Octafx.com Review: Scam or legit broker?
OctaFX is a CFD and forex broker that claims to have fantastic notoriety in the financial markets due to its interesting service offering which takes into account various prerequisites of a wide variety of retail orders.
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It is notable for being extraordinary compared to other STP (Straight Through Processing) ECN brokers available.
This implies that they do not operate a dealing desk and can along these lines give an investor the absolute most reduced expenses.
OctaFX Forex Broker
OctaFX forex broker was set up in 2011 and it currently operates under Saint Vincent and the Grenadines, with its focus on Asia as its essential market since its operating center is run out of Jakarta, Indonesia, even though it renders services to customers in over 100 nations around the world.
It has also opened up to 300,000 accounts and accomplishes $4bn in a day by day volume. And, it has managed to attain all of these with just a combination of low fees, advanced technology, and productive client support.
Shockingly, this broker does not accept U.S. clients.
Also, this broker has an assistant company established in Cyprus. This company is called Octa Markets Cyprus Ltd. The substance holds its CySec regulatory license.
OctaFX Forex Broker Trading Platform
OctaFX offers 3 distinct account types:
What stuns us about this broker is that it allocates the trading platforms according to the account type a client holds.
- The MetaTrader 4
This is maybe, the most notable trading platform available and it’s in use by innumerable brokers around the globe.
It is accessible in three distinct configurations:
- The web-based platform
- A PC
- Mac-based version. Additionally, a mobile version that is accessible in iOS and Android.
- The MetaTrader 5 – suitable for traders who have chosen the pro account type by this broker.
It has more features than the MT4 trading platform:
Comprises an expanse of distinct characteristics such as market depth charts as well as an economic calendar right on the platform.
The platform provides more features when it comes to coding EAs. And, it is because the MT5 utilizes an object-orientated language called MQL5. And as well, It offers one-click trading on the MT5 platform which is not accessible on the MT4.
Users can trade the MT5 on a PC, on a Mac, and just as through a mobile application on an iOS or Android device.
- The cTrader Trading Platform – offers STP accessibility with some of the lowest spreads on the market.
cTrader accompanies a large group of highlights.
For instance, it accompanies level 2 statements just as access to the FIX API.
It permits the user to set Scale-Out and Stop-losses at various levels.
Also, a user has a large group of risk management feature that permits them to enhance exposure over the scope of various resource classes.
Eventually, if a client would want to automate their trading procedure, at that point, they can utilize the cTrader automate.
This will assist them in developing custom robots.
A client has a broad back-testing ability with this suite of programming tools.
An investor can easily download cTrader to theirs. It can also be used in a browser or on their mobile phone.
What OctaFX Forex Broker Says it Offers
- Over 25 forex currency pairs
- Bitcoin, and other cryptocurrencies for a client’s investment and trading options.
As a non-dealing desk STP/ECN broker, OctaFX can assure extremely tight spreads from 0.2 pips, no slippage, and no re-quotes.
Leverage up to 500:1 is also available, even on small micro-lot positions.
It also offers its customer support in:
United Kingdom: +44 20 3322 1059
Hong Kong: +852 5808 8865
Indonesia: +62 21 3110 6972
WhatsApp (Texts only) +34 605 122 333
OctaFX Forex Broker Account Types
OctaFx.com offers its clients three account types:
- The Micro account – this account type runs on the MT4 platform.
It possesses the meagerest minimum deposit amount at only $100.
- The Pro account – this account type utilizes the barely additionally developed MT5 platform.
It offers rarely lower spreads than the Micro account and will maintain less trading costs for higher volume. The minimum deposit is barely higher though.
- The ECN account – this account type runs on the OctaFX cTrader platform.
This platform authorizes for STP and the lowest execution latency.
OctaFX.com is a broker known for presenting one of the promising Islamic accounts in the industry.
These accounts are 100% Shariah-compliant and clients will pay no interest on their overnight positions.
This Islamic account is accessible for all of the account types above.
All an investor will need to do is to check the “Swap-Free” box when signing up with the broker.
OctaFX Forex Broker Deposit and Withdrawal Method
OctaFX.com accepts payment methods via:
- Bank wire
- Local banks transfers in Indonesia and various other countries.
Other domestic payment methods are also usable.
Deposits may be made in USD or EUR, and the minimum deposit for OctaFX is $5 for a Micro account balance.
A regular withdrawal request processes instantly with an accompanying confirmation email. This is if the investor’s personal ID information is on file and in order.
International anti-money laundering legislation mandates that every global forex broker adheres to distinct rules before any withdrawal request can be authorized.
Is OctaFX Forex Broker Licensed?
Octafx.com has an associate company established in Cyprus.
It means its regulation is under the Cyprus Securities and Exchange Commission (CySec) with license number 372/18.
Additionally, it implies that the broker answers to this authority.
OctaFX is a great broker to trade with but in the meantime, there are rooms for improvements.
Some of the advantages of trading with the broker are that it offers an unlimited demo and uses advanced technology.
The broker provides strong customer support, hence, it has full regulation.
The broker also provides her basic train platforms popular in the industry.
The drawbacks are that it has limited assets, low crypto coverage, and has no VPS deals.