Often, traders can sell a security “short” in the hopes of making a profit from a currency pair that is declining in price. This is a speculative strategy and it can leave you vulnerable to unlimited risk. In addition to this, the customer support team is multilingual, offering support in languages including English, Malay, Indonesian, Thai, Hindi and Urdu. OctaFX’s customer support is available 24 hours a day, 5 days a week. They can be reached on live chat for some quick-fire questions, or more complex questions can be sent to the phone or email team. For traders relying on some support throughout their trading journey, finding a good support team will be crucial to your experience.
OctaFX offers a ranking system, which evaluates the Master Trader’s trading history with OctaFX. In-depth information on each Master Trader’s trading strategy and results are also available. Copiers are able to evaluate trades separately, and the variety of trading metrics OctaFX offers helps copiers make better decisions about the Master Traders they want to follow. OctaFX offers more than 50 payment methods, including Visa, Fasapay, Neteller, bitcoin, and a wide range of local bank transfers. Trading Forex, CFD, Binary Options, and other financial instruments carries a high risk of loss and is not suitable for all investors. The information and videos are not an investment recommendation and serve to clarify the market mechanisms.
Trading Platforms at OctaFX
OctaFx account opening is easy to follow, trading conditions are good for platform selection and a range of instrument types. Yes, OctaFX offers swap-free account options, but only for certain types of account. Users must first create an account before trading on the OctaFX platform. Signing up for a demo account umarkets review is simple and only takes a few details. OctaFX has a section dedicated only to forex education on its website, including key articles. There isn’t much educational content, however, about how to trade and different market dynamics, other than a trading glossary and many Frequently Asked Questions .
When it comes to the exact spreads that you will be charged on the trade, it will vary slightly according to the type of account that you have chosen. These briefings are offered without any suggestion of how the events will affect the markets. Like its education section, the market analysis materials available at OctaFX are better than most other brokers. Finally, there is a FAQ section and a useful glossary of Forex trading terms. The education section also has links to the Manuals for the different platforms OctaFX supports . Overall, OctaFx’s account-opening process is fully digital and hassle-free, and accounts are available for trading immediately.
OctaFX rewards active traders with a 50 percent deposit bonus and a 4-tier status program. It also runs a Trade & Win program, in which each lot counts as a prize lot that can be redeemed for cash. Not only that, but OctaFX also offers a referral program, as well as demo contests with actual money prizes. On most payment methods there are no fees for depositing and withdrawing money. OctaFX will not charge additional fees but the payment provider can do it. The fee is depending on the payment method but most payment methods are free.
OctaFX has a truly impressive array of features and options to offer to traders. Their personal support is also genuine and customer care executives seem to eagerly resolve client queries and problems. To be entered into the Promotion, users must trade on their real accounts using any trading instrument we provide. OctaFX allows traders to select from a number of platforms for the biggest cross-section of trading preferences and levels. This platform has a very easy to understand setup and offers inbuilt expert advisors as well as customizable indicators. Traders can invest in a range of options on OctaFX including currency pairs, cryptocurrencies, stocks, market indices, precious metals, and other commodities.
Deposit and withdrawal
Overall, OctaFX has low spreads when compared with similar brokers. Most major forex pairs have spreads close to zero, particularly on the ECN 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. Before signing up to any broker, check out who it openshift vs docker is regulated by and make sure you fully understand how these regulations serve to protect your money. Some brokers are more regulated than others, and this will largely depend on where the company is based. All reviews, research, news and assessments of any kind on The Tokenist are compiled using a strict editorial review process by our editorial team.
OctaFX regularly holds webinars, which are beneficial for those new to Forex trading and are determined to make a career out of it. While learning on your own is admirable, OctaFX works with big names in the industry and connects with their user base through different mediums. We’re very sorry that your payment took longer than you expected.
At both entities client funds are segregated, and OctaFX provides negative balance protection. Overall, we rate OctaFX as an innovative broker with a client-centric focus. 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. In order to achieve your trading goals, you need to choose the right account.
OctaFX offers revenue share, in which copiers pay a fee on profitable trades and fixed revenue per lot only, where a trading fee is applied regardless of the outcome. They can also use the filter to find the most suited Master Traders based on the structure of commission. OctaFX’s minimum deposit ranges from $25 when funding with Mastercard/Visa or €50 when using Neteller/Skrill, depending on the chosen payment method, to as much as 500,000 NR.
You also do not have to follow only one master and you can diversify this list in order to benefit from more than one trading strategy. This is an interesting concept that has been used by other European brokers. Withdrawals are just as simple and all that you need to do is to head to your “withdraw” section in your account. Before you can request a withdrawal make sure that your free margin exceeds the withdrawal amount. If you want to speed up this transfer then send OctaFX the payment proof. This is quite an intuitive application and was surprisingly easy to use for an app that has so many features.
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Trading with OctaFX will involve minimal fees, spreads from 0.6 pips, and commission-free trading depending on the account traders select. The required minimum deposit to open an OctaFX account is $100 USD. OctaFX has developed a variety of options to make your forex trading even more convenient. The lowest spreads, real-time market execution and true ECN offset are among the top advantages of OctaFX. The commission and fees of Octa vary according to one of these accounts. As the forex prop firm industry has grown, so has the amount of prop firms offering funding for traders.
Eventually, AvaTrade offers some of the greatest quality support with fast and reliable answers and a huge range of free-of-charge lines all around the world. Open MT4, then select “File” — “Login with trading account” from the drop-down menu. Write your account number, password, and choose “OctaFX-Real” for real accounts or “OctaFX-Demo” for demo accounts. If users have any problems or inquiries, the OctaFX customer support team is available 24 hours a day, Monday to Sunday. They can be contacted via live chat, phone, email, regular mail, WhatsApp, and Telegram. The FAQ section is especially useful for people who are comfortable figuring things out on their own.
Traders may open MT4/MT5 demo accounts at OctaFX, and there is no time limit on active accounts. The MT4 demo account will expire after eight days with no trading activity and the MT5 demo account after 30 days. The flexibility of MT4/MT5 allows traders to select their deposits and leverage, creating more realistic demo results. They are ideal for algorithmic traders to test EAs and fix bugs.
The most efficient experience is provided by the computer platform as it offers the most tools and functions. This is most likely the most well-known trading platform out there and is very popular with traders around the world. We don’t recommend traders accept it if they plan on making a withdrawal before all of the terms and conditions are reached. In terms of deposits on the fiat side, traders can pay in either USD or EUR.
OctaFX Sign Up Bonus
WebTrader is a popular and convenient trading platform like MT4 and MT5. This trade allows traders to trade through browsers from anywhere. TradingBrokers.com is for informational purposes only and not intended for distribution or use by any person where it would be contrary to local law or regulation.
This section will cover how the different entities of OctaFX are registered/regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust. When choosing a broker, trustworthiness is one of the most important things to keep in mind. Always check the broker’s regulations, know how financially secure the firm is, and find out whether the broker is transparent and reliable. These factors, calculated into our score, will help you understand if your money is safe.
Via email, live chat, and toll-free phone lines give access to the company. In addition, market news, research, and a convenient economic calendar are provided every week. Overall score of 9 out of 10 considering regulation, compliance, trading account types, fees & trust index into account. OctaFX is a decent all-around broker with several glaring problems. The first is the lack of decent regulation, which for many traders will mean an immediate end to their interest.
Neither our writers nor our editors receive direct compensation of any kind to publish information on tokenist.com. Our company, Tokenist Media LLC, is community supported and may receive a small commission when you purchase products traders way broker review or services through links on our website. Click here for a full list of our partners and an in-depth explanation on how we get paid. This is a trading contest on real accounts for both novice and experienced traders.
OctaFX Alternative Broker Comparisons
OctaFX recently discontinued its support for cTrader, one of our favourite trading platforms. OctaFX also has one of the best copy trading platforms in the industry. 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. OctaFX is a great trading platform with accessible starting deposits and a great variety of asset classes and trading instruments. The cTrader is available on all devices and platforms of iOS, Apple app store and Android.
Let other traders know if this service is worth checking or should be avoided. Please note that equity markets open and close each trading and are not operational continuously like Forex and cryptocurrencies. Below is a list of trading cost examples for buying and selling the EUR/USD, holding the trade for one night and seven nights, in the commission-free OctaFX MT5 account.
How do I withdraw from OctaFX trading app?
- Sign in to your Personal Area on OctaFX.
- Switch to the account you would like to withdraw the funds from.
- Click request withdrawal in the ‘Withdraw’ section on the right.
- Enter the amount you would like to request.
- Click ‘Request’ and ‘Confirm’ buttons below.
Traders can access all their registered trading accounts in one OctaFX app through their mobile apps. Additionally, they can even download separate apps for MetaTrader 4 , MetaTrader 5 , and cTrader, depending on their trading environment. The Pro Account is commonly known to traders as the MT5 Account and is offered to high-level, experienced traders. The C-Suite Forex investors have the facility of an MT5 account to profit from the lowest trading spreads. These trading spreads in the Pro Account are economically feasible when it comes to exchanging compensations.
However, in rare cases, certain hold-ups are possible due to reasons beyond our control, and we ask our customers to allow us extra time for investigation on such instances. Nevertheless, you can rest assured that our team will always be happy to help you, so please message us whenever you have any questions. Additionally OctaFX clients enjoy AutoChartist signals, educational, market research content, demo contests, and giveaways. OctaFX offers bank wires, credit/debit cards, and several cryptocurrencies as withdrawal methods. It processes requests between one hour and three hours, making it one of the best in this category. The minimum deposit at OctaFX is $100, higher than many brokers but within a reasonable range.
I always recommend traders to check for regulation and verify it with the regulator by checking the provided license with their database. OctaFX developed a proprietary copy trading service, expanding into a sector that is gaining popularity, especially among younger traders. Its mobile trading and copy trading service apps remain highly popular, with over 10 million downloads. The trading of financial instruments involves a high level of risk which may not be suitable for all traders.
An account monitoring tool allows users to select a live account and view its performance, charts, profits, orders, and history, with the idea that you can learn from successful traders. Clients can also add their own accounts to monitoring so that others can follow their trading. Research options provided by brokers may not be seen as the most important feature for some traders, but they can give you an edge over the competition.