What Is OctaFX About?
Contents
OctaFX.com has been offering users such a broad choice of trading alternatives with cheap first deposits since it has been founded in 2011. It has won multiple prestigious awards for its exceptional e-trading services and platforms. OctaFX is a brand that is shared between two different companies.
Octa Markets Cyprus Ltd, which operates under the address OctaFX.eu, is a Cyprus-based investing business authorized by the Cyprus Securities and Exchange Commission (CySEC). This allows consumers to operate with a broker who is regulated by the European Union and offers higher layers of safety.
OctaFX.com is prominent for its ease of use and competitive spreads. The lowest deposit necessary to start an OctaFX.com membership is simply 50 US Dollars, which is one of the cheapest in the market. You might be assuming unsatisfactory spreads with such a modest low limit, but that’s not the case. Just about all of OctaFX.com’s trading pairings, including exotic ones, have narrow spreads.
Who Can Use OctaFX?
OctaFX is great for traders looking for a low-cost option to get began trading a broad range of investments, thanks to its low initial deposit criteria and tight spreads. While the site is primarily focused on FX, the extra commodity classes – such as UK, US, and Japanese shares – offer a good chance to expand your investment portfolio within a location. In 2020, traders will be particularly interested in the platform’s bitcoin trading option.
The lack of fees and charges is a powerful motivator for investors to do what they enjoy: trading. The platform’s monthly awards and affiliate program, which creates a lively, ambitious attitude among users of other platforms, support this active trading style. A further notable aspect is copy trading, which enables traders to imitate the routes of OctaFX’s most experienced traders.
Top Attributes
With the support of MT4, MT5, you may choose from several account kinds that appeal to specific user types and levels of experience.
OctaFX’s product is made even more distinctive by its wide choice of membership and systems. You may buy and sell a variety of currency pairings as well as rare metals, all at a low cost for each transaction and with order execution in just 0.1 seconds.
All profiles support a copy trading feature, so all an investor has to do is to register, choose a leading trader to imitate, and with the push of a button, they can reproduce the very same technique.
The website of OctaFX offers extensive user training materials, as well as trading signals, charting instruments, and constantly updated investing content and seminars.
Regulation of OctaFX
The company is situated in St. Vincent and the Grenadines, a Caribbean country. The financial regulators of that country govern the company’s OctaFX.com website. CySec oversees the OctaFX.eu website. OctaFX is available to people of over 180 nations, unlike certain other investing platforms that ban non-nationals from accessing their offerings. The name of your nation would most likely appear in the options during profile setup. Customers from the United States are presently unable to enroll with OctaFX.
Costs
OctaFX generates money from the spread on the many commodity options it provides, with really no commissions or set fees. The spreads on different currency types as well as other assets are highly competitive, even with this ECN/STP broker setup, and are comparable to so many e-trading platforms. meThe Micro membership type offers swaps, however, the Pro membership costs a three-day fee for transactions, and the ECN membership costs a weekend charge for deals done beyond regular market hours. The other membership options, excluding the ECN, allow no-charge rollovers. Besides the trading costs, OctaFX is prominent for the lack of fees associated with its quick money transfers.
Safety of OctaFX
For FX trading, a dependable platform is crucial, and OctaFX excels in this regard. Investors will be able to utilize the OctaFX with assurance from practically any gadget, thanks to multi-platform compatibility, which includes desktops and web apps, as well as rapid execution speeds and compatibility with Android and iOS devices. The platform has a user-friendly interface and excellent interaction with all 3 trading platforms. The smartphone apps work well, with understandable charts and up-to-date prices that are updated in real-time. With users reporting just a few issues with connection and stability, OctaFX is considered to be robust and trustworthy.
Traders could be certain that they have been getting ideal trading circumstances with zero requotes and almost 98 percent of all orders seeing no slippage, as well as quick execution of less than 0.1 second due to a non-dealing desk approach centered on STP execution. Aside from these trustworthy characteristics, the platform won numerous important accolades for its client care system and platform dependability.
The Trader Experience
Users must first set up a profile prior to trading on the OctaFX platform. Signing up for a sample account is simple and just takes a few private information and a functioning email address. It is necessary for the trader to offer personal ID confirmation and a few more papers if you want to set up a complete account. Your ID Card, a current utility bill as proof of residency, and a trading verification procedure that determines your degree of expertise trading FX and other commodities are examples of these. Your profile’s capabilities will be restricted till this procedure is finished. When the profile is fully operational, investors may begin trading here on the platform. OctaFX users may fund their trading accounts using a number of payment options. Conventional payment ways such as bank transfer, credit card, or direct deposit are available in over 100 nations, as well as crypto and a variety of online payment options.
Strengths
– Simple account opening with little initial balance
– Scalping, hedging, and expert advisors are also all legal tactics.
– All membership kinds include Shariah-compliant alternatives.
– A maximum of 500:1 leverage with negative balance prevention – No enrollment or commission costs
Weaknesses
-The platform does not operate in the United States.
– There are a few commodities and currency pairings that cannot be traded.
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