OctaFX (Octa Markets Incorporated) is a brokerage company founded in 2011 in Saint Vincent and the Grenadines on the Caribbean islands. Since established, OctaFX is home to more than 6 million trading accounts. It continues to gain market share with its swap-free offering plus generous bonuses and incentives. OctaFX claims to help Forex traders earn more, and I reviewed this broker to calculate if the commission-free and swap-free MT5 trading environment delivers on this statement.
Regulation
OctaFX operates out of Saint Vincent and the Grenadines. The financial regulator, the Financial Services Authority (FSC), does not regulate Forex and cryptocurrency brokers, as outlined on their official website.
While OctaFX operates without a regulator, it remains a duly registered international business company (IBC) in Saint Vincent and the Grenadines with registration number 19776 IBC 2011. It does segregate client deposits from corporate funds and offers negative balance protection. OctaFX also has been catering to clients from over 100 countries for over a decade.
Trading Accounts
MT4 offers 35 currency pairs, 30 cryptocurrencies, 3 energies (oil and gas), 4 indices, as well as Gold and Silver. And MT5 offers 35 currency pairs, 30 cryptocurrencies, 3 energies (oil and gas), 2 metals, and 10 index CFDs for trading.
OctaFX offers traders one MT4 and one MT5 trading account. The minimum deposit for both is $25, and the maximum leverage is 1:500. The account base currencies are the euro and the US dollar. The two differences between the two are 1) MT5 remains swap-free while MT4 traders must pay a financing fee for leveraged trading, and 2) MT4 does not have index CFDs.
OctaFX Islamic Account
OctaFX Islamic accounts are a unique offer designed specifically for the Muslim traders. OctaFX care about our customers and we do our best to make their trading experience easy and convenient.
- 100% Shariah compliant
- Available for all account types
- Easy one-click registration
- No documents or other identity proofs required.
World Finance is an online magazine contributing extensive coverage of the financial industry. With a vast experience in economic fields, they’re considered an authority in the Forex field. They’ve awarded OctaFX as the Best Islamic FX Account of 2020.
WORLD FINANCE – BEST ISLAMIC FX ACCOUNT 2020
OctaFX Account Opening Process
To start trading with the most high-grade Forex company, As per the OctaFX reviews, it requires a user to register and make their own personal account. OctaFX is an user friendly platform for the traders.
To have an OctaFX Login ID, account verification, Users need to fill up a regulatory digital form to authorize their email ID. After the form is filled diligently, the user has to email OctaFX’s accounts unit to authorize the identification certificate of the country of residence. This includes passport and service bills. This authorization procedure is followed as part of the KYC compliance of the country of residence.
After all the user identity provided is authorized by the accounts unit, the user can start trading on the platform. With login access, guarantee limited orders, users can initiate their trading investments and exchanges to gain valuable returns.
OctaFX Copytrading
OctaFX Copytrading offers an opportunity to automatically copy leading traders and forget about long hours of building your own trading strategy. Choose from the best Masters of Forex and diversify your trading portfolio.
How It Works
Sign up in one easy step and make a deposit to your Wallet via any payment method you like. If you already have funds in your trading account at OctaFX, you can add money to your Wallet from it using Internal Transfer. Your Wallet balance shows your uninvested funds.
Find Masters you want to follow and click ‘Copy’. Their positions will be copied automatically. The deposit percentage setting will help you manage your portfolio. Try copying different strategies to decide which of them work best for you!
With an unlimited number of Masters to copy you can create a balanced and diversified trading portfolio and receive a stable income. You also have full control over the process and can modify/stop copying trades at any given time. You can view detailed trading statistics for copied Master Traders in your Copier Area.
Trading Platform
OctaFX offers traders the out-of-the-box MT4/MT5 trading platforms and upgrades the trading experience with the Autochartist Pro plugin. MT4 remains the market leader for algorithmic trading and is the most versatile trading platform with 25,000 custom indicators, plugins, and EAs. Both come with an integrated copy trading service.
MT4 Platform
OctaFX MT4 is a standard account for trading 32 currency pairs, CFDs, gold, silver, energy, four indices, and five cryptocurrencies. The owner can choose the type of spread that suits his trading strategy. The floating spread for the EUR/USD pair starts from 0.6 pips. The fixed spread for any market situation is equal to 2 pips.
A commonly used Forex trading platform. As many people throughout the world use it, this application supports many languages, which makes it a great choice for non-English-speaking traders. In our OctaFX MT4 accounts, you can trade CFDs on 35 currency pairs, gold and silver, 4 indices, and 30 cryptocurrencies.
- Simplistic easy to navigate interface
- Built-in market for Expert Advisors and Custom Indicators
- Interactive customisable charts
- Reliable Virtual Private Server service
- CFD trading
- Cryptocurrency trading
MT5 Platform
OctaFX’s MT5 is an account that is recommended for advanced trading. It offers the widest range of assets: the broker has added six more indices to the ones listed above. The spread floats from 0.6 pips.
One of the most advanced and up-to-date trading platforms. It provides a high number of technical analysis tools, charting options, and timeframes for smarter trading. Trade 35 сurrency pairs, gold and silver, 3 energies, 10 indices, and 30 cryptocurrencies in your OctaFX MT5 account. Moreover, get access to 21 timeframes and an Economic Calendar.
- Stop Limit orders
- Built-in economic calendar
- Advanced one-click trading tools
- Highly customisable interface
- Integrated development environment for EAs
- CFD trading
- Cryptocurrency trading
OctaFX Trading App
OctaFX Trading App is an official Forex trading tool allowing for both depositing and withdrawing funds. In-app settings help you manage your OctaFX personal profile, manage deposits, and control real, demo, and contest accounts. This lightning-fast new Forex application with an attractive and easy-to-use design is specially tailored for you to keep your Forex trading accounts up-to-date wherever you are: in a coffee shop, in an airport, or on the ride.
- Create Forex trading accounts
- Modify leverage
- Benefit from swap-free trading
- Edit and restore password
- Top up your demo account
OctaFX Leverage
Ohe maximum leverage at OctaFX is 1:500 for Forex traders (1:1000 NEW: in the period of special promotions and contests.) and 1:25 for cryptocurrency traders. It is excellent for scalpers and traders who require highly leveraged trading accounts. I also want to note the absence of swap rates and the presence of negative balance protection again, combining for an unrivaled offer.
Deposit & Withdrawal
To deposit and have the opportunity of funding prospects,OctaFX clients can deposit options through multiple payment methods such as Bitcoin, Credit Card, Skrill Neteller, bank transfer and Wire transfers. OctaFX has over 50 different options of payment methods, the availability of which may also depend on your country of residence. When it comes to local banks account options transfer payment methods, the deposit clearing takes a few days.
Deposits with local banks are processed within one or three hours, credit/debit card, bank transfer, Skrill Neteller and e-wallet deposits are instant. Whenever you make deposits into your OctaFX live account, you are given a certain deposit bonus; these bonuses are meant to give you extra power to make trades. Additionally, trading accounts can be opened in USD and EUR as well.
Customer Support
OctaFX offers 24/7 customer support, primarily via live chat, with fast response times. Email support is also available, and the FAQ section answers many of the most common questions. I only found a phone number missing from the overall support offer.
