Read our OctaFX review to see if this broker is a scam or legit. Just to clear doubts, this is an octafx.com review.
OctaFX is a Forex Broker offering ECN trading on Forex and Cryptocurrencies via MT4 and MT5 platforms. In 2011, OctaFX began offering online financial trading. OctaFX offers an array of trading accounts. By offering swap-free and generous bonuses, it continues to gain market share. In addition, the commission-free and swap-free MT5 trading environment of OctaFX is meant for Forex traders to earn more.
Trading Platforms
OctaFX offers trading platforms like MT4/MT5, and Autochartist Pro boosts trading experiences. MT4 is the key trading platform for algorithmic trading, with over 25,000 custom indicators, plugins, and Expert Advisors available. The two platforms also provide copy trading services. As well as a desktop client, there is also an online trading portal, a mobile app, and a web-based trading platform. OctaFX also provides traders with a proprietary mobile trading platform. In addition, OctaFX launched a mobile application due to the success of its proprietary copy trading service.
Account Types
OctaFX offers MT4 and MT5 accounts for traders. Each requires a $100 minimum deposit and leverage of 1:500—both euro and dollar as the account base currencies. The MT5 trading account offers substantial profits thanks to the absence of swap rates and the cost savings it affords. According to OctaFX, MT4 accounts are habitual traders, and MT5 as smart traders.
OctaFX Demo Account
The OctaFX demo account for MT4/MT5 is open to all traders without time limitations. After eight days, a demo account on MT4 and a demo account on MT5 are inactive. In addition, MT4/MT5 offers flexibility in deciding on deposits and leverage, making demo results more realistic. Therefore, they can be used for testing and repairing bugs in EAs.
OctaFX Reliability & Security
The OctaFX platform scores well on this count, as it is reliable for forex trading. You can use the platform from any device with confidence as it supports desktop, web, Android, and iOS applications along with fast execution times. This trading platform has an easy-to-read layout and is well integrated with all three trading platforms. Using the app is smooth, with charts that show current prices that are updated constantly.
OctaFX Withdrawal Fees
It does not charge fees for withdrawals at OctaFX. The withdrawal policy of each broker will differ depending on how you withdraw funds. There will be differences in withdrawal methods between brokerage firms and different fees, processing times, and currency conversions between payment providers. The conversion fee is dependent on the currency that you are sending and receiving, as well as your payment processor. When withdrawing funds from OctaFX, you can use credit cards, debit cards, Visa, MasterCard, bank transfers, electronic wallets, and many more.
Customer Support
OctaFX offers 24/7 customer service with fast response times. Its support team is primarily accessible via live chat. A FAQ section addresses many of the most frequently asked questions, and email support is also available. However, the overall support offer lacked a phone number.
Bonuses and Promotions
OctaFX offers a 50% bonus on all deposits and rewards active traders and four levels of rewards for active traders. Furthermore, the company offers Trade & Win promotions, in which each lot earns prizes. OctaFX also offers a referral program. Before depositing, fully understand the terms and conditions.
Opening an Account
Users simply need to enter their e-mail and passwords. The user may also sign up using Google, Facebook, or Apple accounts. Traders usually have to submit their IDs and proof of residency for their account verification.
Minimum Deposit
OctaFX requires a $100 minimum deposit, a bit higher than most brokers but still within reason.
Payment Methods
OctaFX accepts multiple payment methods, including bank transfers, cryptocurrencies, and credit cards.
Conclusion
Overall, OctaFX has a highly competitive, good broker with an excellent track record and a global reach. The OctaFX platform has a great range of asset classes and tradeable instruments, and it offers an accessible starting deposit. New traders should use this platform if they are new to forex trading and are looking for a reliable, affordable, and stable platform.
