Established in 2011 and located in London, OctaFx is a forex broker that renders its services to users worldwide. This review will focus on its regulations, trading instruments, deposit & withdrawal methods, online trading fees, spreads, leverage and how to open an account. It will also explore the investment safety measures provided by the broker.
Established in 2011 and located in London, OctaFx is a forex broker that renders its services to users worldwide. This review will focus on its regulations, trading instruments, deposit & withdrawal methods, online trading fees, spreads, leverage and how to open an account. It will also explore the investment safety measures provided by the broker.
OctaFx is a multi-asset broker established in 2011, and headquartered in St. Vincent and Grenadines. With their trading servers located in London and other servers and data centers spread out across Europe and Asia. They are regulated by a pair of regulatory bodies, and serve over 10 million users in more than 150 countries. The broker allows its users to access 230 trading instruments, inclusive of: 33+ currency pairs, 10+ indices, 4+ Commodities and 28+ crypto CFDs. However, these instruments vary according to account type.
Asides demo accounts, OctaFx facilitates three (3) account types, namely: traditional trader accounts (MT4 accounts), innovative trader account (MT5 accounts) and islamic accounts. It facilitates these accounts on three (3) trading platforms: Octatrader, MT4, and MT5. On a fourth interface: cTrader, it facilitates ECN trading. Account opening with OctaFx is a straightforward process. For demo accounts, no verification is required but for the other account types, account verification and a minimum deposit of $50 is necessary to complete the account creation process.
The company currently has a proprietary trading platform known as OctaTrader. In addition, clients can trade through MetaTrader 4 and 5. They can also, on these trading platforms (Octatrader, MT4 and MT5), access lots of extra technical tools and indicators specific to OctaFx alone, which is required for a purposeful and pleasant trading experience. Aside from clients being able to access these trading platforms on the web and desktop, these trading platforms are also accessible through apps developed for Android and iOS-based mobile phones, making it easier to execute trades even without a computer. Furthermore, OctaFx has an easy-to-use app which is also available on Android and IOS devices. This app allows users to enjoy a smooth trading experience and keep track of executed orders from anywhere. Be it at home, office or even on a vacation.
Account owners can employ multiple payment options such as Debit cards, Credit cards, instant bank transfers, Skrill, Neteller and cryptocurrencies such as: bitcoin, litecoin, dogecoin and tether to either deposit or withdraw funds. Apart from its margin call/stop out level of 25%/15%, the broker exerts no commission on deposits, withdrawals and even currency exchange. It has a starting spread of 0.6pips.
OctaFx avails users certain privileges like: hedging, scalping and even expert advisors to help out when needed. It also offers brilliant educational resources and materials that help clients acquire and apply trading skills. Multiple trading time frames and a multilingual user interface are available on its MT4 and MT5 accounts. In addition is a detailed FAQs section, readily available to help clients look for answers to their questions on a self-help basis as well as round the clock customer support that can be easily contacted by calls or texts.
The company takes client’s funds security to the next level. They employ various security measures to keep client’s funds secure. Some of these measures include: segregated accounts, SSL-protected personal area, advanced protection, secure withdrawal rules, account verification and 3D Secure Visa/Mastercard authorisation amidst others
Fast Trade Execution
Multiple Payment Options
Negative balance protection
Customized Account Types
Swap-free Islamic Accounts
Educational and Research Resources
Limited Trading Instruments
Doesn’t Accept US Clients
Doesn’t offer CFDs on shares.
Regarding regulations, OctaFx has two entities and these entities are regulated by two bodies. These entities are:
Octa Markets Cyprus Ltd: This is the European entity of OctaFx. The broker is registered in Cyprus and is authorized and regulated by the top-tier regulation body: Cyprus Securities and Exchange Commission (CySEC).
CySEC License number 372/18
Registration Number: HE359992
Octa Markets Inc: Located at suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines and registered in St. Vincent and the Grenadines. This is the offshore entity of OctaFx. It is authorized and regulated by the body: St. Vincent & the Grenadines Financial Services Authority (FSA).
FSA registration number: 19776 IBC 2011.
At the moment, OctaFx has more than 10 million clients worldwide; inclusive of Europe and America. However, the broker is more popular in the Asian-Pacific region, in countries such as: Indonesia, Pakistan and Malaysia. Currently, it has spread its wings to Africa, supporting clients from Nigeria. Sadly, it is not open to citizens of the USA.
OctaFx offers 230+ trading instruments on OctaTrader. Inclusive of these instruments are various financial markets such as: forex pairs, cryptocurrencies, commodities and indices. Below is a review of these assets.
The broker claims to have cryptocurrency CFDs now tradable on OctaTrader. 28+ cryptocurrency CFDs are available for trading, which include Bitcoin, Litecoin, Ripple, Dogecoin, Ethereum, and many others. Clients are poised to trade cryptocurrency pairs with account sizes of $100 and enjoy up to 1:25 in leverage.
This broker offers its users access to 120+ stocks from 16 exchanges. They include stocks of Apple, Tesla, Amazon, etc. Stocks of other major companies in the U.S., U.K., Europe, Japan, Singapore and Australia are available to users to choose from. However, stocks can only be traded on the MT5 account type.
Defined as tradable physical assets. Commodities are physical elements such as metals, oil and natural resources. They include: gold, silver, copper, crude oil and other resources. Commodities help clients safeguard their equity from inflation. It also helps to further diversify and stabilize their portfolio. Commodities tradable at OctaFx are: Gold, Silver, United States Natural Gas, Brent Crude Oil and West Texas Intermediate crude oil.
Offering 10+ market indices, OctaFx Index trading tries to set up clients for a new experience with an exposure to a broader market. Clients can maximize the opportunity stemming from an availability of popular indices, inclusive of NASDAQ, Nikkei, Euro Stoxx 50 and others. However, OctaFx does not offer stock trading outrightly.
OctaFx offers 33+ forex pairs, inclusive of majors (EUR/USD, GBP/USD, USD/JPY), minors (EUR/GBP, GBP/CAD, AUD/CAD) and other exotic pairs. Clients are allowed to trade their favorites, and at that, with low spreads.
Spread is the difference between a broker’s bid and ask price. The spread for all available currency pairs offered by OctaFx – including major, minor and exotic pairs are listed in the table below.
The term leverage is the ability to have access to added funds – margin – when trading financial instruments. Although increasing your margin could boost your market exposure, it also raises your vulnerability to losses.
OctaFx offers leverage up to 1:500 for currencies (1:100 for ZARJPY), 1:100 for energies, 1:50 for indices, 1:200 for metals, 1:25 for cryptocurrencies and 1:20 for stocks. However, leverage offered to users defer per region of residence. Clients residing in countries like Cyprus (EU) and the UK may only have access to leverage up to 1:30. Below is a tabular overview of some trading instruments, alongside their spread and leverage.
Leverage (Up to)
Major Forex Pairs.
Minor Forex Pairs
Exotic Forex Pairs
Fees & Commissions
Brokers charge for trading (spreads, commissions) and other activities aside from trading, such as fees on deposits/withdrawals, account maintenance and inactivity. These charges, known as fees and commissions, differ according to brokers. OctaFx fees and commission structure meets the average industry norms. Here is a quick review of the fees and commissions you may incur while trading with OctaFx
Trading fees are charges incurred during trading. They are fees necessary for trading, which users must pay before or during trading.
The broker claims to offer competitive spreads as compared to other forex brokers. OctaFx boasts of a spread floating, starting from as low as 0.6pips. Although, the broker’s spreads keep changing throughout the day. Depending on the market’s volatility, clients can expect to pay a minimum spread of 0.6 pips on trading pairs like EUR/USD and GBP/USD. Commodities like Gold and Silver are on the other hand, tradable on spot for a minimum spread of 1.9 pips and 2.0 pips respectively.
0% commission: OctaFx exerts no commission on deposits, withdrawals and even currency exchange. OctaTrader, MT4, and MT5 commissions are included in their spreads as markup.
Rollover fees/Swap Rates
Coming to leveraged overnight holdings, the broker charges no swaps. Users pay nothing for holding positions overnight.
Non-trading fees are charges incurred outside trading. They are fees that are not trading related.
Deposit and Withdrawal Fee
According to the OctaFx website, the broker does not charge any fee on deposits and withdrawal. They also cover the deposit and withdrawal fees that third parties (like Skrill, Neteller and others) may apply. However, with deposits using bank cards, your card issuer may charge some fee for processing the transactions.
Currency Conversion Fee
This broker charges no fees on currency conversion during deposits and withdrawals. However, with deposits in currencies other than the USD, the payment provider on conversion of the funds to dollars using their internal exchange rate may charge additional fees.
This broker charges no inactivity fee. However, on a review that an account has been inactive for long it gets deactivated. Various account types on the 3 platforms have different deactivation dates as stated below.
MT4 demo: 8 day
MT5 demo: 30 days
OctaTrader demo: unlimited
MT4 real: 30 days
MT5 real: 14 days
OctaTrader live: unlimited
The broker has its proprietary trading platform known as OctaTrader, which operates on web and mobile versions. The mobile version is available on android and iOS devices. In addition to this, OctaFx offers full suite and usage of MetaTrader 4 and MetaTrader 5 platforms to traders. MT4 and MT5 are the gold standards when it concerns automated trading solutions. To access the full range of the broker’s offerings and functionality, clients can use any of the 3 trading platforms that are available as apps for mobile and on the web. Both iOS and Android versions of the trading platforms are also available for on-the-go traders. Here is a deeper review of these platforms below.
Desktop Trading Platform
The desktop trading platform of OctaFx, OctaTrader, comes with loads of features. These features include: a sleek and intuitive design, user friendly interface, market data and standard charting tools. In addition to standard charting tools and market data. The OctaTrader provides indicators and pattern recognition tools, and allows for in depth technical analysis. Users can also apply various techniques and trading strategies on the desktop platform.
The design of OctaTrader is quite sleek and modern. With a fine landing page, users are allowed to edit profiles, manage account settings and process withdrawals.
The trading interface of OctaTrader is quite unique, it presents users with extended functionality. It combines market data with charting, so customers can see live prices of instruments even as they perform live analysis.
OctaTrader offers a fine array of charting tools to allow for a smooth desktop trading experience. From trend lines, to crosshairs, to zoom tools, they offer a broad range for trading optimization.
How to Open an Account and Trade on OctaFx Desktop Trading Platform?
The broker’s account opening process is straightforward. No verification is required for demo accounts. However, for live account types, clients must complete the KYC process before initiating positions or withdrawals. Below is the step-by-step guideline of registering with the broker via desktop.
Visit the broker’s official website, octafx.com, and click on the “open account” option, visible on the homepage.
On the pop up bar that appears, input your first name, last name, email and password. Confirm that you are not a U.S citizen, then click the open account option. In alternative, you can sign up using your google account.
Click the link sent to your email address to verify your email address.
Continue your account creation process by providing more of your personal details: your country, phone number and birthday, click yes or no in response to you having trading experience, and click continue.
On the new set of options, click on the custom option to allow you to set up your account to taste. Pick an account type – real or demo, MT4 or MT5 account, and leverage.
After your customization, click on the create account option to complete your account creation process.
On creating your account, you can either return to your dashboard or proceed with depositing. To proceed with deposit, click on the deposit option.
On the deposit page, there are 10 options to make payment into your live account, ranging from Neteller and Skrill, to local banks and cryptocurrency. Select the most suitable option for you and click on select.
Enter the amount you wish to deposit. Do note that the minimum deposit is $50, and authenticate transaction details to complete funds transfers.
After the completion of deposits, you can now begin trading by launching your trading platform. Creation of an account automatically entitles you to account details consisting of server, login and password. These details are sent to your mail. You can access the trading platforms through all mediums, including web, desktop, and mobile.
Find your tradable instrument, configure your trading details —lot size, stop loss and take profit value, then click on the buy or sell button to initiate a position.
Getting verified is a different exercise but is necessary for withdrawal. To get verified, start the verification process from your profile tab on your homepage.
Click on the icon “profile verification” to initiate the verification process.
Complete the verification process by uploading a copy of the supported documents, such as: your ID Card, Passport or Driving license. After a successful upload, click on the submit request button.
Wait for an email confirmation. The broker will tell you when the verification is complete. This usually takes a few minutes but may sometimes take hours.
The custom-built OctaFx mobile trading app features a simple yet functional user interface. The respective app versions are downloadable from the Google Play Store or App Store for Android and iOS-based mobile phones.
Through the mobile app, clients can access multiple financial markets. CFDs on currency pairs, equities, indices, commodities, etc., on the go. Most of the trading tools and indicators offered via the desktop version are readily available on the mobile trading app. We will review some of the trading tools offered on the mobile trading app below.
The trading interface of the mobile app is quite basic, yet it is functional. It is divided into quotes; market data, chart, trade and history. Its charting allows users to do analysis just as with a desktop. Its only limitation to client is its small screen resolution, hence, making deep technical analysis somewhat difficult.
The mobile app offers a wide array of tools and indicators ranging from trends, to oscillators, to volumes and lastly bill Williams. All to allow for concrete trading analysis and implementation.
The Mobile app offers market data; quotes in simple and advanced modes. Users can decide to view prices of their chosen trading instruments in advanced mode, showing its spread and daily highs or in simple mode without the extra information.
How to Open an Account and Trade on OctaFx Mobile App?
Download the broker’s mobile trading app from the Google Play Store or App Store on your mobile devices.
On opening the app, the option: continue with, google, Facebook or email, pops up.
Select the email option.
Input your personal details: first name, last name, email and password. Confirm that you are not a U.S citizen, then click the sign up option.
Check your email inbox and click the link received from the broker to verify your email address.
Continue your application by clicking the blue highlighted button “confirm”.
Provide your details: your name, date of birth and citizenship. Then proceed.
Select account type: Select MT4 or MT5.
Next, select “configure” to modify your chosen account type, selecting either real or demo, currency, and preferred leverage.
Click on the “create trading account” option to finish the creation process.
After the completion of the account creation, you can either return to your dashboard or proceed with depositing.
On clicking “deposit”, you are presented with 10 payment options.
Select your preferred payment method, such as Debit Card, Credit Card, Skrill, bank transfer etc.
Input the desired deposit amount you wish to add and click on the deposit button.
To begin trading, navigate to the dashboard and click on the “Trade” tab.
Choose your financial instrument.
Set into place your trading preferences and click on the buy or sell button to initiate an order.
To get verified, initiate the account verification process by clicking on the verification status option on your personal section and verify your account.
Complete the verification process by uploading the supporting documents as discussed above, then wait until your account is approved.
Taking the individual needs of clients; both newbies and professionals alike, the broker offers multiple account types to suit these needs. These account types include: MT4, MT5, and islamic accounts. A demo account is also readily available for clients to practice different trading strategies, under live market conditions. Let’s review each of the account types below.
Demo accounts are virtually funded accounts. It allows clients to learn and try multiple risk management strategies without any deposit. The OctaFX Demo Account is essentially a practice account With which users can understand and get familiar with various features of the Forex trading platform before committing real funds. Demo accounts come with a default $5,000 funding on creation. However, clients can choose their preferred virtual balance of the account in order to dictate the pace of their learning process themselves.
The MT4 account, also called traditional account, is an account type used by new and experienced traders alike. It not just offers excellent trading and analytical tools, but is also flexible enough to implement simple, as well as, highly complex trading strategies. The platform supports trading forex pairs, commodities, indices, cryptocurrencies but not stocks. The account is available on both MT4 and MT5 trading platforms, and comes with market execution.
The MT5 account, also called innovative account, is an account type for clients with trading expertise. MetaTrader 5 (MT5) accounts, besides offering much more than MT4 does, also includes more trading functions, technical analysis tools, charting, timeframe options and features that are better and more modern than the MT4 account. Its trading instruments are inclusive of forex, commodities, indices, cryptocurrencies and stocks.
The company offers swap-free Islamic accounts that adheres to the principles of Sharia law, in order to facilitate clients to trade their favorite tradable asset without going against their religious beliefs by undergoing interest-based transactions.
Payment methods refers to the various mediums by which users can credit and withdraw from their accounts. OctaFx offers its users different payment methods to be used either for deposits or withdrawals.
In comparison to other brokerage firms, OctaFx offers limited payment options. 10 options are available for deposit, including: cryptocurrency, bank transfer, bank cards, Skrill and Neteller. The minimum deposit via each payment method is $50. Again the minimum deposit amount may vary per jurisdiction. Supported currencies for deposits include USD, EUR and NGN.
The broker does not accept third-party payments. Deposits made to trading accounts must therefore be made from bank accounts in your name only. In the case of bank transfers, all requests are processed within 1–3 hours during the working time of the broker’s financial department. However, deposits via Skrill, Neteller, Visa, Mastercard and crypto are instant. Below is a tabular review of the various deposit methods and the processing time.
Deposit Processing Time
Credit cards & Debit cards
On OctaFx, customers can withdraw funds from their trading accounts using the same ways they deposited. To withdraw funds, customers’ free margin has to exceed the withdrawal amount, then they have to complete the verification process and get their accounts verified. The broker claims to process all withdrawal requests received within 1-3 hours. Depending on the withdrawal method used, the minimum withdrawal amount is $5. However, customers can withdraw as many times as they wish and withdrawal is free.
How to withdraw Funds from OctaFx
Clients can initiate a withdrawal by logging into their trading accounts and clicking on the withdrawal option, visible on the homepage. After clicking on the withdrawal option, next is the selection of the payment methods, and the amount to be withdrawn to get the withdrawal completed.
OctaFx seems to pay concise attention to clients’ education. The company’s educational library is well maintained and offers rich learning resources that includes webinars, articles, platform tutorial videos and a video course.
The video course provides a sound introduction to forex and forex trading, helping beginner traders to grasp things quickly. While the free webinars allows clients to learn from veteran traders one-on-one, at a scheduled time. For articles, a handful exists bordering a wide range of topics ranging from risk management procedures and trading techniques.
There is also a Trader’s Glossary with precise definitions of common forex terms to help clients become familiar with different trading terminologies.
OctaFx’s customer service is accessible 24 hours, 7 days a week. The broker offers a comprehensive array of frequently asked questions (FAQs) on its website but clients are welcome to contact customer support anytime for more assistance. According to their site, their customer support department claims to be better than 87.1% of the industry. There are 3 mediums of contacting customer support: call, live chat and emails. Octafx can also be reached on social media channels, such as Facebook, Twitter, Youtube, LinkedIn and Instagram.
What Reddit Users Say About OctaFx
The Reddit community doesn’t seem too excited about OctaFx. Most clients have reservations about the company’s legitimacy. In their review, they claim their European entity being largely unregulated is a red flag. According to a member on Reddit, OctaFX occupies the security commission’s list of platforms to avoid. However, some users have appraised the company, claiming they had good trading experience and fast withdrawal.
What Quora Users Say About OctaFx.
Unlike Reddit, the Quora community quite favors the company. While some people praise the broker wholeheartedly, others say it is no scam but is poorly managed. However, there are a good number of posted reviews of people denouncing the broker for withdrawal problems and bad trading experience.
Trustpilot Users’ Review About OctaFx.
OctaFx holds a good reputation among clients on Trustpilot. 74% of clients give the broker a 5 star rating. It is worthy of note though that while most users have praised the broker for its robust trade execution and excellent customer support, others complained of trade manipulation and withdrawal delay and failures.
With a rating of 4.4 out of 5 after 3.9K+ reviews, the company reputation speaks for itself regarding legitimacy concerns.
ForexPeaceArmy Users’ Review About OctaFx.
OctaFx’s reputation is very unfavorable on ForexPeaceArmy. Most clients with high volume accounts have an adverse opinion about the company. They complain of OctaFx being a scam broker, denying them withdrawals and going on to block their accounts. However, some users praised the system. After 324 reviews, OctaFx holds a rating of 2.997 out of 5 stars on Forexpeacearmy.
Is OctaFx Safe?
Although OctaFx is regulated by just 2 regulatory bodies, it does business in multiple jurisdictions worldwide. It prioritizes its clients’ account safety by keeping clients’ funds in segregated bank accounts. OctaFx employs state-of-the-art technology and advanced security protocols, which includes SSL web encryption and two-step authentication to protect clients’ confidential data.
The broker also asserts its technical environment is constantly monitored and protected by dedicated teams of technical specialists and security. It has management systems that ensure that clients do not lose more than initially invested. If account balances become negative due to Stop-Out, OctaFx compensates the account by adjusting the account balance to zero, ensuring the risk is limited to only deposited funds.
Other Products and Services
Aside from the products and services already discussed in this review, OctaFx offers more. In this section, we are going to be looking at these extra products and services.
The cTrader Platform
The cTrader trading platform is designed specially for electronic communication networks ECNs, and offers direct STP access to currency trading markets. STP (Straight-through processing) is basically done through electronic transfers. It is an automated process requiring no manual intervention. With cTrader, users can trade directly with prominent banks globally. It has no restrictions on Stop/Limit levels and allows users to perform multiple functions like reverse, double or close all positions in one click. cTrader has a desktop version, and is also available in apps for android and iOS.
OctaFx Copy Trading
OctaFX offers an extra feature known as Copy Trading. This feature gives users the opportunity to automatically copy leading traders and learn different trading strategies from them. Clients can, on creating and funding an account, find, follow and copy these leading traders at will.
Other traders’ positions can be copied automatically or modified. With an unrestricted number of traders to copy, clients can create a balanced trading strategy for themselves. To make it easier, OctaFx has a Copy Trading app developed differently from the mobile app. The Copy Trading app is available for Android and iOS devices.
OctaFx Bonus Offer
Bonuses of 10%, 20% or 50% can be claimed on each deposit with OctaFx but there are even bigger bonuses available during holidays and other limited-time events.
There are two ways to claim a bonus. You can:
Manually activate the bonus in your profile after making a deposit. OR
Select the ‘Apply further bonuses automatically’ option in Settings.
Note that you need to have enough funds to sustain your bonuses before you complete them. Users can select the recommended bonus option or pick their preferred bonuses option. Any chosen bonus can be withdrawn after completing its required trading volume. The required volume per bonus is calculated as follows: bonus amount/2 standard lots. If you claim a 50% bonus on a 100 USD deposit, the volume requirement to trade will be 25 standard lots.
OctaFx offers its users great trading experience. The broker also offers wonderful features that are unique to the company alone. In addition to keeping the client’s investments safe and separate from its capital, the broker ensures maximum transparency. The broker works round the clock to fill clients’ orders. However, the company’s offshore entity is not regulated by a tier 1 regulatory body, which offers a less sense of security.
The account opening process of the broker is straightforward and can be continued if accidentally stopped. Clients are, however, not allowed to withdraw from their accounts unless the account is verified. Multiple payment options including credit cards, debit cards, Skrill, Neteller and Bank Transfers, make it convenient for clients to fund their accounts using their preferred payment method.
The social and copy trading experience, hedging, scalping and the option of swap-free accounts are welcoming features offered by OctaFx. Again, the provision of standard demo accounts helps clients learn trading and key trading techniques without fear of loss or risk to real funds. The demo account helps them boost their trading confidence before going live.
Octafx’s low minimum deposit requirements allow everyone to easily trade. Although the minimum varies per jurisdiction, it is relatively a low sum. Coming to assets, the company offers a wide array of tradable assets, allowing clients to pick their favorites and suitable ones for trading. There is also an availability of multiple trading tools and indicators, which serves to enhance clients’ trading experience and help them trade confidently. The company, besides featuring a full fledged FAQs section to help clients find answers to their queries on an immediate basis, offers multilingual customer support 24 hours 7 days a week.
Lastly, low spreads, user customized account types, 0% commissions, fast payouts and a rich educational library are the company’s strong points.
Q & A
Going by customers’ review, OctaFx can be said to be unworthy in light of numerous complaints heralding withdrawals, especially on large size accounts.
The broker’s login process begins with a visit to the official site, octafx.com, on desktop or a click of their app on mobile. To login in, your email, password and captcha verification is needed.
OctaFx was established in 2011.
You can access the broker’s copy trading service by downloading the copytrading app.
The minimum deposit on the broker is $50. Nevertheless, the minimum varies by location, as users from certain countries can begin trading with a lesser deposit.
The broker claims to process withdrawals by cryptocurrency immediately but withdrawals with bank payment could take 1-3 hours depending on the processing bank.
Yes, it offers a proprietary trading platform known as OctaTrader.
The minimum spread users can expect to pay on any trading instrument at any given time is 0.6 pips.
No, the broker does not offer real shares as part of its trading instruments.
Compared to other brokers, OctaFx claims to have low trading fees and charges nothing on deposit and withdrawal.
The broker has an account type customized to help beginners. Again, in addition to copy trading, it offers a wide range of educational materials inclusive of videos and articles which are meant to help beginners find their feat.
Yes, forex is a tradable financial instrument on the broker.
A review of the broker’s trading instruments reveals that users are allowed to trade over 120 stocks. Stocks can only be traded on the MT5 account type though.
Account verification usually takes a few minutes. However, the broker claims verification may require up to 24 hours if the number of pending requests is large or if a verification request was submitted overnight or during the weekend.
To change the leverage on OctaFx, users first have to login to their trading account. On logging in, the primary account section is visible. Set a new leverage by clicking on the leverage ratio in the primary account section, choose preferred new leverage and press the change button to save.
Bitcoin and cryptocurrencies can be traded on OctaFx but not bought outrightly.
Yes, you can use a margin calculator on the broker.
It offers 4 account types: demo, traditional trader (MT4), innovative trader (MT5) and Islamic accounts.
The virtual balance on the OctaFx demo account is $5,000.
The promo codes, according to their customer support, is a unique offer for some new clients. Nevertheless, new users can always use the promo codes of OctaFx affiliates to receive bonuses or chat with the live support on their website to get the promo code. This is only available if the new account is eligible.
It is regulated by just 2 regulatory bodies. However, the offshore entity of the broker is regulated by just a 3rd tier regulatory body. Online reviews have revealed that this isn’t quite significant enough to call the broker well regulated.
Yes, it offers a referral program where users can get to invite friends for incentives. The referral program known as Invite-a-Friend has its commission rate to be 1$ per 1 standard lot.
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