OctaFX Broker Review 2020

Are you looking to know everything about OctaFX Broker? You’ve just landed in the right place because we have a complete guide on this topic. Read here to explore more!

OctaFX - Best Broker For ECN & CFD Trading

With the help of advanced technology, great commission & fee, and super Customer Service, OctaFX has managed to expand its arms into more than 100 countries. Now, they have more than 300k live accounts and achieved the milestone of $4 Billion in daily volume.

Service information

Demo Account Yes
Minimum Deposit $5
Max Leverage 1:500
Spreads from 0.01
Type of Broker ECN
Tradable Assets Currencies, Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities, Bitcoin, Litecoin and Ethereum
Deposit Options VISA, Awepay, Bitcoin, FasaPay, Local Bank Deposits, Local Bank Transfers, Neteller, Paytm, Skrill, UnionPay

Company information

Established 2011
Regulated by CySEC, SVGFSA
Telephone +44 2033221059
Customer Support 24/5 in 12 languages

OctaFX-Featured-DailyForexTrading.Net

OctaFX Broker started their career with CFDs and Forex Trading that has got the eye of the investors over the past 7 years.

With the help of advanced technology, great commission & fee, and super Customer Service, they have managed to expand their arms in to more than 100 countries now.

"Now, they have more than 300k live accounts and

          achieved the milestone of $4 Billion in daily volume"
 

The stats are really attractive and impressive, but the real question is, “Are they really trusted?”

In this article, we will talk about everything “OctaFX Broker” in order to help you understand whether this marketplace is worth investing in or not.

So without wasting any time further, let’s rock and roll straightaway!

OctaFX Broker Regulation

Yes, they are regulated by the FCA (Financial Conduct Authority), which is one of the strictest forms of regulation.

OctaFX Broker got themselves registered back in 2011 under the license number 19776 IBC, and they are fully compatible with International Financial Regulatory Standards.

In short, they are regulated by one of the best and strictest regulations in the Forex Industry. You can rely on them when it comes to regulations.

Let’s now talk about the account types of “OctaFX Broker” so that you can choose the best one for your needs.

OctaFX Broker Account Types

So basically, OctaFX Broker is dealing with three types of accounts:

  • Micro
  • Pro
  • ECN

When going for opening the account, it’s better to check out all the details related to the Broker because this will help you determine the fee and trading restrictions.

Let’s discuss all three account types.

Micro Account

This account is for the beginners who are eyeing on starting their Forex Trading with “Limited Budget” and all sorts of ease. The micro account runs on MetaTrader4, and the minimum deposit fee is $100.

Let’s discuss more things about Micro Account in an informational table:

Platform

MetaTrader4

Spread

0.4 pips

Commission

No Commission

Recommended Deposit

$100

Instruments

Pairs of 28 Currency

Leverage

1:500

Margin/Stop Levels

25%/15%

Swaps

Optional

CFD Trading

Yes

Crypto Trading

Yes


Pro Account

It’s time to move to the next level if you’ve already understood “How to trade and how to deal with everything in the Forex.”

Pro-Account of OctaFX Broker uses advanced technology as compared to Micro Account. You’ve to do trading in MetaTrading5, and the minimum deposit amount here is “$500.” This account offers you lower spread as compared to the other accounts, and that means “You don’t have to pay any fees when dealing with high volume trading.”

Let’s discuss more Pro Account:

Platform

MetaTrader5

Spread

0.2 pips

Commission

No Commission

Recommended Deposit

$500

Instruments

Pairs of 28 Currency

Leverage

1:200

Margin/Stop Levels

45%/30%

Swaps

No Swaps

CFD Trading

Yes

Crypto Trading

 


ECN Account

Finally, you have the account which is being used by the experienced and professional investors where you avail the opportunity of using the OctaFX Broker cTrader Platform.

This account isn’t for the beginners and Intermediate levels because you’ve to deal with “Lot Commissions.”

Let us make you understand more about ECN Account by breaking down the information in a table:

Platform

cTrader

Spread

0 pips

Commission

No Markup, Commission

Recommended Deposit

$100

Instruments

Pairs of 28 Currency

Leverage

1:500

Margin/Stop Levels

25%/15%

Swaps

No Swap

CFD Trading

No

Crypto Trading

No

Note* They have an Islamic account too that works 100% on the Shariah, and you’ll have to pay no interest fee at all.

Trading Platforms of OctaFX Broker

There are three types of trading platform that “OctaFX Broker” is working with:

  • MetaTrader4 (Available for Desktop, Android, IOS and Web-Platform)
  • MetaTrader5 (Available for Web Trading, Desktop, Android and IOS)
  • cTrader (Available for Web Trading, Desktop, Android and IOS)

Note* You can download all these platforms from the official website of OctaFX Broker or by Clicking here.


Pros


Cons

You get the clear fee report

None

You can customize tools according to your needs and wants

 

Order Confirmation reports

 

As we are done with discussing the basic information related to OctaFX Broker, now it’s time to discuss the critical details about this platform.

Let’s rock and roll!

The spread of OctaFX Broker

We have discussed the spread of the OctaFX Broker account already, but let’s break the spread of each account here to make you understand things more clearly.

As you know, there are three types of accounts that OctaFX is dealing with:

  • Micro Account (0.4 Pip Spread)
  • Pro Account (0.2 Pip Spread)
  • ECN Account (0 Pip Spread)

So, these are the spreads that OctaFX Broker is working with, and you can choose the perfect fit for you by selecting the right account.

OctaFX Broker Execution

Just like other brokers out there, they work on two types of executions:

  • Instant Execution
  • Market Execution

Instant Execution is for those who want to sell their assets within a fixed rate, and they have to wait for the prices to reach a “Specific Point.” Once they get what they desire for, they sell their assets, and that’s how Instant Execution works. You can set the milestones by using different tools in the MT4, MT4, and cTrader.

Market Execution is a completely different scenario because you no longer have to deal with setting the price and waiting for the prices to meet your expectations. All you’ve to do is to set the volume of your assets and leave the rest on the “Forex Market.” Your assets shall be executed at the best price possible.

But, you need to understand the core concepts of both the execution types, and you’ll get to know when you start using the “tutorials” of OctaFX Broker.

Commission/Fee of OctaFX Broker Accounts

Every account has a different commission and fee that they need to pay when executing any Forex trading. Let’s break down the Commission and Fee for each of the accounts down below:

  • Micro Account (No Commission and Markup)
  • Pro Account (No Commission and Markup)
  • ECN Account (No Markup, Commission)


Pros


Cons

The trading fee is almost zero

International bank withdrawal fee is high

There’s no Forex fee

 

Low non-trading fee

 


Let’s now talk about the leverage/margins of all the account types.

Leverage of OctaFX Broker

As we have discussed above, OctaFX Broker is known as a CFD Broker, and you’ve to deal with the trading on the basis of leverages.

So, it’s important that you know about the leverages before you open up the account. Let’s write down the leverage of all the account types below.

  • Micro Account (Leverage 1:500)
  • Pro Account (Leverage 1:200)
  • ECN Account (Leverage 1:500 and 1:200 for Metals)

Customer Service of OctaFX Broker

OctaFX-CustomerSupport-DailyForexTrading.Net
They are the award-winning company for a lot of reasons and let’s break down some reasons:

  • They reach out to you within 7 seconds for the first reply
  • They take no more than 3 minutes for a full-resolution time
  • They have 96% of the client satisfaction rate

Additionally, they have Phone Number and Email Address as well to answer your questions. Here are the numbers for contacting me:

  • United Kingdom: +44 20 3322 1059
  • Hong Kong: +852 5808 8865
  • Indonesia: +62 21 3110 6972
  • Whatsapp: +34 605 122 333

You can contact them anytime, and they will reach you out within no time. They have such a great customer care service, and that’s why people love to choose this platform over any other.

Now, if you’re satisfied with the details that we have mentioned above, you can head towards the opening of the account by following the instructions down below:

How to open OctaFX Broker Account

To open the account, you need to follow the instructions down below:

  • The first step is to head towards the OctaFX Broker official website, or you can click here to go there

    OctaFX-OpeningAccount1-DailyForexTrading.Net
  • Now click on the Open Account Button that is shown at the top right corner of the website as shown in the screenshot below:

    OctaFX-OpeningAccount2-DailyForexTrading.Net
  • Once clicking on the open account button, you’ll be redirected to a page that will ask you to enter the information to open up the account:

    OctaFX-OpeningAccount1-DailyForexTrading.Net
  • Write down your First Name, Last Name, Email, and Password, or you can direct signup by using Facebook or Google Account
  • Once done, they will send you a verification link on your email, and you’ve to click on it in order to get started with the account

Things aren’t going to end up here; they might ask you for the following details before you actually start trading:

  • Credit Card Information
  • Bank Information
  • CNIC
  • Home Address
  • Selfie

Once you enter all the information, you’re all set to get started!


Pros


Cons

Fast

None

Fully Digital

 

The minimum deposit fee is $100

 

Now, you must be wondering about “How to withdraw profited money, right?” The answer is pretty simple, and you’ve to follow the instructions to withdraw/deposit your money.

Here we go!

How to withdraw/deposit money from OctaFX Broker

Follow the instructions to withdraw your money from your wallet:

  • Login to your account
  • Go to the main menu and then tap on the withdraw button under your wallet:
    OctaFX-WithdrawMoney-DailyForexTrading.Net
  • You’re done!

If you want to withdraw your money from your trading account, then follow the instructions given below:

  • Login to your trading account
  • Click on the withdraw button from the menu
  • You’ll see a list of payment gateways that are available for your region. Pick the one that works well for you
  • Now click on withdraw button, and it will take no more than 1-3 hours to reach the payment to your account

    OctaFX-WithdrawMoney2-DailyForexTrading.Net
  • You’re done

They have made the withdrawing process so easy so that you don’t have to face any problems.


Pros


Cons

Credit/Debit Card Availability

Limited payment gateways

No Deposit Fee

 

You’ve more than 7 base currencies account

 

Let’s now talk about customer reviews and comparison of OctaFX with Exness.com.

Comparison of OctaFX Broker and Exness.com

To make things easy and clear for you, we have decided to write everything in a comparison table:


OctaFX Broker


Exness Broker

Average Rating: 9/10

Average Rating: 8.5/10

They have more than 7 years of experience in the Forex Trading Business

They have more than 10 years of experience in the Forex Trading Business

Headquarter: England

Headquarter: Cyprus

Spot Forex: Yes

Spot Forex: Yes

Spread Betting: No

Spread Betting: No

Social Trading: No

Social Trading: No

Currency Pairs: 28

Currency Pairs: 103

Commodities Offered: 2

Commodities Offered: 0

Demo Account: Yes

Demo Account: Yes

Islamic Account: Yes

Islamic Account: Yes

This is the brief comparison of OctaFX Broker and Exness.com, and the only difference they have is the “Currency Pairs.”

Let’s now talk about the advantages and disadvantages of “OctaFX Broker.”

Advantages and Disadvantages of OctaFX Broker

There are a few advantages and disadvantages of OctaFX Broker that you need to know before you actually open your account on this platform:

Let’s get started!

Advantages of OctaFX Broker

  • The Customer Service is very knowledgeable and responsive as well
  • The spreads are very tight
  • The deposit requirements are as low as $100
  • They have a great signup bonus and promotions going on

Disadvantages of OctaFX Broker

  • They have limited payment options for withdrawal and depositing the money
  • The customer service isn’t available 24/7
  • Limited Range of Instruments

Now then, we have discussed almost everything regarding the topic “OctaFX Broker,” and it’s time to discuss Bonuses, Promotions, and Contests.

OctaFX's Bonuses, Contests, and Promotions

OctaFX broker is offering you an $8 bonus for opening the account, and you can use this money for the trading purposes and gather market knowledge before you actually deposit your own money in the account.

There are contests and promotions going nowadays, and you can check them by Clicking Here. Currently, they are dealing with a contest known as “Champion MT4 Demo Contest.” There’s no limitation of joining the contest, and the last date of joining the contest is 8 June 2020.

The overall performance of the OctaFX Broker is good, and we are impressed with the details of this platform. A lot of people are heading towards OctaFX Broker, and you should try this place because they have advanced tools, strict spreads, and global reach.

 

frequently ask questions

Yes, simply switch on the Islamic option when opening a new trading account. Please note that swap-free accounts do not offer any benefits over regular accounts. There is a fixed fee for using swap-free accounts.
Commission = pip price * swap value of the currency pair.


The fee does not count as interest and depends on the direction of the position (i.e. buy or sell).

MT4 and MT5 trading hours are 24/5, starting at 00:00 on Monday and closing at 23:59 on Friday server time (EET/EST). cTrader server time zone is UTC +0, however, you can set your own time zone for charts and trading information in the right bottom corner of the platform.

3 hours
We usually process withdrawal requests for 1–3 hours, but it's up to your payment system how long it will take the money to reach the destination. For different local banks, these limits may vary.

Open MT4, then click "File" > "Login with trading account". In the pop-up window, enter your account number, trader password and select "OctaFX-Real' for real accounts or "OctaFX-Demo" if you login with a demo account.

OctaFX offers CFDs on 10 of the most popular indices, including Dow JonesNASDAQ, Nikkei, and EuroStoxx.

OctaFX trading servers are in London. OctaFX has a wide network of servers and data centers located throughout Europe and Asia that ensures low latency and stable connection.

OctaFX is one of those Forex brokers that have an excellent reputation in the financial markets due to their unique service offering, which caters to the different requirements of a wide variety of retail traders.

  1. Submit the signup form to open your first account. Fill in all the required information and click "Open account", or simply sign up with your Facebook or Google account.
  2. Check your email for a message titled "Confirm your email address" and click the button "Confirm email" and you will be redirected to our site.
  3. Fill in all the required information and click "Continue", then select the trading platform: MT4, MT5 and cTrader. You can see Trading platform comparison here
  4. Select Make a deposit into account. During this step, you'll get an email titled Welcome to OctaFX! It contains your trading account credentials and OctaFX PIN. Make sure you keep this email.
  5. Your trading account has been opened successfully! Select one of the deposit options to make a deposit, or click Or verify my identity to verify your Personal Area.

Please note: Make sure your credentials match your documents as you'll be asked to confirm your personal data during verification. Please also bear in mind that since you can only use your own bank account, credit/debit card or e-currency wallet, your personal info should match the account or cardholder name as well.

HOW CAN WE HELP YOU?

contact@dailyforextrading.net