Octafx.eu Review
The recipient of numerous industry awards for its stellar online trading services and platforms, OctaFX has been providing clients with a wide range of trading options with low initial deposits since it was launched in 2011. OctaFX is an umbrella brand used by two independent broker entities.
Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) using the domain OctaFX.eu. This enables users to trade with a broker under European regulatory oversight with enhanced levels of safeguards.
The OctaFX.com website is registered under Octa Markets Incorporated established in St. Vincent and the Grenadines which permits its clients to take advantage of higher leverage and bonus promotions. Based in St. Vincent and the Grenadines, OctaFX currently accepts clients from 185 countries.
OctaFX.com stands out for its accessibility and excellent spreads. At just $50, the minimum deposit required to open an OctaFX account is among the lowest in the industry. With a low minimum requirement like this, you may be expecting less-than-ideal spreads, but that isn’t the case. OctaFX offers tight spreads on almost all of its currency trading pairs – even on exotic pairs. The three platform types offered by OctaFX – MetaTrader 4, MetaTrader 5, and cTrader – offer a range of features which we’ll cover below in more detail. All three account types are also available as Islamic accounts that are fully Shariah-compliant. There is also a demo account which gives traders the opportunity to test out the OctaFX platform before they commit to a trading account.
Broker Pros & Cons
PROS
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Easy account setup and low minimum opening balance -
Scalping, hedging, and EAs are all permitted strategies -
Shariah-compliant options available for all account types -
Access leverage up to 500:1 with negative balance protection -
No registration fees or commissions
CONS
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Not available to US customers -
Some assets and currency pairs are not available to trade
Broker Regulated By
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CySEC
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FSCA
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St. Vincent and the Grenadines
Account Option
Broker Type
ECN/STP BrokerMinimum Deposit:
25
Maximum Forex Leverage:
Up to 1:200
Scalping:YesHedging:YesFree Demo Account:
Yes
Traders From USA:
No
Trading Platforms
24hr Trading
Charting Package
Streaming News Feed
Fees & Commissions
-
Rollover Fee
-
Margin Interest
-
Depositing Fees
Service Details
Supported Languages:
Email Response Time:
Up to 48 HoursCustomer Service Hours:Email support within 24/7Telephone Orders:NoPersonal Account Manager:No
Octafx.eu User Experience
Before users can trade on the OctaFX system, they’ll need to sign up for an account. The demo account is easy to sign up for and requires just a few personal details and a valid email address. However, if you’d like to sign up for a full account, you’ll need to provide personal ID verification and a few other documents. These may include your photo ID, a recent utility bill to serve as a proof of residence, and a trading authentication process that gauges your level of experience trading forex and other assets. Until this process is completed, your account will have limited functionality.
Once your OctaFX account is up and running, you can use the platform of your choice to start trading. To fund a trading account, OctaFX users can choose from a variety of payment methods. These include traditional methods like credit card, bank transfer, or direct deposit in 100 countries, as well as cryptocurrency and a number of electronic payment services. Familiar names like Skrill, Neteller and PerfectMoney are all supported as payment methods. A great benefit of OctaFX is the 50% bonus on deposits that the platform offers for non-EU clients.
Withdrawing profits to a designated bank account or ewallet is a simple process with OctaFX and can be done with a few clicks of your mouse. One of the best benefits of OctaFX is its speedy transfer times for both deposits and withdrawals along with no commissions for either of these activities or currency exchange.
OctaFX has also made a real effort in terms of providing educational resources. Between the inclusion of advanced tools like Autochartist, trading signals, market research and news, guides, and tutorials, the broker has seriously invested in the educational tools for clients. Importantly, should users encounter any difficulties or have questions, the OctaFX customer support team is very accessible thanks to 24-hour service Monday through Friday. The team can be reached via a live chat function, phone, WhatsApp, Telegram, email, and even post. For individuals comfortable finding their own answers, the useful FAQ section is especially beneficial.
Final Thoughts on Octafx.eu
Overall, OctaFX is a great trading platform with accessible starting deposits and a strong variety of asset classes and trading instruments. The 50% deposit bonus for non-EU customers combined with leverage and copy trading support are all stand-out features of OctaFX’s offering, which offers premium features at a very reasonable price. This is ideal for traders who are new to forex trading and would like to explore it on a stable, reliable and affordable platform. OctaFX customer support team is very accessible thanks to 24-hour service Monday through Sunday.
Moreover, experienced investors with more sophisticated strategies will appreciate very narrow spreads, the absence of commissions, and invitation for all trading strategies including hedging, scalping, and automated trading strategies. With excellent support to accompany its ample trader education resources and regulated approach, OctaFX represents a great place to start trading or deploy an existing strategy.
