OctaFX is an online forex broker that provides traders with several features to help them succeed. These include educational resources like video tutorials, trading glossaries, and FAQs.
The broker also offers negative balance protection, so clients are never in danger of losing more than they deposited into their accounts. In addition, it uses segregated funds to keep client accounts separate from its assets and operations.
Table of Contents
It is regulated by CySEC.
Founded in 2011, OctaFX is part of a global group of entities, including Octa Markets Incorporated (based in Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd (based in Cyprus). The European entity is regulated by CySEC, while the offshore entity is registered in St. Vincent and the Grenadines and regulated by Saint Vincent and the Grenadines Financial Services Authority.
Traders can trade various instruments from the OctaFX platform, including Forex, cryptocurrencies, and commodities. The broker offers low trading spreads, different account types, and various payment methods.
In addition, OctaFX features a robust research department with daily and weekly forecasts, webinars, and trading ideas. It also has a dedicated economic calendar and account monitoring tools.
Moreover, the broker offers a demo contest and rewards traders with bonuses. This includes deposit matches, free trading signals, and an initial deposit bonus of 100 USD. Traders can contact the customer support team via live chat, Telegram, and call.
It offers a wide range of trading instruments.
OctaFX offers a wide range of trading instruments, including Forex, Metals, CFDs, and Cryptocurrencies. It also provides a variety of account types.
The company’s pricing is quite competitive. Spreads average around 0.6 pips and are a bit tighter than those of similar brokers, and leverage is up to 500:1 for Forex.
In addition to traditional Forex trading, OctaFX also offers copy trading, which allows traders to replicate the trades of other market participants. This method can be helpful for novice traders who want to learn from the experience of more experienced investors without spending time developing their trading strategies.
The broker has several educational resources available on its website, which include video tutorials and market analysis materials. The site also features a glossary of Forex trading terms and FAQs, as well as manuals for the MT4 and MT5 platforms.
It offers a variety of account types.
OctaFX offers a variety of account types, including the popular MT4 and cTrader trading platforms. It also has a proprietary mobile app for traders on the go.
Traders can deposit using Visa/Mastercard, bank wire, Skrill, and Neteller. Funds can be deposited within 1-3 hours of the request being made, and withdrawals are processed within a few hours.
The broker’s platform is easy to use and supports Android and iOS devices. The branded OctaFX app provides complete account management, live deposits and withdrawals, copy trading, and much more.
Traders can open an account in just a few clicks. Once they have completed their KYC verification process they can begin trading immediately. The broker also offers a free demo account for new traders.
It offers excellent customer service.
The customer support team at OctaFX is available around the clock via live chat, phone, email, and WhatsApp. They have a reputation for fast and efficient service, which has helped them achieve 96% satisfaction ratings.
It is also easy to open an account with OctaFX, and there are no hidden fees when making deposits or withdrawals. Additionally, they offer negative balance protection.
They also offer a range of features to help you make more informed decisions about the market, including platform tutorials, webinars, and educational articles. You can also sign up for their free Forex news feed, which offers short briefings on all the latest market-affecting events.
The broker is regulated by CySec and uses segregated funds to protect your money. This is an essential requirement as it means that if anything happened to the company your funds would be safe.