OctaFX Review – Is OctaFX Scam or Satisfactory as a Broker?

OctaFX review

OctaFX logoOctaFX is a broker with high standards and a secure place to trade. It provides investment opportunities around the world and has a wide range of offers to help with online trading. It is a well-known broker that received its European license just recently; and has also received a number of international awards. OctaFX was regulated by the law of Saint Vincent and is in line with operational standards.

Protection

The funds at OctaFX are kept in segregated accounts, ensuring their safety. The authority keeps a check of the broker in terms of safety and there is the application of a negative balance position. In case this broker goes into bankruptcy, the Investor Protection and Compensation Schemes has applies security to the customer’s accounts.

OctaFX website

Fees

The fees for OctaFX are slightly different than those offered by several other brokers. While there is no deposit or withdrawal fee, there is an inactivity fee and the fee ranking is low compared to other online brokers. An overnight fee or swap may be applied depending on the instrument you trade. It may be visible through the website or platform you use.

Spreads

Spreads for OctaFX may vary depending on the platform you use. MT5 offers a minimum spread of EUR USD 0.2 pips. Meanwhile, cTrader offers raw spreads starting from 0pips for a pair of EUR USD, along with the commission fee of 3$ for a single lot.

Deposits and withdrawals

OctaFX is a broker that obliges to safety measures, which is why it allows only Bank Wire Transfers for its European customers. Internationally, you can also use credit cards, e-wallets, and a few other methods. There are no charges for deposits and the minimum deposit in EUR100. Most other brokers have a minimum deposit of $500. OctaFx’s low minimum deposit allows you to open any account from the two options offered by the broker.

OctaFX does not support the use of credit cards when it comes to money withdrawal. Typically, it takes OctaFX 1 to 2 business days to confirm your fund withdrawal but allow extra days if your bank needs more time to process it. Withdrawing funds is also a simple process. All you need to do is login, select the withdraw option, fill out a form, select the method, and confirm your details before sending.

Trading platforms

OctaFX trading platforms

You can use OctaFX on your mobile, PC or even web. When using it on your web, simply load the website through a browser. Both MetaTrader and cTrader will show great design and present its features. On desktop, however there is a wider range of options when it comes to tools and customizing your account. Meanwhile, the mobile app is similar and allows full management and customization of your account.

Customer service

OctaFX looks to provide convenient and easy ways of trading. It has a live customer support team that is active 24 hours a day and can be reached through live chat, email, or phone. They also support several languages to ensure the best experience while trading on OctaFX.

Research

Lastly, OctaFX consists of lots of user-friendly tools for research purposes. Clients have access to tools like calculator, clear charting, and a built-in News Feed. Tools like these can prove important and provide you with a better trading experience.

Education

However, OctaFX does not have a learning center or provide webinars. Even though there are no education offerings, this broker does offer a demo platform so you can start getting familiar with all the features and practice trading strategies. A demo account/platform is highly suitable for traders who are beginners as they can easily view the competition before actually starting to trade.

Conclusion

Overall, OctaFX provides flexible conditions, platforms, and several instruments to choose from. The European CySEC regulates OctaFX and it is aligned with MiFID directive. This means it operates to a necessary level of protection. All the technical instruments help with manual, algorithmic, or social trading.

Professional traders especially appreciate that OctaFX offers both MT5 and cTrader platforms so you can choose whichever one suits you best. You can find out more about this broker on their official website.

Summary
Review Date
Reviewed Item
OctaFX
Author Rating
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Software Name
OctaFX

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