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This is our honest OctaFX Review after using the broker for a month.
OctaFX was launched in 2011, and has grown to be on the edge of the industry today. OctaFX current have 21M+ forex trading accounts opened, 60 forex industry awards received, covered over 180+ countries and has paid out over $31,000,000 in bonuses .
OctaFX mainly focuses on the countries of the Asia-Pacific region, in particular India, Indonesia, Malaysia, and others. Recently OctaFX became popular in countries in Africa, in particular South Africa, Nigeria, Kenya and Ghana.
OctaFX boasts competitive spreads for certain instruments, notably the EUR/USD, and features impressive research conducted by their in-house analysts. Additionally, they offer third-party tools like AutoChartist. Furthermore, OctaFX embraces cryptocurrency trading, providing traders with access to 30 CFDs on cryptocurrencies and the flexibility to make deposits and withdrawals in cryptocurrency.
OctaFX Company Structure
OctaFX functions using two corporate entities. Octa Markets Inc., the worldwide entity, has its registration in Saint Lucia. Meanwhile, the European Union branch, Octa Markets Cyprus Ltd., operates under the esteemed regulation of the Cyprus Securities and Exchange Commission (CySEC). OctaFX guarantees the separation of client funds from the company’s funds and offers protection against negative balances for client accounts, as outlined on their official website.
|Countries Accepted||All Except US and Some European Countries|
|MAM and PAMM managed accounts||No|
|Max Leverage||Traditional Trading Account: 1:500 for currencies (1:100 for ZARJPY) 1:200 for metals 1:100 for energies 1:50 for indices 1:25 for cryptocurrencies|
Innovative traders: 1:500 for currencies (1:100 for ZARJPY) 1:200 for metals 1:100 for energies 1:50 for indices 1:25 for cryptocurrencies 1:20 for stocks
1:30 (CySEC), 1:500 (SVG FSA)
|Restricted Countries||United States, Russian Federation, Cyprus, Kazakhstan, Guam, Marshall Islands, Northern Mariana Islands, Puerto Rico, Samao, Ukraine, Belarus|
|Account Based Currencies||USD, EUR|
|Spread||Floating, starting at 0.6 pips|
|Commission||No сommission, Markup|
|Instruments||35 currency pairs + gold and silver + 3 energies + 10 indices + 30 cryptocurrencies + 150 stocks|
|Maximum Volume||500 lots for Innovative Trading Account|
200 lots for Traditional Trading Account
|Margin Call/Stopped Out||25% / 15%|
|Negative Balance Protection||Yes|
|Trading Platform||MT4, MT5 and OctaTrader|
|Deposit Methods||Local Banks, Bitcoin, Dogecoin, Ethereum (ERC20) Instant bank transfers, Litecoin, Neteller, Skrill, Tether (ERC20), Tether (TRC20)|
|Withdrawal Methods||Local Banks, Bitcoin, Dogecoin, Ethereum, Litecoin, Neteller, Skrill, Tether (ERC20), Tether (TRC20)|
Pros and Cons
|– Well Regulated Broker in several jurisdictions|
– Commission-free and swap-free cost structure
– ECN Broker
– Funds are held in segregated accounts to protect your assets.
– Free analytics such as market analysis, Forex news, AutoChartist, and real-time quotes.
– Copy Trading Available
– Negative balance protection
– Support is available in 13 languages
– Fast withdrawal process
|– Limited Multicurrencies available|
– Limited Deposit and Withdrawal options
– Restrictions on Clients from United States, Russian Federation, Cyprus, Kazakhstan, Guam, Marshall Islands, Northern Mariana Islands, Puerto Rico, Samao, Ukraine, Belarus
– No Free VPS
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OctaFX Review Youtube Channel
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