This OctaFX review was written by Forex industry experts with over 10 years of experience.
The information in this OctaFX review does not apply to users in the United States.
Since 2011, the OctaFX Broker has been offering Forex services. It operates under a CySEC licence and offers favourable terms to Forex traders. At the moment, OctaFX has been chosen as an intermediary to the financial markets by over 6.6 million clients worldwide, but the broker’s focus is on Asia-Pacific countries. OctaFX is well-known in Indonesia, Malaysia, Pakistan, and other Asian countries. Its services are used by active traders as well as passive investors who prefer to replicate the successful trading strategies of other market participants. Capital Finance International named OctaFX the Best CFD Broker in the Asia-Pacific region in 2020, and Global Banking and Finance Review named it the Best Forex Broker in Asia in 2021.
Due to the large number of negative reviews about this company, found when updating this page, and the low average rating, the author of the review does not recommend working with this broker. OctaFx Ban in Pakistan
The author advises to Trade With No1 Exness Forex Broker
What is OctaFX?
OctaFX is an online forex and CFD broker, offering a wide range of trading instruments, including forex, commodities, metals, and indices. The company is headquartered in St. Vincent and the Grenadines, and it has offices in Cyprus and Malaysia.
OctaFX’s trading platform is designed to provide its clients with a seamless trading experience, and it offers a range of tools and features to help traders make informed trading decisions. The company offers a range of account types to suit different trading styles and preferences, including Micro, Pro, and ECN accounts.
OctaFX Pros and Cons
OctaFX is a popular online broker for Forex and CFD trading that offers many benefits to traders. However, like any broker, there are also some potential downsides to consider. Here are some of the key pros and cons of trading with OctaFX:
- Low spreads: OctaFX offers competitive spreads on its trading instruments, making it a cost-effective choice for traders.
- High leverage: OctaFX offers high leverage, which allows traders to open larger positions with a smaller amount of capital. This can be attractive to traders who want to maximize their potential profits.
- Multiple trading platforms: OctaFX offers multiple trading platforms, including the popular MetaTrader 4 and 5, as well as a mobile app, making it easy for traders to access the markets from anywhere.
- Education and research resources: OctaFX offers a range of educational and research resources, including trading guides, webinars, and market analysis, which can be helpful for traders of all levels.
- Multiple account types: While OctaFX only offers two account types, it does cater to different trading styles and needs with its Micro and Pro accounts.
- Limited regulation: OctaFX is regulated by the International Financial Services Commission (IFSC) in Belize, which may not be as comprehensive or strict as regulations in other jurisdictions.
- Limited payment options: OctaFX offers a limited number of payment options, which may be inconvenient for some traders.
- No US clients: OctaFX does not accept clients from the United States, which may limit its potential customer base.
- Inactivity fees: OctaFX charges inactivity fees for accounts that have been inactive for more than 90 days, which may be a drawback for traders who do not trade frequently.
- Limited research resources: While OctaFX does offer some research resources, they may be more limited compared to other brokers. Traders who rely heavily on research may need to supplement OctaFX’s resources with additional sources of information.
Is OctaFX safe or a scam
OctaFX offers a secure trading environment. OctaFX, which was founded in 2011, walked a path with various operation licences, including SVG registration, and operated a UK branch before suspending this entity in 2017 and moving to Cyprus.
Is OctaFX legit?
So, the main difference during these years of operation was that OctaFX was a brand of the Octa Markets Incorporated company, which is registered, regulated, and governed by Saint-Vincent and the Grenadines law. Which is offshore heaven for tax management and relative ease of inclusion. OctaFX has now established its legal entity in Cyprus and gained a licence from the local CySEC, which also imposes regulation in accordance with European ESMA standards.
As a result, we can now state that OctaFX and its Octa Markets Cyprus Ltd entity are in complete compliance with the required operational standards.
Is OctaFX Global Broker?
OctaFX is truly global, as it is available in over 194 countries.
OctaFX is a global trading platform because it operates in 194 countries across Europe, Asia, Oceania, and Africa. OctaFX’s major markets include the United Kingdom, Germany, Australia, South Africa, Thailand, and China. OctaFX has over 30,000 registered users.
Is OctaFX a scam?
OctaFX has already received a number of prestigious industry awards and positive feedback from traders, providing a solid basis for its selection for trading as a relatively new but successful participant in the Forex and CFD markets (CFD-broker rating). Octa is one of those companies that allows you to trade cryptocurrencies, Forex, and other markets while working under very favourable conditions. The broker deserves credit for providing quick execution, quite acceptable spreads without extensions in a calm market, adequate algorithmic trading and news trading, bonuses, and contests. It also provides several dependable and functional terminals, which can be found on the website octafx.com.
OctaFX is one of the few brokers who publishes information about their clients. For example, on average, 500 new customers are registered daily, 50 000 profitable transactions are completed, and the total revenue is $4 billion. The broker operates in full compliance with international legislation and standard standards, and possesses a number of serious licences that are also appealing to the modern speculator.
In general, the company is actively growing, doing everything possible to make trading on its platform convenient and profitable for its customers. According to Fxempire, a leading Forex website in London, «OctaFX has managed to win the hearts and minds of many of its customers through the efforts and dedication that it invests in providing first-class services». In general, this is the answer to the question of whether OctaFX is a scam.
OctaFx Deposit and withdrawal
Deposits are accepted via Visa/Mastercard bank cards, bank transfers, Skrill, Neteller, and transfers in Indonesian and other countries’ local banks. The Micro account balance requires a minimum deposit of $5. In terms of funds withdrawal, OctaFX is one of the few brokers that actually processes all withdrawal requests within 1-3 hours. If the player’s personal identification information is correct, a typical withdrawal request will be processed immediately and confirmed via email.
Before any withdrawal request can be approved, each global Forex broker is required by international anti-money laundering legislation to follow certain rules. Except for payments made through banks and Neteller, which are $5 and $4, respectively, the minimum withdrawal limits are the same as the deposit limits. There are no upper limits on capital withdrawal. Skrill, Perfect Money, PayWeb, Neteller, and WebMoney transactions are instant. OctaFX protects its customers’ funds by using segregated accounts, which ensure that capital is kept in a bank account separate from the main brokerage operations. It means that the company cannot use the customer’s resources for its own purposes.
Is my money safe with OctaFX?
Yes, your funds is safe and protected with OctaFX. OctaFX, as you are knowledgeable, works in accordance with regulations. It has taken numerous precautions to protect all of its investors.
OctaFX uses SSL encryption to protect its customers’ private and sensitive data. Your funds will be kept in top-tier banks in a highly secure environment.
You can also enable Two-Step Verification if you want to further secure your account. You will not be able to access your account until you receive an SMS confirmation.
How long do OctaFX withdrawals take?
Withdrawals from OctaFX are typically processed within a few working days, but depending on the withdrawal method used, it may take up to 7 working days for a withdrawal from OctaFX to appear in your bank account. Withdrawals are available in any of the following currencies.
USD, GBP, AUD, EUR, NZD, CHF, ZAR, SGD, JPY, and CAD are all valid currencies.
Is OctaFX Safe To Trade With In 2022?
OctaFX, which was founded in 2014, has been in operation for eight years and is headquartered in St. Vincent and the Grenadines.
The Financial Conduct Authority regulates OctaFX (FCA). These bodies have rules in place to ensure that trading platforms have safeguards in place to protect investors’ funds. This means that OctaFX users don’t have to be worried about their money because it is segregated and safely stored in trustable banks. SSL encryption also simplifies each user’s personal information.
For increased security, OctaFX offers a Two Factor Authentication (2FA) option. A confirmation code will be sent to a mobile phone via SMS. To access your accounts, you will need to enter this code.
Another safety concern with online brokers is the chance of trading manipulation. This is highly harmful to consumers on those platforms. Nonetheless, in the case of Market Maker agents who compete with customers on the platform, this is more popular.
Can you make money with OctaFX?
Several traders make a lot of money with OctaFX. However, as with all online trading platforms, traders have the potential to lose money. Losses, in particular, can exceed deposits.
This may appear to be a small number, but it quickly adds up to a huge number of gains over the lesson of the year. While OctaFX provides you with all of the tools you need to make money, they cannot guarantee that you will profit.
Overall, while there are some potential drawbacks to trading with OctaFX, the company appears to be a legitimate and trustworthy broker that offers a range of trading services and educational resources to help traders improve their skills and make informed trading decisions. As with any investment, it’s important for traders to carefully consider their investment objectives and risk tolerance before choosing a broker and starting to trade.