OCTA FX
OctaFX provides a basic and low-cost MetaTrader platform and social copy-trading and social trading platform.
It has made significant progress with its pricing options available to traders, but it has an insufficient selection of tradeable instruments as well as a lack of diversity in its educational offerings. OctaFX has only one regulatory license.
Is OctaFX Safe?
OctaFX is classified as high-risk with an overall Trust score of 67 points percent of. OctaFX is not publicly traded and is not an institution of banking. OctaFX is regulated by no Tier-1 regulators (high trust) and one Tier-2 regulator (average trust) and no Tier-3 regulators (low trust). Find out more details about the trust score.
Investment Products
OctaFX has less than 50 instruments that can be traded. Comparatively, the industry’s top players Saxo Bank, IG, and CMC Markets all offer over 10,000 instruments that can be traded.
Currency: Cryptocurrency trading at OctaFX can be accessed through CFDs, however, it is not via trading the actual asset (e.g. purchasing Bitcoin). Notice that Bitcoin CFDs, also known as CryptoCFDs, are not accessible to traders who are retail brokers owned by U.K. companies or to U.K. citizens.
Fees
CFDs are complex instruments and have a high chance of losing money quickly because of leverage. 74% to 89 percent of retail CFD accounts are unable to recover funds. You should consider whether you know the workings of CFDs and if you are financially able to accept the chance of losing your funds.
OctaFX was not without its price issues at times, yet has dramatically improved in this area and is now outpacing the cheapest MetaTrader broker.
Types of accounts: Any commissions or charges you pay to OctaFX will be based on your choice of account type as well as the OctaFX entity that your account is controlled. European customers will select their broker’s EU entity, while international clients can access OctaFX’s offshore company located in Saint Vincent and The Grenadines (SVG). In the EU there is only MT5 is offered and there is only one account available however the SVG entity provides accounts that support the two types of accounts: MT4 in addition to MT5.
Spreads Spread pricing at OctaFX is dependent on the entity that manages your account. For instance, the EU entity has a little more favorable for the EUR/USD currency pair, at 0.5 pip, as opposed to 0.7 percent in SVG. SVG entity. It is worth noting that OctaFX didn’t provide dates of its spread average information so the figures do not have the same weight in comparison to spreads with the same date reference. Overall, OctaFX has improved its pricing and seems to be keeping up with the most affordable MetaTrader brokers, however since there is no date range to support its spread average claims, we couldn’t make an accurate comparison.
Mobile trading apps for trading
OctaFX has a patented application for the social copy trade (the OctaFX Copytrading app) however, it is still behind the industry leaders, such as IG as well as Saxo Bank. Our top choices among trading apps, check out our guide on the best Forex trading Applications.
Overview of the app: Since OctaFX is a broker that only supports MetaTrader, iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps are available as standard, and both available to download from both the Apple App Store and Google Play store as well, respectively. OctaFX also provides its own OctaFX Copytrading application that allows social copy trading, which I couldn’t use or evaluate due to the geolocation restrictions I found when I tried to install it on Google Play.
Market research
The market research of OctaFX is well organized and diverse in its subject matter. Instead of focusing exclusively on specific areas, OctaFX provides a wide variety of different types of content. When compared with research experts IG, Saxo Bank, and CMC Markets, OctaFX has the potential to improve its research offerings.
Review overview The research information on OctaFX is housed in its Market Insights area which includes daily economic analysis articles and also automated technical analysis through the use of the MetaTrader Autochartist plugin. The features I liked the most included the interest rate tracker, the daily and weekly forecasts, as well as the economic calendar, which was helpful for keeping the track of holidays across the country as well as global trading hours.
market news, analysis, and information: OctaFX produces daily content that covers the fundamental and technical analysis of prominent trading symbols like CFDs and forex. The company also has its OctaFX LiveTrader series, which is comprised of videos that are streamed live on its YouTube channel. The quality of the research content is in line with what you’d expect to get from the typical broker, however, it lacks the extensive content provided by the top brokers in this area.
Education
Although OctaFX has increased its educational offerings with webinars and recordings of live trading sessions, however, its educational content and videos are stricken by an absence of variety.
Learn center On the website, OctaFX offers an entire section dedicated to education in the forex market with around 20 posts that are geared towards beginners. The OctaFX Youtube channel contains archived webinars, as well as their Forex Basic Course video series which spans 11 sections.
The glossary for trading as well as platform tutorials and numerous Frequently Asked Questions (FAQs) aid in fleshing out the educational offerings of OctaFX. However, there isn’t a lot of educational content available for getting started in trading or knowing the market’s changes. It’s important to note that the broker has an online blog and YouTube channel, but I’m left wanting more.
Room for improvement OctaFX’s educational offerings would benefit from a broadening of its content, including videos and articles as well as an increase in the variety of topics that are covered. A logical arrangement of the educational content based on levels of experience will enhance its user-friendliness and improve the general experience.
Final thoughts
OctaFX provides the complete MetaTrader suite, though with an extremely limited selection of trading instruments. If OctaFX is looking to compete with the top MetaTrader brokerages, it has to improve the variety of products it offers and its education and research.
While it was granted the status of a regulatory entity in Cyprus However, the absence of other licenses that are reputable significantly lowers its Trust Score. The possibility of being regulated in other jurisdictions, particularly tier-1 jurisdictions can go a long way toward building trust with its existing as well as potential customers.
About OctaFX
Established in 2011, OctaFX has been part of the family of international entities that includes Octa Markets Incorporated (based in Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd (based in Cyprus).
Is OctaFX a good broker?
OctaFX is a fast-growing broker which has been operating for over 10 years. The growth of the company has allowed OctaFX to grow its services and products. In addition, adding additional regulatory licenses to Tier-1 jurisdictions is the first step in gaining customers’ confidence.
Are my funds secure through OctaFX?
Since OctaFX is only licensed by the government of Cyprus and Cyprus, we believe that the broker is a more risky option than other companies that are regulated in many tier-1 jurisdictions.
Established in 2011, OctaFX holds licenses to regulate Europe through its subsidiary based in Cyprus named Octa Markets Cyprus Ltd – which is overseen by the Cyprus Securities and Exchange Commission (CySEC). Your account might be qualified to receive certain CySEC protections in the unlikely scenario that Octa Markets Cyprus Ltd.’s bankruptcy, for instance, the protection you’ll receive is as much as 20,000 euros through the Investor Compensation Fund (ICF).
The company that owns the brand’s international operations, Octa Markets Incorporated, is the global entity of the brand. It is located in St. Vincent and the Grenadines (SVG) and offers little or any protection from regulatory authorities. The security of your money as it pertains to the protection of regulatory authorities – will depend on the OctaFX entity holding your account, as well as which relevant regulations offer protections for customers.
How much is the minimal amount of deposit for OctaFX?
The minimum deposit at OctaFX will differ depending on your country of residence as well as your preferred payment method. It is possible to deposit as little to $25 (USD) for funding using Visa or Mastercard, and up as high as 50 euros (EUR) with Skrill/Neteller up to 500 000 Indian rupees (INR). It is important to remember that the minimum deposit and the cost of trading depend on the OctaFX organization you select to establish an account to trade.
OctaFX offers more than 50 payment options like Visa, Neteller, Fasapay, and bitcoin, in addition to numerous local bank transfer options. The accessibility of these payment options could also be contingent on your home country.
