OctaFX Broker Review Is This Forex Broker Legit or a Scam?

However, advanced traders would prefer the desktop version as it features much more customization capabilities and tools to use. So here both platforms also available for download and suitable for any operating system either iOS or Windows. OctaFx account opening is easy to follow, trading conditions are good for platform selection and a range of instrument types. Until that point however, they will have to accept that many potential traders could turn away based on the fact they have been around since 2011, and are still loosely regulated.

Lastly and what we like the most is the OctaFX platform offering, while you may select either industry-leading software also a newer version MetaTrader5 with all benefits included and not restricted. The broker also offers the older MT4 option for those clients who prefer conducting their trades on it. OctaFX withdrawal options are the same Bank wire for all accounts, there is no Credit Cards supported for Cyprus entity. OctaFX also covers fees so you may access your moany at any time and receive it relatively quickly. Usually, OctaFX confirms withdrawals within 1-2 business days, but allow extra days for your Bank to process the transaction.

Broker OctaFX makes every effort to make its clients satisfied and trust the company and provides services that meet all its clients’ trading needs. OctaFX is a worldwide known brokerage that helps you access the forex market and enjoy the real ECN-offset, minimising costs to the maximum. Our brokerage won numerous awards, including Best ECN Broker 2020 according to World Finance, because we continuously improve our services to provide the best trading conditions on the market. We believe in a partnership, that’s why we welcome all feedback, to understand our users’ needs and provide them with the best Forex trading experience. Through this updated Octafx review 2023, I explained the deposit and withdrawal options don’t seem to be sufficient considering the wide variety of options available with other brokers.

OctaFX ‘ clients also do not pay swap, which makes the broker’s services suitable for investors who comply with the requirements of the Muslim faith against interest. The bonus funds themselves are also withdrawable, with OctaFX claiming to have paid out over $15 million in bonus funds to date. Of course, the ability to withdraw the bonus funds given to you comes with conditions. To withdraw the bonus, you must trade a number of standard lots equal to the bonus amount divided by two.

OctaFX gives you some of these opportunities so that you can deal with or defeat the market. The broker transmits clear-sighted market knowledge while maintaining the specific skills required to make money online which will give you a much higher balance of profits from losses. The OctaFX broker for a long time in European countries has been providing services to traders in more than 100 countries. You might be surprised, the company is currently serving more than 1,500,000 traders. Here, according to the ECN model, the platforms can be selected. Quotes on the OctaFX platform are given with the fifth decimal place’s accuracy and start from zero points for ECN accounts.

With a bank wire, you have to wait 3-5 days to credit the money into your account. It is depending on the time of the day, sometimes the withdrawal is made in a few hours. Trade market clients think about https://forexbroker-listing.com/ broker protection before investing. The broker provides customers with maximum protection from investing. OctaFX eliminates fears by traders by applying the best tools to ensure additional funding.

We mark it as good offering with popular MT4, MT5, yet no other options at the place. OctaFX has recently announced about it going swap-free in all the regions it operates. Now, leaving their orders open overnight, traders won’t be obliged to pay overnight fees. Due to this traders will no longer hesitate to use mid-term and long-term stategies.

Adding additional regulatory licenses in tier-1 jurisdictions would be a step toward winning more client trust. Though it has been granted regulatory status in Cyprus, OctaFX’s lack of additional reputable licenses heavily weighs down its Trust Score. Becoming regulated in more jurisdictions – especially tier-1 jurisdictions – will go a long way towards building trust with existing and prospective customers. People who write reviews have ownership to edit or delete them at any time, and they’ll be displayed as long as an account is active.

In addition, they have to keep client funds must be held in segregated accounts separate from the company’s operational funds. Regulations are technically the first and foremost criterion to determine the trustworthiness of any forex broker. I got many queries about the OctaFX scam or the possibility of the forex broker being a reliable one.

MetaTrader 5

It has to be said however, if OctaFX does manage to secure a CySEC license in the near future, combined with the strength of some other areas, they will become an even more major presence in the sector. Fees, commissions, and spreads are among some of the most competitive which have been noted in the sector. OctaFX clients in the European Union can make transactions via Visa and MasterCard credit/debit cards, the Skrill e-wallet, and banking institutions based in Switzerland and Latvia.

• Steven Hatzakis is the Global Director of Research for ForexBrokers.com.
• In addition, it has also earned a license from FSC for traders and investors from Mauritius.
• We appreciate your understanding and patience as we work towards resolving this issue.
• We genuinely hope this incident won’t overshadow your earlier time spent with us and that you’ll continue to enjoy trading with our brokerage.
• With more than 10 years of experience in the trading industry, we checked OctaFX in detail.
• The brand rights and all reins of management are concentrated in Octa Markets Incorporated, registered in the islands of Saint Vincent and the Grenadines.

OctaFX MT5 and MT4 have powerful global widgets for feedback. MetaTrader 4 and MetaTrader 5 play a major role in rapid order reversal and hedging promotion. Although variable spreads are offered in these trade markets, a higher spread may be transmitted depending on the number of customers. You can compare it to the initial or general trading of the stock market.

Trading tools

But here the average of the spreads is calculated as 0.4 pip in Forex. If you want to get it out of the stock index it will be less than 1 point. Even better if you expect a high rank spread then the black account can help you in this regard. OctaFX broker offers its clients MT4, MT5, and cTrader trading platforms. Yet, MT4 is not available for the clients coming from the EU, again due to different trading provider from Cyprus.

OctaFX trading is an international broker so it supports many languages. It is also very popular as it can automatically supply trades to the market. Also, MT4 has more advanced charging capabilities, it is fully customizable. More than 2,840,000 of the essential bonus fund was valued in that field. It helps maintain a highly competitive cost structure in emerging markets.

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They offer an impressive range of educational options which can assist both new and experienced traders. Octafx is an online broker that offers forex and CFD trading. They recently created the octafx trading app that have gathered alot of possible reviews on Play store with a lot of testimonials. The copy trading feature on Octafx allows you to copy the trades of other successful traders on the platform. This is a great way to get started with forex trading, as you can learn from the success of others.

Any customer can also use this platform for Forex and CFD trading. It analyzes transactions in financial markets and provides secure and fast access. Users of OctaFX can ensure traders’ advanced access to trading operations in a reliable environment.

OctaFX FAQs

OctaFX pricing strategy or a fee that you will need to pay for the usage of the OctaFX trading service based on two options according to the account type you choose and the platform you use. While an international brand may offer slightly different conditions, which you may check from the site better. Fee table see below, also always consider other than trading fees like funding fees and inactivity. In addition, there is a security of the traders’ accounts applied by the Investor Protection and Compensation Schemes in case the broker goes bankrupt. The cTrader desktop platform is also well-respected within the sector and offers a more modernized visual which may appeal to some traders.

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MetaQuotes and Spotware in the form of Metatrader, and cTrader. This increases the range of options available to traders in a positive way. OctaFX has specialized persons in their panels, which are always available for their octafx broker reviews customers to give them daily, and weekly market analysis. Their top analysts who are well experienced always doing their best to give you the technical analysis and fundamental analysis so you can make more profits at ease.

There is also a demo account which gives traders the opportunity to test out the OctaFX platform before they commit to a trading account. Overall, OctaFX is a great trading platform with accessible starting deposits and a strong variety of asset classes and trading instruments. The 50% deposit bonus for non-EU customers combined with leverage and copy trading support are all stand-out features of OctaFX’s offering, which offers premium features at a very reasonable price. This is ideal for traders who are new to forex trading and would like to explore it on a stable, reliable and affordable platform. OctaFX customer support team is very accessible thanks to 24-hour service Monday through Sunday. Once your OctaFX account is up and running, you can use the platform of your choice to start trading.