OctaFX review: Should you sign up or not? – Broker test for traders

If you want to achieve better results in trading, then you should not only pay attention to improving your skills. One point that is often overlooked is the choice of the right broker. Yet it plays a crucial role. Whenever you spend too much on fees or have to wait for a long time before being able to withdraw your money, then you have an enormous disadvantage. Therefore, it makes sense to compare the brokers with each other.

In this review, we have taken a closer look at OctaFX. You will learn why the platform is known as one of the best online brokers on the market. Besides, you will learn about its unique features and trading conditions. This will help you decide whether the broker is the right choice for you.

OctaFX operates in countries mainly around the Asian Pacific region. The broker, however, extends to some other parts of the world; this makes it have about 28,000 users worldwide. Though it is an old online broker, due to some of its features, it is still an upcoming forex broker. OctaFX has more than one award to its name, which signifies that the broker is good.

What is OctaFX? – The broker presented

In 2011, this forex broker – OctaFX, started its operation by providing forex trading instruments to clients who are allowed to trade on its platform. The broker has its headquarters in St. Vincent and the Grenadines, and it is under the license to operate by the Cyprus Securities and Exchange Commission (CySEC). CySEC is a global regulator for forex brokerage companies.

OctaFX offers about 40 tradable instruments to its investors; this makes the company not match so much competition with other forex brokerage companies that operate today. Also, the company is known to only deal in providing CFDs for most of its assets, including its cryptocurrencies.

Besides its tradable assets, OctaFX provides impressive trading platforms. The broker has a reliable mobile application that provides the same services as the web version. Traders can use the available MetaTrader platforms to perform trades; its MT (MetaTrader) platforms have indicators that assist traders in making careful trades. OctaFX’s mobile application also has MT for traders to use.

Traders on the platform enjoy transparent trading thanks to the regulation applicable to the broker. OctaFX provides its traders with some bonuses which improve the trading experience. Besides the bonus packages, the broker has a tight spread and high leverage for its users. 

Is OctaFX under proper regulation?

It is a crucial question because before you even think of joining a forex broker platform, you need to know if it is under regulation of any sort. OctaFX (octafx.eu) is under the supervision of CySEC, a financial regulatory body that operates in Cyprus. Traders can trade on the broker’s platform safely, knowing the broker has a license.

However, not many people think that OctaFX is properly under control. The reason is that the broker only has one regulatory body as opposed to some brokers with more than one. Having more than one licensing body gives a broker more security for the traders. CySEC is a one-tier regulatory body; for this reason, not many people trust OctaFX.

Still, OctaFX is a secure trading platform for its traders. The reason is that the broker has been operating since 2011, yet no single complaint about it acting fraudulently to its users. CySEC makes sure that all the operations of OctaFX are transparent to the client right from the beginning.

Review of OctaFX’s trading offers and conditions

Trading platforms

Finding a good trading platform can be such a drag for most who want to trade forex. For this reason, OctaFX provides its traders with a user-friendly trading platform. One of its most beautiful features is its mobile software which is easy for the trader to use. The mobile software features MetaTrader platforms.

Besides the mobile platform, there are other trading platforms like the web trader. The WebTrader and mobile platforms have trading indicators that help traders to carry out easier trading. Besides, the traders have access to MetaTrader 4 and MetaTrader 5, which are fantastic platforms because they assist the trader in performing multifunctional activities.

OctaFX has a tool on its platform which allows traders to copy the trading style of another trader. This tool is called ‘copy trading.’ With copy trading, new traders can easily place a trade without knowing much about forex. By simply copying a professional trader’s style, you can start earning profit as a trader. 

Traders get educational resources that are helpful to traders. These educational resources allow better knowledge about forex and how to trade on the platform. OctaFX’s trading platform also provides traders with some market resources. Even though the educational and market resources may not be up to some forex brokers, they are still quality enough for the traders to use.

Account types of the forex broker OctaFX

The different account types come with different offers to the traders. The first account type that traders have access to is the demo account. Demo accounts are very beneficial to every trader, whether new or old. They help the traders learn about the platform before they start trading with the live account.

The other kinds of accounts accessible to traders are live accounts. These accounts are what traders use to make a profit from forex trading. The minimum amount of deposits in these accounts varies. They also come with different spread pips. The live account types available on OctaFX include micro account (also known as cent account), pro account, and ECN account. 

Micro or Cent Account

This is the first kind of account. The micro account is a standard account, which means it is suitable for almost anyone. The micro account starts with a minimum deposit of $25. The account type has the smallest amount of deposit for traders. The demo account starts with a spread pip of 0.6. This means that the account offers a tight spread to the traders. Trading with this account still gives the traders access to their demo accounts.

Pro Account

Pro account users have tighter spreads than micro account users. This account type starts with a spread pip of 0.2. The account is also known to be used more by those with better forex trading experience. This means that the market here is more competitive than the micro account. It starts with a minimum deposit of $100. Traders with this account type also have access to the demo account.

ECN Account

This account type attracts a low trading fee for overnight trading. ECN account users can start trading from as low as $5. The minimum deposit for this account type starts from $100. ECN account even has a tight spread that starts from 0 pip. The ECN account has a more competitive market than the pro and micro account types.

Islamic Account

Part of the accounts available on OctaFX is the Islamic account. This account type is called the Swap account. Knowing that the trading conditions differ in Islamic states, OctaFX has an account type just for them. The minimum deposit for the Islamic account starts from $100. It has a tight spread that allows traders to enjoy a competitive market.

Financial assets available for trading on OctaFX

OctaFX is not so broad in the number of available tradable assets. The online broker limits the number of forex instruments, making it not as much competition as some other forex brokers operating presently. Currently, its platform offers just about 50 forex-tradable instruments, most of which are CFDs. Instruments available on the platform include FX pairs, cryptos, energy, indices, and metals.

FX pairs

Forex pairs are currencies that can be exchanged. In this kind of market, you trade one currency with another. For example, you change your dollars to euros. OctaFX currently offers 32 forex currency pairs for its traders to trade with. Thanks to its few currency pairs, traders can properly concentrate on what matters.

Currency pairs:	32+
Leverage:	Up to 500:1
Spreads:	Spreads from 0.2 pips
Execution:	Instant
Availability:	During trading hours

Cryptocurrencies

In the past OctaFX used to offer its traders no matter the account type 5 cryptocurrencies to trade with. These cryptocurrencies are BTC, ETH (Ethereum), BTC cash, LTC, and Ripple. Recently, the broker added 25 new cryptocurrencies to their platform. This means that there are now 30 tradable cryptocurrencies on the platform. Part of these new coins is BNB, DOT, and SOL.

Cryptocurrencies:	5+
Leverage:	Up to 500:1
Spreads:	Spreads from 0.2 pips
Execution:	Instant
Availability:	During trading hours

Energies & Commodities

Energy is one of the broker commodity assets. Traders have access to energy-based commodities the broker offers, like oil. Energy is a reliable asset because the market has high liquidity.

Energy assets:	3+
Leverage:	Up to 500:1
Spreads:	Spreads from 0.2 pips
Execution:	Instant
Availability:	During trading hours

Indices

Another accessible asset on the broker’s platform is indices. Traders can choose from the different company indexes available. Indices have high leverage which every trader can enjoy. It’s a good thing to add this instrument to your portfolio.

Index assets:	10+
Leverage:	Up to 500:1
Spreads:	Spreads from 0.2 pips
Execution:	Instant
Availability:	During trading hours

Metals

The platform offers metals like silver and gold. These two have high liquidity, and traders get the chance to enjoy high leverage on them. 

Metal assets:	5+
Leverage:	Up to 500:1
Spreads:	Spreads from 0.2 pips
Execution:	Instant
Availability:	During trading hours

Trading fees on the forex platform of OctaFX

Asset:	Spreads from:
EUR/USD	0.4 pips
GBP/USD	0.4 pips
USD/JPY	0.4 pips
US30	2.5 pips
BITCOIN	2.8 pips

Looking for a trading platform with some of the best trading fees? Then you should try OctaFX because the broker has some of the best low trading fees on its commodities. The broker does not charge traders for absence from the platform. Unlike most brokers who charge an amount for not trading on the platform after opening your account, this is free on OctaFX.

Asides from having no fee for inactivity, traders can make deposits on the broker. Traders can easily make deposits into their trading accounts for free. Withdrawal is also free. OctaFX will not deduct any amount from your funds for making a withdrawal from your trading account. However, there is a fee for overnight trading on the platform. 

Fee:	Information:
Swap fees for overnight open trades:	Depending on asset.
Inactivity fee:	No inactivity fees.
Deposit fee:	No deposit fees.
Withdrawal fee:	No withdrawal fees.
Market data fee:	No market data fees.

Test of the OctaFX trading platforms

There are different trading platforms on this broker, which makes it user-friendly. OctaFX has an understandable trading interface thanks to the platforms available on the broker. In this part, let’s see the different platforms available and how they give traders a better trading experience. The trading platforms include MetaTrader 4, MetaTrader 5, and cTrader.

MetaTrader 4

This is the oldest existing trading platform after WebTrader. MetaTrader 4 has been around since 2005, making the platform popular and relevant. MT4 is simple to use by both existing and new customers on the platform. MT4 comes with enough trading indicators, which the traders will need when placing a trade. 

The MT4 platform is available for use on any device. It is available on web browsers if you’re using your desktop to trade. The platform is also available on phones for both iOS and Android users. OctaFX’s MT4 on mobile functions just like the desktop model. MetaTrader 4 allows the traders to perform more than one activity on the broker’s platform. Its interface is customizable if you feel there’s something you want to change about it.

MetaTrader 5

MT5 is an update of MT4. It was produced five years after the MT4 to have improvements that the MT4 lacked. This platform has more trading tools that will help the trader to focus while trading on the platform. Like its older version, this MT5 has compy trading available for its traders. The MT5 platform allows more trading instruments for the clients.

MT5 is readily available for those who want to trade with the browser or even the desktop app. The platform has a simple navigation system that allows traders to understand how it works easily. The platform is available for mobile users; using your phone, you can place trades and carry out other activities. Both iOS and Android users can get the app from their different stores.

cTrader

More advanced than both the MT4 and the MT5, cTrader is one of the unique trading platforms. This platform is capable of carrying out transactions quickly for traders. The platform is available for traders who trade with the ECN account. The platform can permit users to perform more than one task simultaneously. The indicators and assets available to trade with are also more.

You can access the platform if you’re using your browser to place trades or the desktop software. Users of android and iOS can use the platform on their mobile devices. In addition to all its advantages, this platform can be manipulated to fit the trader’s taste. The cTrader is also easy to use; traders can access educational resources on the platform.

How to trade on the OctaFX platform

Trading on OctaFX’s platform is pretty much like trading on any other broker’s platform. You will need to open an account with the broker using your mobile phone or your laptop. Opening an account with the broker is pretty straightforward, after you select you’ve verified your account you will have access to the live trading account.

During your registration progress, you will choose your account type and the platform you want to trade in. Of course, before you can trade on the platform you need to fund your trading account with an amount. Depending on the account type you pick, you can use a minimum amount to fund your trading account. 

After funding your trading account, you can select whichever asset you want to add to your investment portfolio. The broker, as seen, already has about 50 assets that traders can use to place trades on the platform. With the tools available on the platform, traders can have an easier trading experience. The trading indicators, for example, will help traders identify signals easily.

OctaFX has copy trading on its platform if you’re a new trader. If you’re new to trading forex, you may not know how to place trades and the best positions to take when you open a trade. With trading, you can duplicate another trader’s style. If the trader makes a profit, so will you. 

The broker provides a demo account for every trader on the platform to trade with. This account is a simulation of the real account, meaning it performs the same way the real account does. However, this account has funds that the trader can use for free. The demo account will teach traders how to trade on the platform.

How to trade forex on OctaFX 

To trade Forex on OctaFX, you must have an account with the broker. To open your trading account, the steps are straightforward. It can be done using your browser on the desktop or the OctaFX mobile application. After opening and verifying your account, you should be able to start trading any asset. 

Deposit money into the trading account you’ve just opened. Yes, you will need to fund your trading account. It is not possible to place trades with an empty account balance. After depositing money into the account, select the currency pairs of your choice.

After selecting the currency pair, you can use a minimum amount to trade. For example, those using the ECN account type have a trading fee of $5. This means you can place trades with amounts less than $5 with this account type. 

If you feel you don’t trust your Forex trading skills, do well by using the demo account to train yourself. You can also use the social copy trading tool to earn profit through Forex trade. All you need to do is select a specific forex currency pair, choose a trader you wish to copy, input the amount you wish to trade with, and confirm the process.

How to trade binary options on OctaFX 

You cannot trade Binary Options on OctaFX because the broker does not offer this financial asset for its traders. Binary options have a high-risk probability, and to make the platform safe for each client, the company does not offer Binary options. You can select from it other assets with high liquidity on them. 

How to trade cryptocurrencies on OctaFX 

OctaFX recently added 25 cryptocurrencies to the already existing ones on the platform. This increases the number of choices one can make concerning the type of crypto to trade. To trade any of the cryptocurrencies available on OctaFX, you must have an account with the broker. The account must have been verified before you can trade with it. 

Fund the account with an amount. With the funds, you will be able to open a trade with any cryptocurrency. To place a trade, there will also be a minimum amount you can use as a trader. The broker has a favorable crypto market, allowing traders to place trades overnight. However, this will attract some fees, but the fees are low compared to other forex brokerage companies.

Traders can also use the copy trading tool available on the platform. Select a trader that trades crypto and then copy their trading style. Crypto is also available on the demo account, and you can use the demo account to have an idea of how the crypto market works before you head to your live trading account.

How to trade stocks on OctaFX 

After opening and verifying your account, you can trade different assets on the platform. To trade stocks on OctaFX, you must deal in a stock index. OctaFX has a variety of stock indices to choose from the different available companies. Their stocks come from big companies, meaning they hold high value.

By stock indices, this means that traders are not trading individual stocks. Traders can use the different trading indicators on the MetaTrader platforms, which improves the trading experience of the traders. Besides the indicators, there is also the ability to copy trade, allowing traders to copy the trading style of another trader.

Investors new to digital trading can try out the available demo account. They can select the kind of stock index they want and use it to practice till they are ready to trade with their live account. Don’t forget that you will need to fund your trading account before you can trade stock on OctaFX’s trading platform.

How to practice copy trading with OctaFX

OctaFX has a copy trading service that allows its customers to trade on the platform by copying the trading orders of professional traders or master traders. There are two reasons why the OctaFX Copytrading service is quite popular among beginner and intermediate traders — it is very accessible as you can easily join the train using the desktop version or the OctaFX copy trading app. Also, you don’t need to be a pro to start making some profits from copy trading; this is exciting news for traders. 

If you are wondering how copy trading with OctaFX works, then here is some quick information you need to know to get started. 

The client, called the copier, selects a professional trader or trader to copy orders from. As a result, anytime the Master Trader sets up an order, the same order is replicated automatically and opens in the copier’s account. 

This means that the copier gets to sit back, trust the expertise of the professional traders and make profits with them as they trade. 

How that you understand how copy trading works on the OctaFX platform, here are some steps to help you start copy trading on OctaFX:

1. Sign up on the OctaFX trading platform. As mentioned earlier, you can do this via the desktop or OctaFX trading mobile app. 
2. The next step is to fund your account with your desired amount. Just like any other type of trading, you need to fund your trading account typically before you can start copy trading. You will be able to see your uninvested funds in your wallet balance. 
3. Once you have successfully logged in and funded your account on the OctaFX trading app, swipe left on the app to see various Master Traders and their ratings. 
4. Choose the one you want to copy from and click start copying.
5. Choose and copy method. There are usually two methods available – Equal or proportional method of copying. 
6. Then select the exact amount you want to invest in the Master Trader’s skill.
7. After selecting your investment amount to reduce loss. 
8. Monitor your trade and make a profit. 

How to open your trading account on OctaFX

Creating a trading account in OctaFX is simple to do. With simple steps, you will get your trading account ready for you to start trading. The procedure that the client will go through is completely digital; which means that you can register from your mobile device or on your desktop. The first thing you need to know is if it is available in your region, the broker is already available in 140 countries worldwide, so be sure that your country is part of it.

Step 1 – Create an account as a trader in your region

Create a trading account as a trader in your region. This is why you must find out if it is available in your region. Simply go to your web browser or mobile device, and click on the open account button. On your desktop browser, the button will be on the top right side of the browser, while on your phone, it will be at the bottom center. It’s much easier to navigate through on your phone, however. 

After clicking the open account button, you will be taken to a new page, where you will need to fill in some details about yourself. These details include your names – both first and last, your email address, and your desired password. Traders are also provided with other options to open their accounts. Traders can open an account easily and faster with their Gmail, Facebook accounts, and apple ID.

After this process, you will need to verify your email address; head to your email and click the link you see in the message sent by OctaFX. Once you have, you can process further into creating your account.

Step 2 – Fill out the KYC form

You will need to fill out the KYC form. This form requires more information about you. Like your place of residence, your phone number, and your date of birth. This information will give the broker better information about you, like knowing if you are old enough to trade forex on the platform. 

Step 3 – Select the trading platform and account type

You can select the account type that suits your trading requirements. Traders will also be able to select a trading platform from the available the broker. Take a good look at each account type’s leverages and spreads. This will allow you to choose the one that suits you.

Step 4 – Verify your account

To start trading with your live account, you need first to verify the account. OctaFX requires two document types and two profile pictures of the trader. The documents are means of identity to assure the information you have provided is original. You must take a clear picture of your passport or driver’s license for proof of identity. Then as proof of residency, traders must submit a bank statement or utility bill. 

The process of verification should take up to 24 hours before the time your account is ready, and you will be able to trade with your demo account. You can use it to practice till your real account is ready for use. 

Step 5 – Start trading

After 24 hours, your real account should be ready. Traders can go ahead with funding the account with money. You can then select any asset you want to include in your portfolio and start investing in them. You can still go back to the demo account and practice even after your real account is ready.

How to login to OctaFX

Maybe you created your account a long time ago and now want to access it again to begin trading. You can log in to the broker with ease. On your browser, OctaFX has its login button at the top right corner just beside the open account button. Click on it to access your trading account. You must enter the email and password you used to create the account. If the details are correct, you can access your trading account.

Besides the direct login method, traders can also log in with their Gmail, Facebook, and Apple ID. You can only log in through these methods if you use them to create your account. If you have forgotten your password, click the forgot password button and follow through with the process. There is usually a two-step authentication security to protect your account. Check your email for messages sent from OctaFX’s support team.

Once you can sign in to your trading account, you will be able to trade as long as you have funds available. Add more assets to your portfolio by trading. It’s a good thing to diversify your portfolio as an investor. 

How to deposit money in your account

Depositing money into your trading account is the first step you take to start trading forex. This part will show how you as a trader, can make deposits into your OctaFX trading account with ease. Follow the steps below.

Step 1: Create or log in to your trading account

The only way to make deposits is by having an account with the broker. Having an account with OctaFX can be done easily on your phone or desktop browser. If you already have an account, simply log in.

Step 2: Click the deposit button

Click on the deposit button to continue. You can select your preferred payment method after clicking the button. This button should be on the top of your screen. 

Step 3: Select the payment method you want to choose

OctaFX has different payment methods available on its platform. A payment method is the only means through which one can fund their digital trading account. Some of these payment methods work based on the trader’s location; this means that some methods are better used in some regions than others.

However, here are some of the payment methods available on OctaFX:

1. Credit and Debit Cards
2. Wire transfer
3. Neteller
4. Cryptocurrencies
5. Skrill

Step 4: Choose the amount

After selecting a payment method, you must input the amount you want to deposit. The minimum amount a trader can fund their account is $25, but this amount varies, as seen. There are different account types on the platform with different minimum deposits. This is why, when creating your account, you should choose an account type you can afford to start trading.

Step 5: Confirm your action

After entering the amount you wish to trade with, confirm it. After some process of verification that you are the one trying to make the transfer, the money will reflect in your trading account within a short while. OctaFX does not charge its traders for depositing funds into their accounts. Once your account has funds, you can start trading with the instrument available on the broker’s platform.

Withdrawal review – How to withdraw funds on OctaFX

It is natural that after making profits, you will want to withdraw from your trading account to use the money in other affairs. The withdrawal process of funds from the broker is very simple. With the following steps below, you will be able to make withdrawals with ease from OctaFX.

Step 1 – Select the withdrawal button

At the top of your screen, you should see the withdrawal button. Select it to choose an amount you want to withdraw from your account. You will, however, need to choose a payment method through which the money will be sent out of your trading account. The payment methods are the same as those in the deposit section. Choose the one that favors you most. Traders often use the bank method (wire transfer) or the debit/credit card method since they are very reliable.

Step 2 – Choose an amount 

After selecting your payment method, you must select the withdrawal amount. Note that there is a minimum amount a trader can withdraw from their trading account. Withdrawal on OctaFX is free, so you don’t have to worry about side deductions. OctaFX takes about 2 hours to process your request to withdraw, but it may take time before the money reflects into your chosen payment medium. The payment system you select determines how long it will take for the money to show in your account. 

Support for traders on OctaFX

OctaFX has a good customer support system. This is one of the advantages of the broker. The support can communicate with clients in 12 languages such as English, Arabic, Chinese and Portuguese. This makes communication with the company far easier. If the clients have queries that need to be attended to, they can call and receive a response in a language they understand.

The call center is available 24/7. This means that even on weekends, customers that want to reach out to the call center can. The response time of the broker is good and can be compared to industry standards. Besides the call center, traders can also get support from the FAQ section on the website. FAQs are useful and most clients find the answers they need in this section.

Other support for traders includes an email address that customers can message and an online agent on their website who can respond to clients whenever they bring a complaint. Below are the contact details of customer support.

• Email address – [email protected]
• Website – https://www.octafx.com/contact-us/

How to learn trading with OctaFX

The broker provides different ways traders can learn how to trade on the platform. One of which is the Demo account. The demo account is the first contact traders get into how the platform looks before they can even start trading with their live account. As mentioned above, the demo account is a live account simulation. Therefore it functions just like the live account does. 

Traders access educational resources on the platform which helps them to become better at trading. The educational resources include blogs and other ebook materials which have reliable information that traders can use to perform trade. This information can consist of how to trade, how to deposit, which time is best to trade, and which asset is best to trade at which time. Besides the education, the broker gives traders room for improvement with demonstrative videos and courses to help the traders.

Traders can join in on webinars organized by the broker. Webinars are like live classes which the traders use to learn how to trade and other relevant things on the platform. The webinars are also a way for traders to communicate with one another.

In what countries is OctaFX available?

OctaFX is a broker that is already available for traders in more than 150 countries. The broker is popular and in a fact is still growing.

Here are some of the countries that the broker accepts on its platform.

1. China
2. UK
3. South Africa 
4. Thailand
5. Portugal
6. Germany
7. Nigeria
8. Pakistan
9. Malaysia 

Still, for the sake of jurisdiction, OctaFX is unavailable to some clients in certain regions. Some of these regions in which their traders cannot trade on the OctaFX platform include the US, Canada, e.t.c.

Advantages of using the OctaFX trading platform

Some advantages of OctaFX include the following:

1. Traders enjoy 24/7 customer support plus multiple media through which they can get inquiries.
2. Customer support offers multiple languages to traders.
3. OctaFX has MetaTrader platforms and the cTrader 
4. It is easy to open an account with this broker.
5. The minimum deposit of the broker starts from $25
6. Spreads on the broker are tight.
7. Traders have access to a demo account and other sources through which they can learn how to trade on the platform.
8. OctaFX is under the proper regulation of CySEC.
9. Free deposits and withdrawals 

Disadvantages that come with using OctaFX

The following are the demerits of using OctaFX:

1. Not all regions have access to the broker
2. It has a limited number of tradable instruments.
3. The broker offers mostly CFDs

Is OctaFX a reliable trading platform?

OctaFX started operating in 2011 and has remained one of the best brokers. This is evident due to the number of awards the broker has won. Traders can trade on the platform knowing that their funds are safe because this broker keeps its clients’ money in a separate account from its own. It is under the regulation of CySEC which is an international financial regulator.

Traders have access to different materials that will help them become better traders. The broker offers a transparent trading platform to its traders, making it a trustworthy broker. It also has reliable customer support that can be reached even during the weekend.

Conclusion – OctaFX is a reliable forex broker

Though OctaFX does not offer a wide range of tradable assets, the broker still is one of the best forex brokers that exist. OctaFX has a demo account, provides educational resources, is a safe trading zone, and has many other advantages that its traders enjoy. The broker offers impressive copy trading. 

Frequently asked questions (FAQs) about OctaFX: