The broker has no direct access to your funds so cannot misappropriate your money. CTrader is a comprehensive trading platform solution for Forex and CFD brokerages to provide to their traders. The platform is packed with a complete variety of features to cater to each and every investment eur taste imaginable. Access your OctaFX MetaTrader 5 accounts from any web browser. It features a huge range of tools like additional timeframes and the most up to date technical indicators to give you all the trading resources you need to trade on and analyse the financial markets.
Besides a free Demo account which is the practice account for beginners, three more accounts are offered for the more experienced traders. The company does not charge fees for deposits or withdrawals. If a broker is regulated by a tier 1 broker like the Financial Conduct Authority of UK , Securities Exchange Commission , or Australia Securities & Exchange Commission it scores a perfect score. However, if it is regulated from a tier-2 broker like the Cyprus Securities & Exchange it scores an 8. The score for most tier 3 brokers is a 6 and the score for no regulation is 0. Regulation is an important factor for brokers as non-regulated entities can engage in harmful practices for investors that can be detrimental for them. The more asset classes a broker provides, the more the chance to diversify your portfolio.
Prior to making transactions one should get acquainted with the risks to which they relate. Forex Awards shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the press releases or reviews made by the site contributors about the forex companies. The entire responsibility for the contents rests with the contributors and commentators.
I’m certain now that Octafx doesn’t have any customer support. They have set a bot which responds to any queries and complaints when it can but they don’t look into any of them.
Trading Experience
This market maker deploys a straight-through processing model and offers traders the choice of the MT4, MT5, and cTrader trading platforms. New retail traders from emerging markets are a primary focus, and generous bonuses fulfill an essential role in growing the client base, with over $2,840,000 in bonus funds paid out to date. OctaFX maintains a highly competitive cost structure with a commission-free EUR/USD spread of just 0.4 pips. The broker supports social trading via OctaFX Copytrading and Autochartist Pro supports manual traders. ForexIndicators.net is not only the best resource for all things indicators. We also bring you the most comprehensive forex broker reviews.
I consider them a natural consequence and feature of market execution, therefore, in this regard, there are no complaints about the broker. I prefer passive strategies, so the copying service alone was not enough for me. Copy trading is, of course, good, but in terms of profitability, it is still inferior to investment portfolios and PAMM accounts. Basically, withdrawal requests are processed in 1–3 hours, but the exact time depends on the chosen payment method.
The terminals are compatible with any device with internet access and they support all major tools, including one-click trading, advanced charting, and technical analysis. OctaFX uses modern technologies to protect the transactions and personal data of customers. The user’s personal account is protected by SSL and 128-bit encryption, and 3D secure technology is used to process credit and debit cards. Trading foreign exchange margin poses a high risk level and it may not be fitting for all types of investors.
OctaFX acts in full compliance with international legislation and regulation standards. You can review Customer Documents as well as AML policy and other important legal documents in the Legal Agreements section at Besides the strict rules to licensed brokers, the FCA also has a compensation scheme that takes cares of traders in case the broker is liquidated. This is because all firms licensed by this authority fall under the FSCS which provides $50,000 to every person.
Being a member of the Investor Compensation Fund to secure the claims of eligible retail clients and provide compensation in the event Octa Markets Cyprus Ltd fails to meet its financial obligations. Trading FX or CFDs on leverage is high risk and your losses could exceed deposits. Be aware leverage can amplify your losses or profits, be very careful to select the leverage that fits your trading appetite and risk tolerance. We hope we managed to address your questions clearly, and now you understand that we don’t force our customers to use any particular payment method. It’s always about what’s more convenient for you and what you use the most. Thank you again for taking the time to let us know, and if you have other questions, we’ll be happy to hear from you directly.
Octa Fx Broker
We wish we came across this review sooner, but although some time has passed, we feel obliged to address its points, which we find portray our services incorrectly. Another concern is that there are fewer followers of the twitter account as compared to any other company. It raises many eyebrows as efficient brokers have a good list of followers and connections on social media.
OctaFX.com offers over 25 forex currency pairs, cfds, commodities, stocks, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Yes, You Can Open An Account With (broker Name) If You Live In Afghanistan
OctaFX traders who wish to trade all 45 assets must do so on the MT5. Negative balance protection exists, ensuring traders cannot lose more than they deposit.
- Another major shock is that all of these companies claim that they have completed the verification process with the same regional authority.
- Another concern is that there are fewer followers of the twitter account as compared to any other company.
- It goes without saying that waiting could be highly frustrating, and we understand that.
- cTrader platforms are also better matched for the ECN platform, which essentially lowers the OctaFX spreads to 0 pips with a small commission per trade.
- An acquaintance registered at OctaFX a couple of months ago and he says that everything is okay.
- Rewards are a good way for encouraging beginners to start trading with friends and family making the experience enjoyable, due to which we encourage brokers to offer more and more rewards.
Choose from the best Masters of Forex and diversify your trading portfolio. Furthermore, With OctaFX, there are several forms of educational resources available to all clients. You can read their instructional articles if you prefer reading your way to learning, or browse their video materials. OctaFX also has articles on the basics of Forex, which are mostly a brief how to guide, Finally, you can learn through OctaFX Broker Review video tutorials that will help you understand how things work in OctaFX. The following table summarizes the different investment products available to HYCM clients. Cryptocurrencies are also available on the MetaTrader 4 and MetaTrader 5 platforms. With OctaFX offering CFDs along with other instruments, you can profit from the 10 most popular indices, including Dow Jones, NASDAQ, Nikkei and Eurostoxx 50.
OctaFx fails to understand the importance of PAMM accounts. Regulated brokers establish a committed customer support team. It has various verticals of non-technical and technical support to traders. The quick responding team is the key to break the barriers between the broker and traders. OctaFx does not realize the importance of the high-end customer support and traders are left to linger on with their grievances. I kept asking the customer service how to use their software and they were patiently answering every question.
How We Rank Fees
OctaFX.com and OctaFX.eu represent the OctaFX brand but are separate legal entities through the applicable regulation. CySec applies to OctaFX.eu only, and it has never been claimed otherwise. As the article rightfully points out, trading strategy OctaFX.eu belongs to Octa Markets Cyrpus Limited. We also wish to point to the fact that making claims suggested by this review could have severe legal consequences on OctaFX.eu, which ought to represent a stand-alone brokerage.
The deposit bonus is 50%, which means that whatever amount of investment you make, half of it will be always credited to your e-wallet as a compliment by Octa FX website. Tradersunion.com assumes no responsibility for the consequences of the Client’s trade decisions or for the possible loss of his capital caused by the use of this site or the information on it. The Forex Trading, as well as CFD or cryptocurrencies trading, are not for everyone and Forex trading is a very risky business.
But the broker was quick to own up to its mistakes and started providing a good service that is synonymous with the leading mainstream FX companies in the present day financial markets. Trading financial instruments including crpytocurrency and foreign currency markets come with a very high level of risk. In regards to leverage and margin based trading you will be exposed to a high risk of loss. Some financial instruments and derivatives that are off exchange may offer varying leverage and may have limited regulatory protection and high market volatility. It should never be presumed that any investment products, techniques, indicators or any other presented resources will result in profits. You should be aware that investing may result in financial loss.
Does Octafx Have Fees?
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. The trading platforms on desktop and mobile, offer a robust and reliable means to access the market and the bid-offer spreads available are some of the best around. The services on offer in relation to research and learning, Robo trading and copy trading are all of high quality. Customer service is available 24 hours a day Monday through Friday. The languages supported by the customer support staff are English, Indonesian, Spanish, and Polish, and users can access it through the live chat, email, phone, or an enquiry form. The support desk has a reputation for being quick to respond, knowledgeable and sufficiently in tune with the nature of trading to be able to answer questions at the first attempt. Whilst not leading the market in this area OctaFX do put in a solid performance but the lack of 24/7 support might be significant to some traders.
The company operates on the ECN/STP model and executes orders at market price in less than 0.1 seconds. If you still try to trade it through a pseudo-broker, the chances of earning nears zero. The broker is regulated and fulfills all obligations honestly. Spreads are really tight and start from 0.6 pips for the Eurodollar, there are no non-trading Foreign exchange reserves commissions. The OctaFX broker has tried to adapt its conditions as much as possible to the various trading strategies used by traders. However, at the moment the company is more focused on active market participants, rather than passive investors. Please note that OctaFX does not charge any hidden commission on its clients’ trades.
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