OctaFX Review 2024: Is This Forex Broker Legit or a Scam?

OctaFX Review 2024: Is This Forex Broker Legit or a Scam?

A highly regulated broker will offer you more protection and safeguard you from fraudulent behaviour, or in the case of insolvency. You want to know someone has your back when you’re getting started. On forex, precious metals and indices, there are also no commissions. Just super tight spreads starting from 0 pips on certain currency pairs and indices. Luckily, OctaFX stands out for keeping their fees and commissions competitive across all their different account types. All the hype around Bitcoin and altcoins made me curious to explore trading beyond just forex and stocks.

OctaFX App 📱

OctaFX doesn’t charge traders any commission for holding an order overnight. Here are a few of the OctaFX account types you can look forward to trading with once you get started. Here you can benefit from the ICF insurance protections provided in the case of bankruptcy or insolvency.

MetaTrader 5 🤖

These are perhaps one of the most downloaded trading apps in the world and have been perfectly honed over the years. CTrader allows you to set Scale-Out and Stop-losses at a number of levels. You also have a host of risk management features that allow you to diversify exposure across a range of different asset classes. If you are a heavy technical analyst then you can create your own charting indicators through the cTrader developer network. Of course, this may not really be needed when you consider that there are already 70 different indicators included on the platform. This is the platform that will give you the STP access with some of the lowest spreads on the market.

The minimum order size you can expect when trading with OctaFX is 1 micro lot. This is the same as 0.01 standard lots, or equal to $1,000 in cash value. OctaFX Islamic accounts are available quickly and conveniently where needed by simply clicking “swap-free” when you open a new account. If you need an OctaFX Islamic account, then these are also available. Here will have an account that is totally Sharia law compliant and benefit from the award-winning service of OctaFX in the area. Until recently, the broker had also been regulated by the FCA, however OctaFX decided to voluntarily suspend their regulation here due to Brexit until the future situation of the UK becomes clearer.

Octa Desktop MetaTrader 4 Platform

The account type will determine which platform you trade with, as well as the fees charged. As OctaFX is regulated by CySec, the firm is authorized to offer its services to customers in EU member states. This is because European forex laws allow brokers that are licensed in a country within the EU to service clients anywhere within the European Union. The firm has expanded its reach successfully with its combination of low fees, responsive customer support, and advanced technology. Today, the firm serves customers across 100 countries, and has opened up around 300,000 accounts with an impressive daily volume of $4bn. The CySEC requires brokers to keep client funds securely segregated, maintain sufficient capital, submit regular financial reporting, process withdrawals timely, and follow ethical trading practices.

These are likely to give you the most tools and functionality. You are also likely to have less latency as you are connected directly to their servers. The MT4 platform is developed by the Metaquotes company as third-party trading software. The platform was developed by traders for traders and has a plethora of tools and charting. If you wanted to see the commission that you would pay on particular Islamic compliant trades then you can visit this page. It has a handy tool at the bottom where you can select the asset, trade size and account type.

It would be useful to be able to sort the columns from highest to lowest, but that feature is not yet available when looking at the Master Rating results page. Octa has struggled with pricing in the past, but has vastly improved in this category and is now gaining on the lowest-cost MetaTrader brokers. In addition, Octa boasts no slippage on 97.5% of its executed orders, and no overnight carry costs, yet has restrictions in place that can hinder high-frequency traders.

A low spread andminimum depositas well as its own copy trading service make it perfect for many. While they do offer top trading platforms MT4 and MT5, if you are looking for a wide range of assets they may not be perfect. Octa is powered by its own platform—OctaTrader, MT4, and MT5, which have a reputation for being some of the most profound trading platforms. MT4 represents the best choice for those who have just started trading. In comparison, MT5 features built-in tools for a deeper technical analysis and professional trading experience. Beginning and expert traders can use the Octa web platform because of its easy-to-use interface.

OctaFX Deposit & Withdrawal Options

• OctaFX also accepts applications from their client to become a master.
• Instead of commissions, the broker makes money through spreads, which are generally competitive.
• On forex, precious metals and indices, there are also no commissions.
• Additionally, OctaFX offers swap-free accounts for traders who want to avoid overnight charges.
• OctaFX has an excellent reputation in the financial industry.
• These tutorials are for both the computer version and mobile app.
• One of my favorite things about OctaFX is that you aren’t limited to just one trading platform.

Users from all over the world have traded in the financial markets using our platforms and mobile apps. Therefore, it is doubtful that the ‘Octa scam’ is a correct evaluation of the our activities. Octa ensures traders’ easy access to help by offering several lines of communication.

• Octa also covers fees so you may access your moany at any time and receive it relatively quickly.
• In addition to traditional platforms, I did find that copy trading is available through the Octa Copy platform giving you an alternative approach to leveraged products like forex and gold.
• Matching your base currency to that of your deposits and withdrawals can be an important way to help you save on paying conversion fees which ultimately increase your cost of trading.
• Essentially, licence’s in one region can work throughout the Union.
• As mentioned briefly above, OctaFX offers 3 main account types.
• CTrader allows you to set Scale-Out and Stop-losses at a number of levels.

OctaFX Demo Account ⏳

On the forex side, there are a number of minor forex crosses that are not included. With respect to equities, they only offer indices with no single stocks and on the commodities side, they only have Gold and Silver on the micro account. Although they are a global broker that is able to accept clients from over 100 countries, the bulk of their traders come from Asia. There are also some jurisdictions where they cannot accept clients and these include the likes of the USA etc. At 100brokers, clarity and transparency are essential values.

Assets & Leverage 📂

The first, and best place for most traders to get started is an OctaFX demo account. Here you can learn the ropes, ideal for a beginner, with no obligation to enter live trading. With OctaFX another of the measures in place to keep you safe as a trader is negative balance protection. This means that you octafx review can never lose more money than the balance of your account. This service is offered worldwide, regardless of whether it is required by the regulators or not. The platform itself is easy to use on both sides and provides you with a good ability to see the performance of other traders and a number of metrics.