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OctaFX Broker Review

OctaFX Broker Review
Borina
OctaFX is a relatively new, unregulated broker that claims to be specialized in forex trading. This OctaFX review will help traders find out more about this broker, without having to research their website and terms and conditions by themselves. OctaFX offers many different features like demo account and copy trading. They also promise no swaps,... Read more
OctaFX is a relatively new, unregulated broker that claims to be specialized in forex trading. This OctaFX review will help traders find out more about this broker, without having to research their website and terms and conditions by themselves. OctaFX offers many different features like demo account and copy trading. They also promise no swaps, no commissions on deposits and withdrawals, no slippage and no delays, so we paid closed attention to figure out whether this is true or not. Read this OctaFX review to find out about different account types, banking methods, withdrawal conditions, platform, available bonuses and competitions, and customer support.
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  1. OctaFX is a relatively new, unregulated broker that claims to be specialized in forex trading. This OctaFX review will help traders find out more about this broker, without having to research their website and terms and conditions by themselves.

    OctaFX offers many different features like demo account and copy trading. They also promise no swaps, no commissions on deposits and withdrawals, no slippage and no delays, so we paid closed attention to figure out whether this is true or not.

    Read this OctaFX review to find out about different account types, banking methods, withdrawal conditions, platform, available bonuses and competitions, and customer support.

  2. Conclusion:

    We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10!

    Between 74-89 % of retail investor accounts lose money when trading CFDs
    Your capital is at risk
  3. OctaFX Special features

    OctaFX offers three different types of trading accounts and one demo account.

    Micro Account

    • Minimum deposit $100
    • MetaTrader4 platform
    • For small investments
    • Floating spreads, starting at 0.4 pips
    • Fixed spreads, starting at 2 pips
    • No commissions
    • 28 currency pairs
    • Gold and silver
    • 4 indices
    • 3 cryptocurrencies
    • Margin call 25%
    • Stop out level 15%

    Pro Account

    • Minimum deposit $500
    • For lowest spreads and less trading costs
    • MetaTrader 5 platform
    • Floating spreads, starting at 0.2 pips
    • 8 currency pairs
    • 4 metals
    • 2 energies
    • 10 indices
    • 3 cryptocurrencies
    • Margin Call 45%
    • Stop Out level 30%
    • Overnight commissions – 3 days fee

    ECN Account

    • Minimum deposit $100
    • for more transparency in pricing
    • cTrader platform
    • Floating spreads, starting at 0 pips
    • 28 currency pairs
    • Gold and silver
    • Margin call 25%
    • Stop Out level 15%
    • Weekend fees
    • No CFDs or cryptocurrencies

    OctaFX Demo Account

    Traders who want to trade with OctaFX can use the demo account before they make a deposit. This can be done by clicking the button on the website, just be sure to scroll down. Once you click “Practice” you will be redirected to an online form. Fill out the form or simply connect with your social media.  The next step is to enter more data, like your phone number, and select the account type. Make sure to select Demo. You can also decide whether you need an Islamic account, what currency and leverage you want to use, do you want fixed spreads and what will your balance be.

    The next step is to click “Trading” and to verify your account to get access to the MT4 demo account on a web-based platform. Also, you can download the platform, but that will require additional steps. The overall impression is that the idea behind the OctaFX demo account is good, but lacks in delivery. Bearing in mind that the demo account is usually used by newcomers, such complicated procedures can seem intimidating.

  4. Try trading with an award-winning broker like IQ Option

    Between 74-89 % of retail investor accounts lose money when trading CFDs
  5. Become an IQ Option trader today

    Join IQ Option and become a trading master! IQ Option is a world-famous regulated broker that takes your trading to the next level. It allows you to trade forex, crypto, stocks, options and much more on its award-winning platform. The best part? You can start trading with a minimum deposit of ONLY $10! Read our IQ Option review.

  6. OctaFX Trading software

    When it comes to OctaFX, traders can choose one out of three platforms, all depending on the account type they want to have. While trading platform is not the only factor that should be taken into consideration, it is still an important part of trading. OctaFX review showed how traders can choose MT4, MT5 or cTrader. Let’s compare these 3 platforms!

    MetaTrader 4

    • User-friendly interface
    • Expert advisors and custom indicators
    • Customizable charts
    • CFD and crypto trading
    • 9 timeframes

    MetaTrader 5

    • Stop Limit orders
    • Economic calendar
    • One-click trading tools
    • Highly customisable interface
    • CFD trading
    • Cryptocurrency trading
    • 21 timeframes

    cTrader

    • Level II quotes
    • Server trailing stop
    • One-click-trading
    • Advanced chart trading
    • FIX API
    • Trading from the mobile browser
    • 26 timeframes

    OctaFX Mobile Trading

    As it can be seen in this comparison, traders who use cTrader platform can place trades directly from the mobile browser. Trader who uses MetaTrader 4 and MetaTrader 5 platforms will have to download it. Still, considering how MetaTrader platforms are known to be most popular in the industry as well as most reliable when it comes to streaming data, that shouldn’t be an issue for traders who want to use this broker.

    OctaFX Copytrading

    OctaFX also offers copy trading. This is a special type of trading where you copy trades executed by successful and profitable traders. Once you enter the copy trading interface you will be able to filter most successful traders, and set a time frame as a filtering parameter. You can also filter only traders who have a free trial or those who are having a fixed fee or maybe even revenue share. This means that copy trading with OctaFX is not necessarily completely free. Of course, you can always try to target traders who offer a free trial, but that doesn’t mean you will be able to avoid fees forever.

    Commissions can go as high as 40% in revenue share, so this is definitely something that will not be affordable for newcomers.

  7. If you want to trade with an award-winning licensed broker, we recommended using IQ Option

    Between 74-89 % of retail investor accounts lose money when trading CFDs
  8. OctaFX Support information

    OctaFX customer support is somewhat specific. It is available via live chat, but once you enter your name and phone number, you also have to choose what department you want to talk to, or support in your mother tongue. You can get support in:

    • Bahasa Indonesian
    • Bahasa Malaysian
    • Chinese
    • English
    • Hindi
    • And Urdu

    You can also talk to a special department if you have issues in verifying your account.

  9. Try trading with an award-winning broker like IQ Option

    Between 74-89 % of retail investor accounts lose money when trading CFDs
  10. OctaFX Payment Methods

    OctaFX promises depositing and withdrawing without charging any fees or commissions. However, after doing a little bit of research, we noticed that OctaFX charges some fees after all. For example, traders have to pay:

    • a fee for using a MT4 Micro swap-free account
    • a weekend fee for keeping positions open from Friday to Monday on cTrader ECN accounts
    • fees for opening and closing positions on cTrader ECN account
    • three-days-fee for keeping positions open for more than three nights on MT5 Pro account

    Also, traders can only withdraw to the credit card the amount they deposited, while the entire profit will have to be withdrawn via bank wire. The deposit and withdrawal methods also include Skrill and Neteller. The account must be verified in order to execute a withdrawal.

    OctaFX Bonus

    OctaFX review also noticed how this broker offers up to 50% bonus on every deposit. Traders should keep in mind how the bonus is not a free money broker simply gives out because they have some extra lying around.

    OctaFX bonus is available only to traders with verified accounts, and traders can claim 10%, 30% or 50% bonus. It cannot be credited in case the account free margin is less than the bonus amount and bonus for every deposit is considered to be a separate bonus.

    Traders who wish to withdraw a bonus must trade bonus amount/2 standard lots. For example, if you accepted a 50% bonus, you must trade 25 lots. In case you have more than one bonus added to the account, you must always fulfill conditions for the previous in order to be able to withdraw a consecutive bonus.

    OctaFX Competition

    OctaFX review also showed how this broker is organizing many competitions and contests with great prizes. Some are related to a specific platform, while some are limited to a certain account type. We were trying to find specific terms and conditions for every contest but failed to do so. Traders should always know all the terms and conditions before they participate in a contest. The lack of this document is something that raises a concern.

    OctaFX is owned by Octa Markets Incorporated.

    OctaFX Pros and Cons

    Pros:

    • Free demo

    Cons:

    • High fees
    • Bonus policy

     

  11. Conclusion:

    We make it our mission to not recommend anything but the best – which, according to industry experts, is IQ Option, the top regulated broker for your country with a minimum deposit of ONLY $10!

    • FREE $10,000 demo account
    • Award-winning trading platform
    • Licensed and regulated broker

    Trade with an
    award-winning broker
    like IQ Option

     

     

    Between 74-89 % of retail investor accounts lose money when trading CFDs
  12. Your capital is at risk
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