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OctaFX Review: Platform, Regulation, Deposit and Withdrawal

OctaFX Review: Is scam or good forex broker?

RATING: 4.9 / 2 REVIEWS ForexBrokerz OctaFX
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Trading Accounts and Conditions


Trading account  Recommended deposit Max. leverage*  Spread (+ commission)  Platform
Conservative Trader  €100 1:30 0.5 pips MT5
Progressive trader  €100 1:30 0.3 pips + $6 /lot  cTrader


*Professional clients may be provided with higher leverage levels..


Forex and CFD broker OctaFX (Cyprus) offers its clients the two account types listed above, as well as a choice of two great platforms. Read the entire review to get informed on all the details regarding this financial services provider.



OctaFX Advantages


Licensed in Europe, many years of experience


Founded in 2011, OctaFX is an international award-winning forex brokerage with good reputation and many years of experience.


Initially an offshore broker, OctaFX had a UK entity, which however voluntarily suspended its FCA license in April 2017. Although the broker considered restructuring its UK business and working with the FCA again, it halted the UK entity development due to the Brexit uncertainty. Obviously, OctaFX decided to relaunch EU operations via a Cypriot company (Octa Markets Cyprus Ltd.), which got licensed by the Cyprus Securities and Exchange Commission (CySEC) in 2018.


The OctaFX group also includes Octa Markets Incorporated, registered in Saint Vincent & the Grenadines, which operates via website. It offers leverage up to 1:500, a choice of three account types, and three trading platforms.


Low trading cost

Overall, OctaFX’ offer seems very attractive un terms of trading costs. The recommended initial deposit is $100, and clients can start trading live with just $50.


Commission on MT5 accounts is included in spread as a markup, with no additional fees applied, and the broker quotes as typical 0.5 pips on EUR/USD. cTrader ECN account holders, on the other hand, get lower spread, and are charged $3 upon opening and closing a position. 


For further information and comparison, you may check out the below link.



>> Real-time spreads of top-rated forex brokers here <<



MT5 and cTrader offered

Octa FX offers its clients a choice of two trading platforms: MetaTrader 5 (MT5) and cTrader. Multi-asset trading platform cTrader is offering pure ECN execution and an array of advanced tools. Fast order entry and execution speeds, direct order entry via charts and Level II pricing are just some of the reasons why many traders today choose cTrader as their go-to platform.


As most MT4’s indicators and EAs are not supported on the MT5 platform, the latter is still in the shadow of its predecessor, the MetaTrader4 (MT4). After a number of enhancements were made to the MT5 in recent years (and the hedging option was finally added to it), it gains popularity among brokers and traders alike.


Free deposits & Withdrawals

Most forex brokers don’t charge client deposits, but we cannot say the same about withdrawals. As a matter of fact, the highest charges are usually on bank wire withdrawals. That is why we consider the fact that bank wire deposits & withdrawals at OctaFX are free of charge as an advantage.



OctaFX Disadvantages


MT4 not supported

Although it offers its clients cTrader and MT5, OctaFX does not support the MetaTrader 4 platform (MT4), which is still the most popular forex trading platform. This, of course, is not a major flaw, as the MT5 and MT4 share a lot of similarities.


Actually, the offshore subsidiary of OctaFX supports the MT4, but if you chose to invest with it, you won’t have all the guarantees that go together with the CySEC license: the negative balance protection, the compensation fund, etc.


Not that many CFDs

Another minor disadvantage of OctaFX is that its offer could have been broader in terms of tradeable assets. The broker’s clients can trade in 28 currency pairs, CFDs on precious metals, energies, and 10 indices.


Actually, most brokers offer more forex pairs and wider range of CFDs, also including stocks and cryptocurrencies like Bitcoin. If you are keen on trading the cryptocurrency markets, we have drawn up a list of some brokers offering Bitcoin CFDs which are reliable and recommended.



>> Trade cryptocurrencies with a regulated forex broker <<





OctaFX is an award-winning forex broker licensed in Cyprus, and therefore also able to operate in the European Union.


Holding a CySEC license means that the brokerage meets a number of requirements, such as: segregation of client accounts, reporting clients’ transaction on a regular basis, maintaining a minimum capital of EUR 730 000, providing negative balance protection, participation in the Investor Compensation Fund (ICF), and more. It also means that the brokerage adheres to all rules introduced on a EU level, including provision of negative balance protection, leverage cap of 1:30, disclosing the percentage of clients who suffer losses, etc.


>> A list of brokers licensed in Cyprus <<



To sum up our review on OctaFX in a few words:


Pros Cons
EU license, many years of experience MT4 not supported
Access to the MT5 and cTrader Not that many CFDs
Low costs of trading  
Free bank wire deposits & withdrawals  


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Traders` reviews for OctaFX
















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Okay for scalpers

I'm a scalper myself, and I just wanted to stress that it's not a problem to use a scalping method with octafx. I deliberately looked through their customer agreement to check and eys, they do welcome scalpers.

paul 11/25/2015
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