traders may find the range of trading products and markets offered through OctaFX to be too narrow.
- Restrictions on trading platform depending which account type you open. This will encourage users to open an OctaFX ECN account, but may not suit everyone.