OctaFX is a Forex broker founded in 2011. It provides Meta trader and c Trader platforms supported by mobile (Android and iOS), web (windows and mac) and windows desktop. It also offers CDF trading on metals, cryptocurrencies and indices. OctaFX is designed for all traders; beginners and experienced, with easy to open accounts. It is authorized and regulated by top authorities in the Forex trading arena; hence is very safe and secure to use. OctaFX also provides educational research tools to guide you as you run your trades.
This guide will explore various factors that you need to consider when choosing a Forex and commodity broker and highlight what OctaFX offers. After reading this OctaFX review, you will decide whether it is worth a shot or not.
What OctaFx Offers
The table below gives brief info on what to expect dealing with OctaFX
|Payment Methods||Bank transfer, Card Payment, Neteller, Skrill and Crypto|
|Leverage||MT4 1:500 | MT5 account 1:200 |crypto 1:2,| metals and indices 1:200| energies 1:5|
|Account types||Micro (MT4) Pro (MT5) and ECN (cTrader)|
|Security/Regulation||Cyprus Securities and Exchange Commission (CySEC)|
The minimum deposits offered by OctaFX depend on the type of account as follows:
- Meta Trader 4 Micro Account- 100 USD
- Meta Trade 5 Pro Account- 500 USD
- cTrader ECN Account- 100 USD
This is the tool that mainly determines your profits when it comes to Forex and CDF trading. It determines the bid and asks the price of any currency pair. Therefore, it would be best if you go for a broker that gives flexible leverage terms so that you can invest in any amount for your trades.
OctaFX offers good leverage terms for different account types, allowing you to trade efficiently. There are leverage limits for different accounts and trading commodities. Here are examples:
- MT4 and cTrader accounts- 1:500
- MT5 account- 1:200
- Cryptocurrencies, metals and indices& energies have a maximum leverage of 1:2, 1:200 and 1:50, respectively.
Go for Forex and commodity brokers offering different accounts type so that your trading styles are not limited. Various account types will allow beginners to use beginner-level accounts and transit easily to other accounts after advancing their skills. Also, expert traders will have the freedom to use any account for maximum benefits.
OctaFX has three account types that are normally determined by the trading platform used. These account types include Micro (MT4), Pro (MT5) and ECN (cTrader). All accounts have a minimum trade volume of 0.01 with no maximum threshold.
What differentiates these accounts are the spreads, commission, minimum deposit and assets available to trade, as discussed later in this review. OctaFX also has swap-free accounts for Islamic traders who cannot pay or receive interests based on swap-rates.
Withdrawal and deposits
It makes no sense to use Forex and commodity brokers that do not use money transaction modes available for you. Go for the ones that offer several money transfer options and that have no commission on deposit and withdrawal.
OctaFX offers money transaction modes available to all their users, for example, Bank cards and local bank transfers for traders within countries such as India, Nigeria and Thailand.
All deposits are processed promptly, with minimum deposit and withdrawal being 50 EUR for cards, 5 USD for perfect money and 0.00096000 for Bitcoin.
0.5% commission is paid for a perfect money deposit, but there is no commission charged for any other deposit or withdrawal method. The withdrawals generally take 1-3 hours for approval and 30 minutes for fund transfer.
Security is a crucial aspect of any investment and you should make sure you use a trusted and secure Forex and commodity broker by checking whether they are licensed.
OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) and it has a registered business license from St. Vincent and the Grenadines.
In addition to standard-industry security requirements to protect user personal information, OctaFX uses 3D secure Visa authorization when processing credit and debit card transactions.
Bonus & promotions
Bonus and promotions are important, but you should not make this a major factor when settling for a Forex and commodity broker. It would be best if you were careful on this as some bonuses are aimed to entice you to strike a deal with the brokerage firm. With this, you may end up choosing one that is not reliable. Still, a few bonuses and promotions here and there are good to increase your capital.
OctaFX offers a deposit bonus to non-EU clients, including a 50% bonus and 100% bonus during special offers. Trade and win promotions are also available from time to time, where gifts include gadgets.
Execution determines whether you get to win a trade or not. A good broker should have speedy execution. Your Forex and commodity of choice should fill you at or close to the market price you see when you click the “buy” or “sell” button.
OctaFX offers 1-second execution making it highly efficient.
All trading activities take place on the trading platform and thus, it should be easy to use and navigate. The platform should also provide you will all the information required to trade properly.
OctaFX provides you with the following trading platforms:
- Meta trader 4(MT4) – A flexible and easy-to-use trusted software by traders and institutions. On top of expert advisors and technical indicators, it provides you with charting tools for price fluctuation and market trend analysis.
- Meta trader 5(MT5) – Offers high speed, accuracy and advanced tool on top of features offered by MT4.
- Meta Trader WebTrader- Offers web termination versions of MT4 and MT5 with highly functional and customizable platforms.
- cTrader – allows users to execute advanced online trading strategies such as programmable algorithms.
Regardless of the broker chosen, every time you enter into a trade, you will be required to pay transaction costs in the form of spreads or commission. It would be best if you look for an affordable one.
OctaFX has variable spreads of EUR/USD currencies at around 0.7 pips for Meta Trader and cTrader platforms. There are fixed spreads for MT4 USD accounts.
No commission for OctaFX accounts other than the 0.03 USD per 0.01 lots for cTrader accounts.
For smooth trading, go for a broker with a good customer service team that can help you if a problem arises or when you need technical support.
OctaFX has different telephone support numbers for people in different regions, which you can use during weekdays. Email option is available, but the live chat available on the website is recommended for instant responses.
From this review, you can see that OctaFX is one of the best brokers you can use for all your Forex trading activities. It has put into consideration and improved each and every factor that can affect Forex trading. With its customized trading platforms, you have assured nothing less than the best experience. Try it out today and enjoy effective and profitable online Forex and related commodities trading.