OctaFX Review & Rating 2022 » Is OctaFX Reliable or Scam?
To learn more, please speak to an account manager or customer service representative. It is not a publicly-traded company and is not regulated by top-tier authorities. OctaFX offers a smooth registration process, quick deposit and withdrawal processes, a comfortable layout, mobile trading, Islamic accounts, attractive bonuses, and overall good user experience. However, it’s not available for US-based users, it lacks some assets and currency pairs, and it has low trust since it’s not regulated by any top-tier authorities.
Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-free OctaFX MT5 account. The financial regulator, the Financial Services Authority , does not regulate Forex and cryptocurrency brokers, as outlined on their official website. This said, we are working hard to further improve our services. Stability, perfection and close attention to detail is what makes OctaFX different from our competitors.
Write a review
Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. Please come back often as broker services are very dynamic and can improve or deteriorate rapidly. Unfortunately, we couldn’t identify you on our system or the person you’re referring to and verify your complaint. That said, we wish to encourage you to get in touch with our Affiliate team at email@example.com and share more information about what happened. They’re always here to help and will be happy to investigate the matter closely.
The languages supported by the customer support staff are English, Indonesian, Spanish, and Polish. To be entered into the Promotion, users must trade on their real accounts using any trading instrument we provide. The cTrader ECN account is not far off but is limited to 28 forex pairs and 2 metals markets but offers a differential stocks to trade software review by being a commission-based account. Traders can invest in a range of options on OctaFX including currency pairs, cryptocurrencies, stocks, market indices, precious metals, and other commodities. Investors can benefit from trading on the most popular market indices such as NASDAQ, Eurostoxx 50, Dow Jones etc.
Today, the firm serves customers across 100 countries, and has opened up around 300,000 accounts with an impressive daily volume of $4bn. Our primary goal at The Tokenist is to simplify the word of financial decision-making, so that investing is not only easy – but also fun. In doing so, we often feature products or services from our partners.
But we have a lot of iPhone users on our team, so we were particularly annoyed that the app was only available on Android. We were impressed to find that OctaFX offers a good range of funding methods, and deposits and withdrawals are free and fast. For instance, if the deposit amount is $400, then OctaFX will provide bonus promotions of $200. The user needs to divide their bonus by half $200/2, which will give them 100 lots to credit the bonus offerings.
Another fact of note is trading incentives, with more than $6,000,000 in payouts to date. OctaFX also offers traders the Autochartist plugin for MT4/MT5. 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. One of the most ignored trading costs is swap rates on leveraged overnight positions. Depending on the trading strategy, it may become the most significant fee per trade.
Make your deposit ans withdrawal
A mobile version is available via the app store, free of charge. In 2019, Europe CEO Magazine awarded OctaFX for the Best Mobile Trading App. You can modify your leverage, track your contest statistics, make money transfers, activate bonuses, and more.
How old is OctaFX?
OctaFX is a global broker that provides online trading services worldwide since 2011. It offers a state-of-the-art trading experience to over 7 million trading accounts globally.
Besides, there is an option to submit for a Demo practice account and use its unlimited sources to polish strategy or get to know platforms and OctaFX conditions better. When it comes to the exact spreads that you will be charged on the trade, it will vary slightly according to the type of account that you have chosen. See how OctaFX compares to the leading Forex brokers by reading one of the reviews below. They take suggestions into account and seem to have acted on the suggestion numerous times.
Bonuses and Promotions
I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. OctaFX developed a proprietary copy trading service, expanding into a sector that is gaining popularity, especially among younger traders. Its mobile trading and copy trading service apps remain highly popular, with over 10 million downloads.
Email support is also available, and the FAQ section addresses a number of frequently asked questions. Upon evaluation it was found that only one phone number was missing from the entire support offer. Despite operating without a regulator, OctaFX is a registered International Business Corporation in St. Vincent and the Grenadines, with registration number IBC 2011. It separates customers’ deposits from company cash and provides protection against negative balances. Additionally, OctaFX has served clients in over 100 countries for over a decade.
All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team. Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid. Since then we have continuously created the new and improved the old, so that your trading on the platform is seamless and lucrative. We don’t just give traders a chance to earn, but we also teach them how.
Who is the best forex broker in India?
- Top 10 Forex Trading Brokers in India.
- XM Global – Best Forex Broker in India.
- iForex – Top Forex Broker in India.
- Alpari – Top 10 Forex Broker in India.
- Olymp Trade – Best Forex Broker.
- FXTM – Top Forex Broker.
- Forex.com – Top 10 Forex Broker.
Before we had some concerns due to its operation only through an offshore entity now OctaFX is regulated by the European CySEC aligned with MiFID directive. Therefore means its operation is aligned to the necessary protection level. We admit high-tech access to a range of instruments and multiple platforms either for manual, algorithmic, or social trading. It is definitely a great advantage that OctaFX offers both industry popular MetaTrader platform and powerful cTrader which is highly regarded by the professional traders. For OctaFX users, they can start trading with a minimum of $25.
Trading instruments include Forex, Commodities, Indices, and Cryptocurrencies. Other websites of this company include OctaFX.eu, OctaFX.net, Octapk.net, OctaFX.pro. OctaFX is a duly registered international business company in Saint Vincent and the Grenadines and operates legally. After all the required details have been completed and submitted, a confirmation email will be sent to the applicant’s account. Completing the CAPTCHA proves you are a human and gives you temporary access to the web property. Since I started using your platform,it has been a great and wonderful experience.thank you So much.OctaFX you guys are the best.
OctaFX is at present operating via a Saint Vincent and the Grenadines subsidiary. This enables users to trade with an ECN broker under European regulatory oversight with enhanced levels of safeguards. Some brokerage won numerous awards such as best ECN broker 2020 according to World Finance.
User friendly and advice u on how to
I have requested a transfer through bitcoin wallet and, although in the personal area it appears as “completed”, I have not received my funds yet. It is also very easy to verify the veracity of what I say by going to blockchain.com and entering the address of my bitcoin wallet . At this point I contacted the assistance who communicated me twice that the problem had been solved but, by checking again in my wallet and on the blockchain, the transfer was not completed at all.
This is because European forex laws allow brokers that are licensed in a country within the EU to service clients anywhere within the European Union. OctaFX has a truly impressive array of features and options to currency trading strategies that work offer to traders. Their personal support is also genuine and customer care executives seem to eagerly resolve client queries and problems. OctaFX offers customer service round the clock on all workdays 24/5.
Who regulates OctaFX?
1.2. The Company is registered, regulated, and governed by the Law of Saint-Vincent and the Grenadines.
Overall, OctaFX offers a good range of trading tools, including Autochartist, one of the best technical analysis tools in the industry. Traders then need to select their preferred account type , live or demo account, level of leverage, and account base currency. Overall, OctaFX’s mobile trading support is good when compared to other brokers, with the MT4 and MT5 mobile versions available, in addition to the OctaFX trading app. However, OctaFX’s trading app is only available on Android devices.
Peace of mind may be the most underrated benefit, yet when you need an issue resolved, regardless of the time, OctaFX is there to help swiftly. 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. To reward their clients’ loyalty, OctaFX provides lavish bonuses and promotional programmes. Also, the Forex broker has a wide choice of banks in all major regions of its presence to make transfers much more convenient. The OctaFX.com website is registered under Octa Markets Incorporated, established in St. Vincent and the Grenadines, which permits its clients to take advantage of higher leverage and bonus promotions. Octa Markets Cyprus Ltd is a trading company enrolled in Cyprus and controlled by the Cyprus Securities and Exchange Commission utilizing the space OctaFX.
Trading costs at other brokers tend to be 9 USD per lot of EUR/USD, making OctaFX one of the lowest-cost brokers in the industry. However, the Pro Account Type does have a compensation of only three days for algorithmic trading swaps. OctaFX MetaTrader 4 trading,fixed spreads are initiated from 0.4 pips.
35 currency pairings, five cryptocurrency pairs, five commodities, and ten index CFDs are maintained by OctaFX. Since OctaFX only offers a restricted number of trading instruments, it is well suited for trading techniques that depend on a small number of highly liquid assets. For traders who have leveraged positions open for numerous trading days, OctaFX offers substantial cost savings. OctaFX has recently enhanced its price structure, and the total trading expenses have been rated to be among the best in the business. Additionally, there are no inactivity fees or currency conversion fees. It only applies to MT5 accounts, whereas overnight leveraged positions on MT4 accounts incur a low swap rate.
The demo contest runs for 4 weeks and the participant with the largest demo account balance at the end of the period will win 500 USD, with smaller prizes for the rest of the top five. 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.
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. 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. OctaFX ensures swift access to a customer services representative in case the unlikely need for additional assistance arises.
OctaFX trading education includes 11-part Forex Basic Course videos, archived Youtube webinars, articles, platform tutorials, and extensive FAQs. Market research features in-house created weekly analytics and daily updates covering both technical and fundamental aspects. Automated technical analysis is offered with the MetaTrader Autochartist plugin. OctaFX caters to most international traders, including India, Pakistan, Malaysia, Nigeria, Singapore, and Indonesia. A ranking system is also in place, evaluating the trading history of the Master Trader with OctaFX. In-depth details on the trading strategy and performance of each Master Trader are equally available.
The terminal is similar to MT4, but it has several additional tools that make it unique and safe. Yet, we can forgive this missing point to OctaFX as there are truly many benefits on the trading conditions they provide. The choice between the platform is always your and they are indeed very different, also bringing different price models and more suitable trading strategies. MetaTrader5 is good for everyone and has more trader-friendly software, also copy trading is available through it. Also, see below the comparison table with a typical OctaFX Spread and compare brokers to other CFD Brokers with CFD fees, commission or inactivity fee if applicable.
Octa Markets Incorporated was registered in 2011 in Saint Vincent and the Grenadines under license number IBC 2011. The Company’s legal and correspondence address is Cedar Hill Crest, P. O. Box 1825, Villa, St. Vincent and the Grenadines. OctaFX acts in full compliance with international legislation and regulation standards. You can review Customer Documents as well as AML policy and other important legal documents in the Legal Agreements section at Yes, OctaFX Copytrading offers an opportunity to automatically copy leading traders.
Is OctaFX a Good Broker and Safe To Use?
OctaFX is regulated by none of the tier-1 authorities, one tier-2 regulator, and none of the tier-3 regulators. The broker holds regulatory licenses in Europe through its Octa Markets Cyprus Ltd, Cyprus-based entity, regulated by the Cyprus Securities and Exchange Commission . In order to put things into perspective and for you to understand the broker’s features better, we set a brief comparison between OctaFX and its major competitors in the industry. Our sister site FXScouts also awarded OctaFX Best Forex Copy Trading Platform 2020 for its innovative approach to copy trading. Like its education section, the market analysis materials available at OctaFX are better than most other brokers. Alongside industry standards such as an Economic Calendar, Profit, and Trading Calculators, OctaFX also offers an Account Monitoring tool and Autochartist.
OctaFX offers bank wires, credit/debit cards, and cryptocurrencies. I would like to draw the attention of the public to the scam this company is committing. This is not a safe space to invest your money because no investment or trading is going on. They fxpcm are only siphoning your money with hopes to collect everything you’ve ever owned. Please stay clear and save yourself as they’ve already been flagged and only people who reported to THE WEBSITE ON MY TITLE REVIEW have gotten their money returned.
These modish offerings have enhanced the comprehensive trading platform. The multiterminal doesn’t support automated trading scripts such as expert advisors. Copiers must fund their copy trading account before following Master Traders.