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OctaFX India Review & Opinions: Is it Reliable and Safe in 2023?

3.7 / 5

OctaFX is an international broker with a wide range of trading instruments. Moreover, this platform is regulated by multiple international regulating bodies and has achieved numerous recognitions and awards from different bodies. Swap-free trading, tight spread, negative balance protection, and lowest slippage made this broker attractive to traders.

General Information

OctaFX started its business in 2011, and since then, more than 6 million trading accounts have been opened by this broker. Its swap-free trading account gathered traders from more than 100 countries including India. Although the regulating method of this broker is not very strong, it achieved investors’ attention from its deposit bonus and social trading platform. Moreover, MetaTrader 4 and MetaTrader 5 platforms allow investors to trade within a user-friendly platform. These platforms are available for free on windows, android, and iOS-based devices. In addition, the Octa Social trading app is also available for free, where traders can see the detailed insight of trading masters so that they can easily follow them.

OctaFX shows apparent attention to learning by providing many learning tools, including trading articles, videos, webinars, market insights, Autocrartist signals, and many more. This platform is also flexible in providing an excellent reward to its affiliates and IB holders.

Advantages and Disadvantages

Funds Security: OctaFX uses segregated accounts to keep clients’ funds separate from brokers’ own funds. As a result, clients’ funds remain untouched by the broker. On the other hand, clients’ personal information is secured with 128-bit encryption that keeps traders’ personal information safe and untouched.

Trading Platforms: OctaFX offers MetaTrader 4 and MetaTrader 5 platforms where traders can enjoy the full feature of trading with a lot of built-in and custom indicators, trading tools, Expert Advisors, and other MQL services. OctaFX apps are also available on both iOS and Android devices.

Wide Range of Trading Assets: OctaFX offers trading 32 forex pairs, up to 10 indices, commodities and cryptocurrencies. Therefore, the possibility of extending the trading portfolio is possible with this broker.

Auto Chartist Signals: OctaFX provides Autochartist signals free for all OctaFX clients. This signal is available for both MT4 and MT5 platforms, based on OctaFX quotes.

OctaFX Regulation: OctaFX has one tier-2 regulation from Cyprus, making it a risky broker in CFDs trading.

Trading Conditions

OctaFX trading conditions are very flexible for all types of traders. For example, it allows trading 32 forex pairs with the maximum leverage of 1:500. Moreover, the execution speed is fast, and there is no swap-free. Besides forex, investors can trade CFDs on commodities, indices and cryptocurrencies with the maximum leverage of 1:50.

OctaFX opened earning opportunities for non-trading investors through its social trading app. Besides, successful traders can boost their profitability by offering to follow their trades and earn commissions. The trading apps environment is good where it is easy to identify the performance of each trading master.

Underlying Assets

OctaFX provides trading opportunities on more than 50 trading instruments under CFDs trading. With no requote and hidden fees, people can trade almost 32 currency pairs with 1:500 leverage. The spread of Currency pairs is competitive than other brokers. Up to 10 indices trading is available with 1:50 leverage. Moreover, people can trade Gold, Silver and Crude Oil besides the 5 top cryptocurrencies.

Trading Platform

OctaFX provides trading opportunities through its MT4 and MT5 platforms. These platforms are available on iOS, Android, Windows and any web-based device. In addition, there are a lot of built-in indicators and trading tools in these platforms with in-build Autochartist signals.

MetaTrader 4 is famous for its simple and user-friendly platform, whereas the MT5 is the advanced version. Moreover, the OctaFX media support auto trading and expert advisors with no restrictions. Therefore, you can use or write your own EAs through the MQL4 or MQL5 languages and implement it in this broker with no limitation.

Mobile Trading

Users can operate all trading activities through the OctaFX mobile app. The MT4 and MT5 apps include all types of trading execution with built-in indicators. Besides, advanced trading tools like Fibonaccis, Gann, Trendlines, etc., that are easy to implement at any android and iOS-based device.

OctaFX social trading app is also easy to follow where finding the list of traders with statistics is visible. In addition, traders can transfer between accounts, deposit, withdraw and operate other trading requirements through the OctaFX Social Trading App.

Demo Account

OctaFX provides testing the performance and practicing with the real market scenario with the OctaFX free demo account. In addition, beginner traders can get unlimited virtual currencies and trade all available instruments. This feature is suitable for traders who want to explore the trading instruments and environment of OctaFX before moving with real money.

Account Types

OctaFX simplified trading account types into two categories- OctaFX MT5 and OctaFX MT4.

OctaFX MT4 account is suitable for habitual traders where trading opportunities start from 0.6 pips of floating spread. Furthermore, this account type does not involve any commission or overnight fees. Therefore, traders can begin buying and selling currency pairs with just a $100 deposit through this trading account. Moreover, this account supports the full features of MT4, including custom indicators and expert advisors.

OctaFX MT5 account is suitable for advanced traders on the MetaTrader 5 platform. This account type supports higher numbers of trading assets and facilities than the MT4 account type. In addition, besides floating spread starting from 0.6 pips, this account type does not require additional fees like swap, commission or other hidden charges.

Opening an Account

Click on Open Account from the OctaFX homepage on the top-right corner to open an account. As soon as you click, a pop-up box will appear where you have to input your name, email address, phone number, etc. besides, you can open the trading account using your details from Google, Facebook and Apple.

After filling in your information, you will receive an email from the broker. Once you confirm the email, you will be ready to use the OctaFX dashboard. Now, you are prepared to invest money and start trading immediately. First, however, the account opening completes the KYC requirement. Next, you have to submit documents to verify your identity and address. For identity verification, traders can use a National ID Card or driving license, while the address verification document should include the address.

Funds Withdrawal

OctaFX is very flexible in deposit and withdrawal. More than eight deposit methods include MasterCard, Skrill, Neteller, Perfect Money, and cryptocurrencies. There are no charges associated with the deposit and withdrawal.

When you log in to your OctaFX account using your email address and password, you will see the dashboard on the right side. Your investment will remain under the wallet section, including deposit and withdrawal options. After clicking withdraw, you have to input the amount and withdrawal method. Make sure that the broker is required to follow the same withdrawal method of the deposit, and the withdrawal account’s name should be the same as the account owner’s name. The withdrawal time depends on the technique, but all processes are done within 24 hours in most cases.

Trader Training

OctaFX provides a wide range of educational materials through its “Analysis and Education” section. It includes webinars, articles, video courses and market analysis. Moreover, traders can see the live market analysis and signals from the autochartist function integrated into the MT4 and MT5 platforms. Besides, OctaFX has a built-in economic calendar where you can see current and upcoming news and economic events.

Should I Trade with OctaFX?

OctaFX has a wide range of trading instruments from forex, indices, metals, and cryptocurrencies. These trading facilities are available at a lower cost, which is possible due to its flexibility in the regulation. Although this broker is not well regulated, it has a strong report on TrustPilot with a 4.6 points stars out of 5.0 based on 1900 reviews. Besides trading, investors can join this platform by allowing them to manage their funds through the OctaFX Social Trading platform. However, before investing real money in this broker, traders are recommended to check all services from the demo account and do extensive research.

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