OctaFX Review 2019 | Is OctaFX a Scam or Legit Forex Broker?
Rating breakdown
OctaFX Overview
OctaFX is a Forex ECN broker registered in St.Vincent and the Grenadines offering to trade on Forex, Indices, Metals and Cryptocurrencies via CFDs, across the MetaTrader and cTrader suite of trading platforms as well as their own OctaFX Trading App.
| # | Broker's Features | OCTAFX Availability |
|---|---|---|
| # | Commissions | ❌ |
| # | Hedging | ✔ |
| # | PAMM | ❌ |
| # | Scalping | ✔ |
| # | Accepts US traders | ❌ |
| # | 24 hour trading | ✔ |
| # | Swaps | ✔ |
| # | Demo account | ✔ |
| # | Daily analysis | ❌ |
| # | Automated trading | ✔ |
| # | Mobile trading | ✔ |
| # | Trading by phone | ❌ |
| # | 1st deposit bonus | ❌ |
| # | Forex contests competitions | ✔ |
| # | Bonuses Promotions | ✔ |
| # | Interest charges on the balance | ❌ |
| # | Free education | ❌ |
| # | Expert advisors | ❌ |
| # | Partnership programs | ❌ |
| # | Trust management | ❌ |
| # | 24 hour support | ✔ |
The variety of online brokers on the internet is very huge, so it is necessary to do a transparent review and comparison of the companies. After spending several days researching different forex brokers for trading FX, our team at onlineforextrading.net team collected over 50 data points. For this review, we will review OctaFX.
Financial Trading and Investment Services: First of all, you should know which financial instrument you want to trade and then searching for the right broker. This can be stocks, forex, CFDs, cryptocurrencies or options. OctaFX offers Online Financial Trading and Investment Services Such as Gold, Silver, Cryptocurrency, Indices.
Tradable Products: The tradable products available from OctaFX vary depending on the type of account opened (MT4 Micro, MT4 Pro, cTrader ECN) but covers Forex, Indices, Metals and Cryptocurrencies.
Broker Type: Many types of brokers can be found in the most dynamic market in the world. OctaFX is ECN, STP.
Features: OctaFX offers a variety of additional trading features such as Copy Trading and the AutoChartist trading and research tool.
OctaFX allows you to execute a minimum trade of 0.01. This may vary depending on the account you open. The maximum trade requirements vary depending on the trader and the instrument. As OctaFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. OctaFX also offers a number of useful risk management features, such as Guaranteed Stop Loss Orders, Negative Balance Protection, price alerts and much more.
Minimum Deposit Requirement: To properly understand if a broker is suitable for a certain trader, we will then take a look at how much is required as a basic minimum to open an account. You need to consider how much money you can spare to start off a Forex brokerage. OctaFX recommended minimum capital is $5.
Is the Forex broker regulated? Commissions and fees aside, let's take a look at regulation. Trust is critical, and you should highly consider choosing a broker that regulated in a major hub. OctaFX is regulated by FCA UK. For our reviews, official regulation of an official financial authoritarian is required. Brokers have to fulfill certain conditions to get these licenses. In order to violate the rules, they would lose their license and a lot of money.
Investor Protection & Regulations: OctaFX provides users with the ability to trade with OctaFX.eu which is regulated by the Cyprus Securities and Exchange Commission (CySEC) or OctaFX.com which is registered as an IBC in St. Vincent and the Grenadines and offers negative balance protection and segregation of client funds.
Account currencies: Next lets consider the Account currencies each broker offers. OctaFX offers EUR, USD different account currencies for each account types.
Account Openning: OctaFX offers three main types of trading accounts called MetaTrader 4 Micro, MetaTrader 5 Pro and cTrader ECN. They also offer Copy Trading accounts, as well as swap-free account and demo trading accounts.
OctaFX offers a demo account for practicing trading skills and get familiar with the broker’s trading platform.
Languages Available: Next lets have a look at each broker's different Language options. OctaFX offers English, Indonesian, Chinese, Portuguese, Spanish,.
Payment methods: Next lets have a look at each broker's payment options. OctaFX offers Credit/Debit Cards, Bank Wire Transfer, Skrill, FasaPay, Nete different payment methods for each account types.
Deposit and withdrawal: While OctaFX offers commission-free deposits and withdrawals, the options are limited to Neteller, Skrill, or Bitcoin and are subject to minimum amounts.
Trading platforms: Next, let's look at the tools and features fx traders desire. With trading platforms, OctaFX makes cTrader, MT4, MT5 available to clients.
Web & Desktop Trading Platforms: OctaFX offers globally recognised trading platforms such as MetaTrader 4, MetaTrader 5 and cTrader, for Windows Desktop, Web (Windows and Mac).
Mobile Trading Platforms: OctaFX offers the MetaTrader 4, MetaTrader 5 and cTrader mobile trading apps for Android and iOS, as well as the OctaFX Trading App to create, manage and keep track of a user’s different trading accounts.
Trader Education
OctaFX offers a wide range of educational articles, videos and tutorials for traders starting out and advanced traders alike.
Promotions
OctaFX.com offers a variety of bonuses and promotional offers.
Support
OctaFX offers 24 hours a day, 5 days a week customer support through Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.
Recup
OctaFX is a broker with a customer-centric approach. In addition, their bonuses and trading competitions make the company especially interesting as many brokers are no longer offer these promotions.
Final Thoughts
While OctaFX offers two popular platform suites, including MetaTrader and cTrader, the broker’s lack of regulatory license in a major jurisdiction weighs down on its trust score, as customers are not afforded the protection that accompanies being licensed in a major or emerging regulatory hub. Acquiring a license in an emerging or major jurisdiction would help win customers’ trust.
Trading Experience
OctaFX offers a variety of trading accounts, trading tools and trader education that is suited for both beginner and advanced traders.