Who Is OctaFX Recommended For?
With low opening balance requirements and narrow spreads, OctaFX is ideal for investors who are seeking an affordable way to start trading a wide variety of assets. While the platform is largely geared toward forex, the additional asset classes – including US, UK, and Japanese equities – provide excellent opportunities to diversify your investment portfolio all in one place.
OctaFX’s cryptocurrency trading feature will be of particular interest to investors in 2020. As crypto moves more firmly into the mainstream, investors are increasingly using the likes of Bitcoin, Litecoin, Ripple, Bitcoin Cash, and Ethereum to both fund their trading accounts and as investments in their own right. The absence of fees and commissions is a huge incentive for traders to do what they love to do: trade. This active trading approach is further encouraged by OctaFX’s monthly prizes and referral program which encourages a fun, competitive spirit between fellow platform users. Copy trading, which allows traders to copy the patterns of OctaFX’s most successful users, is another strong feature.
OctaFX Compliance & Regulation
OctaFX is based in the Caribbean nation of St. Vincent and the Grenadines. The company’s OctaFX.com site is regulated by the financial authorities of that nation. The OctaFX.eu site is regulated by CySec.
Unlike some trading platforms that severely restrict foreign nationals from using their services, OctaFX is open to citizens of over 180 countries. You’ll most likely find your country’s name on the drop-down menu used during account registration. Note that US clients are currently not permitted to register with OctaFX.
With no commissions and no fixed fees, OctaFX derives its revenue from the spread on the various asset types it offers. Even with this ECN/STP broker model, the spreads on currencies and other assets are extremely competitive and are on par with many online trading platforms.
There are swaps or Swap Free Commission on the MT4 account, but the MT5 account has no swaps.
Apart from trading costs, one area where OctaFX really stands out is the absence of fees for its speedy deposits and withdrawals.
OctaFX Reliability & Security
A reliable platform is essential for forex trading, and OctaFX scores well on this count. With multi-platform support including desktop and web applications along with fast execution times, and support for android and iOS mobile devices, you’ll be able to use the platform with confidence from nearly any device. OctaFX features an easy-to-read layout and good integration for all three trading platforms. The mobile apps run smoothly, with charts and current prices clearly visible and updated in real time.
The platform is stable and reliable, with users reporting very few problems with connectivity and stability.
With no requotes and 97.5% of all orders experiencing no slippage alongside fast execution of less than 0.1 second thanks to a non-dealing desk model focused on straight-through processing (STP) execution, traders can rest assured that they are accessing optimal trading conditions. Beyond these dependable attributes, OctaFX has received several prestigious awards for its customer service and the reliability of its platform. These include European CEO Magazine’s best mobile trading app of 2019 and the following awards:
- Fxexplained.co.uk – Best FX Broker (2019)
- Global Banking and Finance Review – Best Broker (2019)
- FX Daily Info – Best ECN/STP Broker (2019)
- FX Daily Info – Best Forex Broker Asia (2019)
- “Best In Class”. Social Copy Trading (Forexbrokers.com 2021 Annual Review)
- Best FX Broker Asia 2021 (Global Banking & Finance)
- Most Transparent broker 2020 (forex-awards.com)
- Best ECN Broker 2020 (from https://www.worldfinance.com/awards/world-finance-forex-awards-2020)
- Decade Of Excellence In Forex Asia 2021 (Global Banking And Finance Review)
- Best Ecn Broker 2021 (World Finance)
Overall, we found OctaFX stable and easy to use, with all the platform’s essential features functioning smoothly.
OctaFX User Experience
Before users can trade on the OctaFX system, they’ll need to sign up for an account. The demo account is easy to sign up for and requires just a few personal details and a valid email address. However, if you’d like to sign up for a full account, you’ll need to provide personal ID verification and a few other documents. These may include your photo ID, a recent utility bill to serve as a proof of residence, and a trading authentication process that gauges your level of experience trading forex and other assets. Until this process is completed, your account will have limited functionality.
Once your OctaFX account is up and running, you can use the platform of your choice to start trading. To fund a trading account, OctaFX users can choose from a variety of payment methods. These include traditional methods like credit card, bank transfer, or direct deposit in 100 countries, as well as cryptocurrency and a number of electronic payment services. Familiar names like Skrill, Neteller and PerfectMoney are all supported as payment methods.
A great benefit of OctaFX is the 50% bonus on deposits that the platform offers for non-EU clients.
Withdrawing profits to a designated bank account or ewallet is a simple process with OctaFX and can be done with a few clicks of your mouse. One of the best benefits of OctaFX is its speedy transfer times for both deposits and withdrawals along with no commissions for either of these activities or currency exchange.
OctaFX has also made a real effort in terms of providing educational resources. Between the inclusion of advanced tools like Autochartist, trading signals, market research and news, guides, and tutorials, the broker has seriously invested in the educational tools for clients. Importantly, should users encounter any difficulties or have questions, the OctaFX customer support team is very accessible thanks to 24-hour service Monday through Friday. The team can be reached via a live chat function, phone, WhatsApp, Telegram, email, and even post. For individuals comfortable finding their own answers, the useful FAQ section is especially beneficial.
Final Thoughts on OctaFX
Overall, OctaFX is a great trading platform with accessible starting deposits and a strong variety of asset classes and trading instruments. The 50% deposit bonus for non-EU customers combined with leverage and copy trading support are all stand-out features of OctaFX’s offering, which offers premium features at a very reasonable price. This is ideal for traders who are new to forex trading and would like to explore it on a stable, reliable and affordable platform. OctaFX customer support team is very accessible thanks to 24-hour service Monday through Sunday.
Moreover, experienced investors with more sophisticated strategies will appreciate very narrow spreads, the absence of commissions, and invitation for all trading strategies including hedging, scalping, and automated trading strategies. With excellent support to accompany its ample trader education resources and regulated approach, OctaFX represents a great place to start trading or deploy an existing strategy.
Q: Do I need to fund my account and send compliance documentation to test a demo account?
A: No, but documentation is required for full accounts. To get started with a demo account, simply provide your first and last names, country of residence and address, email address, and phone number. After confirming your email, you can access the user dashboard area of OctaFX to setup a demo account.
Q: Are US citizens permitted to register for OctaFX?
A: Unfortunately, US are not permitted to join the platform at this time. While OctaFX supports users from more than 180 countries, the company does not yet have regulatory permission to offer services to US customers.
Q: Are automated trading strategies supported by OctaFX?
A: OctaFX support a range of strategies including automated strategies in the form of Expert Advisors (EAs). Beyond this compatibility, Copy trading is also available for users in any available OctaFX account type.
Q: Can cryptocurrencies be deposited to or withdrawn from the OctaFX trading platform?
A: Yes, OctaFX supports Bitcoin deposits and withdrawals on the platform. Deposits are free of commissions and can take anywhere from 3-30 minutes whereas withdrawals take 1-3 hours to process and up to another 30 minutes to send Bitcoin, also free of commissions.
Q: Does OctaFX provide swap-free account options?
A: Yes, swap-free account options are available, but only for certain account types. There are also shariah-compliant accounts available as well. To learn more, please speak to an account manager or customer service representative.