OctaFX Review- Another Forex Scam? The Truth Exposed 2024
That being said, there isn’t much educational content for learning how to trade or understand market dynamics. It’s worth mentioning that the broker does have a blog and a YouTube channel, yet I was still left wanting more. We admit high-tech access to a range of instruments and multiple platforms either for manual, algorithmic, or social trading.
Why Octa is Your Ideal Partner in Indices Trading:
The transformation from a novice to a successful trader often takes at least a year for most people, and you must learn about forex from successful traders. If a forex broker commits financial fraud, they cannot be reported to any financial regulatory authority in a country where they are not regulated because they are only regulated in Cyprus. What further he mentions is OCTAFX being such a big brand caught him off guard. OCTAFX allegedly unfairly accuses him of bad trading when he trades profitably.
OctaFX Trading Platforms
You also have full control over the copying process and you can stop following any master as well as close out live trades. If you want to start copying traders on the platfom then you will first need to create a live account. Once you have your account up and running you can head to the leaderboard and choose the masters that you would like to copy. Copytrading gives you the ability to copy some of the most successful traders on the OctaFX platform. You can take a look at the leaderboard of all of these master traders and examine their trading history. It appears as if this is something of a trend at OctaFX as they have also been recognised by others in the industry.
Does OctaFX offer CFD trading?
They are well known for being one of the best STP (Straight Trough Processing) ECN brokers on the market. This means that they do not operate a dealing desk and can therefore give you some of the lowest fees. They also have a subsidiary company that is based in Cyprus and is called Octa Markets Cyprus Ltd.
CFD Trading on OctaFX
- They also have no stocks, only two commodity assets and only two cryptocurrencies.
- Some may also apply charges, which are out of Octa FX’s control, but the broker doesn’t apply any fees during the deposit process.
- They have developed a competitive broker with global reach, low spreads and great technology.
- An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets.
- With respect to equities, they only offer indices with no single stocks and on the commodities side, they only have Gold and Silver on the micro account.
- ● Cross-check the news published on the web about special offers and partner activities with official information on the broker’s website and social networks.
Moreover, there is much more functionality when it comes to coding your EAs. This is because the MT5 uses an object orientated language called MQL5. You also have one-click trading on the MT5 platform which is not available on MT4. Moreover, you can code your own trading algorithms and bots on the MT4 platform. This is through the use of the their MQL4 programming language which was developed specifically for this platform.
OctaFX cTrader
OctaFX is regulated by Financial Conduct Authority (FCA) so can be considered legit. 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. While not definitively a scam, OctaFX’s regulatory limitations, customer complaints, and restricted instrument selection raise significant concerns.
This will allow you to show off your trading prowess as well as build up a community. Of course, it will also give you an opportunity to earn passive income from the spreads and rev share. Once you have activated the copying then trades will be executed on your behalf and will replicate that of the master. You also do not have to follow only one master and you can diversify this list in order to benefit from more than one trading strategy.
Also, over the years Octa has operated we have seen significant growth and development of the proposal compared to offering before. Besides, Octa participates in various exhibitions and received numerous international awards. https://forexbroker-listing.com/ Octa is approved by 70+ international industry awards in 180+ countries. Octa has been named the ‘Most Reliable Broker Asia 2023’ award from Global Forex Awards and the ‘Best Forex Broker 2023’ award from AllForexRating.com.
For many of their major Forex pairs these spreads are close to zero and are especially low for their ECN accounts. Given that OctaFX is a CFD broker, this means that you will be trading on margin and with leverage. This means that your gains and losses are multiplied by this leverage factor.
To open a trading account with OctaFX, individuals can sign up on the OctaFX website. Upon completing the signup process, users will receive login details via email, which they can use to access their accounts. Trading Centrals Alpha Generation Indicators can help OctaFX traders better understand market trends and patterns, enabling them to make more informed trading decisions. These indicators can provide valuable insights into market movements, allowing OctaFX traders to potentially stay one step ahead. OctaFX may charge commission fees for fulfilling, modifying, or canceling an order on behalf of its clients.
The compensation is either charged as a commission per lot that you trade or a piece of the spread as a revenue share. You can think of this as the fee that the master is charging to let you follow them. In the case of a credit card funding, you will be refunded the initial deposit amount. If there are any profits that are above this funding level then you will have to receive this through another method such as e-wallet or bank wire. Looking at the fiat side deposits, you can pay in either EUR or USD. If you are going to be depositing into a USD denominated account in EUR then they will do their best to give you the closest market rate on this pair.
Embark on a journey through the financial markets with our range of the top 10 sought-after indices. Indices trading is a powerful way to understand the market’s pulse and diversify your portfolio. Unlock profitable possibilities with Octa by trading the world’s 10 leading indices, encompassing Dow Jones, NASDAQ, Nikkei, and Eurostoxx 50, among others. Immerse yourself in the dynamic ecosystem of indices trading and optimize your investment strategies. Delve into the world of foreign exchange with our selection of 35 high-volatility currency pairs. Whether you are a novice or a seasoned trader, our diverse offering promises to meet your trading needs.
Read our full explanation and accounting of our research and testing process to learn more about how we test. Use our country selector tool to view available brokers in your country. Stocks, currency and other commodities and instruments will be brought or sold by OctaFX even if no buyer or seller is lined up. The phone support team successfully resolved our questions and issues over the phone. On the other hand, if Apple Computer Inc falls by 10%, your position worth $10,000 is now worth only $9,000, representing a $1,000 decrease.
Withdrawals are commission-free, but it is worth checking if your third-party provider offers equally competitive terms. Octa FX stands out from the rest of the sector regarding payment options. Credit card and debit cards can be used, but also ePayment services such as Skrill and some cryptocurrencies such as Bitcoin and Ethereum. After providing the required information, new users can move on to funding their new brokerage account with the cash required to finance their trading. This process is in line with standard market practice and a sign that the broker is well-regulated – they have to build a user profile to comply with KYC (Know Your Client) protocols.
Right from the start of the process, Octa FX is keen to support traders by offering access to the 24/7 customer support team who are on hand around the clock to help with any queries. TradingBeasts helps individual traders learn how to trade forex, cryptocurrencies and other assets octafx broker reviews as CFDs.We actively trade, publish educational articles and news. We verify and compare brokerage companies and warn our readers about suspicious projects or scam marketing campaigns. We are also a community of traders that support each other on our daily trading journey.
If you deposit at least $50 then they will give you half of the initial deposit as bonus funds. They were relatively easy to follow and could help supplement the demo account if you are starting out. OctaFX also accepts applications from their client to become a master.
