OctaFX is one of the Forex brokers available online that has gained a lot of popularity over the years. It was established in 2011 and it offers high-quality platforms such as MetaTrader5 and cTrader.
The broker is a technology-based one, and in 2017, it closed its entity and moved to Cyprus. It used to be located in SVG and then operated in the United Kingdom. Ever since it was established, the broker has been offering people plenty of trading options, with the benefit of only having to make a small minimum deposit.
But even though these aspects seem convenient at first, you may hesitate to create an account because you do not trust its safety measures. Sure, OctaFX has been around for a long time, but is it safe to use, or is it a scam? Will it safeguard your money? This OctaFX review will answer all the questions you may have about this broker.
Who Is OctaFX for?
OctaFX is a great platform for investors who do not have a lot of money to spend just yet. Those who are looking for a more affordable option to be able to trade can look at OctaFX. OctaFX has narrow spreads and low minimum deposit requirements, making it great for anyone who doesn’t want to spend a lot on their trades.
There are also no fees and commissions, which makes it even better for traders who just want to do what they love without worrying about money constantly.
Active traders will love OctaFX too. Not only are there a lot of instruments to choose from, but the broker also allows you to diversify your portfolio. What’s more, you’ll be able to diversify it in a single place, making things even more convenient. Furthermore, there are prizes that people can receive every month. Copy trading is also possible.
Things We Like
The one thing we like about OctaFX is its affordability. Traders don’t have to make massive deposits to be able to trade. Also, they don’t have to pay fees and commissions. This way, it all works to their advantage.
We also love how easy and fast it is to open an account, but also how amazing the trading conditions are. Not only can you copy trade, which lets you copy the patterns of some of the most successful traders on the platform, but you can also choose from a large variety of instruments. Overall, this is great for anyone looking to diversify their portfolio.
Things We Don’t Like
There are also some things we did not like. For example, the platform does not accept people from the U.S., and that means that a lot of individuals will not have access to the amazing services offered by this broker.
Moreover, the broker does not offer the best educational resources, and because of that, it is not the most suitable one for beginners. It also prevents people with a bit more experience to make progress as it doesn’t instruct them along the way.
Besides, not all assets and currency pairs are available on this platform, so it may still not be the best for everyone.
Pros / Cons
- Great trading conditions
- Wide range of instrument types
- You have access to leverage up to 500:1
- You don’t have access to every currency pair and asset out there
- It isn’t available for people from the U.S.
- The educational section is not the best
Safety and Regulation
Before you start trading with OctaFX, you have to learn more about their safety levels. Otherwise, you may constantly be worried about losing your money. Here are some things you should know:
Who Is OctaFX?
OctaFX is an STP/ECN broker and a technology-based broker that has been around since 2011. It specializes in live quotes, CFDs, currency pairs, cryptocurrencies, stocks, and other things.
The broker provides two of the industry-leading platforms that every trader loves, respectively MetaTrader5 and cTrader. OctaFX has executed about 288 million trades and has opened over 1.5 million accounts.
The broker used to be an offshore brand as it was located in SVG, and then it started operating in the UK. Things changed in 2017, though, when the entity got closed and OctaFX moved to Cyprus.
Is OctaFX Regulated?
The broker is regulated, so it is monitored by top-tier authorities. Their website is regulated by the Caribbean nation of St. Vincent and the Grenadines financial authorities. Meanwhile, the European site, OctaFX.eu, is regulated by CySec.
- Octa Markets Incorporated – authorized by the FSA (SVG)
- Octa Markets Cyprus Ltd – authorized by CySEC (Cyprus) registration number 372/18
Is OctaFX Safe or a Scam?
For the most part, safety is ensured with OctaFX, as the trading environment is a safe one. Over the years, the broker worked hard to make sure that both the platform and web application, as well as the mobile system, are safe for everyone. Not only is the broker regulated, but it also offers negative balance protection.
Client funds are also segregated. In the event that something bad happens with the company, people will not have their money endangered, which is good to hear.
Countries It Accepts Clients from
OctaFX accepts clients from more than 180 countries, so it can be accessed globally. However, there are also some countries that are banned from using the platform. These are Belgium, Canada, the United States, and some other countries outside Europe.
Even though it received its European license not too long ago, OctaFX got several awards over the years. They won the award for the Best Broker in 2019, and the Best FX Broker. In the same year, they were also praised for the Best Mobile Trading App, and they were named the Best ECN/STP Broker as well. The Best FX Broker award was also given to them in 2018. So, OctaFX won plenty of awards over the years, adding to its level of trust and safety.
Range of Offerings and Products
OctaFX has a lot of instruments available for trading. They offer indices, Forex, commodities, energy, and precious metals, which is amazing. This way, you will be able to diversify your portfolio.
The maximum leverage offered by OctaFX is 1:500.
As mentioned, OctaFX offers MetaTrader 5 and cTrader. You can choose one of them depending on which platform you find more convenient. The design is user-friendly for the most part, and you get support in different languages. There are fee reports and price alerts, as well as push notifications. The international entity also offers MetaTrader4.
When it comes to the web platform, you can load it through your browser, so you do not need to download any app to your PC. You can also choose between MetaTrader and cTrader.
CTrader has an amazing design and brings useful features, whereas MetaTrader will have powerful capabilities to offer. The interface is customizable, and you get a built-in economic calendar too.
The Desktop platform requires downloading, but it has more customization features, and it also brings more tools to the table. Both cTrader and MetaTrader have a great feel and look. The only downside is that it may be a bit harder to understand the complexity of cTrader. You have access to automated trading too, which is great for both beginners and professionals.
The mobile platform is easy to use and comes with multiple charting capabilities, customization, and more. It also works very smoothly.
You have three different account types to choose from and these are Micro, Pro, and ECN.
A demo account is provided too. It saves you the risk of trading with a real account until you get used to the platform. So, it’s the best choice for beginners.
Deposits and Withdrawals
European clients can only use bank wire transfers. Meanwhile, the international entity has e-wallets, cards, and other options available for deposits.
What Is OctaFX Minimum Deposit?
The minimum deposit with OctaFX is $100.
You can also do withdrawals through bank wire transfers, but keep in mind that the Cyprus entity does not support credit cards.
OctaFX has a deposit bonus of up to 50%. It is only available for non-EU users, though.
Client Support and Education
Sadly, there are no educational materials to help you learn more about the trading process, and this is an issue of the Cyprus entity. Analytical research and webinars are not available either.
The only good aspect is the demo account, as well as the fact that there is some education available with the international entity.
Verdict – Overall Rating
OctaFX is a good and safe platform for the most part. There are no fees, and the minimum deposit is low, while you have lots of trading instruments available. Sadly, they do not offer educational materials, and the deposit and withdrawal features are a bit tricky.
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. Our reviews and overall scores are based on the key areas above, in a combination with our opinion and commentary.
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There is a very high degree of risk involved in trading securities.
With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
All investments involve risks and are not suitable for every investor. The value of securities may fluctuate and as a result, clients may lose more than their original investment. The past performance of a security or financial product does not guarantee future results or returns. Keep in mind that while diversification may help spread risk it does not assure a profit, or protect against the loss, in a down market.
There is always the potential of losing money when you invest in securities or other financial products. Investors should consider their investment objectives and risks carefully before investing. More details here.
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