The financial Service provider is a robust link between market participants and financial markets. The stronger the link, the larger will be the profit. Hence, select the broker vigilantly before jumping into the trading arena. There are numerous brokers in the market, providing trading services to their clients. Well, that is not the case with OctaFX. In this review, we will give you reasons to save your money from the broker.
The firm came into existence in the year 2011. Though being a relatively old firm, the broker has not updated the number of assets available for trading. This list of assets seems to be limited or restricted. Hence, it blocks the diversification of a trader’s trading portfolio. Also, the website of the broker seems to be complex and misses much relevant information.
Each platform and feature seems quite complicated and chaotic. Thus, it becomes hard for novice traders to use their trading features and platforms. Additionally, research tools and educational material offered by the broker is not up to the mark.
The brokers do not offer essential features and trading platforms that several other globally renowned brokerage firms offer such as HFTrading, T1markets, and Global TradeATF. So, nothing is fascinating about its features and accounts.
OctaFX Scam or Legit?
OctaFX has two trading branches. One of these branches is regulated by a central authority, and some random and local authority regulates the other. Thus, it creates confusion in mind as to whether the firm is regulated or not. It seems that your money can be at risk with the broker. It is high time the broker should pay heed to this major issue else it will lose all its clients. therefore, we cannot decipher whether the broker is scam or not
The basic details, trading features and charges of the broker are as follows:
- The minimum deposit is as high as $50. There are several firms offering trading on just $1 or $0.
- Leverage is a double-ended sword, and thus, it magnifies your losses along with profit. The broker should keep this leverage average. But OctaFX fails here by providing unrealistic and high leverage of 1:500.
- Spreads charged by the broker on each trade is high.
- Limited funding methods including Wire, Credit cards, Neteller, skrill
- Does not offer to trade in the stock market
- Limited education and trading research tools
- 24/5 customer support service hence, you cannot contact the team on the weekend
- The tradable assets offered for trading are restricted
- Does not provide negative balance protection on all accounts
OctaFX Trading Accounts
The traders can only a few assets through Pro, ECN and Micro accounts. The different accounts with available financial instruments are listed below:
1) Account: MetaTrader 4 micro
- Limited tradable instruments: 3 Cryptocurrencies, 4 Stock Indices, 28 Currency Pairs, and 2 Metals.
- Only two base currencies available EUR or USD
- Deposit is high 100USD
2) Account: MetaTrader 5 pro
- Limited tradable instruments: 10 Stock Indices, 28 Currency Pairs, 2 Metals, 3 Cryptocurrencies, and 2 Energy instruments.
- Deposit of 500USD is extremely high it is five or ten times higher in comparison to brokerage firms like HFTrading, T1markets, ROinvesting and several others
- Only two base currencies available USD or EUR
3) Account: trader ECN
- Limited tradable instruments: 28 Currency Pairs, 2 Metals
- Weekend fee applied
- Deposit is as high as 100USD
- CFDs and cryptocurrency trading unavailable
- Only two base currencies
OctaFX offers trading on cryptocurrencies, metals, indices but the assets under each category are restricted and sparse.
Main drawback: The number of commodity instruments available for trading with the broker is extremely less in comparison to other advanced brokerage firms such as HFTrading, T1mrkets, Global Trade ATF. Moreover, the broker does not allow trading on the most common and widely traded market, that is the stock market.
OctaFX Trading Platforms
OctaFX provides three trading platforms to choose from: MetaTrader 4, MetaTrader 5 and c trader. But there are various issues with these platforms, which are mentioned below.
1) The Meta Trader 4
- Not available for Windows and MAC
- No browsing available on the mobile trading application
2) The OctaFX MetaTrader 5
- Does not provide any feature to exit all open trading positions with one click
- Mobile browsing unavailable
- Does not offer to scale out of position
3) The OctaFX cTrader
- Does not offer to trade in complex financial derivatives and cryptocurrencies
- Does not offer an economic calendar
Account opening process with OctaFX
The broker’s account opening process is time-consuming, and the document authentication process takes much time compared to other brokerage firms.
Market Research And Trading Tools
This financial service provider offers limited resources and tools for traders and investors. The problem with the daily forecast of the financial market insight is that they are outdated. It needs major upgrading.
The education material seems quite baffling and dwindling. If you are a novice, you will face huge problems as the courses and articles contain a somewhat tough language. So the firm is not ideal if you are looking for a broker which provides you best and readable trading material.
Customer support service
The broker’s customer support service is available 24 hours and five days a week via email, WhatsApp, live chat option, phone and inquiry form. But, the response time with each type is elongated to extremities. Thus, the trader has to wait long to get the answer to his/her query.
Overall disadvantages of the brokerage firm
- Does not have a banking license.
- Limited options for trading instruments.
- The withdrawal process is relatively slow.
- The options for withdrawal and deposit are less.
- It is not publicly traded.
- Relatively slow document authentication.
- Difficult to choose between Octa.FX.eu and OctaFX.com as both of these provide distinct trading features.
The Bottom Line
The review has listed all points related to OctaFX. The broker does not offer up to the mark features which all advanced brokerage firms such as HFTrading, T1markets, PrimeFin, or Global TradeATF provide. There are many areas where the broker requires improvement. Hence, before selecting, you should read reviews of other brokerage firms and then compare it with OctaFX. You will automatically find your answer.
Frequently asked questions
What is the minimum deposit of OctaFX?
1) Account: MetaTrader 4 micro: Deposit is as high as 100USD
2) Account: MetaTrader 5 pro: Deposit of 500USD is extremely high
3) Account: c trader ECN: Deposit is as high as 100USD
Does the broker allow stock market trading?
No, the broker does not allow trading on the stock market.
Is the broker regulated?
There is confusion related to the regulation of the broker. Some of its branches are regulated by the central authority whereas others by some random and local authorities.
The financial Service provider is a robust link between market participants and financial markets. The stronger the link, the larger, will be the profit. Hence, select the broker vigilantly before jumping into the trading arena. There are numerous brokers in the market, providing trading service to their clients. One such name is OctaFX. Let us find out if OctaFX suits your trading standard or not though the review provided below.
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