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

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Established in 2011, OctaFX hosts several million trading accounts. Thanks to the no-trade feature, significant prizes and incentives, its market share continues to grow. This broker has created a swap-free and commission-free trading environment, which has been evaluated to see if its claim of helping Forex traders earn more is accurate.

About OctaFx

OctaFX has created a trade copy service for a growing market segment, especially among young people. With over 10 million downloads, its mobile trading and copy trading service apps continue to be highly successful.

Unique characteristics

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

Create a new account

OctaFX accounts can be opened in less than 15 seconds. Merchants are required to provide their name, email address and password. They can also register using their Google, Facebook or Apple accounts. Account verification is required, and the majority of merchants will comply by submitting a copy of their ID and proof of residency.

Minimum deposit: OctaFX’s minimum deposit is $100, which is higher 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 withdrawals

All financial transactions are carried out from the secure back-office and OctaFX does not charge any fees for deposits or withdrawals. There may be third party charges and traders are advised to check with the 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 website

Regulations and safety

Trading with a registered broker will reduce the risk of fraud and misconduct. Experts generally advise traders to confirm the regulations with the regulator by comparing the license provided to their database. OctaFX does not offer its clients any regulated entities.

OctaFX is headquartered in Saint Vincent and the Grenadines. According to its official website, the Financial Services Authority (FSA) does not supervise forex and cryptocurrency companies.

Although it operates without a regulator, OctaFX is an International Business Company (IBC) registered in St. Vincent and the Grenadines under registration number 19776 IBC 2011. It separates customer deposits from company cash and offers protection against negative balances. Additionally, OctaFX has served clients from over 100 countries for over a decade.

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

OctaFX offers traders a commission-free environment at competitive prices. The EUR/USD exchange rate averages 0.7 pips and starts at 0.6 pips. Comparable to commission brokers that provide 0 pip raw spreads for a $6 charge. OctaFX has been recognized as one of the most reasonably priced brokers and delivers on its promise to help Forex traders earn more.

Swap rates on leveraged overnight positions are one of the most overlooked trading fees. Depending on the trading technique, this can become the biggest transaction fee. Traders are recommended to review them before calculating overall trading expenses.

Additionally, OctaFX offers swap-free trading on its MT5 account. It makes a significant difference for leveraged traders to keep positions open overnight. Traders incur no funding 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, while overnight leveraged positions on MT4 accounts result in a low swap rate.

By following these procedures, MT4/MT5 traders can obtain 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 many trading days, OctaFX offers substantial cost savings. OctaFX recently improved its pricing structure and total trading spend was ranked among the best in the industry. Additionally, there are no inactivity fees or currency conversion fees.

Visit the official OctaFX website

What can people trade?

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

List of assets and leverage overview

Commodity: Yes

Metals: Yes

Indicators: Yes

Stocks: No

CFDs: Yes

Oil: Yes

Gold: Yes

Mutual Funds: No

OctaFX Leverage

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 require high leverage accounts. In conjunction with the lack of swap rates and the availability of negative balance protection, this offer is second to none.

OctaFX Trading Hours (GMT + 1 server time) Remember that stock markets open and close every trading day, unlike Forex and cryptocurrencies, which operate continuously.

MT4/MT5 traders are advised to follow the procedures outlined below to access trading hours:

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

Account Types

OctaFX provides traders with an MT4 account and an MT5 account. Both require a minimum deposit of $100 and the highest leverage is 1:500. The base currencies of the account are Euro and US 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 as the cost reductions due to the absence of exchange rates have a significant impact on profitability. OctaFX means 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 restrictions on account activity. The MT4 demo account is valid for eight days, during which time it must not be inactive, otherwise it will expire. The MT5 demo account has a validity of thirty days, after which it expires. The adaptability of MT4/MT5 allows traders to choose their deposits and leverage, producing more realistic demo results. They are perfect for algorithmic traders testing EAs and solving problems.

More information about the OctaFX Trading app can be found on the official website here

Trading systems

OctaFX provides traders with the MT4/MT5 trading platforms along with 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 in algorithmic trading. Both are equipped with a copy exchange service.

MT4/MT5 trading platforms are available as desktop clients offering full functionality, a lightweight web trading site for manual traders and a mobile app.

Additionally, the mobile trading interface helps traders manage their portfolios.

Customer service

OctaFX provides 24/7 customer support, primarily via live chat, with quick responses. Email help is also accessible and the FAQ section addresses a number of the most commonly asked issues. During the assessment, it was discovered that only one phone number was missing from the entire help package.

Bonuses and special offers

OctaFX offers a 50% deposit bonus and a four-tier status structure that rewards active traders. Also, it runs a Trade & Win program where each lot is a redeemable lot for rewards. OctaFX also offers a referral program. Demo competitions with real money also exist. Before registering, traders are advised to read and understand the applicable terms and conditions.

Advantages

  • Generally well regulated, with the Bank of Ireland being the main regulator
  • Low minimum deposit and comprehensive educational resources
  • Various asset options across seven industries
  • Superior mobile trading platform
  • Highest possible leverage

The inconvenients

Unlimited 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 the highest quality SSL encryption techniques to protect user payments. OctaFX has provided over four million traders with constant access to global financial markets. Providing negative balance protection to all their clients is OctaFX’s main goal to improve user experience. With OctaFX offering CFDs in addition to other financial products, one can 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 fees, OctaFX stands out for having no fees for its fast deposits and withdrawals.

OctaFX is focused on providing superior service, reliable customer service and profitable trading conditions. No protection against negative balances is granted.

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