Trading with a regulated broker will limit the potential for fraud and malpractice. I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. OctaFX acts in full compliance with international legislation and regulation standards and guarantees fund security and negative balance protection to their clients. OctaFX makes use of segregated accounts to protect their clients’ funds coupled with negative balance protection.

Can you make a living off forex?

Forex trading can be profitable but it is important to consider timeframes. It is easy to be profitable in the short-term, such as when measured in days or weeks.

OctaFX does not charge its clients any Deposit or Withdrawal fees. Furthermore, deposit and withdrawal fees applied by third parties will also be covered by OctaFX. Overall, OctaFX can be summarised as a trustworthy broker that provides Contracts for Difference and low spreads on 100+ trading instruments. OctaFX is regulated by the Financial Services Authority – St. Vincent & the Grenadines. Investing in or trading financial instruments, commodities, or other assets carries a high degree of risk.

This section is nicely laid out and covers some of the more important aspects of forex trading. OctaFX’s customer support is available 24 hours a day, 5 days a week. They can be reached on live chat for some quick-fire questions, or more complex questions can be sent to the phone or email team. The most efficient experience is provided by the computer platform as it offers the most tools and functions. This is most likely the most well-known trading platform out there and is very popular with traders around the world.

How to Trade CFDs in OctaFX

The minimum deposit amount required to register an OctaFX live trading account is $100 USD. OctaFX provides two live trading accounts – the OctaFX MT5 and OctaFX MT4 accounts. OctaFX has developed a variety of options to make your forex trading even more convenient. The lowest spreads, real-time market execution and true ECN offset are among the top advantages of OctaFX. Founded in 2011, OctaFX has amassed more than 6 million users all over the world. With its swap-free offering and attractive incentives and bonuses, it keeps gaining more and more market share.

One of the most common myths people think is that the Forex market is banned in the US. This is not true, although the forex market is very strictly regulated to help protect customers money from fraud or in the event of insolvency. The firm has a good basis for its research offering due to the fact it offers a bit of all main content types including some from third party providers.

Each account is linked to a different trading platform but is otherwise similar. OctaFX is regulated by the British Financial Conduct Authority , one of the strictest brokerage firms in the Forex industry. So, OctaFX is registered in 2011 in Saint Vincent and the Grenadines under the number IBC 2011 and fully complies with international standards of financial regulation. For authorized FCA brokers the basic capital is €730,000, and the funds of customers must be kept in separate accounts separately from the operating funds of the company. Octa FX provides traders with mobile applications iOS and Android for Metatrader and cTrader platforms available directly from these developers. Applications for MT4 support Android, iPhone or any device compatible with the OS WinMobile.

It’s good to note that the withdrawals will be returned through the same method that the funding was deposited. As OctaFX is a large broker, it fittingly offers a good range of funding options on both the fiat money side and the crypto side. As mentioned, OctaFX offers very competitive spreads and with the new rates due to the current COVID-19 epidemic, rates will be even better on all 3 accounts. OctaFX does have a reputation in the financial industry for offering one of the best Islami accounts. The firm’s accounts are Shariah-compliant and no interest will be charged on overnight positions. Lastly, you can choose the ECN account which uses the OctaFX cTrader platform.

octafx broker reviews

Some brokerage won numerous awards such as best ECN broker 2020 according to World Finance. OctaFX does not levy charges for deposits, withdrawals, and currency conversions. If any payment service applies its own charges, OctaFX compensates these for the user. No additional costs exist, making OctaFX one of the least costly brokers to trade with, fulfilling its mission statement of creating a low-cost broker for new traders and professionals alike. Traders conduct all financial transactions from the secure back office, and OctaFX does not charge deposit or withdrawal fees.

What is the minimum deposit for OctaFX?

You should only in trading or investing if you are fully aware of the potential risk of loosing all your deposited money. No, OctaFX does not impose a daily limit on the number of deposits and withdrawals. To avoid processing delays, it’s recommended that you deposit and withdraw all of your funds in one transaction. However, withdrawals take 1-3 hours to process and 30 minutes to send, both of which are free of charge.

We were dissatisfied with OctaFX’s instrument range, especially the complete lack of stocks and a low number of currency pairs. However, the Pro Account Type does have a compensation of only three days for algorithmic trading swaps. Furthermore, as we reported earlier, the best Forex app belongs to OctaFX, claiming that award back in 2019 when European CEO Magazine gave them the title.

octafx broker reviews

OctaFX has recently improved its pricing environment, and I rank the overall trading costs among the best industry-wide, and there is no inactivity fee or currency conversion cost. It is also a rare broker fully compliant with Shariah law for Islamic traders. I cannot stress enough the difference this makes, especially over time.

OctaFX has the best possible market volatility valuations for trading instruments. There are not a lot of tradable funds for users to share assets. OctaFX services give traders the opportunity to perform accelerated exchanges in the trading market ecosystem. The trading instruments provided to users are not that many for high-scale trading activity. The OctaFX Trading App is an official checking trading account with built-in tools to help you manage your OctaFX personal profiles, control real, demo and contest accounts, and manage deposits.

Research & News

The Pro Account is commonly known to traders as the MT5 Account and is offered to high-level, experienced traders. The C-Suite Forex investors have the facility of an MT5 account to profit from the lowest trading spreads. These trading spreads in the Pro Account are economically feasible when it comes to exchanging compensations. I like that OctaFX invested in developing a proprietary copy trading service, which it also launched as a mobile app.

octafx broker reviews

The EUR/USD starts as low as 0.6 pips or $6 per 1 standard lot, with an average cost of 0.7 pips. It is the same as commission-based brokers offering raw spreads of 0 pips for a commission of $6. I rank OctaFX among the best-priced ones, and OctaFX delivers on its statement to help Forex traders earn more.

Offerings

Before copy traders get to follow Master Traders, they must first fund their copy trading account. OctaFX shows you how much money you should provide each Master Trader. Traders can either make a direct deposit or transfer funds from their trading account. Pro account which uses the slightly more advanced MT5 platform and for those with a good understanding of Forex and a willingness to invest for larger profits. This offers slightly lower spreads than the Micro account and will have less trading costs for higher volume. OctaFX’s award winning customer support team is available 24 hours a day from Monday to Friday.

What are the charges of OctaFX trading?

Apart from that, the deposit is free of charge, and withdrawals are also nearly free except for bank transfers and foreign exchange if you are trading in the forex market via the OctaFX trading platform. Besides, if you choose the cTrader account, you will be charged 0.03 USD per lot.

You can either make payment through an online transfer, with an ATM, or using a standard bank account deposit. We would also like to point out that all accounts come with a minimum lot size of 0.01 with no maximum lot size. Exact spreads and commissions will vary depending on the account type you hold. Traders can choose between MT4 Micro, MT5 Pro, or the cTrader ECN account. One of the most important factors to take into consideration when using leverage is the asset spreads, in addition to other fees that may apply. If you are using unique trading strategies, you can share them via the OctaFX platform and earn money.

We’ve gone through the basics, but now we want to highlight what makes OctaFX accounts different from the rest. To take advantage of these spreads simply enter MetaTrader4 and get spreads up to 14 points with no time limits. CMC Markets, and IG offer a wider range of over 10,000 assets that might suit you better. OctaFX’s asset range is pretty standard and includes Forex, Commodities, Equities and Cryptocurrencies. In addition to being regulated by CySEC, OctaFX is a member of the FCA, the concerned authority in the UK. In order for firms to become and stay classed as a registered members of the FCA firms must comply with some of the strictest regulations in the world.

After downloading the app we found it easy to open new real and demo accounts, manage our leverage, and deposit and withdraw funds. Switching to the MT4 app to access our trading account was a simple and quick process. Spreads average at 0.7 pips on the EUR/USD, and no commissions are charged. The MT5 trading platform has some extra features, including depth of market, an integrated economic calendar, and full-size tick charts. The other difference is that swaps only apply from the third night a position is held open. The broker offers its users to earn, not only realizing their own trading, but also copying transactions of successful traders .

OctaFX Discussion

In doing so, we often feature products or services from our partners. However, the opinions and reviews published here are entirely our own. If Octafx could improve execution and provide tighter spreads I think they would be on the tip of the iceberg, they have some really good features. It was difficult to find answers to our questions about the swap fees of the MT5 account.

As for the withdrawal of funds, OctaFX is one of the very few brokers that actually processes all withdrawal requests within 1-3 hours. A typical withdrawal request will be processed immediately with confirmation by email if the player’s lexatrade personal identification information is in order. As a whole, assortment of mobile appendices at OctaFX is impressive. Here it is possible to download and own application of the broker which can be used for management of accounts.

Can you become rich off trading?

Yes, it is possible to make money in stock trading. Many people have made millions just by day trading.

OctaFX MetaTrader 4 trading,fixed spreads are initiated from 0.4 pips. Contact us directly for further inquiries about our products and services. Its social media networks never shut down, especially on those seeking help with any issue. OctaFX regularly holds webinars, which are beneficial for those new to Forex trading and are determined to make a career out of it.

Copiers have the ability to manually close open positions, allowing them to be in control over their own portfolios. In order to put things into perspective and for you to understand the broker’s features better, we set a brief comparison between OctaFX and its major competitors in the industry. OctaFX is a highly competitive broker which most traded currency pairs 2021 has a global reach and is reputable and trustworthy. In addition, it has a competitive offering of low spreads, reasonable pricing, and advanced technology. OctaFX has an excellent Market Insights section which is updated frequently but is only available in English. Regular posts include a Daily Forecast, a Daily Review and Weekly Review.

That said, keep an eye out for higher commission with these accounts. The firm is committed to ensuring customers needs are met and prioritizes customer satisfaction. Many third party sites highlight the company’s continuous pursuit towards addressing customer issues through its wide range of accessible online forums. The broker is required to contribute towards a shared investor protection fund. This fund will be there to protect all accounts that hold $20,000 or more in the event of insolvency. It should be noted that traders in the U.S. are restricted from opening an account with OctaFX due to strict U.S. regulations enforced by the CFTC and NFA.

Not only that, but OctaFX also offers a referral program, as well as demo contests with actual money prizes. OctaFX users can fund their trading accounts using a variety of payment methods. Traditional methods such as bank transfer, credit card, or direct deposit are available in over 100 countries, and there’s also cryptocurrency and a variety of electronic payment methods.

Bonuses and Promotions

By sharing a referral link the trader will receive a commission per volume traded by their friends. A Trader has to deposit at least $50 USD to earn a deposit of $25 USD. The OctaFX sign-up bonus is structured as a + 50% bonus program.

Other websites of this company include OctaFX.eu, OctaFX.net, Octapk.net, OctaFX.pro. OctaFX offers bank wires, credit/debit cards, augur latest news and cryptocurrencies. After choosing a platform, the applicant will press continue in order to finalize account creation.

Octafx has instant money transactions system, so I am very secure with things and having instant payment is like guarantee type of stuff for me. I have been working with them for 2 years, I have 2 accounts one for scalping and other for long term , I don’t make massive profits, but at least it is something I can be happy about. The site features a range of short tutorials covering everything you need to know to get started – from Forex Fundamentals to Predicting the Market. Each tutorial is a mix of video and text and is well-packaged and easy to understand; learners are tested frequently on the material and the entire website is free of charge. Overall, an excellent resource for beginners traders and we hope OctaFX considers expanding it to include intermediate and advanced courses and brings the course in-house.

OctaFX is great for investors looking for a low-cost option to get started trading a good range of assets, thanks to its narrow spreads and low opening balance requirements. While the platform is primarily focused on forex, the extra asset classes offer a good opportunity to diversify your investing portfolio. The swap-free trading system at OctaFX is one of the best special features they offer.

Before flagging it as completed, the team in charge should check the actual sending of the funds via the blockchain and provide the hash of the transaction. The daily market suggestions, training sessions and the live chat support is very good and that is why I like OctaFX. All of the information and materials available on PublicFinanceInternational.org is not financial advice and is for general informational purposes only. Nor PublicFinanceInternational or any of our affiliates makes any recommendation or implies any action based on the information we proved to you. We don’t make any solicitation or recommendation to take any action or trade or invest in any financial instrument, asset, or commodity.

I kept asking the customer service how to use their software and they were patiently answering every question. I can’t even imagine how stupid I looked in a ton of messages, but they work well with the clients, so I’m happy about this experience. The withdrawal time is not too good, sometimes it takes quite a lot of time to actually get what you’ve got. But – eh – I can tolerate that because I’m not sure I’ll find another broker that will give me a guarantee of the faster money. So for the moment, I hate the time issue, but overall I’m pleased.