Is OctaFX an honest reliable broker? Do they pay withdrawals on time? Can you trust your money with OctaFX? – FinTech Events Center OctaFX review intends to deliver an honest and unbiased 360 degree outlook about one of the fastest growing Forex brokers in Asia.
We have based our OctaFX review on the following categories:
Regulation: OctaFX regulation
Platform: OctaFX trading platforms
Customer care: OctaFX customer care review
Trading account, spread, deposit and withdrawal methods
OctaFX Company overview
OctaFX , under the brand name of Octa Markets Incorporated, has been operating since 2011. Being one of the largest and fastest growing Forex Brokers in Asia, OctaFX holds FSA Saint Vincent and the Grenadines license, their license number is 19776 IBC. The company has its headquarter in Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines.
OctaFX has been providing Forex and CFD services to the clients in over 100 countries around the world. However, as we commented earlier, the company is most popular in Asia. OctaFX has been well known for their customer-oriented approach which lead to highest level of service standards. Indeed, in July 2017, OctaFX became the first non EU regulated broker to receive the prestigious AtoZ Forex Approval title.
Furthermore, the company has also won many other awards, including Best Trading Conditions 2016 and Best STP Broker Award from FX Report Awards 2016, the Most Transparent Broker 2016 award from European CEO Awards 2016 and Best Forex Broker Europe Award from Forex Awards 2016.
Although, OctaFX is not an EU Forex broker, OctaFX website is up to date with all the GDPR and cyber-security requirements. They also have very fast execution, good list of trading instruments with competitive spreads which we will cover next.
OctaFX trading platform review
OctaFX offers 3 leading platforms:
MT5or Metatrader 5
As a part of the OctaFX trading platform review, we also tested their other trade related services.The company has strong, reliable analytical tools. Naturally, OctaFX trading platforms have mobile and tablet versions , which are provided by Metaquotes and cTrader.
Furthermore, you can do hedging on these platforms and use EAs. Please don’t mix hedging with arbitrage!
OctaFX Account types
OctaFX offers 3 (three) account types for their clients. So,you can choose the one that best corresponds to your trading style.
OctaFX MT4 micro account:
This account is mostly suitable for novice traders. That being said, MT4 micro account has a minimum deposit requirement of 50 USD or Euro. Meanwhile, your maximum leverage with this account type will be 1:500.
Of course, as the name already suggests, this account is available on MT4.
OctaFX MT5 Pro account
OctaFX MT5 Pro Account is an MT5 based trading account. So, if you are one of those traders who wish to take advantage of the benefits of the MetaTrader 5 platform, this might be it!
The MT5 pro account has very low spreads, there is no commission based on trading volume and you would get a wide range of trading instruments.
OctaFX cTrader ECN account
cTrader ECN account type targets Progressive traders. Spreads,with this account type,start from 0 pips, and typically cTRADERS get direct market access and more transparent pricing .
All account types are commission-free and Swap-free options are also available.
OctaFX Trading instruments
OctaFX trading instruments are quite diverse. The company offers wide range of instruments for traders in 3 different trading platforms. These instruments are categorized into the following points:
At OctaFX,you can trade with variable spreads starting at 0.2 pips with zero commission. For those who prefer commission-based trading and knowing their trade costs exactly, there is a cTrader ECN account type. There are different models of swap-free account types. So you can benefit from trading with absolutely no swaps.
Furthermore, they are consistently enhancing their existing instruments.
Bitcoin trading with OctaFX
There is also a possibility of Bitcoin trading with OctaFX . Hence, new instruments including Bitcoin, Ethereum, Litecoin and Ripple are available on MT4 and MT5 platforms, with 1:5 leverage. Bear in mind-since there is leverage involved-these are CFDs only, hence you would be trading, not investing.
If you are new into the Cryptocurrency world, here are some of the cryptocurrency trading benefits :
Considerable leverage (in case of OctaFX)
OctaFX provides a leverage of 1:5, which means you can trade with higher return potential.However, leverage bears extra risk as well.
In just a single month, the price of Bitcoin has increased from $3000 to $4600.
Total market capitalization of these cryptocurrencies has reached a record high – over 140 billion US dollars
Convenient payment system (in case of OctaFX)
Traders can simply and easily withdraw profit in their preferred currency without having to exchange crypto to fiat and transfer it all over the web
OctaFX has a lot to offer. Let’s summarize the trading benefits below:
OctaFX is a customer service oriented broker,where providing best service for the clients is top priority.
Spreads & Execution
OctaFX provides real low spreads and fastest execution to trade in the volatile market situation without any delays.
Deposit & Withdrawal terms
That is right, there is no Commission on deposits and withdrawal at OctaFX.
Traders,with Islamic faith,can get Swap Free trading facilities on the orders held overnight for 2 nights.
Low deposit requirements
Sure, this point could be a double edged sword. However, especially for novice traders, this is one of the OctaFX advantages. You can trade with OctaFX with just $50 deposit and even receive 50% bonus on it.
As per FinTech Events Center OctaFX review, we have also found a few disadvantages of OctaFX .
No US clients
Since the company does not have a US license, they can not accept clients from the US. Sorry, American friends!OctaFX is not for US traders.
Not allowing arbitrage
Arbitrage is a negative ,scam trading style. Hence,OctaFX will cancel those arbitrage orders. This,we noticed,created some angry posts on different forums. Thus, we believe there is room for development for the company on arbitrage management.
Conclusion: Is OctaFX a scam or reliable broker?
OctaFX review has been more positive than negative as per FinTech Events Center analysis.
The company has an impressive customer support team. They have covered three of the most popular trading platforms, offering ECN trading module . As per analysis and feedback from various clients, FinTech Events Center concludes OctaFX as a reliable Forex broker.
However, please don’t just finish here, please make sure to share your bit of review for OctaFX as well.
Bank wire, Credit Card, Fasapay, Local Bank transfers, Neteller, Skrill, UnionPay
Bank wire, Credit Card, Fasapay, Local Bank transfers, Neteller, Skrill, UnionPay
cTrader, MT4 (Metatrader4), MT5 (Metatrader5)
Commission on trades:
VPS Services provided:
Forbidden trading styles
Arbitrage- Arbitrage is forbiden by OctaFX terms and conditions.If you are identified as an Arbitrage trader, your account will be blocked and your profit will be deleted.
Is OctaFX Trustworthy?
Based on our OctaFX review and interaction with existing and previous OctaFX traders, we conclude OctaFX as a reliable Forex broker.
The company is a well known industry player.
OctaFX is regulated by Saint Vincent and Grenadines under the license number of 19776 IBC 2011 and based on our information they are working on getting an EU license as well.
Furthermore, though they don't have a European standard regulation yet,they follow the common EU frameworks and strict regulatory standards. Since 2011, they have been providing CFDs, Forex, Indices, Commodities and Crytpocurrency trading solutions in over 100 countries, with most of their clients staying loyal.
They are so far the only non EU or ASIC regulated Forex Broker being approved by FinTech Events Center.
Finally, FinTechEvents.Center review also concludes that OctaFX is a trustworthy, reliable CFDs and Forex broker. They handle client money seriously, segregating funds, processing withdrawals fast and open for further feedback where they can accommodate.
OctaFX promotions are quite attractive as well. At the time of writing this review, we found three main promotions listed on the broker page.
OctaFX 50% deposit bonus
OctaFX offers 50% deposit bonus on deposits above $50 or any other currency equivalent.The following are some of OctaFX 50% deposit bonus T&Cs:
Deposit bonus can only be credited to a verified account.
Deposit bonuses can only be credited to any MT4 | MT5 account.
The bonus amount is 10% to 50% of each deposit amount.
You can claim 10%, 30% or 50% bonus on EACH deposit you make. However it is not possible to claim 11%, 25%, 47% etc.
No IB commission is paid for bonus funds trading.
The bonus cannot be added to internal transfer deposits and to deposits from contests/promotions, etc., unless stated otherwise.
Deposit bonus shall not be credited in case account free margin is less than your bonus amount.
It is advised to claim a bonus right after your deposit is credited to your trading account.
OctaFX weekly cTrader demo contest
As the name suggests, this contest is for cTrader demo traders. Every week participants are given an opportunity to compete for $400 prize pool while experiencing cTrader platform. Learn more about this contest here.