OctaFX offers low fees, highly responsive customer service, advanced technology and copy-trading. The firm operates across more than 100 different countries and has consistently shown its commitment towards meeting its customers’ needs and building customer relationships. OctaFX provides negative balance protection and keeps client funds segregated from company funds. The offshore entity of OctaFX is registered in Saint Vincent and the Grenadines. In article format, OctaFX provides dozens of detailed guides on subjects ranging from how to use moving averages to setting up the Autochartist Metatrader plugin. An 11-lesson course on forex basics is available in video format and makes a good primer for new traders. OctaFX also provides platform tutorials videos, which cover getting started with MetaTrader, using your personal account area, and how to copy trade.
Which forex pair has lowest spread?
Based on the data, the EUR/USD and the GBP/USD have the lowest spread-to-movement ratio, although traders must update the figures at regular intervals to see which pairs are worth trading relative to their spread and which ones are not.
The one good thing about a floating spread over a fixed spread is that a floating spread is smaller than average most of the time. However, it can widen at market open, during important news releases, during rollover, or during periods of extreme volatility. Many industry leaders, for example, have more than 10,000 tradable instruments. The MT5 Pro account is great as it has a price similar to the cTrader ECN account with almost double the tradable instruments. In order to put things into perspective and for you to understand the broker’s features better, we set a brief comparison between OctaFX and its major competitors in the industry. Its social media networks never shut down, especially on those seeking help with any issue.
This may impact how, where and which companies / services we review and write about. Our team of experts work to continually re-evaluate the reviews and information we provide on all the top Forex / CFD brokerages featured here. Our research focuses heavily on the broker’s custody of client deposits and the breadth of its client offering. Safety is evaluated by quality and length of the broker’s track record, plus the scope of regulatory standing.
The withdrawal time is not too good, sometimes it takes quite a lot of time to actually get what you’ve got. But – eh – I can tolerate that because I’m not sure I’ll find another broker that will give me a guarantee of the faster money.
This is quite surprising considering bonuses have been recently made illegal in Europe prompting regulatory bodies including CySec to restrict brokers from offering them. This could mean that the bonuses are only available to traders in particular jurisdictions. This account is run on the MT4 platform and offers the lower minimum deposit amount at just $100. Therefore, traders looking for the best fees in addition to more tradable instruments should consider the MT5 pro account. In 2018, OctaFX launched a copy-trading feature to entice more traders to the market, helping increase profit and offer different fund management options. The recommended minimum deposit for both Habitual Trader and Smart trader accounts is $100.
Is this your company?
I like that OctaFX invested in developing a proprietary copy trading service, which it also launched as a mobile app. Traders may follow signal providers, which OctaFX refers to a Master Traders. One of the best features is the flexibility regarding commissions.
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Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money. With demo accounts, the ability to trade in micro-lots, and copy trading capability, we rate OctaFX as a suitable broker for beginners. Experienced traders can trade algorithmically in MetaTrader and have the option to become a Master Trader, providing the opportunity to earn money from other clients copying their trades. OctaFX offers traders the out-of-the-box MT4/MT5 trading platforms and upgrades the trading experience with the Autochartist Pro plugin.
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It also features a market monitor so we could keep tabs on our favourite trading instruments. None of these tools are ground-breaking, but they all worked as expected and the profit calculator took into account the different swap rates on MT4 or MT5. Like most brokers, OctaFX does not allow funding to or from third parties. All withdrawal requests from a trading account must go to a funding source in the trader’s name. The MT5 trading account is highly recommended because the reduction of costs from the lack of exchange rates has a significant impact on profitability.
How do I open an OctaFX account?
- Press the Open Account button.
- Fill in your details.
- Verify your email address.
- Fill in your personal details.
- Select a trading platform.
- Complete account choice.
- Make your first deposit and submit a verification document for withdrawal.
It makes a tremendous difference for leveraged traders keeping positions open overnight. Traders pay no financing fees, irrelevant of how long a trade remains open. Yes, South African traders can open an OctaFX live trading or risk-free demo account without restriction. OctaFX accepts all the most popular payment methods including VISA, Bitcoin, Neteller, and MasterCard. OctaFX does not charge its clients any Deposit or Withdrawal fees. Furthermore, deposit and withdrawal fees applied by third parties will also be covered by OctaFX. OctaFX does offer a free demo trading account for beginners to practice forex trading in a 100% risk-free environment.
Copiers will be charged commission the moment a trade is opened, and you will receive the commission through a special https://limefx.club/ Wallet. If you are using unique trading strategies, you can share them via the OctaFX platform and earn money.
Islamic Account 💱
OctaFX’s asset range is pretty standard and includes Forex, Commodities, Equities and Cryptocurrencies. These requirements can be seen as buffer funds and they must be substantial. This is regulated by the concerned authority in Cyprus, the Cyprus Securities and Exchange Commission . Therefore, some regulations are needed, and this is provided by the top-tier regulators such as FCA and CySec. OctaFX is a well established forex and CFD broker that has undergone some serious global growth over the past few years.
OctaFX has two trading accounts with very low costs, but we found the rules on leverage restrictive. Each account is linked to a different trading platform but is otherwise similar. Now the whole day has passed and their customer support keeps giving generic answers that finance department is checking. I regret switching from XM to Octa thinking it will be better with local deposits. OctaFX provides 24-hour customer service, mainly via live chat, with quick response.
Who owns OctaFX?
Georgios D. Pantzis is the CEO / General Manager at OctaFX .
Account Monitoring is a unique tool that allows clients to track the performance, charts, profits, orders, and history of successful traders. Traders can choose from a wide range of CFDs on cryptocurrencies, and can also make deposits and withdrawals in crypto. MT4/MT5 trading platforms exist as a desktop client, supporting all features, a lightweight web-based trading portal for manual traders, and a mobile app.
Traders will be relieved to know that no fees for withdrawals or deposits are charged by OctaFX and fees incurred by its payment processors are covered. First off, OctaFX offers an ECN account for as low as a $5 initial deposit, making it one of the very few brokers to offer this. This low initial deposit of $5 will qualify you for either the MT4 Micro account or the cTrader ECN account. The Islamic account can be accessed through all of OctaFX’s trading accounts mentioned above. The only thing you will need to do is check the “Swap-Free” box during the initial account sign up stage.
Both novice investors and high-skilled investors can benefit through quality and in-depth market insights into the market. Use OctaFX hosts live webinar, platform tutorials and educational articles sessions to gain knowledge on the current market conditions. These webinars are conducted in multiple languages for the accessibility of all users on international clients. OctaFX Metatrader 5 trading platform has the most seamless interface and software. In addition, newer products have been implemented in the MT5 Pro network functionalities.
I like that OctaFX offers several cryptocurrencies but am missing other third-party payment processors. OctaFX processes withdrawal requests between one and three hours. To conclude this CommSec review, OctaFX offers the best online forex brokers trading costs on the market. Its protected measures are regulated by the Cyprus Securities and Exchange Commission CySec, and it employs high-grade SSL encryption practices to safeguard users’ funds.
Most reviews recognize OctaFX focuses on delivering top-quality service, strong customer support, and cost-effective trading conditions. Guaranteed stop loss no negative balance protection would be provided.
OctaFX trading hours to specified period of time when participants are able to transact in the foreign exchange. The account opening process at OctaFX is fully digital and can be completed via the company website within minutes. OctaFX offers two main account types; Habitual Trader and Smart Trader. In addition, demo accounts and swap-free accounts are available to clients. The range of account types helps to accommodate a variety of different trader profiles. For mobile trading, OctaFX offers the MetaTrader 4/5 mobile apps and the OctaFX Trading app via Android and iOS. The OctaFX Trading app has a modern, user-friendly interface and offers 1-click trading.
Traders then have to make the highest possible profit and traded volume with the best profit/loss ratio. The closer traders are to the top in these three categories, the higher their chances of winning. FXScouts has been the UK’s most trusted Forex broker review site since 2019.
This will mean that although your gains will be higher, unfortunately your losses will be too, due to the leverage. CMC Markets, and IG offer a wider range of over 10,000 assets that might suit you better. That said, the firm is not publicly trading and does not operate a bank. Therefore, we encourage anyone considering OctaFX to do your own additional research to determine whether you are happy with the standards offered. It is rare to find a company with such a commitment towards its customer relations when many firms are accused of being purely for profit.
Commissions and Fees
Several platforms offer services allowing beginners to copy professional traders. In fact, according to Forex Awards, OctaFX is the ‘Best Copy Trading Platform’. What makes OctaFX’s copy trading platform rise above the rest is the care they put into it. It actually offers a special setting that closely monitors Master Traders, ranking them by efficiency and making sure that copiers do not get misled and engage in risky trading behaviour. Further, this setting downright hides the riskiest Master Traders who speculate from their positions. OctaFX does not levy charges for deposits, withdrawals, and currency conversions. If any payment service applies its own charges, OctaFX compensates these for the user.