We’re pumped to keep improving and elevating the client encounters across all of our platforms thanks to your encouraging words. When selecting a broker such as OctaFX, one of the most critical factors to consider is the broker’s regulatory body and regulatory status. Unregulated brokers pose a direct risk to the security of their client’s funds, as they operate without any oversight or regulation. In contrast, regulated brokers are subject to strict rules and regulations that prevent them from manipulating market prices or engaging in fraudulent activities.
Is Octa a good broker?
Negative balance protection is important for traders using leverage on platforms like OctaFX. In an unfavourable market move, leverage can result in a loss that exceeds the trader’s account balance, leaving them with a negative account balance. If a OctaFX trading position does not go in your favour, this is where negative balance protection comes in handy. When using OctaFX, the minimum trade size is typically 0.01 Lot units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened.
very gud trading platform for…
For OctaFX this includes the fact that they have only a limited number of assets available to trade in. Compare the markets and instruments offered by OctaFX and its competitors. Please note, some markets may only be available via CFDs or other derivatives. OctaFX is a No Dealing Desk (NDD) broker and therefore acts as an intermediary between the trader and the market. OctaFX receives commissions from its liquidity providers for each transaction.
OctaFX Guide – Read our In Depth 2024 OctaFX Review
These include both on the PC version as well as the mobile apps. OctaFX also accepts applications from their client to become a master. This will allow you to show off your trading prowess as well as build up a community. Of course, it will also give you an opportunity to earn passive https://forexbroker-listing.com/ income from the spreads and rev share. You also have full control over the copying process and you can stop following any master as well as close out live trades. The compensation is either charged as a commission per lot that you trade or a piece of the spread as a revenue share.
What Trading Platforms Does OctaFX Offer?
You can think of this as the fee that the master is charging to let you follow them. Customer service is one of those things that can really make or break your trading experience. Perhaps the fastest method to fund your account for international clients is through a credit card, Bitcoin, Skrill or Neteller. However, if you are based in Indonesia then you can use their local banking institutions (Mandiri, BCA, BNI and BRI). They can take payment via and of the major credit cards, through an e-wallet or through traditional bank wires / deposits.
MetaTrader 4
- There are also some jurisdictions where they cannot accept clients and these include the likes of the USA etc.
- This means clients with OctaMarkets don’t have any form of regulatory protection so you can only trust OctaFX operations meet the standards you would hope.
- Similarly, the State Bank of Pakistan has declared forex trading platforms illegal in Pakistan.
- Here are a few of the OctaFX account types you can look forward to trading with once you get started.
- Check out my picks for the best mobile trading apps in the industry.
Other features include MT4 and MT5 trading platforms and commission-free spreads from 0.8 pips. OctaFX offers the most used and well-known trading platforms from Metaquoets yet they seem to be not enough in comparison with other brokers who provide the same platforms and more. With all the updated and new technologies in the market, it seems like Octa FX is falling behind with its updates. For me, support and assistance anytime anywhere is one of the most important factors for me to choose the forex broker I’ll be trading with.
OctaFX Commission Fees
Experienced OctaFX traders can trade high risk CFD trades to hedge items in their portfolio. CTrader Automate allows OctaFX traders to create algorithmic tradingrobots to automate financial trading plans. Dealers can use cTrader’s contemporary C# API to writecode within the OctaFX cTrader IDE, which allows developers to optimize and test their financial robots. OctaFX MetaTrader 5 has many advanced trading tools for more advanced users.Understanding these tools can give you a competitive edge. The Autochartist interface is user-friendly and can be customized to suit individual trading preferences.
However, the minimum deposit amount might vary based on where you live and the payment method you choose. Their website says they have more than 21 million trading accounts in 180 countries. They offer 230 CFDs on different things like forex, commodities, indices, and cryptocurrencies. You can use MetaTrader 4, MetaTrader 5, or their own OctaTrader to trade. At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers.
Regulatory bodies protect traders through reimbursement schemes in case of OctaFX going into insolvency. OctaFX compliance with rules and criteria set by regulatory authorities is mandatory for brokerage firms like OctaFX to maintain licenses and operate in certain jurisdictions. Financial regulation and licensing are crucial for creating a secure trading environment for OctaFX traders. Trading online with OctaFX requires an understanding of what you are doing.
We were also quite disappointed to see that although they did offer EAs, there were no VPS promotions. These are usually packaged with most brokers and provide the client with a pre-installed VPS with a discount code at a hosting service. If you deposit at least $50 then they will give you half of the initial deposit as bonus funds.
OctaFX is one of a handful of brokers that offer the cTrader platform developed for traders. For a list of forex brokers that offer the cTrader platform, check out our comparison of MT4 brokers. Reviewing deposit fees before initiating a transaction is imperative, as certain brokers might impose a charge for depositing funds from your payment method to your trading account. The payment method employed for funding your account might also incur a fee. As a trader, you should feel confident that your financial investments are in good hands with OctaFX. So take the time to research OctaFX thoroughly and make the most of your online investing experience.
Forexbrokerslab is a project that aims to educate and protect forex traders. In this blog you’ll find practical guidance, unbiased reviews and much more. Compared to other brokers who offer more deposit and withdrawal methods available in the market, the broker here is lacking when it comes to the options provided. These deposit bonuses were recently outlawed in Europe and regulators such as CySEC have forbidden brokers from offering them.
Finally, there are some regions like the USA that OctaFX cannot accept clients from. This means that if you are from one of these regions then you will have to find an alternative broker such as Pepperstone. There is also a video that will walk you through your account section and help you locate important functions. These videos appear to be well produced and easy enough to follow.
They can go as low as $25 (USD) when funding with Visa/Mastercard, to 50 euros (EUR) when using Skrill/Neteller to as much as 500,000 Indian rupees (INR). It’s important to note that minimum deposits and trading costs will also depend on which Octa entity you choose for establishing your trading account. The security of your funds – in terms of regulatory protection – will depend on which Octa entity holds your account, and which –if any – relevant regulations provide customer protections.
Yes, they have the major Forex pairs but they have virtually no emerging markets. They also have no stocks, only two commodity assets and only two cryptocurrencies. If you want to trade more asset classes then you may want to consider 24option. As such, there are a number of awards that have been given to OctaFX over the years. These cover such aspects as their customer service and STP spreads. There are a host more awards on their websites but we are only listing those from reputable sources.
OctaFX is a reliable platform that can be considered trustworthy due to its strict regulatory practices. When you fund money to OctaFX, money is in a segregated bank account that is separate from OctaFX company’s funds. As a regulated broker, OctaFX cannot directly access your funds, which minimizes the risk of misappropriation or fraudulent activity by OctaFX.
If it’s not mentioned there, most likely, you are about to be scammed. Yet, when it comes to making a deposit, the money—along with your bank card details—goes to fraudsters. The margin calculator will then display the required margin for your trade. You can octafx broker reviews use this information to ensure that you have enough funds in your account to cover potential losses. Remember that we only process your payments through your Personal Area on our official website or the OctaFX Trading App and the OctaFX Copytrading App.