OctaFX Broker Review 2020

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OctaFX Broker Review 2020
Octa FX

Official Fx Watchdog Verdict: OctaFX comes with high reviews across the masses with an excellent trading platform suitable for international customers.

In this 2020 OctaFX review you will find out that OctaFX is a Forex and CFD broker with the least spreads in the Forex world. When trading with OctaFX, you have the chance to earn over 25% more than when you are trading with some other Forex brokers in the market. Why? that’s because they have spreads that allow their clients to gain maximally from each trade. Besides, they strive to uphold the highest standards for a safe trading environment. Also, OctaFX claims to provide the fairest and very best trading environments. Each year they enhance their standards and conditions in a bid to enable its customers to have a cost-effective trading experience than with any other forex broker in the industry. They support their clients by equipping them with the skills and knowledge they require to trade responsibly and efficiently.

 

Account Types

Octa FX provides three main accounts in addition to a demo. We investigate every one of these accounts and their trading highlights:

 

MT4 Micro Account

The MT4 micro account is a type of trading account that is best suitable for novice traders, who are still trying to find their feet in Forex trading and are only willing to put in small investment.

MetaTrader 4 has floating spreads that start at 0.4 pips and a fixed spread that starts at 2 pips. Furthermore, it has a spread markup and no commission attached. 100 USD deposit is recommended for this particular account, and it is designed to operate on the MetaTrader 4 platform. Further, any customer who opens this account can access leverage of up to 1:200 for metals, 1:2 for cryptocurrency, 1:50 for indices, and 1:500 for currencies.

 

MT5 Pro Account

The MT5 Pro account is a type of trading account that is best appropriate for well-experienced traders who are skilled in trading and are not new to forex trading. This type of account incurs minimal trading costs and has the lowest spreads.

The MT5 Pro has a floating spread that starts at 0.2 pips, a spread markup, and no commission. Also, a 500 USD deposit is recommended in this particular account, and it functions on the MetaTrader 5 platform. To add to all that has been stated earlier, a user of this account type will gain access to up to 1:100 for energies and metals, 1:2 for cryptocurrencies, 1:50 for indices, and up to 1:200 for currencies.

 

CTrader ECN Account

CTrader ECN account is a type of trading account that is the best fitting for progressive traders. This account offers more levels of transparency in pricing. CTrader ECN has a floating spread that commences at 0 pips, comes with a commission, and no spread markup. Also, a 100 USD deposit is required for this account, and it operates on the CTrader platform. Users of this account can have the opportunity to have a leverage of up to 1:200 for metals and up to 1:500 for currencies.

 

Demo Account

Finally, on account types, there is the demo account. This account is like a trading simulator that gives users the ability to carry out day trading practices with an extensive range of financial tools, from futures, stocks, and options to cryptocurrencies and CFDs.

 

Trading Platforms

 

MetaTrader 4

Web-platform: MT4 web-platform gives customers the capability to perform trade on any operating system from any browser with a well-recognised interface of a desktop environment. All essential tools are readily available, including chart trading and one-click trading.

Desktop: This platform is extremely customisable.  It incorporates market indicators, charting tools, EAs and scripts, real-time market execution, advanced risk management, and more.

Android: With this MetaTrader 4 for android, you enjoy a complete set of trading history, trade orders, interactive charts, and the broadest range of supported devices. Whatever you do and wherever you are, Forex will at all times be with you.

iOS: This trading platform is now readily available for users of the iPad or iPhone. Login to your account and gain the chance to trade on MetaTrader 4 from any location in the globe via your iOS device.

 

MetaTrader 5

Web-platform: Trade CFDs and Forex with MetaTrader 5 web-platform without downloading or installing any application software. You can perform trade with any operating system and browser with the aid of an internet connection. Gain access to your trading account via the MetaTrader 5 web-platform on the go.

Desktop: Download the MetaTrader and commence trading CFDs and Forex with remarkable functionality, fundamental and technical market analysis, automated trading, and copy trading features integrated into this platform.

Android: Download MetaTrader 5 on your tablet or Android and perform currency trading with CFDs. The application is available for Android, giving you the ability to check your account and trade from any location. Utilising your tablet and smartphone, you can gain access to significant features on the platform.

iOS: This MetaTrader 5 platform makes available online mobile trading on the Forex market. Trade CFDs and Forex straight from iPad and iPhone. The application permits users to link up with OctaFX servers, analyse financial markets using technical indicators and charts, receive currency notes, view past trading operations, and also trade.

 

CTrader

Desktop: CTrader on the desktop makes available the next generation trading environment, giving Direct Market Access brokerage ability.

Android: Take control of your trading account and stay connected while on the go. This CTrader version is portable and is accessible from any android device.

iOS: With this app, you are given efficient Forex trading. Enjoy quick execution for commodities and FX with this app for iOS. It is easy to utilise and is equipped with a full balance, P&L information, and margin.

 

 MT 4 MicroMT5 ProCTrader ECN
Cryptocurrency TradingYesYesNo
CFD TradingYesYesNo
Overnight CommissionsSwap-free commission / Swap3 days feeWeekend fee
SwapsOptionalNo swapNo swap
Expert AdvisorsYesYesYes
ScalpingYesYesYes
HedgingYesYesYes
Stop out level / Margin call15% / 25%30% / 45%15% / 25%

 

Deposits and Withdrawals

There are withdrawal and deposit methods that can be utilised on OctaFX broker 2020. Below are some of the payment methods and their features:

 

Deposits

Visa: Visa is one of the renowned payment methods worldwide. Little wonder it is one of the many payment methods on OctaFX. It has a minimum deposit of 5.00 USD, an execution time of about 1-5 minutes, and it is commission-free.

Bitcoin: Bitcoin is likewise a method of payment available on OctaFX. It has a minimum deposit of 0.00096000 BTC, an execution time of about 3-30 minutes, and it is commission-free.

Skrill: Skrill is a popular payment method that is preferred by many. This payment method (Skrill) allows a minimum deposit of 50.00 USD, incurs no commission fee, and instant execution time.

Neteller: Neteller is an easy-to-use payment method that is accepted globally. It permits a minimum deposit of 50.00 EUR, incurs no commission, and an instant deposit execution time.

 

Withdrawals

Visa: Visa can also be utilized for making withdrawals. Visa over the years has been tested and trusted. The minimum withdrawable amount is 20 USD, it is commission-free, and withdrawal execution time of 1-3 hours.

Bitcoin: Make withdrawals with Visa on OctaFX. Visa has a minimum withdrawal amount of 0.00096000 BTC, withdrawal execution time of 1-3 hours, and it is commission-free.

Skrill: Skrill is a safe withdrawal method available on OctaFX. It has a minimum withdrawal amount of 5.00 USD, a withdrawal execution time of about 1-3 hours, and it is commission-free.

Neteller: OctaFX traders can make use of Neteller for withdrawing their funds. A minimum of 5.00 USD is required for withdrawal, has a 1-3 hours execution time, and it is commission-free.

 

Deposit Bonus

On OctaFX, customers are entitled to a 100% bonus on every deposit. Clients can activate their deposit bonuses and make decisions on the amount you intend to apply. Also, if you stop the bonus, it will be removed from your free margin at full. Also, at the time your bonuses progress reaches 100%, you can utilise this money for investing and other accounts.

 

How the Deposit Bonus Works

Create an account: Select an account type that best fits your style of trading. This account type has been treated earlier in this review.

Perform a deposit into your OctaFX Account: Deposit at a minimum of $50 to your trading account by making use of any the payment option of your choice stated above.

Enhance your Deposit by half: Obtain a free 50% bonus based on your deposit amount.

Withdraw Bonus Funds: This ability is handed to traders that possess higher statues. Customers can withdraw their bonuses when they hit this number of lots:

Standard lot number = Bonus amount in USD/2

 

Customer Support

A good trial of a broker is the kind of customer service they provide. If you are new to trading, you need to realise that you can find solutions to your inquiries and questions. OctaFX gives numerous methods to get help, including a live chat box at the base of the screen, What’s App number, and even phone numbers for texts.

Furthermore, there is an email address communication. There are phone numbers for various nations also. If you need to ask your questions openly, they additionally provide links to the pages of their social media platforms.

Here are ways to reach OctaFX:
Telephone – +44 0203 322 1059
Email – customersupport@octafx.com 

 

Conclusion

Their trading platforms and technology offer everything for the novice to the more advanced trader, and they are continually searching for approaches to update and update their platforms. With robust trading features, competitive spreads, and regular bonuses, OctaForex seems to provide all you could need for trading.

 

FeatureOctaFX
Virtual Trading (Demo)Yes
Desktop Platform (Windows)Yes
Proprietary platformNo
Web PlatformYes
MetaTrader 4 (MT4)Yes
Copy-trading / Social TradingYes
MetaTrader 5 (MT5)Yes
Studies (Total) / Charting – Indicators51
cTraderYes
Charting – Drawing Tools (Total)31
Watchlists – Total Fields7
Charting – Trade From ChartYes
Order Type – Trailing StopYes

Do you want to compare OctaFX to other broker reviews? Let’s start with the Saxo Bank broker review.

 

Good

  • Best broker 2019
  • Great platform suitable for international markets
  • Excellent turnaround times
  • Great educational tools
  • Competitive spreads

Bad

  • Long delays in withdrawals
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