August 7, 2020

OctaFX Review 2020 – Is OctaFX Scam or Legit?

octafx review

Regulators: –

Cryptocurrencies: YES

Minimum Deposit:$100

Maximum Leverage: 1:500

Spreads: Low

My Score: 5.4

Hello guys! I will present one to OctaFX today. OctaFX is really a new this Octa Markets Incorporated Company that’s situated in 2011.

According to this data I obtained from the Site of the broker, Octa Markets Incorporated (OctaFX) relies in Suite 305,” Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.

The broker’s internet site, octafx.com, has almost 300,000 visitors a month. The people come in Pakistan, Malaysia, and India mostly.

In this OctaFX review, it is possible to locate the answers for the next questions: Is OctaFX scam or not? what are the accounts types supplied by this broker? How good will be the trading requirements such as spreads, minimum leverage and deposit? Can it be OctaFX regulated?

Let’s begin with the regulation department, that’s the most crucial issue from the Forex industry.

Regulation of OctaFX

I have said the law has become the most crucial issue because regrettably, forex scams and fraud are all normal in the business.

The broker was approved and regulated by the UK’s Financial Conduct Authority (FCA) until lately. The FCA is among the very reputable labs globally.

That is, FCA demands some strict rules which representatives must stick to in order to acquire the license. As an example, the brokers must hold slightly 730,000 concrete stocks to proof that their financial equilibrium.

In addition they must maintain client funds have to be kept in segregated accounts different from the provider ‘s usable capital.

Except for the various strict conditions for authorized entities, the economic regulator within the UK in addition gives a payment scheme.

The Financial Services Compensation Scheme (FSCS) supplies a maximum reimbursement cap of 50,000 per person in case of bankruptcy.

octafx law

However, OctaFX lost its FCA permit in 20 17. We can express that the broker is a licensed forex broker.

Account Types and Spreads

There are just three account types Provided by OctaFX. All these are Micro, Pro, and ECN accounts types.

The Micro accounts are acceptable for newcomer trade and smaller investments. There’s not any commission, so you can find just two spread options like floating beginning with 0.4 pips and also mended beginning two pips. The deposit is 100 USD with this particular account type.

The Pro accounts are suggested for experienced traders that would like to trade the lowest spreads and less trading expenses. The spreads are drifting and starting out of 0.2 pips. There’s not any commission and the minimum deposit is 500 USD.

The previous consideration type is ECN plus it’s encouraged for innovative traders that desire to have more transparency in pricing. The spreads are still floating, starting at 0% however there’s the commission. The minimum deposit to get this account type is 100 USD.

The best leverage for Micro accounts is 1:500, for Pro accounts 1:200, also for ECN accounts is 1:500.

There are likewise swap-free (Islamic accounts ) and demonstration accounts.

Trading Platforms

There are just three trading platforms that incorporate the very popular trading platform MetaTrader 4 along with its own fresh variant MetaTrader 5.

In addition to these, there’s also cTrader which of their innovative forex chart-rich and flexible platforms.

MetaTrader 4 remains very widely used as it’s exceptional capabilities. It has charting programs, store signs, broadcasts and EAs, higher-level risk management, realtime store implementation and much more.

MetaTrader 5, or even MT5, is a nextgen multi-asset trading platform that’ll replace MT4 from the very close to future. Its own back-testing works aren’t just faster than people of MT4, however, in addition, it allows simultaneous multi-pair testing.

MetaTrader 5 (MT5), offering significantly more than MT4 does, additionally includes trading and features broadcasts which is far better than other online trading platforms available now.

cTrader is a detailed and powerful trading platform, designed particularly for Forex and CFD trading.

All trading programs is obtained as an internet application that’s appropriate for Windows, Linux, along with Mac-OS. They all also is retrieved from a tablet or smartphone computer, whether or not it runs iOS or even Android.

Trading Instruments

As a client of OctaFX you are able to trade on 28 money pairs 4 alloys two energies 10 indices 3 cryptocurrencies.

With OctaFX offering CFDs alongside different tools, you may benefit from the 10 most well-known indices, including Dow Jones, NASDAQ, Nikkei and Eurostoxx 50.

Cryptocurrencies can also be on the MetaTrader 4 and also MetaTrader 5 programs. OctaFX supports trading in Bitcoin, Ethereum and Litecoin.

There are likewise products such as metals including silver, gold, platinum and aluminum, in addition to crude petroleum, propane and alternative resources.

Payment Methods

You are able to fund your accounts via bank wire transfer, credit/debit cards, and Bitcoin, and Neteller. I believe that the withdrawal and deposit options is limited.

The broker asserts that it charges no commission and also utilizes the most useful exchange rates to both deposits and withdrawals.

There should become many more techniques, that really is still another large disadvantage with this particular broker.

Conclusion

Octa FX is a Forex and CFD broker Who’s no more licensed by FCA. It gives various trading platforms involve MT4&trading and 5 tools.

The trading requirements are somewhat competitive however there isn’t any selection of trading platforms. You have to use just one .

If you didn’t want to trade with this broker you can check my top forex brokers list and find a better one. Of course, you will find better ones.

OctaFX

5.4

Trust

4.0/10

Commissions and charges

5.0/10

Customer Service

7.0/10

Platform & Tools

6.0/10

Product Portfolio

5.0/10

Pros

  • MT4 & MT5 endorsed
  • Tight spreads
  • STP/ECN execute

Cons

  • No more controlled by FCA
  • Payment approaches are somewhat restricted
  • No Selection of trading platforms