OctaFX Broker Review
” OctaFX is the one of popular forex broker in India, with a good option of deposit and withdrawal your fund”
In the OctaFX Review article, we are going to learn about its overall cost and its services in detail. This broker is one of the well-known brokers in India as its also regulated in SEBI.
Is OctaFx good or reliable?
The broker is registered with CySec (Cyprus Securities and Exchange Commission) along with that the broker has maintained itself in the top broker list for the past few years and they are growing day by day, therefore, the broker is reliable.
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Pros
- Easy-to-use platform
- Bonuses options available.
- Support availability is 24*7.
- Lowest cost as the broker spread charges is less and they don’t charge commission.
- Many channels for depositing funds and no extra charge on deposit and withdrawal.
- Education material is provided to learn about trading.
- Copy trading option is also available.
Cons
- Limited Commodities market, no individual stock CFDs.
- They ask for initial USD 1000 Dollars for a month in your account to provide you with the trading signals.
- Limited trading options.
What is the maximum leverage OctaFX offers?
The maximum leverage OctaFX offers is 1:500
OctaFX broker headquarters is located at?
The Head office of OctaFX is located at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent, and the Grenadines.
What account type do you recommend and why?
In my opinion, the best account type with OctaFX is micro, it has all the best options that the minimum deposit is USD 1 with the minimum spread.
OctaFX Account type and their comparison
The account type they offer is as per the platform, for MT4 they have account type micro. For MT5 they have account type Pro and For C Trader they have account type ECN. The below picture would give you more clarification.
For now, I will be showing you the features of the accounts they offer as most of the people consider MT4 for trading.
Account Type Comparison
| Account Type | Definition | Micro | Pro | ECN |
|---|---|---|---|---|
| Spread | The difference between bid and ask value | Variable | Variable | Variable |
| Commission | The Fees charged by broker to open trade with them. | No Commission | No Commission | No Commission |
| Minimum Deposit | The minimum amount required to deposit to start trading with | USD 1 | USD 500 | USD 100 |
| Trading Instruments | The instruments which you can trade with Octa FX | 28 currency pairs + gold and silver + 4 indices + 3 cryptocurrencies | 28 currency pairs + gold and silver + 2 energies + 10 indices + 5 cryptocurrencies | 28 currency pairs + gold and silver |
| Leverage | The ratio of amount which can be borrowed by broker to trade huge number of lots | 1: 500 for metals, 1: 200 for metals, 1: 50 for indices, 1:50 for cryptocurrencies | Up to 1:200 for currencies 1:100 for metals and energies 1:50 for indices 1:10 for cryptocurrencies | Up to 1:500 for currencies 1:200 for metals |
| Minimum Volume | This is the minimum size of the lot with which a trade can be opened | 0.01 | 0.01 | 0.01 |
| Order Execution | The time taken to opening and closing of trade | Market execution within 0.3 second mostly | Within 0.3 sec mostly | Market Execution within 0.3 second |
| Deposit money | The currency in which amount can be deposited | USD or EUR | USD or EUR | USD or EUR |
| Hedging | The strategy which is used to balance loss and earn more profit | yes | yes | yes |
With OctaFX there is only one account that can be used while trading on the MT4 platform and that is Micro. The account itself is with good services. Whereas if we consider the other two accounts, then in the Pro account I find the MT5 platform quite slow as compared to MT4 with that minimum deposit amount is USD 500 which is a lot of money not everyone can afford it.
ECN account in C trader is difficult to trade in, so in my opinion, the best type of account is micro only in every possible way.
Comparison based on spread, commission, and swap
OctaFX Spread:
One of the most important factors is spread which decides if the broker has a low cost or high. For comparing spread values, we have collected a week’s data and calculated the average spread value which is shown in the below table.
Spread Comparison
|
Currency |
Micro |
Pro |
|
XAUUSD |
19.2 |
23 |
|
EURUSD |
6.8 |
7 |
|
GBPUSD |
12.5 |
12 |
|
AUDUSD |
24 |
9 |
|
USDCAD |
11.2 |
14 |
|
USDCHF |
13 |
15 |
|
USDJPY |
9.5 |
13 |
|
GBPJPY |
14 |
14 |
|
EURJPY |
11.5 |
13 |
|
NZDUSD |
12.8 |
12 |
If we compare spread with other brokers, it can be seen that the broker has the lowest spread values.
Commission:
There is no commission charged by the broker on any of the account types which automatically results in a lower cost for the broker.
Swap:
Swap Long and Swap Short Values:
Swap Values
|
Currency |
Swap Short |
Swap Long |
|
XAUUSD |
-2.65 |
-5.83 |
|
EURUSD |
-1.9 |
-2.1 |
|
GBPUSD |
-4.8 |
-2.8 |
|
AUDUSD |
-1.9 |
0.58 |
|
USDCAD |
-0.1 |
-4.2 |
|
USDCHF |
-2.1 |
-0.1 |
|
USDJPY |
-3.7 |
-1.1 |
|
GBPJPY |
-4.3 |
-0.1 |
|
EURJPY |
-1.9 |
-1.3 |
|
NZDUSD |
-9.2 |
1.9 |
The swap is charged by the broker if the bid is open over midnight. Though when trading you won’t find the swap charged in the swap tab, instead you will find the swap in the commission tab.
What is the best thing about OctaFX Broker?
The best thing about this broker is that it is well known in Indian Market along with that they provide a variety of options for deposits and withdrawals without any fees on the same.
OctaFX Bonus
OctaFX does provide bonus features such as 50% on every deposit, its mentioned on their website as well which is shown below:
OctaFX Trading Platforms
OctaFX provides MT4, MT5, and cTrader which you can use to trade on a laptop or PC. Apart from that they also offer mobile apps with the help of which you can trade using mobile-only one of which is MT4 common application and another is OctaFX’s own application.
To know which platform to use when clicking the below button
OctaFX Opening Account Procedure
To open an account with OctaFX you are required to follow some simple steps and then to get yourself verified it is required to submit id proof and address proof and once it’s verified, you’re good to go.
To know the detailed process, Click the below button.
OctaFX Deposit and Withdrawal Options
OctaFX broker offers more deposit options but for withdrawal funds, there are a few options as compared to deposits. They don’t charge any fees on deposits and withdrawals.
To know in more detail, click the below button.
OctaFX Chat Support
We all know that when we have some issue with the broker services the best way to get in touch with the broker is through live support. The support of Octa Fx is available 24*7 so you can definitely get in touch with them anytime you are facing an issue. To get in touch with the support click on the bottom right corner. You will be connected to one of their agents the window will look as follows.
You will be in the queue for a short period of time then you will be connected to the agent. The support service is good and provides answers to the best of their knowledge.
Conclusion
OctaFX was launched in the year 2011, and its head office is located at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent, and the Grenadines. They have won various awards for several years in India and are the most used broker here.
The broker provides 3 platforms MT4, MT5, and C Trader in which users can trade as – per his/her experience. Though the broker offers a tight spread on almost every pair, they also offer a demo account at first in which you can check the services offered by the broker.
All three account types are also available for Islamic countries. The broker is providing its services in over 180 countries in the world and established itself among the top 10 brokers.
The broker provides a wide range of channels for depositing your funds so that they don’t charge any fees on deposit and withdrawal. The broker provides bonus offers also which is an impressive option for traders.
In my point of view, the trading experience with this broker went quite well. I haven’t faced any issue with this broker that all the processes run super smoothly.
If I have to choose the account out of three, I will go with the micro account, as it is the most convenient account for most of the people with the lowest investment, overall cost of the broker is also low whereas, in other accounts, one has a very high minimum deposit value and another account is difficult to trade-in.