OctaFX is a trusted global broker that offers a user-friendly platform and
a wide selection of trading instruments. The broker 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.
The broker 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.
Trading terms
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. They have one of the most 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.
Account types/platforms
octafx open free demo account
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 74 assets with a maximum
leverage of 1:500.
The OctaFX MT5 account offers all 230 trading instruments
with the same minimum deposit. Both choices are commission-free. Hedging and
scalping face no restrictions in any of the options.
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, the broker 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).
100% Shariah-compliant accounts available: the best Islamic Forex accounts in the industry (fixed commission amount for the set volume, not related to interest).
octafx benefits of mt5
Education
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, they work with big names in the industry and connects
with their user base through different mediums.
Copy trading
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.
Customer service
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 they are 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.
Awards
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.
Verdict
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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