OctaFX Review for South African Traders

OctaFX began in 2011 and now has over 6 million traders. Its swap-free service and attractive perks and incentives keep increasing its market share. OctaFX is an ECN Forex Broker that also offers CFD trading on Indices, Metals, and Cryptocurrencies using MetaTrader 4 and MetaTrader 5.

OctaFX offers trading accounts, copy trading, bonus offers, and research tools.

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OctaFX Overview

OctaFX is a brand that two independent broker firms share.

Octa Markets Cyprus Ltd is a Cyprus-based investment firm (CySEC). Its domain is OctaFX.eu. This allows consumers to trade with a regulated broker and provides additional protection.

In addition to the increased leverage, Octa Markets Incorporated, based in St. Vincent and the Grenadines, offers clients bonus promotions. It is based in St. Vincent & the Grenadines and currently serves 185 countries.

OctaFX Pros and Cons

Pros

  • Ease of use and low initial balance.
  • Scalping, hedging, and expert advisors are all legal.
  • There are shariah-compliant accounts.
  • Forex and CFDs.
  • Leverage up to 500:1 with negative balance protection.
  • No registration or commission fees.

Cons

  • Customers from the USA are not eligible.
  • Some assets and currency pairs are not available to trade.
  • There is no VPS.
  • Coverage of crypto is limited.

Why Use OctaFX?

Trading a wide range of assets with low minimum balance requirements and competitive spreads is easy with OctaFX. Alternative asset classes such as US, UK, and Japanese equities offer fantastic opportunities to diversify your investment portfolio in one place.

A $5 deposit is required to activate a live account. Alternatively, OctaFX provides a demo account to help you learn about their platform.

OctaFX Trading Platforms

1. MT4 (MT4)

MetaTrader 4 is a user-friendly platform. This platform allows users to trade Forex and CFDs, also Financial market analysis.

MT4 OctaFX can provide traders with secure access to trading operations. OctaFX trading is a multilingual broker. It is also popular for its ability to supply deals to the market automatically. MT4 also has superior trading capabilities and is fully programmable.

2. MT5 (MT5)

MetaTrader 5 is a popular trading platform. MT 5 is the world’s leading multi-asset trading platform for futures, currencies, CFDs, and ETFs. Investors prefer MetaTrader 5.

The platform’s simplicity attracts a large customer base. MT5 has Level 2 Pricing, Robotic Trading, Higher Chat, VPS Support, and an Education Market. It can also provide free market data and news. Also, a forex trader can use the MT5 for automated trading.

The MetaTrader 5 platform includes cutting-edge tools to help you grow your business. We think it improves the customer experience. You can use live and free sample accounts to get a feel for the platform.

Global feedback widgets are included in OctaFX MT5. This widget helps FX traders. MetaTrader 4 and 5 are essential for fast order reversal and hedging.

3. cTraders

OctaFX has cTrader. Its features are similar to those of MetaTrader. You can learn about market order flow and liquidity here (level 2 market depth). It supports trading robots and various chart types.

The ECN market is accessed via cTrader (electronic communication network). ECN trading conditions outperform MetaTrader accounts. cTrader is recommended by our reviews. Customizable indicators and tools are also supported.

OctaFX Copy Trading

Many platforms allow novice traders to mimic experienced traders. The OctaFX program is similar. Forex Awards named OctaFX the ‘Best Copy Trading Platform’.

The care taken in developing OctaFX’s copy trading platform sets it apart from the competition. You can browse thousands of Master Traders by category and learn their trading strategies, but OctaFX goes further.

It also has a feature that monitors Master Traders, grading their efficiency and preventing copiers from engaging in risky trading practices. This option also hides the most reckless Master Traders who trade their positions.

Scalping with OctaFX

OctaFX allows scalping. This broker is ideal for scalpers because of its low spreads and popular cTrader trading interface. Traders recommend OctaFX as a top scalping broker.

Regulations for OctaFX

OctaFX is licensed by CySEC #372/18 and Saint Vincent and the Grenadines regulatory agency #19776.

Until recently, the FCA regulated the broker. However, due to Brexit’s uncertainty, OctaFX has decided to suspend its UK regulation. Traders can rely on CySEC regulation for legality and security.

OctaFX Account Types

Here are a few OctaFX account types to start trading with.

1. Demo Account

The first step is to open an OctaFX demo account. Beginners can learn the ropes here without having to trade live. It allows you to trade with virtual funds in a risk-free environment. It’s a great way to learn about a broker or industry.

OctaFX provides a free demo account that only requires basic personal information and an email address. The best part is that you can sign up in seconds using Facebook or Google, and your account will remain active until you have been inactive for 60 days.

2. OctaFX MT4 Micro Account

An MT4 Micro Account is a great way to trade forex with OctaFX. This is an excellent account for beginners and small investors. The minimum deposit for this account is $5.

Spreads start at 0.4 pips floating, or two pips fixed on particular currency pairs and only with a USD base currency account. This account type is ideal for new traders, but it is unavailable in the EU.

3. OctaFX MT5 Pro Account

Beginners should use the OctaFX MT5 pro account. Small enough to attract traders of all types. This account accepts deposits of up to $500 or $100 within the EU.

This account offers the MT5 trading platform and attractive spreads starting at 0.2 pips. The overnight fee is also only collected every three days.

4. OctaFX cTrader Account

The OctaFX cTrader account is another popular account type here. This account also has a $100 minimum deposit and is accessible from anywhere in the world. Because this is an ECN account, you can expect industry-leading execution.

A $5 per lot commission is charged on both sides of each trade, and this account is limited to FX and commodities trading. Nightly fees are only collected once a week.

5. OctaFX Islamic Account

Also, OctaFX Islamic accounts are available. You will have a Sharia-compliant account and use OctaFX’s award-winning regional service.

To open an OctaFX Islamic account, select “swap-free” when creating a new account. They can be traded on MetaTrader 4, MetaTrader 5, or cTrader, though the broker charges a premium for the lack of a rollover fee.

OctaFX Minimum Deposit

OctaFX’s minimum deposit is still very low. This makes it ideal for new traders. The minimum deposit for an OctaFX Micro account outside the EU is $5. The minimum deposit for MT5 Pro and cTrader accounts in Europe is $100.

OctaFX Leverage

Your OctaFX leverage depends on your regulatory body and the assets you trade. In general, the maximum leverage available in the EU is 30:1.

Outside the EU, OctaFX offers 200:1 MT5 leverage and 500:1 MT4 or cTrader leverage. Again, this varies by the asset.

OctaFX Deposit Bonus

You could get a 50% OctaFX deposit bonus, depending on your location. You must deposit $50 or more and receive a 50% bonus to qualify. This bonus is withdrawable, but you must follow the broker’s terms.

Is OctaFX legit?

In our opinion, OctaFX is a safe and reliable forex trading platform.

How much does it cost to start trading on OctaFX?

Trading at OctaFX starts at $5. The minimum deposit varies by payment method and region. According to risk management principles, the more money you have, the less risk you face.

How do I verify my OctaFX account?

Verifying your account:

  1. Resubmit a verification request.
  2. Select an ID from a drop-down menu. If you want to use another ID, skip this step and go to the next. Make sure it’s a government-issued ID.

How do I fund my OctaFX Forex trading account?

  1. Go to your Personal Area and click deposit. The Deposit button is on the main menu of the app.
  2. Select the account you wish to deposit into.
  3. Choose your payment method.

Is OctaFX copy trading free?

To invest with OctaFX, you must first fund your trading account. OctaFX does not charge any commission.

How do I trade at OctaFX?

Navigate to Trading Accounts and click Open Demo Account. Then click Open Account and select your trading platform. Demo accounts allow you to practice, familiarize yourself with the platform, and risk-free test your strategy.

Can I open two OctaFX accounts?

Yes, you can create an unlimited number of demo accounts in your Personal Area. Enter the OctaFX Champion demo contest for a chance to win real money.

Can I buy Bitcoin on OctaFX?

No. However, OctaFX allows cryptocurrency pairs trading such as Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple.

What does “free margin” in OctaFX mean?

“Free Margin” refers to funds in the Client’s account that can be withdrawn and used to open a position. The free margin is calculated as follows: Minimum Required Margin = Free Margin Until volume requirements are met, the deposit incentive is the free margin.

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