OctaFX has a reputation for being proactive in satisfying customer issues by coming to a reasonable solution. The broker is required to contribute towards a shared investor protection fund. This https://forexreviewdaily.com/ fund will be there to protect all accounts that hold $20,000 or more in the event of insolvency. The next step is to select a Master Trader whose trade you want to copy from the ranking list.
These briefings are offered without any suggestion of how the events will affect the markets. Like its education section, the market analysis materials available at OctaFX are better than most other brokers. Overall, OctaFx’s account-opening process is fully digital and hassle-free, and accounts are available for trading immediately.
- Octa Markets Incorporated, the broker’s international entity, is based in St. Vincent and the Grenadines, where the regulator offers little to no protection.
- This means that European traders or those clients that are registered with OctaFX European entity will fall under ESMA regulation that recently limited Leverage.
- For example, traders will get level 2 quotes in addition to access to the FIX API. The orders are also processed a lot quickly with no order queues.
- If you’re a football fan you’ll be pleased to learn that OctaFX is the current sponsor of Southampton Football Club in the UK.
- Charts on OctaFX are available on the respective MT4 platforms.
The first is the lack of decent regulation, which for many traders will mean an immediate end to their interest. Second, is OctaFX’s refusal to accept bank transfers for funding – we know that cryptocurrency is popular these days but for anyone without a well-maintained crypto account, this will be a hassle. Finally, OctaFX has a very limited number of tradable assets and no stock CFDs at all. The educational materials available at OctaFX are more comprehensive and in-depth than what is available at other Forex brokers, but it is more geared toward beginners than experienced traders. The educational material at OctaFX and its alternative website is good but focused on new traders; for more experienced traders there is little in the way of educational support. Customer support is competitive but where OctaFX really shines is in the research and market analysis available. Overall, OctaFX offers a good range of trading tools, including Autochartist, one of the best technical analysis tools in the industry.
They offer forex trading and CFDs on indices, cryptos, metals, and energies through MT4 and MT5 platforms. OctaFX pricing strategy or a fee that you will need to pay for the usage of the OctaFX trading service based on two options according to the account type you choose and the platform you use. While an international brand may offer slightly different conditions, which you may check from the site better. Fee table see below, also always consider other https://www.forextime.com/education/forex-trading-for-beginners than trading fees like funding fees and inactivity. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and has a great copy trading service. When you profit trading with octafx they will not let you withdraw your profit. I’ve traded with them like 3 months, I was in profit, on 11 nov 2022 when I requested a withdrawal they declined my withdrawal request giving reason your account is under investigation.
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They can also use the filter to find the most suited Master Traders based on the structure of commission. OctaFX’s minimum deposit ranges from $25 when funding with Mastercard/Visa or €50 when using Neteller/Skrill, octafx depending on the chosen payment method, to as much as 500,000 NR. Any applicable minimums are determined by your country of residence and the OctaFX entity with whom you open a trading account.
The registration process to open an account on OctaFX is simple and fast, they didn’t require any verification document to complete registration. There are better Forex Brokers in terms of regulations that would ensure the better safety of your funds. The calculation Forex brokers is based on the maximum margin used by the Master as well as the orders’ lot sizes that are placed by the Master within the last 7 active days. You can learn more about the bonus and the rules that apply in the promotions sections of the OctaFX website.
Offering of Investments 📃
The copier does not need to manually copy the trades, it happens automatically. The Copier can choose to copy the Master Traders trade in equal volume or 2 times the volume of the trade or even three times. If you click on SKIP, you will be taken straight to your OctaFX dashboard that https://forexreviewdaily.com/ shows your account balance and other information. You can initiate a deposit or withdrawal, by clicking the buttons on the menu. Step 7) You will then be taken to a page that shows your account was successfully created, it will display your account number and the account currency.
OctaFX is not regulated in Malaysia, and traders are trading at their own risk. They have low spreads, MetaTrader platform, copytrading & good support. Lastly and what we like the most is the OctaFX platform offering, while you may select either industry-leading software also a newer version MetaTrader5 with all benefits included and not restricted. The broker also offers the older MT4 option for those clients who prefer conducting their trades on it. OctaFX withdrawal options are the same Bank wire for all accounts, there is no Credit Cards supported for Cyprus entity.
How much does it cost to start with OctaFX?
Lastly, anyone looking for an automated trading strategy can utilize the cTrader automate to help you develop custom robots. This has an extensive baak-testing capability with its suite of tools. We’ve gone through the basics, but now we want to highlight what makes OctaFX accounts different from the rest. In addition to https://forexreviewdaily.com/octafx/ being regulated by CySEC, OctaFX is a member of the FCA, the concerned authority in the UK. In order for firms to become and stay classed as a registered members of the FCA firms must comply with some of the strictest regulations in the world. These requirements can be seen as buffer funds and they must be substantial.
Bonuses and Promotions
I like that OctaFX invested in developing a proprietary copy trading service, which it also launched as a mobile app. Traders may follow signal providers, which OctaFX refers to a Master Traders. One of the best features is the flexibility regarding commissions. It is also a rare broker fully compliant with Shariah law for Islamic traders.
Difficult to choose between Octa.FX.eu and OctaFX.com as both of these provide distinct trading features. 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. Though being a relatively old firm, the broker has not updated the number of assets available for trading.
With this, traders will have much more functions in terms of coding your Expert Advisors as it uses a coding language called MQ5. The most efficient experience is provided by the computer platform as it offers https://forexreviewdaily.com/ the most tools and functions. It was essentially developed by traders for traders and includes a plethora of charts and tools. Those considering a local bank payment will have 3 options available to you.