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📘 OctaFX Review 👉 :
OctaFX is a leveraged CFD broker that was established in 2011 and they are based in St Vincent and the Grenadines.
They are an ECN broker with Straight Through Processing capability. They claim that they do not operate a dealing desk which we cannot verify.
OctaFX is regulated in Europe.
OctaFX has a CySEC license that is held by their Cyprus subsidiary. This means that they are technically allowed to take brokers from Europe.
Although Cyprus is an EU country, there have been a number of issues in the past with brokers regulated here.
There are also a number of jurisdictions that they do not take clients from including the USA and Canada.
This is a CFD broker which means that you are trading derivative instruments with leverage.
These levels can go up to a maximum of 500:1 on their forex pairs.
They also offer trading on metals up to 200:1 and indices up to 50:1.
While they do have cryptocurrency CFDs, this is set to a measly 2:1.
OctaFX also does not offer any single stock CFDs. If you are looking for a broker that has got a more extensive asset coverage then you can head on over to the Coin Bureau where we list a number of them.
Given that OctaFX operates as an ECN broker, they tend to have quite low spreads. The exact spreads and fees that you will pay depend on the account that you create and the platform that you trade on.
There are three accounts at OctaFX and these are the micro account, the pro account and the ECN account. These are traded on the MT4, MT5 and cTrader platforms respectively.
You may also be charged a swap fee, a three-day fee or a “lot” commission based on the account.
They also have an Islamic account which is fully shariah compliant
There are no deposit / withdrawal fees at the broker although you may be charged intermediary bank fees if you are sending wires.
If you do want to fund a live account then you can do it in a number of ways. They accept credit cards, crypto, netelller, Skrill and a number of Indonesian banks for local traders.
If you do not want to fund a live account then they also offer a demo account.
Looking at the trading platforms, these are tied to the accounts that you choose.
The MT4 platform is one of the most popular third-party platforms currently on the market. It is used by numerous brokers and was developed by traders, for traders.
The MT5 is as slightly upgraded platform with more features and functionality.
Finally, there is the cTrader platform which is the most advanced. This provides that STP processing technology which gives you the lowest spreads and most market transparency.
OctaFX also has a number of mobile apps for you to use.
Firstly, they have their own proprietary app that allows you to monitor your account and adjust individual settings.
Then, they have all of the third-party apps that come with the three trading platforms.
Looking at customer support, OctaFX has a few options for you to choose from. They have multilingual support staff available through telephone, live chat, email support etc.
We tried all of their telephone numbers and were unable to get through. They did not respond to their whatsapp and their customer support staff were not clued up at all.
There are other features that are included at OctaFX that you may find interesting.
These include a deposit bonus, copy trading and educational material. We would avoid the deposit bonus as these are not allowed by CySEC.
In conclusion, OctaFX has low fees, reasonable leverage and strong platforms. However, this could be overshadowed by their weak asset coverage, opaque corporate structure and substandard customer support.
If you are going to be using OctaFX, be sure that you are practicing adequate risk management and never risk more than you are willing to lose. CFDs at 500:1 Leverage is incredibly risky.
⚠️ * The exclusive additional $100 bonus is on top of Bybit’s regular $90 bonus. It is triggered with a 0.2 BTC deposit and will be credited to your account within 72 hours.
Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.
#Forex #Octafx #trading
Source: Coin Bureau
32 Responses
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OctaFX reminds me of eTor trading.
scammers when you try to withdraw your money they will tell its not the same card you used to deposit the money then they will tell you its not your card and they will start to ask for many thing no matter what you do they will still say its not yours
i have lost my money and still kept unjustified n they have fcuking customer service…..
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Hello! I live in Italy 🇮🇹, can you please tell me the best trading app in italy for starters like me. Feedback thanks.
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octafx is good….i already complete the bonus and receive the bonus in trading account…and withdraw also done quickly
How do they compare to CedarFX? I use them atm
Thinkmarkets is the ideal broker.
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Meet Smith he is a professional and a reliable account manager and a reliable trader. he as recovered over five thousand complaints of cryptocurrency fraud carried out by some unregulated and unlicensed brokers. In is effort to provide strong security for traders and investors he decided to carried out a high security tracking investigation in all brokers In is investigation he discovered over two thousand brokers that are operating illegally stealing funds from people
If you are among those that have lost money in any fake broker kindly respond immediately so can proceed the refund of your capital and compensation immediately
Your response is highly anticipated
Kindly give us feedback so that we can help you
Personally I am more of a fan of EagleFX. They seem to offer better spreads and also faster withdrawals.
So when your true with wachting the whole video on YouTube and is ready to trade you contact Mr Bruce Clooney and trust me he gat best trading strategies
Nah mate, go with a more legit broker with some ethics like CedarFX
Thanks for good and honest review …may i ask ..did u use them too …
Not so confident about them
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