Benefits of starting online trading with OctaFX
10 min read
OCTAFX BROKER REVIEW
Content on this page is intended for information and educational purposes only and should not be considered as an investment advice or investment recommendation.
10 August 2021
Zaine Allen
Today, there are many ways to increase your income without doing business - deposits, real estate investments, and, of course, online trading. Online trading is another financial instrument that allows you to make good money. An option is an agreement that enables a potential buyer or seller of an asset (currency, stocks, securities, commodities) to buy or sell the asset at a previously agreed price at a specified time in the future. If the price forecast is justified, the trader makes a profit, if not - a pre-set level of risk is realized. Many brokers offer options trading to private investors . Today, we have prepared an OctaFX review, a known company in the industry.
About OctaFX broker
The company entered the market in 2011. It was registered in St. Vincent and Grenadines. Octa Markets Incorporated is OctaFX owner. The company quickly understood the need to expand to other countries and obtained approval of CySEC. It allowed the broker to attract traders from 100+ countries in a couple of years. Currently, the broker is servicing 6.6 million trading accounts. The total number of deals surpassed 500 million.
Furthermore, the company is very generous and is known for its prizes and regular contests. For today, it has already paid out more than $6 million of various bonuses. The broker keeps developing the platform, adding new services like autochartist, copy trading, master account. And the number of its users is growing every day.
OctaFX regulation
As the OctaFX origin country is St. Vincent and Grenadines, its first regulator was local FSA SVG (financial services authority of St. Vincent and Grenadines). Though, this regulation was not enough to expand its reach to European market and other countries. And the broker applied for CySEC license which was successfully obtained.
Moreover, there are other measures to protect its clients. All traders' funds are kept in segregated accounts. It means, the broker cannot access and use your money for any purpose.
Another important feature is protection from negative balance. It means that your account will be automatically adjusted to zero whenever it becomes negative. In simple words, you will never lose more than you actually invested.
Moreover, there are other measures to protect its clients. All traders' funds are kept in segregated accounts. It means, the broker cannot access and use your money for any purpose.
Another important feature is protection from negative balance. It means that your account will be automatically adjusted to zero whenever it becomes negative. In simple words, you will never lose more than you actually invested.
OctaFX account types
OctaFX demo account
The ability to test a new platform without investments is the first important feature of any broker. OctaFX allows its clients to study the platform before paying OctaFX minimum deposit. It is actually a golden rule of a successful trader to test a new platform in a no-risk environment and with virtual funds. OctaFX demonstration account fully replicates live trading. It is the best approach to see how everything works here.
The broker does not have any requirements to open a demo account except for OctaFX login. And the good news is that you do not necessarily need to go through the registration procedure – you can sign up even via your Facebook or Google accounts. Note you should keep this training account open. Otherwise, it will expire if you do not use it for more than 60 days.
The broker does not have any requirements to open a demo account except for OctaFX login. And the good news is that you do not necessarily need to go through the registration procedure – you can sign up even via your Facebook or Google accounts. Note you should keep this training account open. Otherwise, it will expire if you do not use it for more than 60 days.
Platforms
The broker offers three platforms for trading – MetaTrader 4, MetaTrader5 and cTrader.
Here is a short description of each of them.
Here is a short description of each of them.
If you are a beginner or prefer a simple interface, this option is right for you. This platform is very simple to master and can be customized. Still, you can activate built-in indicators and run expert advisors. You can choose from 9 time frameworks, use all order types at market execution. Do not forget about risk management strategy. OctaFX MT4 is available for desktop and mobile use.
Open MT4
Open MT4
This terminal has all features of its predecessor and some improvements. From a technical point of view, MT5 is much more advanced compared to MT4. It comes with 21 timeframes, technical and fundamental indicators, a lot of analytical tools and the possibility to work with more order types. The terminal can be used from a computer and a mobile.
Open MT5
Open MT5
It is a proprietary platform of the broker that is really feature-rich. You can choose from 26 timeframes, cloud service, exclusive chart features. This robust and sophisticated platform is ideal for Forex and CFD trading. You will have access to over 50 chart templates to model any strategies and forecasts.
Open CTrader
Open CTrader
All these platforms can be easily reached from the mobile application, allowing traders to follow the market from any location.
OctaFX app
The broker has developed software for mobile users. You can now create accounts on all supported platforms directly from your smartphone. The app allows full control of your accounts – deposits and withdrawals, making trades, using various tools and checking your activity history. Actually, you will have all the same features in a mobile version of the platform as do in a desktop variant.
Once you are interested in copy trading, you can install a separate app devoted to this service – download APK OctaXF copy trading and make this type of trading accessible directly from your mobile phone. Both apps can be found in App Stores. You can also find download links on the website.
Once you are interested in copy trading, you can install a separate app devoted to this service – download APK OctaXF copy trading and make this type of trading accessible directly from your mobile phone. Both apps can be found in App Stores. You can also find download links on the website.
Additional services and incentives
OctaFX offers several additional products for obtaining a profit as well as attractive promotion offers.
In other words, it is a loyalty program that allows you to acquire one of the four progress tiers – bronze, silver, gold, and platinum. Every status will bring you a number of benefits starting from zero OctaFX commission and to free access to VIP webinars and events. Every new status will make your trading more cost effective. The participation in this program is completely free.
Open status program
Open status program
This is actually a promotion with very simple participation rules. To get a chance to win a prize, you need to trade for four weeks. All this time, you will see the progress of all virtual trades on a special leaderboard. The main prize will go to the trader with the highest balance at the end of the contest. Every four weeks a new round starts – you will find accurate information on the main page of the broker in the "Promotions" section.
Open demo contest
Open demo contest
Every trader is eligible for a deposit bonus. You may receive from 10 to 50% from the amount you invested. This bonus can be used only for trading, and you need to meet certain requirements set by the broker to withdraw it.
Open deposit bonus
Open deposit bonus
Currently, you may win one of sixteen cars for making the highest possible profits. To participate in this fantastic promotion, you need to open an MT4 OctaFX trading account and make a contest account. Your account equity should be minimum $50 to be eligible to participate in the contest. The duration of this promotion is 12 months, make sure to read all rules on the site.
Open OctaFX 16 cars
Open OctaFX 16 cars
The broker allows you to receive free Forex signals. This feature enables you to make more favorable positions and improve your prediction success rate. With this instrument, you will get a clear overview of the latest trends on all assets. Thus you will be able to achieve two targets – effectively scan the market and save a lot of time. You will receive email reports 24/5 on the trading instruments you are interested in.
Open Autochartist
Open Autochartist
This service enables even the least experienced traders to get profit from trading. This type of trading is very easy to use. For this, you just need to analyze trading activities of top traders and choose the most successful of them to follow. This service is not free of charge. You will have to pay a fee a professional trader charges so that you can follow him.
Open Social trading
Open Social trading
This service is also popular among experienced traders. You yourself can become a trader who will allow beginners to copy the trades. OctaFX trading platform offers its clients an additional source of income. For this, open a Master Trader Account, describe your strategy and set a commission for allowing others to follow you.
Deposits and withdrawals
Once you are ready to start real trading on the platform, you will have to start with depositing $100 to your account. To make this operation possible for everyone, the broker supports several payment methods:
Bank transfer
Credit/debit card
Cryptocurrency wallets
Electronic wallets (Skrill, Neteller, PerfectMoney and more)
Most of these payment channels are free. Deposits are instant in all cases except for a bank transfer where you will have to wait 3-5 days for the money to be credited to your account. OctaFX withdrawal is very fast too. All withdrawal requests are processed in a few hours, and money will arrive to your account in 1-2 business days.
Сustomer support
To make service exclusively convenient for traders, OctaFX is ready to respond to any query in 24/7 mode. The broker offers the following interaction service:
- Live chatA chat window can be found on the official site.
- EmailSend a letter to support@octafx.com
- Contact form on the site
- TelephoneGreat Britain +44 (20) 3322-1059
Hong Kong + 852-5808-8865
Malaysia +62 (21) 3110-6972 - WhatsApp+34 (691) 370-613
- Live chatA chat window can be found on the official site.
- EmailSend a letter to support@octafx.com
- Contact form on the site
- TelephoneGreat Britain +44 (20) 3322-1059
Hong Kong + 852-5808-8865
Malaysia +62 (21) 3110-6972 - WhatsApp+34 (691) 370-613
On the site, you will also find links to social platform accounts of the broker – you can follow it on Facebook, Instagram, YouTube and Twitter.
The broker support team is available in many languages to simplify the interaction with traders from different countries.
The broker support team is available in many languages to simplify the interaction with traders from different countries.
OctaFX referral program
The broker runs an effective referral program which allows you to earn up to $1,000 on every attracted user. You can participate in one of the following programs:
- "Invite a friend" – it implies a standard reward of $1 for each attracted platform member, the minimum withdrawal s $5;
- "IB" – in this case, the partner receives from $3-12 depending on how many new clients you manage to attract.
- Master IB is a program for those who have developed their own IB network. According to this option, you receive 10% commission from the profits received by the attracted clients.
Wrapping up
- A reliable broker officially approved by regulators
- A few platforms and accounts to choose from
- OctaFX Copy trading application
- Autochartist service
- Negative balance protection
- Competitive spreads
- Traders from the USA are not accepted
- Time restriction for a demo accoun
The number of clients of this company is growing day by day. Thus, OctaFX proves that it is a reliable trading platform. You will see OctaFX in many reviews as a broker recommended for cooperation. And it is fully justified as OctaFX has everything a trader needs for profitable activity – several platforms and accounts, enough trading activities, educational materials and analytical tools. It even offers attractive methods of passive income. And generous bonus programs and contests may increase your earnings. There are a lot of positive reviews about the platform, so it is worth cooperation.
- Is OctaFX safe?The broker is fully regulated and it proves all its activities are legal and transparent.
Moreover, according to international standards, all clients' funds are kept separately from the broker assets. It means, your investments are segregated and untouched. - How do I withdraw money from OctaFX?The platform supports all traditional methods of deposits and withdrawals. The only condition is to request the withdrawal via the same channel that was used for the deposit. Also note that you will be able to withdraw an amount lower than your free margin at the moment of request.
- What is the minimum deposit for OctaFX?To open a real money trading account and get access to the platform, you need to top up your balance with $100.
GENERAL RISK WARNING:
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
87% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
87% of retail investor accounts lose money when trading CFDs with this provider.
You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.