OctaFX Trading App – OctaFX Trading Account Review, Types, Process, Benefits, Charges & more
Some of the OctaFX Trading App Account’s great features:
– Manage your trading accounts
– Create trading accounts, modify leverage, enable swap-free options, edit and restore passwords
– Language support: Bengali, Chinese, English, Hindi, Indonesian, Malay, Portuguese, Spanish, Thai
– Make deposits and withdrawals using the most popular payment options
– View your detailed overall or account operation history, apply convenient filters to it and cancel your previous deposit
– Start trading in a compatible trading platform app
– Top up your demo account
– View contest statistics and access your contest accounts
– Activate bonuses and view statistics on active and completed bonuses
OctaFX Trading Account is known for its catchy interface and helpful features. The account can be accessed in multiple languages, which is a plus point.
But it is just a part of the intro as OctaFX’s online trading account comes with extra benefits to its users. OctaFX broker is already counted among the best.
And beyond a doubt, its brilliantly working trading account is the chief reason behind it.
For the last few months, if you were also on the hunt for the best trading platform and found OctaFX a good choice, you must catch a glimpse of this article.
Know everything about the OctaFX online trading account, which is the core of any trading platform.
OctaFX offers a basic, low-cost MetaTrader platform experience alongside its social copy-trading platform.
It has made great strides with its pricing options for traders, but suffers from a limited range of tradeable instruments and a lack of variety in its educational content. OctaFX also holds just one regulatory license.
Account types: Any commissions or fees you pay at OctaFX will depend on your chosen account type and the OctaFX entity under which your account is regulated. European clients will choose the broker’s EU entity, whereas international clients are served from OctaFX’s offshore entity in Saint Vincent and The Grenadines (SVG). In the EU, only MT5 is promoted and thus a single account is available, whereas the SVG entity offers accounts for both MT4 and MT5.
Spreads: OctaFX’s spread pricing varies depending on which of its entities regulates your account. For example, its EU entity is slightly better for the EUR/USD pair at 0.5 pips, compared to 0.7 pips for the SVG entity. It’s worth noting that OctaFX did not provide a date range for its average spread data, and thus the values don’t carry as much weight as spreads that have a corresponding date reference. All in all, OctaFX has improved its pricing and appears to keep pace with the lowest-cost MetaTrader brokers, but with no date range available for its average spread claim, we were unable to make an exact comparison.
OctaFX Pros & Cons
- 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
- Not available to US customers
- Some assets and currency pairs are not available to trade
- Range of Account Types: Benefit from three account types designed to cater to different trader types and experience levels with the support of Metatrader4, Metatrader5. This range of accounts and platforms adds to the uniqueness of OctaFX’s offering.
- Cryptocurrency-Friendly Platform: Between accepting cryptocurrencies as a funding source and the Bitcoin, Ethereum, Ripple, Bitcoin Cash and Litecoin trading functionality that it offers traders, OctaFX clients can start trading cryptocurrency pairs with as little as $100 and leverage of up to 1:25.
- Highly Competitive Spreads: Enjoy a number of currency pairs available to trade and the inclusion of precious metals – all at an affordable cost per trade with market execution in under 0.1 seconds.
- Follow Top Notch Traders: With Copy trading support available on all account types, all a trader needs to do is log in, select a top trader to copy, and with the click of a button they can replicate the same strategy.
- Ample Market Resources: The website provides comprehensive investor education resources along with trading signals, charting tools, and investment articles and webinars that are regularly updated.
- Type of BrokerECN/STP Broker
- Regulation & LicensingSt. Vincent and the Grenadines (OctaFX.com), Cysec (OctaFX.eu)
- Accepted Jurisdictions185 countries worldwide
- Assets OfferedCurrency Pairs (live quotes), CFDs, Cryptocurrency, Commodities, Stocks
- Platforms AvailableMetaTrader 4, MetaTrader 5
- Mobile CompatibilityiOS, Android
- Payment Types AcceptedCredit/Debit Card, Bank Transfer, Skrill, Neteller, FasaPay, PayTM, Nganluong, PerfectMoney, Bitcoin, Help2pay, Billplz
Features | MT4 | MT5 |
Account Currencies | USD, EUR | USD, EUR |
Available Leverage | Up to 500:1 | Up to 500:1 |
Minimum Deposit | $25 | $25 |
Starting Spreads | 0.6 pips | 0.6 pips |
Commission Per Trade | $0 | $0 |
Decimal Pricing | Up to 5 decimals | Up to 5 decimals |
Swaps/Rollovers | Yes/Free Rollover | Yes/Free Rollover |
Trading Instruments | 35 currency pairs 2 precious metals 3 energies 10 indices 5 cryptocurrencies | 35 currency pairs 2 precious metals 3 energies 4 indices 5 cryptocurrencies |
Min. Lot Size Per Trade | 0.01 lot | 0.01 lot |
Max Lot Size Per Trade | Unlimited | Unlimited |
Demo Account | Yes | Yes |
Swap/Rollover Free | Swap / Swap Free Commission | Swap Free |
Copy Trading Support | Yes | Yes |
