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Review: Is OctaFX an exceptional broker? I doubt it. But should you?

Review: This broker provides an entry-level, low-cost MetaTrader platform in addition to its social copy-trading platform.

Review: OctaFX was founded in 2011 and is a subsidiary of a worldwide network of companies that includes Octa Markets Incorporated (headquartered in Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd. (based in Cyprus).

Review: It has made significant progress in terms of pricing alternatives for traders, but suffers from a restricted selection of tradeable products and a dearth of instructional material diversity.

Review: OctaFX is a rapidly growing broker that has been in business for almost a decade.

 

Visit OctaFX Website

 

It has been able to increase its product and service offerings as a result of its expansion. Increasing regulatory licencing in tier-1 countries would be a positive step toward increasing client confidence.

OctaFX is largely regulated in Europe through its Cyprus-based subsidiary, Octa Markets Cyprus Ltd, which is regulated by the Cyprus Securities and Exchange Commission (CySEC).

Your account may be qualified for some CySEC safeguards - for example, in the unlikely case of Octa Markets Cyprus Ltd.'s bankruptcy, you will be covered by the Investor Compensation Fund up to 20,000 euros (ICF).

Review: Minimum deposits at OctaFX vary by country of residency and payment method used. They range from as little as $25 (USD) when using Visa/Mastercard, to 50 euros (EUR) when using Skrill/Neteller, and up to 500,000 Indian rupees when using Skrill/Neteller (INR).

OctaFX accepts more than 50 different payment methods, including Visa, Neteller, Fasapay, and bitcoin, in addition to a wide selection of domestic bank transfers.

Review: Important facts to note down regarding OctaFX

 

OctaFX provides a total of less than 50 trading products. By contrast, market leaders Saxo Bank, IG, and CMC Markets all provide more than 10,000 trading products.

Cryptocurrency trading is possible at OctaFX through CFDs, but not directly via the underlying asset (e.g. buying Bitcoin).

Review: As of this date OctaFX offers Forex Trading, CFD Trading, 52 Tradeable Symbols, 28 Forex Pairs, Non-CFD US Stock Trading, Non-CFD International Stock Trading, Social Trading / Copy Trading, Cryptocurrency Trading (CFD) in India.

OctaFX has always battled with price, but has really improved in this area and is currently catching up to the lowest-cost MetaTrader brokers.

Any commissions or fees you pay at OctaFX will vary depending on the account type you choose and the OctaFX entity that regulates your account.

While OctaFX does offer a proprietary social copy trading software (the OctaFX Copytrading app), it lags behind industry giants like eToro.

Review: Due to the fact that OctaFX is a MetaTrader-only broker, iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms are included and may be downloaded from the Apple App Store and Google Play Store, respectively.

OctaFX also provides its own Copytrading software for social copy trading - which I was unable to install or test owing to Google Play's geolocational limitations.

Review: The OctaFX app includes the following features: Android App, Apple iOS App, Trading Alerts, Asset Watch List, Asset Watch List Syncing, Charting - Indicators / Studies, Charting - Draw Trendlines, Charting - Trendlines Moveable, Charting - Multiple Time Frames, Charting - Drawings Autosave, and Forex Calendar.

Top 10 Google Play Reviews about OctaFX App

OctaFX markets updates its Google Play and iOS apps on a regular basis.

It presently has over 117,000 legitimate reviews on Google Play alone.

Over ten million Android users have downloaded their app.

Here is a sampling of the top ten reviews on Google Play for OctaFX:

Top 10 OctaFX App Trustpilot Reviews

Additionally, OctaFX has a plethora of reviews on sites such as TrustPilot.

OctaFX has claimed their profile on Trustpilot and is requesting feedback - positive or negative, pays for enhanced features and 92 percent of their unfavourable reviews were addressed.

OctaFX is mainly a MetaTrader broker, providing the MetaQuotes Software Corporation's MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms (MT5).

Review: Their market research is well-organized and contains a diverse range of topics. Rather of focusing only on a single form of material. OctaFX's research material is comparable to that of an average broker, it lacks the depth of information supplied by the top brokers in this area.

Review: Their website has a dedicated forex education area with around twenty articles for novices. OctaFX's YouTube account has archived webinars in addition to its 11-part Forex Basic Course video series.

Review: OctaFX provides the whole MetaTrader suite, however with a rather restricted selection of tradeable products. There is no doubt that if OctaFX wishes to compete with the finest MetaTrader brokers, it must increase its product offering, as well as its research and education.

While OctaFX has been awarded regulatory status in Cyprus, the absence of further credible licences significantly reduces its overall reliability.

Acquiring regulatory compliance in more countries particularly tier-1 jurisdictions will contribute significantly to creating confidence with current and new customers.

ForexBrokers.co.in fully endorses OctaFX.

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Written by Swarna Shrivastav

Swarna ShrivastavI'm an investment banker. But I also write for, and fact-check articles published by ForexBrokers.co.in. Full Bio.

 

 

 


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