Independent Broker Review OctaFX
‘OctaFX is a trusted global broker that offers a user-friendly platform and a wide selection of trading instruments. OctaFX acts in full compliance with international legislation and regulation standards and guarantees fund security and negative balance protection to over 6.6 million trading accounts worldwide.’
Is OctaFX a scam or legit?
Let us take care of the most pressing and relevant question first:
So, is OctaFX a scam or legit?
It is legit.
OctaFX has been in the market for years, serving clients worldwide, but mainly those residing in Asia. It is quite embedded within society’s fabric through charitable initiatives in countries they work with.
Who OctaFX is for?
This review should serve more than just proving that OctaFX is no scam. It shall help guide those unsure of navigating the diverse Forex market. Those interested in earning passive income through the Forex industry usually do not know where to begin. They ask themselves, should I focus on who has the best Forex app or which broker offers the best copy trading platform? When searching for a Forex broker that is right for you, you need to consider several factors, like: are they trustworthy and reliable, what are their fees, how is their platform, do they offer mobile trading, how is their customer service, do they have copy trading services? In this case, we will examine how OctaFX fares in the face of these crucial aspects.
Regulation and security
OctaFX is an umbrella brand used by two independent broker entities.
Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) using the domain OctaFX.eu. This enables users to trade with a broker under European regulatory oversight with an enhanced level of security.
The OctaFX.com website is registered under Octa Markets Incorporated, established in St. Vincent and the Grenadines, which permits its clients to take advantage of higher leverage and bonus promotions.
OctaFX acts in full compliance with international legislation and regulation standards, with anti-money laundering (AML) directives, and guarantees, therefore, fund, information, and personal data security. The latter is additionally ensured by SSL decryption. OctaFX considers the negative balance protection offered to its clients as self-evident and treats it very seriously.
OctaFX provides you with an appropriate environment by utilising the tightest spreads in the industry, providing top market conditions and, in some cases, even fixed exchange rates. OctaFX has one of the more competitive minimum deposits in the industry. The company locates its servers in the nearest proximity to its traders, which allows them to deliver trading services in a fast manner without any slippage or delays.
OctaFX maintains four account types. The broker acknowledges that OctaFX MT4 is the most common choice and confirms its popularity among new retail traders from emerging and frontier markets. With an average minimum deposit of $25 across all regions, traders have access to 41 assets with a maximum leverage of 1:500. The OctaFX MT5 account offers all 47 trading instruments with the same minimum deposit. Both choices are commission-free. The commission-based OctaFX cTrader account is available for just $100, has 30 assets to trade, and also features the maximum leverage of 1:500—its unique feature is the ‘level two quotes’, giving an additional, deeper understanding of pricing, which the other accounts do not. The newly launched OctaFX Raw Spread account offers the lowest possible spread by streaming prices directly from liquidity providers. Hedging and scalping face no restrictions in any of the options.
OctaFX offers 28 currency pairs, four commodities, ten index CFDs, and five cryptocurrency pairs.
Fees, deposits, and withdrawals at OctaFX
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.
Also, the Forex broker has a wide choice of banks in all major regions of its presence to make transfers much more convenient. There are no deposit or withdrawal fees, as well.
Bonuses and promotions
To reward their clients’ loyalty, OctaFX provides lavish bonuses and promotional programmes.
- Deposit Bonus: the OctaFX MT4, OctaFX MT5, OctaFX cTrader, and OctaFX Raw Spread accounts qualify for a fully withdrawable deposit bonus of 50% at a minimum deposit of $50.
- Champion MT4 Demo Contest: Win up to $500 in real prize money for reaching the highest balance sheet (Duration: 4 weeks).
- Trade and win: a loyalty program by which you collect ‘prize lots’ through trading lots (the amount of ‘prize lots’ determines the value of the OctaFX gift).
- The OctaFX 16 Cars contest: Make the highest possible profit and traded volume with the best profit/loss ratio—one of 16 brand-new vehicles can be yours.
- 100% Shariah-compliant accounts available: the best Islamic Forex accounts in the industry (fixed commission amount for the set volume, not related to interest).
Whether you live in Indonesia or Pakistan, OctaFX has you covered and provides you with daily expert trading advice along with educational insight in your language.
OctaFX regularly holds webinars, which are beneficial for those new to Forex trading and are determined to make a career out of it. While learning on your own is admirable, OctaFX works with big names in the industry and connects with their user base through different mediums.
Several platforms offer services allowing beginners to copy professional traders. OctaFX’s program works similarly. In fact, according to Forex Awards, OctaFX is the ‘Best Copy Trading Platform’. What makes OctaFX’s copy trading platform rise above the rest is the care they put into it. Of course, you can sort through thousands of Master Traders through the category that appeals to you most and read what they have to say about their trading strategies, but OctaFX goes a step further. It actually offers a special setting that closely monitors Master Traders, ranking them by efficiency and making sure that copiers do not get misled and engage in risky trading behaviour. Further, this setting downright hides the riskiest Master Traders who speculate from their positions.
OctaFX mobile apps
A mobile version of the OctaFX desktop trading program is available as the OctaFX Trading App via the Google Play app store, free of charge. In 2019, European CEO Magazine anointed its mobile app for the ‘Best Mobile Trading App’.
Of course, if you receive the credit for offering the best Forex app, you should probably be able to back it up. Having used the app extensively, it is undoubtedly great because it was available in our native language and had a fluid and intuitive user interface! The company says it supports nine languages in total.
The best part about the app for us was that it allows you to trade and manage your account directly within it. We did not have to log out or switch accounts. Also, since many of us travel often, it is great that we can trade anywhere in the world with this app. It is like having the power of your desktop right on your phone. The OctaFX Trading App is available on all Google Android products.
The copy trading services mentioned before are also accessible in a separate, effective mobile app called the OctaFX Copytrading App.
OctaFX has first-class customer service. A representative is available to you 24/7, and they speak your language! When you consider how many countries OctaFX is serving, it becomes even more impressive. Peace of mind may be the most underrated benefit, yet when you need an issue resolved, regardless of the time, OctaFX is there to help swiftly.
OctaFX has taken home over 35 awards! Most notably, OctaFX was named the Best Forex Broker in Asia (Global Banking & Finance Review, 2021), meaning that they are the best Forex broker in India, Malaysia, Indonesia, Pakistan, and elsewhere. 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. Still, recently, the distinction of Most Transparent Forex Broker 2020, issued by Forex Awards, also went to the company. These awards not only signify its respectability, but they denote an opportunity for potential new clients to seek refuge with OctaFX and earn more income.
Be it beginners, intermediaries, or professionals—OctaFX is not only legit but with its almost ten-year experience, it is a fully formed Forex broker that easily stands its ground among the industry’s best.
The broker developed a transparent and swift support service. Its social media networks never shut down, especially on those seeking help with any issue.
OctaFX’s competitive and candid trading conditions show the genuine aim for building long-term partnerships with traders. It operates a massive library of instructional material in many languages and formats, like educational videos, YouTube shows, and illustrated articles.
Its track record as a transparent business partner and Forex educator is solid. The bonus programs, trading conditions, as well as charity and promotional initiatives, are far above what is considered standard.
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