OctaFX Review: Along with its social copy-trading platform, OctaFX provides a straightforward, inexpensive MetaTrader platform experience. It has made significant progress in terms of the price choices available to traders but struggles with a small selection of tradeable products and a dearth of variety in its teaching materials. Additionally, OctaFX only has a legal license.
OctaFX Trading Scores & Ratings
- Overall Score – 3/5
- Trust Score – 67
- Investment Offers – 3/5
- Commissions & Fees – 4/5
- Tools & Trading Interface – 4/5
- Trading Apps – 4/5
- Education – 3/5
OctaFX has an overall Approval Rate of 67 out of 99, which is regarded as high-risk. OctaFX does not run a bank and is not a publicly listed company. Zero tier-1 regulators (strong trust), one tier-2 regulator (medium trust), and no tier-3 regulators have authorized OctaFX (low trust).
OctaFX Review: OctaFX has top features which we will discuss in this section, and also these top features consist of 5 interesting content on the platform. read on below to find out.
- Account Types
- A Cryptocurrency-Friendly Interface.
- Highly Competitive Spreads
- Follow Top Notch Traders
- Ample Market Resources.
Take advantage of three account options supported by Metatrader 4, Metatrader 5, and cTrader, each of which is tailored to distinct trader types and levels of expertise. The variety of accounts and platforms available further enhances OctaFX’s distinctiveness.
A Cryptocurrency-Friendly Interface
Customers of OctaFX can begin buying and selling cryptocurrency pairs for as little as $100 and leverage of up to 1:25, thanks to the company’s acceptance of cryptocurrencies as a funding mechanism and the trading features it provides brokers for Bitcoin, Ethereum, Ripple, and 27 additional digital currencies.
Highly Competitive Spreads
Experience trading a variety of currency pairings, including valuable metals, at a low cost per transaction with market performance in less than 0.1 seconds.
Follow Top Notch Traders
A trader only needs to sign in, choose a successful trader to copy, and hit a button to copy their approach because copy trading assistance is accessible on all types of accounts.
Ample Market Resources
Alongside trading signals, charting tools, up-to-date investing articles, and webinars, the website offers complete tools for investor education.
OctaFX Review – Platform’s Overview
The company’s Jurisdiction has been accepted in over 185 countries globally. They offer assets of major sorts, which include currency pairs (live quotes) CFDs, Cryptocurrency, Commodities, and Stock.
On OctaFX, as a user on the platform, you can access about three trading platforms officially, these platforms are MetaTrader 4, MetaTrader 5, and cTrader.
Moreover, the OctaFX also has a trading mobile app that is compatible with iOS and Android devices, you will find out more about the app as you read below.
On OctaFX you can find different payment methods on the platform, and these payment methods include –
OctaFX Review – The Company’s Overview
The Caribbean state of St. Vincent and the Grenadines is where OctaFX is situated. The nation’s regulatory agencies regulate the company’s website (OctaFX.com). CySec controls the OctaFX.eu website’s governance.
OctaFX is accessible to people from more than 180 countries, in contrast to certain trading platforms that effectively restrict foreigners from accessing their services.
The name of your country will probably be included on the break menu used to register an account. Please take note that registration with OctaFX is unfortunately not authorized for US users.
OctaFX does not charge commissions or fixed fees; instead, it makes money by charging a spread on many risky assets it provides.
The rates on currencies and other assets are highly competitive with this ECN/STP broker setup and are comparable to several online trading platforms.
The MT4 account has exchanges and Exchange Free Commission, however, the MT5 account does not. Besides trading fees, OctaFX excels in the lack of charges for its quick cash transactions.
OctaFX Review – Mobile Trading
OctaFX is essentially a MetaTrader broker, providing the platforms from MetaQuotes Software Corporation, including MetaTrader 4 (MT4) and MetaTrader 5. (MT5).
Based on Copy trading, with its MetaTrader 4 (MT4) platform, OctaFX provides a web interface for copy trading (suppliers are referred to as Masters).
Although it does have room for improvement, OctaFX’s copy trading product has expanded, and We felt that it justifies participation with the finest copy trading brokers.
2,432 systems, – approximately 39% of all accessible systems on OctaFX’s Copytrading software, were determined either to break even or increase profits in the past 3 months.
OctaFX Mobile Trading Features
- Virtual Trading (Demo)
- Proprietary Platform
- Desktop Platform (Windows)
- Web Platform
- Social Trading/Copy Trading
- MetaTrader 4 (MT4)
- MetaTrader 5 (MT5)
- Charting – Indicators/Studies (Total) score – 51
- Drawing Tools score – 31
- Trades from Chart
- Watchlist – Total Fields score – 7
- Order Type – Market
OctaFX Trading Apps
OctaFX Review: Even though OctaFX does have its own public copy trading program (the OctaFX Copytrading app), it still lags behind industry giants like IG & Saxo Bank.
The iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps can both be accessible from App Store And Google Play Play store, accordingly, because OctaFX is a MetaTrader-only trader.
Due to geolocational constraints, we discovered on Google Play, We were unable to download or test OctaFX’s exclusive OctaFX Copytrading software for communal copy trading.
OctaFX Trading Apps Features
- Has an Android App
- Has an Apple iOS App
- Alerts on Basic Fields
- Watch List
- Indicators & Studies on Chart
- Draw Trendlines on Chart
- Multiple Timeframes on Chart
- Drawing Autosave on Chart
- Forex Calendar
OctaFX Review – Company’s Pros & Cons, Find out!
OctaFX is an emerging broker with over ten years of experience. OctaFX has been able to increase its offerings because of its expansion. Increasing the number of regulating licenses in tier-1 jurisdictions will increase client engagement. See the pros & cons of OctaFX in the next section below.
OctaFX – Pros
- OctaFX, which was established in 2011 and is only licensed in one tier-2 country (Cyprus), is a high-risk trader for forex and CFDs trading.
- They maintain an expanding collection of organized research that includes trade ideas, daily updates, weekly predictions, and information from outside sources.
- A brand-new, exclusive solution for social copy-trading is provided by OctaFX.
OctaFX – Cons
- Users are not provided with any legal safety when they use the broker’s unregulated offshore company in Saint Vincent and the Grenadines (SVG) to conduct business.
- Although OctaFX purports to provide reasonable trading prices, its displayed spreads are associated with a small number of just over 50 exchangeable symbols and lack accompanying period ranges.
- When it comes to things like education, OctaFX finds it difficult to compete with the top multi-asset traders.
- The OctaFX software is no longer compatible with cTrader.
In conclusion, OctaFX can be used for trading your assets, you can trust them with your trades. For further information on OctaFX try out their official website and their features on the platform. Meanwhile, for more updates on Crypto brokers, stay with us at StartEasyCrypto.com, and please don’t forget to share.