OctaFX Review 2020Minimum Spread : 0.4
Foundation Year : 2011
Min Deposit $ 50
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OctaFX Review 2020 – Sponsor of Southampton Football Club: OctaFX is the brand name under which Octa Markets Incorporated works, and In 2011, the company started serving the market. The company has Headquartered in St Vincent and the Grenadines, and OctaFX acts in compliance with international regulations and legislation. OctaFX is a CySEC regulated Financial brokerage company. Read the detailed OctaFX Review 2020 here.
OctaFX works as an STP (straight-through processing), and ECN (Electronic Communication Network) forex broker. The exchange permits tight spreads, execution of orders is swift, and there is no slippage or re-quotes.
One can trade all the major currency pairs, gold and silver with the MT4, MT5 and the new cTrader trading platform. There are several different OctaFX Forex bonuses, as well as a significant range of promotions, contests, and promotional programs.
OctaFX has also a large education centre with a great FAQ page, as well as manuals, a glossary, and some helpful Forex trading articles.
OctaFX Broker Trading Account Types
A few options with regards to trading accounts that the company offers are as follows:
- MetaTrader 4 Micro Account – A minimum deposit of only $5 is required to open a micro account, which is excellent for any beginner, or those with a minimal budget. The Minimum order volume offered is 0.01 lot, with the maximum ten lots. Leverage is up to 1:500.
- MetaTrader 5 Pro – For the more experienced trader, this account is a better option for trading. Spreads are floating, which starts at 0.2 pips. There are assorted instruments available like 28 currency pairs, four cryptocurrencies and many more.
- cTrader ECN – It is a progressive trader account, meaning that there is more transparency in pricing. The leverage offered is up to 1:500 for currencies and 1:200 for metals. The Minimum trading volume is 1K of the base currency, but the maximum is unlimited. Trading instruments include 28 currency pairs, and gold and silver.
OctaFX Trading Platforms
OctaFX offers traders a choice of three trading platforms for trading. One can use all of these platforms on a desktop, laptop and mobile device. MT4 and MT5 is the name that will be most observable, but there is also a relatively new option called CTrader.
- MetaTrader 4 (MT4) – This convenient platform has developed into a choice for many traders and brokers. It has shown itself to be very dependable and capable of a wide variety of traders. There is a range of useful tools and techniques available such as market indicators, charting tools, advanced risk management, scripts, and real-time market execution.
- CTrader – This software solution is a newcomer, but it is already collecting a lot of engrossed traders. It is incredibly customizable, and the interface is new and appealing. There are a few more functions and features than MT4, so this option is one that is worth trying. Especially as there is the option of opening a free demo account.
- MetaTrader 5 (MT5) – This multi-asset platform provides unique trading possibilities and technical analysis. You can also utilize automated trading systems with MT5. It’s an all-in trading platform for the traders.
OctaFX Deposit Methods
All the routine payment mediums are backed by OctaFX, containing bank wire transfers, Skrill, major debit and credit cards and UnionPay. Traders can make deposits either in USD, or EUR, with the lowest deposit being only $5. Withdrawals have excess security protection, before the transfer of funds, they send email to validate the request.
OctaFX Special Offers and Bonuses
The Brokerage firm offers its clients several bonuses and promotions for trading with them. These are:
- The broker provides a general deposit bonus of at least 10% and up to 50% for funding trading accounts. This bonus applies to new traders.there are specific terms and conditions for it.
- The OctaFX Demo Champion contest is a monthly contest that runs on the website. In this contest one who gets the most significant profits on a demo account. The reward of$500, $300, $100 and $100 respectively paid out to the top 4 winners.
- The King of the Road Real Contest also gives out blessing things to the top dealers in this contest, which includes the utilization of real cash for exchanging. Blessing things go from iPads, iPhones, PCs and even a Porsche Panamera vehicle!
- The Word It Out Review contest is also a monthly contest. It permits vendors to post a 1,500-word review on the OctaFX conversation and get an opportunity at winning the star prize.
Education Material Offered By OctaFX Broker
The site contains a range of short tutorials covering everything you need to know to get started with financial trading. Every instructional exercise is a blend of video and text and is very much bundled and straightforward. The learners are tested frequently on the material, and the entire website is free of cost.
In general, an excellent resource for beginners traders. We hope that OctaFX considers expanding it to include intermediate and advanced courses and brings the course in-house.
One can find a collection of articles collectively called Forex Basics in the education section. More advanced topics ranging from ecn trading, risk management to Fibonacci Retrenchments are available on the website.
These articles are informative as well as well-written and offer valuable advice for new and intermediate traders. Sadly, these topics aren’t available in video format.
OctaFX Trading Tools
Close by industry standards, for example, an Economic Calendar, Profit and Trading Calculators. OctaFX additionally offers an Account Monitoring tool whereby you can screen some other OctaFX traders’ accounts.
This tool likewise permits one to investigate an account so one can figure out how the account holder has dealt with their prosperity. Accounts are just spoken to by numbers, so all holders stay mysterious.
OctaFX offers a duplicate trading capacity for all accounts, permitting novices to duplicate experienced, fruitful traders for a little expense. This capacity is likewise accessible through the versatile application.
OctaFX likewise underpins Autochartist, the industry-standard trading signals provider. Autochartist gives traders robotized cautions for opening and shutting trades.it is an instability investigation tool that permits you to all the more likely upgrade take-profit and stop-loss levels and integrated market reports.
Autochartist is also available on MT4/5 (yet not on cTrader) and requires a base parity of 500 USD in your OctaFX account.
OctaFX Review – Pros and Cons
The Advantages OctaFX account
- The company offers negative balance protection worldwide.
- They have also acquired a lot of awards and accolades for their services
- The broker has a good history of compliance, and it has a Cysec license.
The Disadvantages of OctaFX Account
- One can trade a limited number of financial instruments on the platform.
The Customer support team is available 24/7 and 5 days a week. One can reach them by an online facility like live chat, email, phone call and Whats-app.
OctaFX Review: There are various advantages of trading with OctaFX, a dominant broker in the forex world. Clients also love it for its accessibility and authenticity, principally as they can start trading with as minimum as $50 deposit. Apart from that, with every transaction, traders will get a free 50% bonus. Furthermore, with OctaFX, you can trade at the prices you see with instantaneous execution. There are no commission fees charged on deposits and withdrawals of funds.
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