People call OctaFX a shady broker which was highly unreliable. One of the customers mentions that his account manager consistently gave him erroneous instructions and was quite impatient with him. Less than 230 tradeable instruments are available from OctaFX. Saxo Bank, IG, and CMC Markets, the market leaders, each provide over 10,000 tradeable instruments. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Make sure you’re fully aware of all OctaFX fees and services. It’s recommended that you check the OctaFX website before signing up. If you decide to close your OctaFX account, it’s important to do so with the OctaFX broker customer support and obtain confirmation that no remaining OctaFX fees are due. You can sign up for a demo account to acquaint yourself with OctaFX platform. Our team has endeavored to break down the complex world of trading with OctaFX into easily digestible information in this OctaFX review.
Download the Metaquotes MetaTrader 4 Program free of charge from Apple’s App Store. OctaFX customers have instant access to the financial market and can completely manage a Portfolio on the go. OctaFX is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5.
OctaFX Review – Conclusion
- Both iOS and Android versions of the trading platforms are also available for on-the-go traders.
- However, this amount may vary based on the specific account a user has opened.
- People aware of the investigation told ThePrint that the probe so far had revealed that OctaFx may have duped people of approximately Rs 900 crore through this complex process.
- The Enforcement Directorate (ED) has reportedly filed a charge sheet against OctaFX, uncovering its fraudulent activities that attracted unsuspecting investors across India.
- As a new trader, I’m always keen to keep my costs down while I’m learning the ropes.
OctaFX offers the most used and well-known trading platforms from Metaquoets yet they seem to be not enough in comparison with other brokers who provide the same platforms and more. With all the updated and new technologies in the market, it seems like Octa FX is falling behind with its updates. For me, support and assistance anytime anywhere is one of the most important factors for me to choose the forex broker I’ll be trading with. And so I realized that the case must be the same for my readers too, and so this section via this OctaFX review is to discuss the level of customer service and support offered by OctaFX.
Seasonal Trader
Founded in 2011 in St. Vincent and the Grenadines, OctaFX is making sure to provide its clients with the best trading experience they can have. Copy trading with OctaFX is perfect for beginners who are just starting with forex trading. By following experienced traders, you can learn the ropes of the market and develop your own trading skills. Meanwhile, experienced traders can use the platform to share their knowledge and expertise with others while earning additional income.
Additionally, OctaFx used Estonian entities linked to its alleged mastermind, Pavel Prozorov, to pay for influencer marketing and sponsorships, including promotions for an IPL team. If you’re interested in comparing OctaFX against other popular brokers in the industry, check out our OctaFX Vs pages. Our team has compiled a series of detailed OctaFX comparison articles, pitting the OctaFX platform against some of the best-rated OctaFX competitors in the market.
- Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East.
- To withdraw funds, customers’ free margin has to exceed the withdrawal amount, then they have to complete the verification process and get their accounts verified.
- There is also an availability of multiple trading tools and indicators, which serves to enhance clients’ trading experience and help them trade confidently.
- OctaFX requires a minimum deposit of 5 GBP/USD/EUR when opening an OctaFX trading account.
OctaFX provides low withdrawal limits and quick processing, making fund management convenient for traders worldwide. OctaFX provides the tools and instruments to help you succeed in trading. The broker pledges to be ready to respond to Live Chat requests within 30 seconds, and during live testing, we found they improved on that benchmark with queries being handled immediately. The staff were well informed and professional and able to help us deal with the beginner / intermediate grade questions we presented them. The trades were reported accurately in the site’s Portfolio section, and closing them out was a similarly hassle-free process.
We will review some of the trading tools offered on the mobile trading app below. To benefit experienced traders, the broker has included numerous analytical features and tools like a live economic calendar, market insight, forex news, and a trading calculator. In terms of customer support, you can get in touch with the broker 24/5 via phone, email and live chat. The MT5 account, also called innovative account, is an account type for clients with trading expertise. Its trading instruments are inclusive of forex, commodities, indices, cryptocurrencies and stocks.
EPFO raises interest rate on PF deposits to 8.25% for 2023-24
MT4 represents the best choice for those who have just started trading. In comparison, MT5 features built-in tools for a deeper technical analysis and professional trading experience. When it comes to account types and minimum deposits, OctaFX wins again in my opinion. You can open a Micro Account with just a $100 deposit with OctaFX.
In other words, OctaFX leverage profits and losses are magnified when trading. For instance, using CFDs, you use the OctaFX trading platform to buy/sell $10,000 worth of Apple Computer Inc. If the stock rises by 10% due to positive results, your position is now worth $11,000, representing octafx broker reviews a $1,000 or 10% increase in value. This CFD trade has a 100% increase in the funds initially committed. OctaFX offers various funding payment methods listed in your OctaFX dashboard if available in your region.
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OctaFX offers the most well-known and used platforms in the market from Metaquotes which are Metatrader 4 and Metatrader5. There aren’t any right or wrong answers to the questions asked, it’s more a case of ensuring client care is paramount, and the process also provides a convenient way for traders to evaluate their investment aims. “As per RBI norms, platforms have to refund money within 60 days if flagged as fraudulent transactions by users. By using e-commerce websites, app promoters prepared a backup to answer banks on the nature of refund transactions,” another ED official said.
Instead, your OctaFX funds are held securely in a separate account designated for your investments, providing protection and peace of mind when trading with OctaFX. Also OctaFX is regulated in its local jurisdictions including major financial regulators like MISA (Mwali International Services Authority) (T ). OctaFX was founded in St. Vincent and the Grenadines in 2011. OctaFX has been facilitating trade on the financial markets for over 14 years. All funds deposited to OctaFX are held in segregated bank accounts for security. OctaFX is regulated by MISA (Mwali International Services Authority) (T ) so can be considered legit.
Instead, the broker relies on spreads to generate revenue, which is a favorable option for many traders. This offers great value for high-frequency traders and scalpers. Both account types offered by OctaFX cater to different trading preferences and goals.
We want to ensure you have all the knowledge necessary to use the OctaFX trading tools confidently, from depositing and withdrawing funds to executing trades. Visiting many broker websites, all of which have different language uses. Technical language and terminology can be confusing with brokers like OctaFX.Choosing or shortlisting a trading platform like OctaFX can be time consuming. You want to know someone has your back when you’re getting started. The CySEC requires brokers to keep client funds securely segregated, maintain sufficient capital, submit regular financial reporting, process withdrawals timely, and follow ethical trading practices. All the hype around Bitcoin and altcoins made me curious to explore trading beyond just forex and stocks.
When using OctaFX, the minimum trade size is typically 0.01 Lot units of the base currency of the instrument being traded. However, this amount may vary based on the specific account a user has opened. With STP execution on the OctaFX platform, traders can anticipate tighter spreads and greater transparency when it comes to trade pricing. It’s important to note that OctaFX requires users to provide essential documentation to verify their identity during onboarding and routine KYC identity checks. These checks are a standard practice that helps OctaFX maintain a trustworthy financial environment for its 7,500,000 users. Detailed information on the OctaFX trading platforms is available on their website.