Octa FX Review

OctaFX is a global brand offering Forex trading services since 2011. The brand comprises two independent broker entities; Octa Markets Cyprus Ltd and Octa Markets Incorporated. These entities allow traders to choose the Broker that best suits their needs.

Octa Markets Cyprus Ltd is registered in Cyprus and is regulated by the Cyprus Securities and Exchange Commission. This gives users added protection since they will be trading with a broker that operates under European regulatory oversight. Plus, with OctaFX.eu, traders can access a wide range of investment options.

On the other hand, Octa Markets Incorporated, based in St. Vincent and the Grenadines, offers its clients higher leverage and bonus promotions. This has made OctaFX.com a popular choice among traders from 185 countries. The website offers accessibility and tight spreads on almost all currency trading pairs, including exotic pairs.

Opening an OctaFX account requires a low minimum deposit of $100. Furthermore, all account types are available as Islamic accounts that comply with Shariah law. This makes OctaFX an excellent choice for traders who prefer to trade with an ethical and socially responsible broker.

Supported Countries

OCTAFX is a global Forex trading platform that provides services to traders from a whopping 185 countries worldwide. Some of the most popular countries where OCTAFX provides its services include India, Malaysia, Pakistan, Nigeria, Indonesia, and South Africa.

While OCTAFX is committed to serving traders worldwide, it's important to note that the platform does not provide its services to U.S. citizens or residents, as well as all U.S.-dependent countries and territories. 

In addition to these, countries such as Libya, Niger, North Korea, Russia, Syrian Arab Republic, Kazakhstan, Iraq, Iran, Cuba, Brazil, and Belarus are not also serviced by this Broker. This is due to regulatory restrictions that prevent OCTAFX from operating in these areas.

Customer Service Rating

OCTAFX is a well-known Forex trading platform that has garnered positive reviews from traders worldwide. On Trustpilot, OCTAFX has amassed an impressive 4,402 reviews with an Excellent rating and 4.4 stars out of 5 from users.

A whopping 73% of reviewers gave the platform a 5-star rating, a testament to OCTAFX's commitment to providing its users with a top-notch trading experience. Many positive reviews raved about the platform's customer support system, citing its fast response times, speedy deposit process, and effectiveness in resolving issues.

However, OCTAFX could be better. Some negative reviews noted difficulties in withdrawing earnings, with some users reporting little to no resolution in sight.

OCTA Forex Trading Platforms

Octa Forex Brokers provides traders with three trading platforms: the MetaTrader 4, the MetaTrader 5, and the OctaTrader. With these platforms, you can choose your preferred option based on your trading experience.

• The OctaTrader: This is a proprietary web trading platform provided by OctaFX, delivering a simple trading experience for essential trading operations. It is available on the web, as well as on Android and iOS devices. OctaFX has an intuitive copy trading feature. With over 10,000 "Master Traders" to choose from, you can find the perfect fit for your trading style on their CopyTrading app. And with tools to help you compare performance rankings and risk scores assigned to each trader, you can make informed decisions about who to follow.

• The MetaTrader 4: The MT4 on OctaFX is user-friendly and highly customizable. It comes with comprehensive features and tools that enhance traders' performance. MT4's excellent charting functionality allows OctaFX traders to analyze price movements and make informed trading decisions. Advanced order management tools give OctaFX traders greater control over their trades, allowing them to manage risk better and optimize their trading strategies. You can access the MetaTrader 4 platform in multiple formats, including through an online web platform and a downloadable application for Windows PCs and Apple MacOS computers. Traders can trade on mobile devices through Android devices.

• The MetaTrader 5: MT5 is a multi-asset trading platform that offers access to trade Futures, Stocks, Algorithmic Trading, ETFs, and Indices, besides Forex and CFDs. It also features a massive range of tools like different timeframes and the most up-to-date technical indicators to give you all the trading resources you need to trade on and analyze the financial markets. With MT5 on OctaFX, traders have the convenience of using automated trading systems and copy trading, giving them a competitive edge in the financial markets. The MetaTrader 5 platform is available in multiple formats, such as online web platform, downloadable application for Windows PCs and Apple MacOS, and via Android devices.

Type of Trading Accounts on OCTA Forex

OctaFX makes trading easy with two account options: one MT4 Account and one MT5 Account.

• The OCTAFX MT4 account is perfect for traditional traders who want an easy start to trading. With floating spreads starting at just 0.6 pips, a recommended deposit of only $100, and high leverage options of up to 1:500 for currencies, you can trade confidently. You can trade with metals, energies, indices, and cryptocurrencies and use hedging, scalping, and expert advisors. With a maximum volume of 200 lots, you have plenty of room to maneuver and make the most of your trades.

• The OctaFX MT5 account: This account type is perfect for innovative traders who want to take their trading to the next level with intelligent tech. You'll enjoy a floating spread that starts at just 0.6 pips with no commission or markup fees. The OCTA FX minimum deposit for this account type is $100. You'll enjoy leverage up to 1:500 for currencies, 1:200 for metals, 1:50 for indices, and 1:25 for cryptocurrencies. The precision is 5 digits, and the deposit currencies are USD or EUR. The minimum volume is just 0.01 lots, while the maximum volume is a whopping 500 lots. With OctaFX MT5, you won't have to worry about swaps either. The margin call/stop-out level is 25%/15%, so you can confidently trade.

Trading Denominations on OCTA Forex

OCTA Forex broker offers a choice of two currencies to denominate your Account. You can choose the U.S. dollar (USD) or the Euro (EUR). 

Company Structure

OCTA FOREX is a brokerage firm that provides services to over 100 countries around the globe, including the U.K. through its branch, Octa Fx U.K. This Broker has been in the business for over 11 years now, and they continue to attract more and more clients.

One reason is that they work with numerous liquidity providers worldwide, ensuring their clients always get the best prices. OCTA FOREX has trade servers and data centers in Europe and Asia, which means fast and reliable connections for their clients.

The company operates on the ECN/STP model and executes orders at market price in less than 0.1 seconds. FOREX offers low spreads, commission-free deposit and withdrawal methods, and negative balance protection.

Throughout its existence, OCTA FOREX has won many impressive awards. They were named the Best ECN Broker in Asia in 2014 and the Best Online Broker Global 2022 award from World Business Outlook. They also received the Most Secure Broker Indonesia 2022 award from International Business Magazine and the Best Forex Broker Malaysia 2022 award from Global Banking.

OCTA Forex Licenses and Regulatory Compliance

The financial authorities of St. Vincent and the Grenadines fully regulate OctaFX.com. The platform is also registered with several other regulatory bodies, below is the full list of its regulation:

• CySec with license number 372/18 for its OctaFX.eu site, 

• FCA (United Kingdom) license №679306,

•  FSA (Saint Vincent and the Grenadines) license №19776 IBC 2011, and 

• FSCA (South Africa).

OCTA Forex Customer Protection

OCTA Forex takes client protection seriously. For starters, your funds are kept separate from their corporate funds, so you can ensure your deposits are secure. They offer negative balance protection, which means you will only owe them money if your trades go as planned.

They also provide a team of highly professional security engineers and technical specialists who monitor activities on the platform 24/7. Regarding account security, the platform operates SSL and 128-bit encryption to protect your personal information.

They have 3D secure technology to ensure that your transactions are safe and secure when using a credit or debit card. To further protect your withdrawals, they require that you use the exact payment details for both deposits and withdrawals. Your funds can't be transferred to any unauthorized third parties.

Trading Information

On OCTA FX, there are over 35 currency pairs to choose from. They don't charge any commission or markup fees. Plus, with a recommended deposit of just $100, you can start trading quickly. The market execution time is impressive, under 0.1 seconds, and with precision up to 5 digits, you can be sure every trade is accurate and reliable.

Tradable Instruments

OCTA Forex Broker offers diverse instruments that cater to all your trading needs.

• 35 currency pairs

• Gold and silver

• Energies

• 10 indices

• 30 cryptocurrencies

• 150 stocks

OCTA Forex Leverage

Octa Fx Brokers provides traders with various leverage options that suit different trading needs. The leverage you get is dependent on what instruments you are trading.

• For currencies, our maximum leverage is an incredible 1:500, giving you the flexibility to trade with more significant amounts than your deposit.

• ZARJPY has a maximum leverage of 1:100

• Metals come with a leverage of 1:200, providing you with more opportunities to profit from price movements.

• Energies have a maximum leverage of 1:100, making trading on oil and gas markets easier.

• Indices come with a leverage of 1:50, giving you more trading power on market indices.

• Cryptocurrencies have a leverage of 1:25, allowing you to trade on popular digital currencies.

• Stocks have a maximum leverage of 1:20, giving you more flexibility to invest in top companies.

With such high-leverage options, you can trade with more significant positions and maximize your potential profits. This makes OCTA FX well-suited for scalpers and traders who require highly leveraged trading accounts. 

Deposits and Withdrawals

OCTAFX provides convenience and eases when it comes to funding your trading account. You can deposit funds into your Account quickly and efficiently as they support various payment options, including bank transfers, credit/debit cards, and e-wallets.

Deposits 

Withdrawals

OCTAFX offers a range of withdrawal options, including bank transfers, credit/debit cards, and e-wallets like Skrill and Neteller. The minimum withdrawal amount may vary depending on location and method of withdrawal. In addition to this, you won't have to worry about any withdrawal fees.

However, keep in mind that OCTAFX requires you to use the same payment processor for both depositing and withdrawing. But with their user-friendly platform, it's easy to keep track of your transactions and ensure a smooth process.

OCTAFX Trading Education and Training

OCTAFX provides avenues for traders to enhance their trading skills and knowledge. Their educational and training features include:

• Webinars

• Articles on Forex basics

• Video courses

• Tutorials in both articles and videos

• Comprehensive glossary

• FAQ section

• Market information

• Economic calendar

• Market Insights

• Forex news

FAQs

Is OCTA Forex legit?

OCTA Forex is a reputable and trustworthy trading platform committed to providing its users with a safe and secure trading experience. The Broker takes pride in adhering to strict regulations and industry standards to ensure its platform is free from fraudulent activity or scams. Over the years, they've built a reputation on transparency, fairness, and honesty.

How do I open an OCTAFX trading account?

Opening an OCTAFX trading account is quick and easy. Follow these simple steps, and you'll be up and trading in no time:

• Go to the OCTAFX website at www.octafx.com

• Click on the "Open account" button in the homepage's top right-hand corner.

• Fill out the registration form with your personal information, including your name, email address, and phone number.

• Review and agree to the terms and conditions.

• Click on the "Open Account" button to complete the process.

Is OCTAFX Copy Trading Profitable?

The copy trading service on OCTAFX allows traders to replicate the trades of other successful traders automatically. Many traders find this a valuable service as it saves time and effort and potentially increases profitability.

Copy trading can be profitable, but it requires careful consideration of the trader being copied on their strategy and performance history. Doing your research and analysis before deciding to copy a trader and always having a risk management plan in place is essential.

Conclusion

OCTA Forex is a solid and reliable trading platform for beginner and experienced traders. With its wide range of trading instruments and high-leverage options, OCTA Forex provides its users ample opportunities to make profitable trades.

OCTA Forex is an excellent choice for anyone looking to enter the world of online trading. Its combination of low fees, comprehensive trading tools, and helpful resources makes it an excellent platform for novice and experienced traders.