OctaFX Review 2018
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OctaFX or Octa Markets Inc. was established in 2011 in Saint Vincent and the Grenadines. Since then they have grown to provide their Forex trading services in over 100 countries worldwide and claim to offer the lowest spreads in the industry. They use the most up-to-date technology to provide a "convenient" trading experience for their many clients.
With convenience and high standards being two of their core values, they are constantly striving to improve the user experience and make sure they stay at the forefront of the Forex market. Their team of experts are always working to provide new services and new promotions, while retaining their commitment to the customer experience.
While you may like the look of OctaFX, how can you be sure that they are the broker for you? Do they offer the right trading experience and how much do you need to invest to open an account? These are all of the things that we research on your behalf so that you can make an informed decision based on our findings.
Is OctaFX the right Forex broker for you? Let us help you decide, our review explains:
- If OctaFX is a safe and regulated broker and if your money is safe
- What kind of trading experience you can expect from this broker
- The various trading features that you will enjoy from their platform
While some brokers offer one or two accounts and other brokers as many as eight, OctaFX seem to fall somewhere in the middle with an offering of three main accounts plus a demo. We take a look at each of these accounts and their trading features:
The Micro Account is designed for the novice trader and is perfect for those just starting out. It is built for the MT4 platform and requires a deposit of $100. The spreads available start from 0.4 pips and leverage of up to 1:500 can be achieved.
For the slightly more experienced trader, the Pro Account requires a recommended deposit of $500. For this you can enjoy spreads from 0.2 pips and up to 1:200 leverage. The account holder then has access to the MT5 platform with various charts and data analysis.
Built on the cTrader platform, the ECN Account is for the progressive trader. With a $100 deposit, you can enjoy spreads of 0 pips and up to 1:500 leverage. The cTrader platforms means that you can customise your experience.
It wasn't easy to access the demo account as there were no obvious links or promotion of it, however after some searching we discovered the link in the practise area. You can open as many demo accounts as you want to practise and test your strategy.
Trade Features And Payouts
What can you expect from trading with OctaFX in terms of payouts, leverage and other trading features?
The amount of leverage you can use depends on the account type you open. Leverage is another way of describing how you can multiply your funds. Using leverage of up to 1:500 you can increase your trading capital but remember, the more you leverage, the more of your own investment you risk.
OctaFX claim to offer the lowest spreads available. They certainly seem very low when you look at what can be achieved ranging from 0-0.4 pips for the various account types.
To limit your loss on a position you can exercise the Stop Loss feature. Often this is coupled with a Take Profit option as well. It basically allows you to trigger an exit from the trade when a certain price is reached. It doesn't require you to be online, you simply activate it when you have executed the trade.
Many brokers use the MetaTrader platforms unless they have their own proprietary software, and OctaFX is no exception. They offer three types of platform all with their own associated accounts:
Bonuses And Promotions
There is a standard bonus offer that is available when you open an account with OctaFX and when you continue to make deposits. Open an account with a minimum deposit of $50 and get 50% bonus. That's $75 bonus available to trade with straight away. Every time you make a further deposit you continue to receive the bonus.
In addition to the bonus, there are also two contests available; the Champion Demo Contest with cash prizes of up to $500 and the cTrader weekly contest that offers cash prizes up to a value of $150.
With OctaFX you can choose your mobile trading experience. If you are new to trading then you may prefer the Micro Account on the MT4 platform which gives you a much more minimalistic view of the platform. If you are feeling a little more confident or have a bit more experience, the charts available with MT5 may be more what you are looking for.
You can download an app for iOS and Android with whichever version you choose and the apps are suitable for mobile phones and tablets. This is the perfect portfolio of options for those who have varying degrees of experience and like to trade on the move.
Deposits And Withdrawals
Right at the top of the website is a link to "Deposit and Withdrawal". Click on this and takes you to a page where you can find all of the information that you need. There are no fees charged on deposits and withdrawals and there are various methods of making a deposit. If you are using a credit card you will need to deposit a minimum of $5. With Skrill and Neteller it is $50.
Once you are ready to make a withdrawal simply request the amount you want to withdraw and the funds will be returned to the method of withdrawal. The minimum amount you can withdraw is limited to $5 with Neteller and Skrill.
Often there are certain features that make a broker stand out or that give them an edge. Sometimes there are offered by other brokers because it is hard to be completely unique but even so there are those things that draw you to a particular broker. Trading with OctaFX offers the following:
Forex Site Reviews
A good test of a broker is how visible they are and what sort of customer support they offer. If you are a new trader you want to know that you can get answers to your questions and queries. OctaFX offer many methods to get hold of support including a live chat box in the bottom of the screen, telephone numbers and even a What's App number for texts.
In addition to this there is an address for correspondence and email addresses for the various departments. There are telephone numbers for different countries as well. If you want to make your queries a little more public they also offer links to their social media pages.
OctaFX are fairly well established in relation to some of the other Forex brokers however they don't hold any licensing and regulation from recognised sources like CySEC and the FCA. They do state that they act in accordance with international legislation and regulation standards. This doesn't appear to have done them any harm and they have over 100,000 traders with new members signing up regularly. They state that they are committed to providing good customer service and there doesn't seem to be any reason to believe that they aren't a broker that you should trust.
Their technology and trading platforms offer everything for the new to the more experienced trader and they are constantly looking at ways to improve and update their platforms. With competitive spreads, strong trading features and regular bonuses, OctaFX seem to offer what many of you are looking for.
Reviewed by: ForexTradingExpert.net
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Frequently Asked Questions
Is OctaFX legit, will they scam me?
OctaFX have been trading since 2011 and are present in many countries around the world. While they don't appear to have any licensing from recognised regulatory bodies, they do act in accordance with international legislation and regulation standards. They have built up a strong customer base and are committed to providing a good customer experience. We see no reason to believe that your money will not be safe with this broker.
Do they have a decent mobile or tablet app?
You can choose your mobile trading experience depending on your experience and confidence. For those that are new to trading you can download the MT4 app which will give you a minimalistic view that is easy to use. If you have more experience you may prefer the MT5 app with all its charts and data, or the cTrader version with a customisable experience. For those trading on the go there is something for every device.
What bonus do they offer for new traders?
There is a bonus available to new traders that deposit a minimum of $50. This bonus is 50% of the deposit amount. If you deposit $100 you will receive a bonus of $50. Every time you make a further deposit you will receive 50% again as long as the minimum deposit is made. This is a useful way to build up your trading capital and, when you have traded the bonus a certain number of times, the money is available to withdraw.
Can I start trading on a free demo account?
Not only can you start trading on a free demo account, you can also win money on one. OctaFX offer a demo contest for those that trade on a new demo account. The contest runs for the duration of the month and there are a number of cash prizes available at the end for the top traders. The demo account is perfect if you are new to trading as it will allow you to get to grips with the platform.
What's the min. deposit and ideal trade amount?
While there is a minimum deposit requirement of $50, you actually need $100 to open a Micro Account. For different accounts, there are different deposit requirements. There is no specific minimum trade amount but there is a standard recommendation. Experts believe that if you are trading you should trade approximately 1% of your balance each time. If you are trading with a balance of $500 this would equate to $5 per trade.
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