I believe that cooperation with this company will be interesting for both beginners and professionals. Of the shortcomings, I can only point out a limited selection of investment offers . To start trading, you need to deposit at least $100 into your account. We’re sorry to hear you faced troubles when depositing Retail foreign exchange trading your funds. It’s not a typical situation when our traders are not able to deposit the funds within a normal time frame. If your issue hasn’t been resolved yet, please be so kind as to share your trading account details. We’ll be happy to look into it and to see if there’s anything we can do to help.
While the selection remains limited, it is suitable for most traders. No deposit or withdrawal fees exist from OctaFX, but third-party costs may apply. The processing times of deposits and withdrawals are fast, but it may take additional time to arrive in the trader’s account or e-wallet. Education at OctaFX consists of nineteen topics under Forex Basics. They consist of quality written content, charts, and some include numerous videos. While often brief, the content has educational value and offers new retail traders an excellent introduction to trading. The Tutorials section focuses on OctaFX-specific guides, and Video Tutorials cover MT4/MT5, the personal area of OctaFX, and OctaFX Copytrading.
Octa Fx Is Often Compared With
These are a great opportunity to test out new trading strategies in a competitive environment. These weekly and monthly competitions are run through demo accounts which make them a low-risk way of refining your skills.
- It is amazingly customizable and the interface is new and exciting.
- For trading, the most popular platforms among traders — MT4, MT5, and cTrader — are provided.
- Take into account that once you can see the amount on the platform you can start your trading career without waiting.
- There is no worry of keeping a check on the trading market as the expert trader takes care of the same.
- As for the withdrawal of funds, OctaFX is one of the very few brokers that actually processes all withdrawal requests within 1-3 hours.
- A comprehensive bonus system adds to the appeal of OctaFX, which continues to execute its business model well.
We compared OctaFX using our multi-pointed approach to look at trading styles, markets, trading tools, trader charts how the OctaFX fees compared to other stock trading, CFD and forex brokers. OctaFX has an award-winning customer support channel, and it is their unwavering devotion towards their clients that has earned an excellent trading strategy reputation for the company. OctaFX is a relatively popular Forex broker, and it is partly due to their brand image and a remarkable penetration among smaller retail traders. During their initial years, OctaFX was not regulated and suffered from several brokerage-related issues, which had earned them criticism from several quarters.
The broker is not working under any secure and regulated area. OctaFx again enjoys its sole-discretion in suspending the trading accounts of traders. Opening and closing of trading accounts are not under the will of a trader. The money involved in the trading account lapses automatically with the suspension of the trading account.
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.
Tier 1 is the official measure of a banks financial health and strength. OctaFX allow you to execute a minimum of trade of 0.01 Lot. As OctaFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades. CTrader Copy empowers everyone on the platform to share their investment strategy and to share their trading strategy for a fee or commission. Other dealers can search and replicate the approaches available, and revel in a commitment-free investing.
The open API allows developers to interact and interface with any cTrader account. CTrader Automate provides traders the ability to create algorithmic trading robots to automate financial trading plans. Dealers can use cTrader’s contemporary C# API to write code within the IDE, the IDE allows developers optimize and test their financial robots. Download the Metaquotes MetaTrader 4 Program for free of charge from Apple’s App Store.
They maintain a very professional website with all possible details regarding trading, their company details, and other relevant information. These banking options refer to both, depositing and withdrawal.
Generally, the weekly competitions will have a prize fund of $400, whilst the monthly competitions put $1000 up for grabs. Special competitions are also run on a more ad-hoc basis for the most successful and active traders on the site. Spreads are widest on the MT4 Micro account and there are also fewer instruments to trade OctaFX Broker Review through this account. Typically, the spread on a EUR/USD trade might be 1.1 pips, but if the same trade is made through the MT5 Pro account, this might drop to 0.9 pips. OctaFX have a triple AAA grade support and customer service rating because they offer a wide range of languages, live chat, email and phone support.
Although we found some very useful aspects of the OctaFX platform that would be useful to some traders. Overall our feeling is that you would be better served with an alternative OctaFX broker. CFDs are leveraged products and can result in the loss of your capital. It’s grown by $ % in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade. Build your own software using cTraders Open API. It is a free, secure and publicly available API for all. Developers can take advantage of cTraders mature infrastructure to construct desktop, mobile and online software.
Therefore, OctaFX remains effectively unregulated; that in itself does not suggest malpractice or fraudulent activity by this broker. OctaFX has expanded its operations since 2011, testament to its trader-friendly operations. In fact, more than 1,500,000 traders trust OctaFX, which should be taken into consideration when evaluating OctaFX. Octafx is my broker for the last half a Retail foreign exchange trading year and I think I’m gonna stay there for a while. so far, everything is fine and no problems with withdrawals. Invest money, choose your desired income rate, estimate tolerable risks, and that’s it—sit back and watch your balance grow. OctaFX Copytradingoffers an opportunity to automatically copy leading traders and forget about long hours of building your own trading strategy.
Comments that contain abusive, vulgar, offensive, threatening or harassing language, or personal attacks of any kind will be deleted. Comments including inappropriate, irrelevant or promotional links will also be removed. Tell our team and traders worldwide about your experience in our User Reviews tab. The minimum is $5, but the minimum amount to open an account is between $100 and $500. OctaFX offers a limited but acceptable choice for payment processing. OctaFX updates three sections several times throughout the day, with trading ideas and market commentary.
All available OctaFX payment methods available to you can be found in your OctaFX members area checked on the OctaFX website. Please note that the list of OctaFX payment methods belowdepend on the OctaFX Entity and the Clients Country of Residence. MetaTrader 4 was built specifically to trade Forex and CFDs, MetaTrader 5 on the other hand facilitates trading of Forex, Futures, Stocks, Algorithmic Trading, ETFs and Indices. You can download the OctaFX app or also trade with OctaFX through the MetaTrader 4 application on the Apple app store. You can trade a wide variety of instruments with OctaFX over 50 instruments infact. If a market order is not fulfilled by your brokerage usually no commission is charged. The OctaFX platform is available to use on multiple devices incldingIOS devices like iPhones and iPads, Android devices and online through a Web Browser.
Money can be withdrawn or transferred to a real account for further use in trading. During the period of special offers, the client can request a reward in the amount of 100% of the amount deposited into the account. The bonus is available for withdrawal after meeting the requirements for the trading volume.
I’m pretty sure that most of their positive reviews are the results of sponsorships and paid content. There is no way that such a heinous and greedy broker can get a positive review from its customers.
Is The Octafx Trading Platform Secure?
The straight conclusion from all of the contradicting and limited data is that the company tries its best to fool traders using false claims. The claim of regulation by the Financial Service Authority of Saint Vincent and the Grenadines has no proof in its support. Their address of the SVG region is a duplicate address and many companies have the exact same address. Their second claim that they have an association with the reputed Cyprus Securities and Exchange Commission is untrue. The address and the ownership details of the firm associated with the registered broker are different from the address of OctaFx. My OctaFx review suggests traders to stay away from their shady and fraud operations. The MT4 platform is suitable for both the mobile apps and PC versions.