OctaFX: Your Complete Guide and Review

Join this award-winning forex broker and start trading with the best in the industry. OctaFX has some of the lowest spreads as compared to other companies in the market.

• With every deposit or withdrawal you make, no commission is charged.
• The minimum deposit to operate a trading account is $5 and there's a free demo account.  
• This is one of the few brokers that offer a 50% bonus on every deposit you make on your trading account. The bonus payment so far is $2.8 million.
• Here you join a community of 1.5 million traders from all across the world who converge here to place trades.
• This company has managed since its inception to perform 288 million trades successfully.
• These excellent services have seen it receive 28 industry awards so far.
• Over 100 countries get to enjoy the services provided by OctaFX spread across the world
• It received full licensing from FCA (Financial Conduct Authority) in the UK.
• Get access to 24/7 customer support.
• Translate the website to any of the 12 languages available for easier use.
• The platforms you can use are MT4, MT5, and cTrader.

Is OctaFX a Reliable Forex Broker?

OctaFX has managed to gather a huge following of users who enjoy its services. Membership now stands at 1.5 million traders from all across the world. They enjoy the fact that this is a licensed and regulated platform that adheres to all set codes of conduct in the industry. Recently is licensing from the FCA (Financial Conduct Authority) for operating a reliable, safe, and secure trading platform.

There are many reasons why OctaFX is reliable on top of being licensed and regulated. Also, OctaFX has some of the lowest spreads of any other broker in the industry. You can execute a trade as fast as possible with the price you see, be it buying or selling. When you have an order held overnight, you don't pay any swaps.

Its reliability is further enhanced by having a good track record of executing orders without slippage. The success rate is 97.5% so far. The order profit is 30 pips at $900 and no commissions are charged on when you deposit or withdraw money from the trading account.

Types of Trading Accounts

There are several types of trading accounts you can choose from on this platform.

OctaFX Demo Account

A Forex broker that offers a demo account has the user's best interest because you get to sharpen your trading skills first. The best way is to start by trading on the demo account before you progress to a live one using real funds. Here you learn how to navigate the forex market and mitigate all the risks involved in online trading.

You enjoy the same trading experience as when using a live account for a more real experience. The only difference is you can't trade with real money so no risk is involved. Test out all your forex strategies to see the outcomes you can expect on the live account.
To open a demo account:

• Once the homepage loads, click on 'FX Trading'.
• Navigate to 'Trading Conditions' then click on 'Demo Account'
• This directs you to the Demo Account Page
• Click on 'Open Demo Account' and fill in the requested details on the form on your screen
• Fill out your First and Last Name
• Input your email and a preferred unique password
• Finish by clicking 'Open Account'
• Head to your email to activate the account and start using it to practice forex trading today!
• There are options for opening the demo account using your Google or Facebook accounts.

MT4 (Meta Trader 4) Micro Account

 Once you set up the MT4 Micro account, you get to trade on a variety of instruments. Opt for this account if you're a beginner in online trading. The account has several key features for you to note:

• There is a provision for an optional swap
• You should deposit a minimum of $100 to start placing trades
• No commission is charged once you deposit or withdraw money from it
• 0.4 pips are where all floating spreads start
• 2 pips are where all fixed spreads Start
• For forex trading, you have access to 28 currency pairs
• Other instruments available for trade are 2 metals, 3 cryptocurrencies, and 4 indices.
• Leverage varies depending on the instruments. Cryptocurrencies are 1:2, Indices are 1:50, metals are 1:200, and currencies at 1:500.

MT5 (Meta Trader 5) Pro Account

This is the best account for professional traders or those with extensive experience in this industry. Many traders prefer this account due to the low spreads and trading costs. Features to expect include:

• There is no swap on this account
• No commission is charged when you deposit funds or withdraw from your trading account
• You should deposit a minimum of $500 to start trading
• Has a fast market execution of 0.1 second
• 0.2 pips are where all spreads start
• You can access cryptocurrencies (3), Energies (2), Indices (10), Metals (4), pairs of currencies (28).
• The minimum volume you can trade is 0.01 and there is no maximum limit set

cTrader (ECN) Account

One key reason many professional traders prefer this account is the fact that the models of pricing are transparent. It has the following important features to consider:

• You get no swap available on this account
• It has a minimum deposit limit of $100
• It gives you access to trade instruments including Metals (2) and Currency pairs (28)
• There is no commission charged on money deposited or withdrawn from the trading account
• The leverage you get is metals for 1:200 and currency pairs for 1:500

Islamic Accounts

Being a winner of the best Islamic accounts in the industry, it's no wonder this broker has taken the time to consider its users who are Muslims. With this account, they get to engage in trade while adhering to Sharia law. The features you get on this trading account are:

• You get charges a fixed fee on this account instead of swap
• No interest is paid on any positions that are held overnight
• All types of accounts can be converted into Islamic accounts. You check the box when opening the account written 'Swap-Free'.
• Compliance with Sharia Law 100%

OctaFX Platforms

There are three platforms you can expect to find provided by this broker. All of them are accessible for download on your desktop, laptop, iOS, and Android devices. There is also a web platform available. The three are MT4, MT5, and cTrader.

MT4 (Meta Trader 4)

MT4 is a trading platform used by many traders all across the world and is provided by this broker. It's easily used by both beginners and expert traders. You can trust that it has all the features you need for a good trading experience on this platform. Get to use all the analysis tools for trade it offers, together with a flexible application for strategies. You can use the strategies here or the ones you've created.

You can trade on several instruments using this platform including CFDs, Forex, and Cryptocurrencies. This gives you a chance to take part in trading without any worry or concern. It comes with educative material that trains you on how to trade effectively on these instruments to earn a good profit. Take advantage of the MT4 demo account to practice all that you learn from the materials.

Features of the MT4 platform are:

• A user-friendly interface that's easy to use for beginners and experienced traders.
• It keeps your machine or device working at a good pace with minimal interference.
• Customize it to suit your needs by developing individual advisors who are experts together with technical indicators
• Access to various trading currency pairs, CFDs, and cryptocurrencies
• Use the charting tools that are advanced to analyze how the market is performing at the present
• You can translate the platform into many languages
• Enhanced standards of security safeguarding your funds
• Compatibility with Windows, Linux, and Mac OS for the web-platform
• Ability to trade 24/7 from anywhere in the world

MT5 (Meta Trader 5)

Download this software for free on any of your devices and use it for trading from anywhere at any time. With this platform, you can trade on CFDs, Indices, and Forex easily because it has some of the best functions of any other platform. You can use it to analyze the market and use all the technical tools for great trading experience.

It's on the verge of replacing MT4 with all the advances made to it. It has some of the fastest functions for back-testing beating those of the MT4. You can test multiple pairs at the same time. The interface is similar to that of the MT4 helping you transition easily from one to the other. The number of tools for technical analysis is significantly higher than what other platforms offer. Also, there's an increase in options for charting and timeframe.

Features for this platform are:

• 8 types of pending orders that get you control that is more precise over all the positions that are open.
• Trading in cryptocurrencies where it takes place as position or intra swing. You can even use scalping due to a new feature for hedging available on this platform.
• There is precise segregation on MT5 for transaction, position, and order terms.
• Use the economic calendar to stay on top of all crucial events, real-time indicators, and data of the whole financial market
• The EAs are improved with MQL Forex that's integrated with product tabs for the market.
• You can open a new position with one simple click simplifying the whole process
• Take advantage of time frames for charting numbering over 21, chart structuring that has 9 tools added to it, and many more technical tools at your disposal.

cTrader

This is one of the most advanced trading platforms that you can customize to your liking easily. You can download it for free on any of your devices and start using it today for all your trading activities. It gives you direct access to the market using top of the line technology and is straightforward to install.

cTrader is a special trading platform for CFDs and Forex. It has over 26 inbuilt chart views in it for more visual support and transparency. Customize the interface to your liking and use the more than 50 templates for charts that you can save. This applies to all the types of strategies there is. This platform is compatible with many devices and has a sophisticated back end.

Key Features are:

• Quotes set at level 2 where pricing is executable by providers of liquidity and the books for orders are filled by the VWAP (Volume–Weighted Average Price).
• Multiple orders can be filled rapidly all at once without needing to queue them up according to orders. This helps to limit the compromising quality of execution.
• Transparent pricing where only one provider of liquidity is permitted to brokers.
• Increased levels of order protection to secure your funds

OctaFX Trading Instruments

Currency Pairs

This is where you trade using foreign currency to maximize your profits in the process. This broker gives you a chance to take part in active forex trading and enjoy the lowest spreads. It's easy to start trading on this market as the lowest amount you need in your trading account is $5. You then slowly grow with orders that are minimally sized.

Here you get the large leverage of 1:500 ratios. This is available on two platforms namely cTrader and MT4. Forex single-handedly carries the largest volume of trade taking part anywhere in the world at the present moment. This broker has over the years perfected its forex trading giving you quotes that are precise with spreads that are tight, to say the least.

There are no hidden commissions charged when you use this platform to trade in forex which you can read all about on the 'Trading Conditions'. You can adjust your preferences for trading once you set up a live account without any limitations to how many you can make. Take advantage of Auto-trading for quicker and more precise trading not driven by any emotions. Benefit from negative balance compensation in case your account gets a negative number after a failed trade. The option to use floating or fixed spreads is yours to make.

Commodities Trading

Other instruments of trade are available on this platform apart from Forex. You can trade on commodities that helps you diversify your portfolio. Having a diverse investment portfolio is a great advantage for one because you spread your risk. Also, you increase your chances of turning a good profit.

Take part in commodities trading either as a beginner or expert trader taking into stock the many advantages of this instrument. You need a minimal deposit to start trading in them while taking advantage of the leverage available to trade larger volumes. They are traded online same as Forex trading and permits you to trade on quotes that are live. The good thing is you can trade 24/7 as there is no limit to when the market is open for trading. No limitation exists to how much trade you can conduct in a day.

Cryptocurrencies

You get cryptocurrencies in both MT4 and MT5 platforms and trade is accepted in Litecoin, Bitcoin, and Ethereum. Cryptocurrencies have over the years had tremendous growth potential earning investors hefty profits.

Stocks

On this platform, you can trade in indices in the stock market as opposed to the norm of trading on single stocks of certain companies. This enables easy trading with efficient and fast execution. You stand to make larger profit margins by benefiting to fluctuating prices that rise and fall.

For this, you should time it perfectly. The spreads and costs incurred are much lower with fast speeds of execution. Use a small amount of trading capital to open a trade index. There are greater volatility and liquidity as well.

How to Open an Account on OctaFX

You should open a live trading account on OctaFX to start trading on the instruments at your disposal.

• Click on 'Open Account' at the top right corner of the main homepage
• Input your full names, email, and preferred password
• Head to your email to verify it and activate the account
• Click on the verification link that directs you to another page
• Fill in the requested details including country of residence, city, address, date of birth, and your phone contact number.
• Follow this by selecting the trading platform you want to use from MT4, MT5, and cTrader.
• Click on 'Continue' once you select the trading platform then you review the summary of your account
• Use the accepted methods to deposit money into your new trading account

How to Deposit and Withdraw Money

When depositing money into your trading account, there are no commissions or hidden charges. The most popular methods for transacting are accepted by this broker that makes it easy to fund your account. You can use Neteller, Bitcoin, Skrill, and Visa. There are minimum amounts accepted by each method so have that in mind while choosing the one to use.

No commissions are charged on the listed methods and they take little time for the money to reflect in your trading account.

These are the same methods you shall use to withdraw profits earned from your account. You should select the type of currency you prefer when opening an account.

Difference Between OctaFX and other Forex Brokers

There are many platforms for trading available online with diverse offers for their users. What sets Octa FX apart from the pack is the fact that this is an award-winning platform recognized for its exemplary services. It was awarded the 'Best Forex Broker 2019' by FxExplained.co.uk. In the same year, it emerged as the 'Best Mobile Trading App' awarded at the European CEO Awards.

Apart from winning awards, you get to enjoy a functional app that has been awarded as the best among forex traders the world over. It has a user-friendly interface that covers all the main features available on the website. You can use it to trade on all instruments without any unnecessary delays. This app is compatible with all the platforms that are MT4, MT5, and cTrader.

Pros

• Accounts that adhere to Sharia Law 100%
• Easy to register and use Demo account
• Numerous learning materials to improve your trading knowledge and skills
• User-friendly interface
• Simple account registration process

Cons

• Spreads can be high as compared to other platforms
• Might be too technical for a beginner

FAQ

⚖️ Is OctaFX regulated in Indonesia, Malaysia, South Africa, India, Nigeria, Kenya, and other countries?

Yes, it is regulated and licensed to operate in these and numerous other countries. It has a presence in 100 countries all across the world.

🙋 How to Open a Demo Account?

Opening a demo account is easy as all you do is click on 'FX Trading' on the homepage then click on 'Demo Account' under 'Trading Conditions'. Follow the provided instructions to set it up easily.

🔐 How Can One Close an OctaFX Account?

The best way is to remove your account from monitoring. Click on 'Account Monitoring' located in your Personal Area. Find the account on 'Monitored Accounts' then click on 'remove account'.

📱 Does OctaFX have an app?

Yes, there is an Octa FX app available to download on any of your iOS and Android devices. By using the app, you can trade easily while on the move from anywhere at any time.

🌐 How languages can one translate the website into?

12 languages.

❓ How many platforms are available on OctaFX?

You can use MT4, MT5, and cTrader

Conclusion

To start trading with one of the most reliable and respected award-winning Forex brokers, simply set up a live OctaFX account today. It's best to start with a demo account if you're new to trading. With the educative materials availed here, you can test out all you learn on this account. There are 3 platforms to use namely MT4, MT5, and cTrader. Forex trading is the main instrument, but that doesn't mean it's the only one. You can trade in cryptocurrencies, CFDs, Commodities, Stocks, etc.