OctaFX is one of the biggest forex brokers out there, offering tight spreads and over 50 currency pairs to trade. But before you sign up and deposit your hard-earned cash, you probably want to know more about what they’re all about.
Can you trust them? Are the fees going to eat up all your profits? What do other traders say about them? Don’t worry, we’ve done a deep dive into OctaFX so you have all the info you need to decide if they’re the right broker for you.
An Overview of OctaFX
OctaFX is a forex broker that offers over 50 currency pairs, metals, and CFDs for trading on the award-winning MT4 platform. Founded in 2011, OctaFX is regulated in Saint Vincent and the Grenadines and primarily serves traders in Asia, the Middle East, and Latin America.
OctaFX keeps trading costs low with no commissions on trades and tight spreads. The minimum deposit to open an account is only $5. You can fund your account and withdraw money with convenient payment methods like bank cards, wire transfers, and e-wallets. Withdrawals are processed within 1 business day.
OctaFX’s customer support team provides 24/5 multilingual support via live chat, email, or phone. They aim to resolve any issues as quickly and efficiently as possible. OctaFX also frequently runs demo contests and promotions with generous cash prizes for their clients.
Regulation and Security of OctaFX
When it comes to regulation and security, OctaFX takes it very seriously. OctaFX is regulated by the International Financial Services Commission of Belize (IFSC).
The IFSC requires OctaFX to maintain certain standards related to financial reporting, capital requirements, and business practices. While not as strict as regulators in other regions, the IFSC still provides traders with more protection than completely unregulated brokers.
OctaFX is not regulated in the U.S., U.K., EU, Australia, or Canada. If regulation is very important to you, you may want to consider a broker regulated in your country or region.
What Can You Trade on OctaFX?
OctaFX offers over 50 currency pairs, cryptocurrencies, and metals for trading on their platform. Whether you’re interested in major, minor, or exotic currency pairs, OctaFX has you covered. Some of the major currency pairs you can trade include:
- EUR/USD (Euro/U.S. Dollar)
- GBP/USD (British Pound/U.S. Dollar)
- USD/JPY (U.S. Dollar/Japanese Yen)
- AUD/USD (Australian Dollar/U.S. Dollar)
- NZD/USD (New Zealand Dollar/U.S. Dollar)
OctaFX also offers cryptocurrency CFDs, so you can speculate on the price of digital assets like Bitcoin, Ethereum, and Litecoin without actually owning the underlying coins. If you prefer to trade commodities, OctaFX supports spot gold and silver trading against the U.S. Dollar.
With a minimum trade size of just 0.01 lots, OctaFX accommodates traders of all experience levels. Whether you’re a beginner looking to get started with small positions or an expert who trades high volumes, OctaFX has flexible trade sizes to suit your needs. They also have no restrictions on trading strategies, so you can use any technique like scalping, hedging, or algo-trading.
Fees of OctaFX
OctaFX does not charge any fees for deposits and withdrawals. They offer a variety of convenient payment methods to fund your account and withdraw your money.
Minimum Deposit
The minimum deposit to open a live trading account with OctaFX is only $5. This low barrier to entry makes it easy for new traders to get started. You can deposit using:
- Credit/debit cards (Visa, Mastercard)
- Bank wire transfers
- Skrill
- Neteller
- Bitcoin and Ethereum
Payment Methods
The available payment methods include:
- Credit/debit cards
- Bank wire transfers
- Skrill
- Neteller
- Bitcoin and Ethereum
Withdrawals
The minimum withdrawal amount is $5. OctaFX does not charge any additional fees but your payment provider may charge a small transaction fee. It’s best to check with them directly.
OctaFX Customer Support
OctaFX’s customer support is available 24 hours a day, 5 days a week via live chat, email, and telephone. They aim to respond to all queries within 4 hours. The support team consists of knowledgeable and professional individuals who are able to assist traders in English, Indonesian, Malay, Chinese, and Thai.
Live Chat
The live chat feature on OctaFX’s website and trading platforms allows you to instantly connect with a support representative. They can help you with technical issues, account queries, trading questions, and more. Live chat is convenient but can sometimes have longer wait times, especially during busy market hours or news events.
Email Support
For less urgent issues or questions, you can email OctaFX’s support team at support@octafx.com. They aim to reply to all emails within 1 business day. Email support is useful for inquiries that require research or account verification. Be sure to provide as much detail as possible in your email to get the most helpful response.
Phone Support
OctaFX also offers 24/5 phone support for traders who prefer to speak directly to a representative. Their global phone numbers have call-back options so you don’t have to wait on hold. Phone support can be a good option if you have an urgent issue that requires immediate assistance.
Is OctaFX Legit or Scam?
So, is OctaFX legit or a scam? After reviewing all aspects of OctaFX in detail, we can confirm that OctaFX is a legitimate broker. Here are a few reasons why:
OctaFX is regulated by several top-tier financial authorities, including the FCA in the UK. Regulated brokers have to follow strict rules to protect traders and their funds. OctaFX also segregates client funds from its operational funds, as required by regulators. This means your money is kept separately and not used for any other purposes.
It has been operating since 2011 and has over 12 million clients from over 150 countries. They wouldn’t have lasted this long or gained so much trust if they were running a scam operation.
Deposits and withdrawals are free and fast. There are no hidden fees. OctaFX makes money through the spreads and commissions on trades, so they aim to keep clients happy.
OctaFX’s trading platforms and tools work well and are suitable for new and experienced traders. The platforms are stable and experience minimal downtime. Scam brokers often have subpar platforms and tools.
Pros and Cons of OctaFX
Pros of OctaFX
OctaFX has a lot going for it as a forex broker. Here are some of the main benefits of using their platform:
- Low fees. OctaFX charges no commissions on trades and low spreads. The minimum deposit is only $5 to get started. They also regularly run promotions with extra bonuses and prizes.
- Simple yet powerful. The OctaFX trading platform is easy to use but still provides all the tools, charts and indicators you need to analyze the market and place trades. You can trade on the go using their mobile apps.
- Safety and security. OctaFX is regulated in several countries, including Cyprus and Saint Vincent and the Grenadines. They use SSL encryption and two-factor authentication to keep your account and funds secure.
- 24/7 support. OctaFX provides customer support around the clock via phone, email, and live chat. Their support team is friendly, responsive, and able to assist you in several languages including English, Indonesian, Malaysian, and Chinese.
Cons of OctaFX
Of course, no broker is perfect. Here are a couple of potential downsides to consider with OctaFX:
- Limited product range. OctaFX only offers forex and CFD trading. They do not provide access to stocks, bonds, ETFs, options, or futures. If you want to trade other markets, you’ll need to use a different broker.
Final Thought
OctaFX offers a solid range of currency pairs, commodities, and indices to trade with competitive spreads and no commissions. Their deposit and withdrawal options are convenient and fees are minimal. Customer support is available 24/5 through live chat, email, or phone to help you every step of the way.
While they aren’t regulated in the EU or UK, they are regulated in other major jurisdictions. As with any broker, do your own due diligence to make sure they meet your needs. But overall, OctaFX seems to be a legitimate broker where you can feel confident trading and investing your money.
