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OctaFX Review and Tutorial

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OctaFX Facts & Figures

OctaFX offers multi-asset trading on a range of platforms and mobile solutions.

 

Awards

• Best ECN/STP Broker 2019 – FXDaily Info
• Best Forex Broker Asia 2019 – FXDaily Info
• Best Forex Broker Asia 2018 – Global Banking & Finance Review
• Best FX Broker 2018 – European CEO Magazine
• Best Trading Conditions 2018 – European CEO Magazine
• Best Copy Trading Platform 2018 – Forex-Awards.com
• Best Forex ECN Broker 2017 – UK Finance Awards
• Best Trading Conditions 2016 – Forex Report Magazine

Bonus 50% deposit bonus
Instruments Forex, CFDs, indices, commodities, cryptocurrencies
Demo Account Yes
Min. Deposit $100
Pay Methods Credit Card, Doku Wallet, Mastercard, MoneyGram, Paysafecard, Perfect Money, Vietcombank Transfer, Visa, Western Union, Wire Transfer, WorldPay
Min. Trade 0.01 lots
Regulated By CySEC
MetaTrader 4 Yes
MetaTrader 5 Yes
cTrader Yes
ECN Account Yes
DMA Account No
Mobile Apps Yes
Auto Trading Yes
Social Trading Yes
Copy Trading Yes
Trade Signals Yes
Islamic Account Yes
CFD
FTSE Spread 1.8
GBPUSD Spread 1.1
Oil Spread 1.1
Stocks Spread Variable
Leverage 1:30
Forex

OctaFX offers leveraged trading on currencies.

 

GBPUSD Spread 1.1
EURUSD Spread 0.7
EURGBP Spread 2.1
Assets 28
Cryptocurrency

Trade popular digital currencies at OctaFX.

 

Spread Variable
Coins BTC, LTC, ETH
Risk Warning – Your capital is at risk

OctaFX is a forex, CFD, and duplicate exchanging agent offering the MT4, MT5, and cTrader stages. In this agent audit, we’ll log in to the individual region and uncover the key highlights, including influence, demo records, guidelines, and the sky is the limit from there. Peruse on to see whether OctaFX is a decent forex intermediary or not.

OctaFX Details

OctaFX was set up in 2011. The organization’s base camp is situated in Saint Vincent and the Grenadines, with an extra help office in Jakarta, Indonesia. The dealer’s EU element, Octa Markets Cyprus Ltd, is situated in Limassol, Cyprus, and is managed by the CySEC. 

With over 1.5 million exchanging accounts and an extensive rundown of forex industry grants, the organizer and proprietor have guaranteed the organization has amassed a worldwide reach.

Trading Platforms

MetaTrader 4

The MT4 stage is a believed programming utilized by individual dealers and foundations because of its usability and adaptability. 

The stage permits you to foster your master counselors and specialized pointers to suit your exchanging style. Notwithstanding the 30 in-assembled technical arrows, progressed diagramming apparatuses enable you to examine value changes and patterns on the lookout, utilizing 3 customizable outlines and chart types. 

Note that MT4 is presently just accessible for non-EU customers.

MetaTrader 5

MT5 is the cutting edge stage that offers every one of the advantages of its archetype yet with extra speed, precision, and further developed highlights. 

Clients appreciate 8 sorts of future orders, 44 logical articles including Gann and Fibonacci Retracement, and extra specialized pointers that are exceptional to MT5, for example, Trend Oscillators and Bill Williams’ instruments. There’s a financial schedule just as two significant bookkeeping modes for more noteworthy adaptability: supporting and mesh. 

The two stages come in a few dialects, including English, Arabic, and Hindi, and are viable with Windows PCs. OctaFX gives a helpful download guide on the site.

MetaTrader WebTrader

For those utilizing Mac PCs, OctaFX additionally offers the web terminal rendition of MT4 and MT5, which means brokers can get to the business sectors directly from a web program. 

The web stages are profoundly useful and customizable, flaunting similar highlights found in the work area variants, including diagramming instruments, market pointers, contents, and master counselors, in addition to admittance to assorted requests types and execution modes.

cTrader

The cTrader stage is a vigorous framework intended for forex and CFD exchanging. The set incorporates more than 26 in-assembled graph sees and up to 50 diagram formats on a completely customizable interface. The stage brags a noteworthy suite of 70 specialized pointers and 28 diagram time spans, in addition to cutting edge level scalping and visual back-testing utilizing cBot. With full market profundity, brokers can execute progressed web-based exchanging systems just as programmable calculations. 

The cTrader stage is prepared to download from the site whenever you have finished the enrollment interaction. The cTrader web terminal is likewise accessible for MacOS clients.

Markets

OctaFX offers probably the most mainstream items, including: 

  • Forex – 28 cash sets including EUR/USD and USD/JPY 
  • Records – 10 CFD files accessible like US30 and NASDAQ 
  • Wares – Including spot gold and silver agreements, in addition to brent and raw petroleum 
  • Cryptographic forms of money – 3 significant computerized monetary standards accessible; Bitcoin, Ethereum, and Litecoin.

Trading Fees

Regular variable spreads for EUR/USD are around 0.7 pips in both the MetaTrader and cTrader stages. Gold spreads (XAUUSD) start from around 2 pips and significant records; for example, NAS100 are everywhere 3.5 focuses. Bitcoin spreads (BTCUSD) are about 3.1 pips. Fixed spreads are likewise accessible for MT4 USD accounts.

Trading commissions are just charged in the cTrader account at 0.03 USD per 0.01 parts. There are likewise rollover rates applied on positions held more than 3 days. Subtleties of these expenses are recorded in the item determinations.

Leverage

OctaFX offers liberal influence restricts up to 1:500 for monetary standards in the MT4 and cTrader accounts. Influence in the MT5 version is accessible up to 1:200 on financial forms. Metals can be utilized up to 1:200, records and energies up to 1:50, and digital forms of money up to 1:2. 

Note that EU customers can just exchange with influence up to 1:30.

Mobile Apps

OctaFX conveys versatile application renditions of the MT4, MT5, and cTrader stages, accessible for iPhone and Android gadgets. The applications offer a considerable lot of the fundamental highlights found in the work area applications, remembering a total arrangement of orders for MetaTrader and the complete equilibrium, edge, and P&L data in cTrader. All trading applications accompany an adjustable portable interface with spotless and precise trading capacities, just as custom versatile value alarms. 

OctaFX (non-EU) likewise offers a downloadable exclusive duplicate trading portable application, at present accessible just on Android (APK) gadgets. The application permits you to oversee and monitor trading accounts while in a hurry. Clients can likewise initiate rewards, access broker apparatuses, and store them in their records. The application download measure is speedy and can be gotten to from the Google Play store.

Payment Methods

OctaFX offers a couple of quick financing strategies which change contingent upon your starting point country, including bank cards, Perfect Money, and Bitcoin. Nearby bank moves are additionally accessible for dealers from specific nations, including Thailand, India, and Nigeria. 

The base withdrawal and store sums are 5 USD for Perfect Money, 0.00096000 for Bitcoin, and 50 EUR for cards. All stores techniques are, for the most part, prepared immediately or inside a couple of moments. 

There are no commissions charged on stores, withdrawals, or cash trade rates, aside from 0.5% on Perfect Money stores. The withdrawal time for all strategies is 1 to 3 hours to support and as long as 30 minutes to move the assets. There is no withdrawal limit on profit.

Demo Account Review

OctaFX merchants can open a demo account that gives a similar trading experience as a live record, however, without taking a chance with any genuine speculation. Each demo account is stacked with limitless demo dollars and freedoms to take part in the intermediary’s demo challenge to be one of the following heroes. You can pursue a free demo account in only a couple of minutes.

OctaFX Bonuses & Promo Codes

OctaFX (non-EU) offers a few store different arrangements, including a half reward and a 100% reward during extraordinary offer periods. Likewise, there’s the Trade and Win advancement where brokers can win gifts, for example, OctaFX shirts or contraptions. There are additionally challenge openings, including the OctaFX 16 Cars challenge where brokers are gone into a vehicle prize draw like clockwork, just as the Champion Demo Contest 2020 for MT4 clients. 

Try to check all additional agreements prior to taking an interest.

Regulation Review

Octa Markets Cyprus Ltd is approved and managed by the Cyprus Securities and Exchange Commission (CySEC), under permit number 372/18. EU part state inhabitants are subsequently ensured by strict administrative norms, including isolated customer records and security by the Investor Compensation Fund. 

The non-EU element likewise claims to give isolated customer records to secure broker assets, just as regrettable equilibrium insurance, which guarantees that dealer account adjusts never fall under anything.

Additional Features

Merchants profit with a scope of extra instruction highlights and trading devices at OctaFX, including video instructional exercises and online courses, in addition to regular forex market bits of knowledge and news. The business additionally offers benefit and edge number crunchers, just as a forex signal help with the Autochartist module and live statements. 

OctaFX additionally offers a duplicate trading administration, which is accessible on the work area terminal and through the portable Android application. The same trading administrations permit customers to consequently duplicate driving dealers dependent on the value and influence of both the Master Trader and the Copier’s records.

Account Types

There are 3 record types accessible at OctaFX, which are dictated by the trading stage you are utilizing: Micro (MT4), Pro (MT5), and ECN (cTrader). Records are accessible in USD or EUR. The base exchange volume across all forms is 0.01 parts, and there is no most extreme. 

The direct contrasts between the records are the resources accessible to exchange, the spreads, and the base store sums. The Micro and ECN most miniature store is 100 USD. The base store in the Pro record is 500 USD. Commissions are additionally charged in the ECN account. 

Record opening is simple and requires the accommodation of ID archives in accordance with KYC prerequisites. Much of the time, if your reports are submitted plainly, confirmation should just require as long as 3 hours. 

There is additionally an Islamic trade-free record for those stressed over whether trading is haram or halal. Note customers from the United States are not acknowledged at OctaFX or Octa Markets Cyprus Ltd.

Benefits

Brokers partake in a few advantages when trading with OctaFX versus any semblance of FBS, IQ Option, and Exness: 

  • MetaTrader and cTrader stages 
  • Rewards and challenges (non-EU) 
  • Sans commission trading 
  • EU guideline

Drawbacks

Contrasted with different representatives, for example, HotForex, XTB, and OlympTrade, OctaFX misses the mark in specific spaces: 

  • Not FCA controlled 
  • Restricted financing strategies 
  • Zero pip spreads inaccessible 
  • No duplicate trading on iOS gadgets

Trading Hours

Trading times in the MT4 and MT5 stages are 24/5, from 00:00 on Monday to 23:59 on Friday worker time (EET/EST). The cTrader worker time region is UTC +0; however, you can set other time regions, like GMT, for graphs and trading data.

Customer Support

For phone support, non-EU customers can contact the helpline, +44 20 3322 1059, somewhere in the range of 00:00 and 24:00, Monday to Friday (EET). For EU customers, the number to call is +357 25 251 973, somewhere in the range of 09:00 and 18:00, Monday to Friday (EET). 

There is additionally an email structure; in any case, the quickest method to reach out is by means of every minute of everyday live talk administration, which you can access by tapping on the visit logo at the lower part of the site. The help group is helpful in the event that you need to realize your withdrawal pin, any stage issues, VPS questions, or you need to erase a record. 

Furthermore, you can discover refreshes on the specialist’s web-based media pages, just as the OctaFX YouTube channel. 

The specialist’s administrative center locations are: 

  • OctaFX, Suite 305, Griffith Corporate Center, Beachmont, Kingstown, St Vincent, and the Grenadines 
  • Octa Markets Cyprus Ltd, 1 Agias Zonis and Thessalonikis Corner, Nicolau Pentadromos Center, Block: B’, Office: 201, 3026, Limassol, Cyprus 

The dealer’s site is accessible in various dialects for customers from Indonesia, Malaysia, Pakistan, and India.

Security

OctaFX utilizes 128-cycle SSL encryption and PIN codes in the individual region and trading stages, which is the business standard security prerequisite for ensuring personal information. The intermediary additionally applies for 3D secure Visa approval when handling credit and check card exchanges.

OctaFX Verdict

OctaFX offers a promising trading administration for amateurs and experienced dealers, with a decision of MetaTrader or cTrader stages just as the Copytrading application. The agent offers charge-free stores and withdrawals, in addition to Islamic records and a demo arrangement. HOWEVER, the ECN spreads are also lovely, however not as aggressive as the zero spread records offered at different specialists like XM, for instance.

Accepted Countries

OctaFX acknowledges dealers from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most different nations. 

Dealers can not utilize OctaFX from United States, United Kingdom.

Alternatives to OctaFX

In case you are searching for options in contrast to OctaFX, we have incorporated a rundown of the best 5 merchants that are like OctaFX beneath. This rundown of intermediaries like OctaFX is arranged by closeness and just includes organizations that acknowledge dealers from your area. 

  • RoboForex – RoboForex is a multi-resource online representative contributing incredible trading helpers. 
  • FP Markets – FP Markets is a multi-resource intermediary offering a decision of trading stages. 
  • FBS – FBS is a top online merchant offering MT4 and MT5 trading across a scope of instruments. 
  • ThinkMarkets – ThinkMarkets is multi-directed forex and CFD specialist 
  • HYCM – Trade on the monetary business sectors with minimal expense, utilized items at HYCM.

FAQ

Is OctaFX a legit company and regulated broker?

OctaFX is a genuine organization enlisted in Saint Vincent and the Grenadines. The EU element is enrolled in Limassol, Cyprus, and controlled by CySEC. In case you’re uncertain whether a specialist is a trick or a genuine organization, you can generally look at client audits on the web.

Is OctaFX a market maker? 

No, OctaFX is a No Dealing Desk (NDD) representative and, in this manner, goes about as a go-between the merchant and the open market. OctaFX gets commissions from its liquidity suppliers for every exchange.

How do I delete my OctaFX account? 

To erase your record, you should reach out to the client care group. Note accounts are naturally deactivated in the event that you never store or sign in to them.

How do I open a copy trading account at OctaFX? 

You can join and log in to the Copytrading account in a couple of straightforward advances. When you log in to your own region, you can set up your Copytrading profile and set aside an installment to your wallet. You can likewise sign in to your new record utilizing the Android application.

Why was my OctaFX withdrawal rejected?

On the off chance that you experience a withdrawal issue, you will get a notice in your email clarifying the issue. On the other hand, in the event that you need to drop a withdrawal, you can do this inside your own region.

Does OctaFX offer any free bonus deals? 

At the hour of composing, OctaFX isn’t offering any free extra arrangements, no extra store arrangements, or promotion codes. There are different advancements accessible for non-EU customers. Make a point to check the additional conditions prior to partaking.

Is OctaFX legal in India and Pakistan?

Indeed, you can legitimately open an OctaFX account from 100 nations, including India, Pakistan, Singapore, Ghana, and the UAE.

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