OctaFX ReviewVisit OctaFX
OctaFX is recognized as one of the highly reliable forex brokers in the market, with an overall score of 9 out of 10 considering regulation, compliance, trading account types, fees & trust index into account.
Read this OctaFX review before opening your account. Is this a Reliable Forex Broker?
Find out more with AtoZ Markets OctaFX review. If you have any previous experience with OctaFX, please share it in the reviews section below.
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OctaFX is under the brand name of Octa Markets Incorporated and has been operating since 2011. The broker offers a trading experience to more than two million trading accounts. OctaFX caters for a wide variety of retail traders in over 100 different countries by providing them with the opportunity to trade currency pairs, cryptocurrencies, precious metals, market indices, stocks, and commodities.
OctaFX has won over multiple international awards since its foundation. A multilingual customer support team is always prompt and to the point and the payments are processed by the most popular systems without delays. Also, the company is well-known for its social and charity activity.
OctaFX offers the following features:
- no commission on deposits and withdrawals
- 50% deposit bonus
- no slippage and fast execution
- ultra-low spreads from 0.4 pips
- 1:500 leverage
- negative balance protection
- market insights and trading ideas
- 100% Shariah-compliant accounts
Traders can also take advantage of the OctaFX Copytrading app.
As per our findings, OctaFX is authorized and regulated under the strict standards of St. Vincent and the Grenadines, under license number 19776 IBC 2011, where the company follows the rules and regulations by regulating authority very strongly. Moreover, the company focuses on innovation that helps it to provide a seamless trading experience. As a result, it can provide a trustworthy environment.
For trading platforms, OctaFX offers traders a choice of three different types of trading platforms. They include the MetaTrader 4 (MT4), the MetaTrader 5 (MT5), and the cTrader, each allowing for unlimited access from your desktop, laptop, or mobile device. The MT4 is designed to support your Windows, macOS, Android, iOS and Web version.
Some of the interesting features of the OctaFX Trading App includes:
- Language support: Bengali, Chinese, English, Hindi, Indonesian, Malay, Portuguese, Spanish, Thai.
- Create trading accounts, modify leverage, enable swap-free options, edit and restore passwords.
- Make deposits and withdrawals using the most popular payment options.
- View your detailed overall or account operation history, apply convenient filters to it and cancel your previous deposit.
- Start trading in a compatible trading platform app.
- Top up your demo account.
- View contest statistics and access your contest accounts.
- Activate bonuses and view statistics on active and completed bonuses.
OctaFX provides three different types of account: first, the Micro account which enables new traders to get started with a minimum deposit of only $5 and offers maximum leverage up to 1:500. Second, the Pro account uses the MetaTrader 5 platform for an experienced trader and has the best possible spreads, starting at 0.2 pips.
Third, is the ECN account that uses the cTrader platform that can be used to access the interbank rates. It has the best liquidity. The leverage is up to 1:500 with micro-lots (0.01 size) available for every trader.
If you are interested in trading cryptocurrencies, you will be pleased to know that OctaFX provides four cryptocurrency CFDs, which includes the most famous digital coins; Bitcoin, Ripple, Ethereum, Litecoin, etc.
While all of them are available on the MT4 and MT5 platforms, with the leverage of 1:5, bear in mind that you would be trading, not investing since there is leverage involved.
When trading at a broker with leverage, one of the most important factors to consider is the asset spreads as well as any other fees that may apply.
In general, OctaFX has some pretty low spreads when compared to the competition. For many of their major Forex pairs these spreads are close to zero and are especially low for their ECN accounts.
Apart from just being tight, there is also no slippage nor re-quotes.
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.
OctaFX offers three different trading accounts (MT4 Micro, MT5 Pro, cTrader ECN) with varying spreads and commissions, with some accounts commission-free and some accounts with spreads from just 0.2 pips.
If you have an ECN account then you won’t be paying either a swap or an overnight fee. However, you will be paying a fixed “Lot commission” on the lots that you trade. Finally, you will be happy to know that there are no withdrawal / deposit fees at OctaFX and they will cover all fees that are incurred by their payment processors.
OctaFX has award-winning customer service support that is available 24 hours a day from Monday to Friday. On a daily basis, over 2,000 inquiries are handled by their dedicated representatives in a timely fashion.
On top of that, clients are assisted in multiple languages namely, English, Hindi, Indonesian, Malaysian, Urdu, Thai, Vietnamese, Chinese, Spanish, Portuguese, German. via email, live chat, and toll-free phone lines give access to the company. In addition, market news, research, and a convenient economic calendar are provided every week.
OctaFX is authorized by the regulator of the St. Vincent and the Grenadines, under license number 19776 IBC 2011. OctaFX acts in full compliance with the standards of international financial regulations and legislation.
OctaFX is also under the supervision of the International Business Companies (Amendment and Consolidation) Act 2007, as well as the International Business Companies Regulations 2008.
Moreover, the broker’s OctaFX.eu website is an approved domain registered with the Cyprus Securities and Exchange Commission (CySEC) under Octa Markets Cyprus Ltd. This enables users to trade with a broker under European regulatory oversight.
In conclusion, OctaFX is one of the brokers more active in Asia. Their bonuses and trading competitions make the firm especially interesting as many other brokers are no longer able to offer these promotions. OctaFX has already bagged a number of prestigious industry awards as well as favorable testimonials; hence, AtoZ Markets labels OctaFX as a reliable and trustworthy Forex broker.