OctaFx Review: Is This Trading App Trustworthy and Profitable? Find out here!

OctaFx Review: Is This Trading App Trustworthy and Profitable? Find out here!

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Established in 2011, OctaFX is home to several million trading accounts. Thanks to the swap-free feature, significant prizes, and incentives, its market share continues to increase. This broker has created a swap-free and commission-free trading environment, which was evaluated to see if its claim of helping traders of Forex earn more is accurate.

About OctaFx

OctaFX created a copy trading service for a growing market segment, particularly among youngsters. With over 10 million downloads, its mobile trading and copy trading service applications continue to be very successful.

Unique Features

The swap-free trading system is OctFX’s most distinctive feature. There have been almost $6,000,000 in trading incentives paid out to date, which is a noteworthy number. OctaFX also provides traders with the Autochartist MT4/MT5 plugin.

Creating a New Account

OctaFX accounts may be opened in less than 15 seconds. Traders are required to give their name, email address, and password. They may also join up using their Google, Facebook, or Apple accounts. Account verification is required, and the majority of merchants will comply by submitting a copy of their identification and one proof of residence document.

Minimum Deposit: OctaFX’s minimum deposit is $100, which is greater than the majority of brokers but still within a respectable range.

OctaFX accepts bank transfers, credit/debit cards, and cryptocurrencies as payment methods.

Accepted Countries: OctaFX provides services to the majority of foreign traders.

Deposits and Cash-Outs

All financial operations are conducted from the secure back office, and OctaFX does not charge any fees for deposits or withdrawals. There may be third-party fees, and traders are advised to verify with their chosen source. OctaFX provides a variety of coins; however other third-party payment processors are absent. OctaFX responds to withdrawal requests within one to three hours.

Open Your OctaFX Account Now From The Official Site

Regulation and Safety

Trading with a registered broker will reduce the likelihood of fraud and misconduct. Experts usually advise traders to confirm regulation with the regulator by comparing the supplied license to their database. OctaFX offers its customers no regulated entities.

OctaFX is headquartered in St. Vincent & the Grenadines. According to its official website, the Financial Services Authority (FSA) does not oversee Forex and cryptocurrency firms.

Despite operating without a regulator, OctaFX is a registered international business corporation (IBC) in Saint Vincent and the Grenadines with registration number 19776 IBC 2011. It segregates customer deposits from company cash and provides protection against negative balances. Additionally, OctaFX has served customers from over 100 countries for over a decade.

It would be desirable to have an extra layer of security. OctaFX might do this by becoming a member of the Financial Commission in Hong Kong, the most reputable organization for offshore brokers. Other alternatives include third-party insurance to safeguard customer money and regularly disclosed website audits.

OctaFX offers a commission-free and competitively priced environment to traders. EUR/USD exchange rate averages 0.7 pips and starts with 0.6 pips. Comparable to commission-based brokers that provide raw spreads of 0 pips for a charge of $6. OctaFX has been recognized as one of the most reasonably-priced brokers and lives up to its promise to assist Forex traders in earning more.

Swap rates on overnight leveraged positions are one of the most disregarded trading charges. Depending on the trading technique, this may become the largest transaction charge. Traders are recommended to examine them before calculating the overall trading expenses.

In addition, OctaFX provides swap-free trading in its MT5 account. It makes a significant difference for leveraged traders to maintain open positions overnight. Traders incur no financing costs, regardless of the duration of an open position.

OctaFX is the first broker to provide such a service. It only applies to MT5 accounts, whereas overnight leveraged positions on MT4 accounts incur a low swap rate.

Following these procedures, MT4/MT5 traders may get swap rates from their platform:

  1. Select Specification with a right-click on the appropriate symbol in the Market Watch box.
  2. Scroll down until the Swap Long, and Swap Short options appear.

For traders who have leveraged positions open for numerous trading days, OctaFX offers substantial cost savings. OctaFX has recently enhanced its price structure, and the total trading expenses have been rated to be among the best in the business. Additionally, there are no inactivity fees or currency conversion fees.

Visit the official OctaFX Website

What Can People Trade?

35 currency pairings, five cryptocurrency pairs, five commodities, and ten index CFDs are maintained by OctaFX. Since OctaFX only offers a restricted number of trading instruments, it is well suited for trading techniques that depend on a small number of highly liquid assets.

Asset List and Leverage Overview

Merchandise: Yes

Metals: Yes

Indicators: Yes

Stocks: No

CFDs: Yes

Oil: Yes

Gold: Yes

Mutual Funds: No

OctaFX Leveraging

The highest leverage at OctaFX for Forex traders is 1:500, while for cryptocurrency traders, it is 1:25. It is ideal for scalpers and traders who demand accounts with high leverage. In conjunction with the lack of swap rates and the availability of negative balance protection, this offer is unmatched.

Trading Hours of OctaFX (GMT + 1 Server Time) Please remember that equities markets open and shut each trading day, unlike Forex and cryptocurrencies, which operate continually.

It is advised that MT4/MT5 traders complete the procedures outlined below to get access to trading hours:

  1. Select Specification with a right-click on the appropriate symbol in the Market Watch box.
  2. Scroll down until Sessions is shown.

Account Kinds

OctaFX provides traders with one MT4 account and one MT5 account. Both need a $100 minimum deposit, and the highest leverage is 1:500. The basic currencies of the account are the euro and the U.S. dollar. MT5 continues to provide swap-free trading, but MT4 traders must pay a finance cost for leveraged trading, and MT4 does not offer index CFDs.

The MT5 trading account is highly recommended since the cost reductions from the lack of exchange rates have a significant impact on profitability. OctaFX designates the MT4 trading account for the Regular Trader and the MT5 trading account for the Smart Trader.

OctaFX Demo Account

OctaFX allows traders to create MT4/MT5 demo accounts with no time restriction on account activity. The MT4 demo account is valid for eight days, during which time it should not be inactive, or it will expire. The MT5 demo account has a thirty-day validity, after which it expires. The adaptability of MT4/MT5 enables traders to choose their deposits and leverage, hence producing more realistic demo outcomes. They are great for algorithmic traders testing EAs and addressing issues.

More Information on OctaFX Trading App Can Be Found On The Official Website Here

Trading Systems

OctaFX provides traders with the MT4/MT5 trading platforms as well as the Autochartist Pro plugin to enhance the trading experience. With 25,000 custom indicators, plugins, and EAs, MT4 is the most adaptable trading platform and the industry leader for algorithmic trading. Both are equipped with a copy swapping service.

MT4/MT5 trading platforms are available as desktop clients that offer full capabilities, a lightweight web-based trading site for manual traders, and a mobile application.

In addition, the mobile trading interface helps traders manage their portfolios.

Customer Service

OctaFX provides 24/7 customer service, largely via live chat, with prompt responses. Email help is also accessible, and the FAQ section addresses a number of the most often asked problems. On evaluating, it was discovered that only a phone number was missing from the whole help offer.

Bonuses and Special Offers

OctaFX provides a 50% deposit bonus and a four-tier status structure that rewards active traders. In addition, it operates a Trade & Win program in which each lot is a prize lot redeemable for rewards. OctaFX also offers a referral program. Demo competitions with actual cash also exist. Before joining, traders are advised to read and understand the applicable terms and conditions.

Pros

  • Globally well-regulated, with the Bank of Ireland serving as the major regulator
  • Low minimum deposit and comprehensive instructional resources
  • Diverse asset options across seven industries
  • Superior mobile trading platform
  • Highest possible leverage

Cons

Unrestricted Limited asset selection

FAQs

Is OctaFX legal?

It is a legitimately recognized multinational commercial enterprise.

Conclusion: OctaFX

In conclusion, OctaFX has the most competitive trading prices among online forex brokers. It implements SSL encryption techniques of the highest quality to protect user payments. OctaFX has supplied more than four million traders with consistent access to global financial markets. Providing negative balance protection to all of their customers is OctaFX’s top goal for enhancing the user experience. With OctaFX offering CFDs in addition to other financial products, one may benefit from the ten (10) most popular indices. OctaFX is committed to providing forex traders with the greatest experience. In addition to its low trading expenses, OctaFX is distinguished by the lack of fees for its quick deposits and withdrawals.

OctaFX focuses on providing superior service, dependable customer care, and cost-effective trading conditions. There is no protection against negative balances given.

 

Affiliate Disclosure

This product review includes relevant affiliate links, which can result in commissions from qualifying purchases without any additional cost to the reader. The affiliate commission earned helps keep the site running so that our research team can review and recommend the best quality products.

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