OctaFX, a broker based in St. Vincent & the Grenadines since 2011, now services over 1,500,000 traders from over 100 countries and has completed over 288,000 trades. This market maker utilizes straight-through processing (STP) and offers customers the option of trading on the MetaTrader 4, MetaTrader 5, or cTrader platforms.
With about $2,840,000 in bonus money given so far, new retail traders from developing countries are a primary emphasis, and substantial incentives are critical to expanding the customer base.
OctaFX’s pricing structure is very competitive, with a commission-free EUR/USD spread of only 0.4 pips. OctaFX Copytrading is offered for social trading, while Autochartist Pro is available for manual traders.
OctaFX is based in St. Vincent and the Grenadines, where Octa Markets Incorporated is a Financial Services Authority-registered company (SVGFSA). International business companies (IBCs) are regulated by the Financial Services Authority (FSA), but Forex brokers are not.
As a result, OctaFX is practically unregulated; nevertheless, this does not exclude this broker from engaging in malpractice or fraud. Since 2011, OctaFX has grown steadily as a result of its trader-friendly business approach. Indeed, over 1,500,000 traders trust OctaFX, which should be noted while assessing OctaFX.
Negative balance protection, customer deposit segregation from business funds, and compliance with anti-money laundering (AML) regulations contribute to trader security. This OctaFX review demonstrates how this broker tries to balance providing security as an unregulated company and operating out of a business-friendly country that enables it to execute its successful business strategy.
Customer assistance is accessible 24 hours a day, seven days a week, through live chat or Telegram. Additionally, there is a web form, and traders may phone. OctaFX offers immediate access to a customer service representative in the unlikely event that you need further assistance.
Traders may choose from three of the most popular Forex trading platforms. MT4 remains the most customizable version, with over 20,000 adjustable technical indicators and electronic advisors (EAs) from third-party developers, most of which are free.
MT4 retains its supremacy in automated trading, the financial sector’s fastest-growing area. To fully realize MT4’s potential and upgrade it to a competitive, cutting-edge version, traders must invest in the required enhancements.
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Additionally, OctaFX provides the MT5 trading platform, the only one allowing you to trade any asset class. The most comprehensive out-of-the-box solution is cTrader, optimized for trading via an electronic communications network (ECN).
Each of the three systems, available in desktop, webtrader, and mobile configurations, enables automated trading. Autochartist Pro extends the functionality of the MetaTrader 4 and MetaTrader 5 trading platforms by providing traders with one of the most commonly used automatic chart pattern identification tools.
OctaFX Copytrading enables traders who lack time to maintain their portfolios to diversify among trading techniques through a user-friendly interface.
Charges & Fees
OctaFX calculates its costs based on spreads, commissions, and swap rates. While the cost structure is rather complex, the total cost structure is very competitive. To make things simpler, we’ll simplify everything in our OcatFX review. The MT4 Micro Account has a commission-free minimum markup of 0.4 pips on the EUR/USD, among the finest on the market today.
Islamic accounts are priced similarly to conventional accounts but are labeled differently; the Islamic account structure is governed by Sharia law. While the minimum price environment for the MT5 Pro Account remains the same, the current spread is much larger.
There is a three-day fixed fee. However, there are no accessible swap rates. The cTrader Account’s current markup is lower than that of the MT5 but greater than that of the MT4. The $3 per lot pricing remains unchanged, as does the set weekly rollover charge, which, once again, excludes daily swap rates.
OctaFX provides free currency conversions, deposits, and withdrawals. This provider is one of the least expensive brokers to trade with since there are no hidden fees, enabling it to live up to its stated goal of being a low-cost broker for novice and experienced traders.
OctaFX Types of Accounts
This broker provides three different kinds of accounts. According to the broker, the MT4 Micro is the most popular option among novice retail traders from developing and frontier markets. Traders may trade 39 assets with a leverage of up to 1:500 and a minimum investment of $100.
The MT5 Pro account, which needs a $500 minimum deposit and has higher margin requirements, gives you access to all 45 trading instruments. Both options are entirely optional. For as little as $100, you may establish a commission-based cTrader account.
Although it contains fewer assets (30), the maximum leverage is 1:500, compared to 1:200 in the MT5 account. Hedging and scalping are always allowed.
Bonuses and Tools
OctaFX’s Trader’s Tools section includes a complete analytics component. It has eleven subcategories and an intuitive UI. Market Insights, Forex News, and Technical Analysis include OctaFX’s in-house research and market analysis, as well as trading suggestions from Autochartist.
They are regularly updated, include textual and visual information, and serve as a great complement to the broker’s services. The Economic Calendar, Interest Rates, and National Holidays sections briefly summarize market happenings.
Traders may have more control over their trading strategy by using the Profit and Trading Calculators before executing trades. OctaFX’s new research and education portal, on the whole, provides an authentic auxiliary trading service.
Bonuses and promotions remain a significant element of the OctaFX strategy, and traders may benefit from a variety of them. The 50% withdrawable bonus on each deposit allows traders to grow their portfolios via monthly contributions, and two demo competitions provide real money.
Clients who participate in the Trade & Win incentive program get a variety of incentives for their trading behavior.
Payments and Financing
OctaFX offers a variety of payment methods, including credit/debit cards, Skrill, Neteller, and Bitcoin. While the variety is small, it is enough for most merchants.
OctaFX does not charge for deposits or withdrawals. However, third-party charges may apply. While deposits and withdrawals are processed quickly, funds may take time to reach the trader’s account or electronic wallet.
Over 1,500,000 traders utilize OctaFX, emphasizing new retail traders from developing and frontier markets. This unregulated market maker, which began operations in 2011, follows a similar approach of straight-through processing (STP) while preserving a transparent and highly competitive pricing environment.
OctaFX strives to gain the confidence of its expanding customer base by offering popular Islamic accounts.
Traders may utilize the MetaTrader 4 (MT4), MetaTrader 5 (MT5), or cTrader trading platforms. However, the asset selection is restricted to 45 assets, which is a major drawback. OctaFX’s trading platform includes Autochartist Pro, Copytrading, and a well-designed Trader’s Tools section.
OctaFX Copytrading enables experienced traders to augment their income, while the instructional portions educate novice Forex traders. A robust incentive system bolsters OctaFX’s attractiveness, and the company continues to execute its business strategy effectively.
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