OctaFX Broker Review

” OctaFx is the one of popular forex broker in India, with a good option of deposit and withdrawal your fund”

Is OctaFx good or reliable?

The broker is registered with CySec (Cyprus Securities and Exchange commission) along with that the broker has maintained themselves in the top broker list from the past few years and they are growing day by day therefore, the broker is reliable.

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Pros

Cons

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 variety of options for deposit and withdrawal without any fees on the same.

What account type do you recommend and why?

In my opinion, the best account type with OctaFX is micro, it has all the best option along with that the minimum deposit is USD 1 with the minimum spread.

What can be traded with OctaFX?

They provide their clients to trade in currency pairs, metals, indices, and cryptocurrencies.

“Even inherently, fear is not meant to limit you in any way. What fear means is to let you know that there is something important for you to overcome.”

Web and desktop platform offered by OctaFX

Octa Fx provide MT4, MT5 and C Trader platforms.

MT4

If you are new then then this is the go-to platform for you. However, that doesn’t mean that professionals couldn’t use it. This platform is used by various people around the world.

It has all the features and analysis tools to learn and trade. Attend Webinars, read articles, see videos provide to learn about trading and the platform is very easy to use and understand.

Features of MT4

MT5

This platform provides everything needed for flexible trading operations. The platform offers powerful tools such as flexible trading system, technical and fundamental analysis, multi-currency tester, professional MQL5 development environment and alerts. The platform can be translated to 31 different language for the convenience of the people who only know one language. You can subscribe to signals, use technical indicators, run trading robots and rent a virtual server. Professional people prefer to use this platform for the better experience of the analysis and results. Though after using this platform i find it slow comparative to MT4.

Features of MT5

C Trader

This platform is designed to fulfil two functions: firstly, execution of trades, and secondly, charting. The platform visuals are really attractive, its designed by keeping in mind that the platform is intuitive to use. The platform has visuals of web-based platforms. Even beginners can use this account for the better understanding of forex market but this platform is mostly used by professionals who prefer order execution speed and unconventional instrument to implement their trading strategies.

Features of C Trader

Mobile application on which OctaFX account can be traded

OctaFX Mobile Application

OctaFX does provide their own application to trade in though currently the app lacks in many ways such as being slow or freeze sometimes but at least you can check the trades and can open and close them as well. The app looks like below:

MT4 Mobile Application

This is the common application used by million users to trade with different broker accounts, the application is very easy to use. The application looks like below:

Account type comparison

The account type they offer are 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 TypeDefinitionMicroProECN
SpreadThe difference between bid and ask valueVariableVariableVariable
CommissionThe Fees charged by broker to open trade with them.No CommissionNo CommissionNo Commission
Minimum DepositThe minimum amount required to deposit to start trading withUSD 100USD 500USD 100
Trading InstrumentsThe instruments which you can trade with Octa FX28 currency pairs + gold and silver
+ 4 indices + 3 cryptocurrencies
28 currency pairs + gold and silver + 2 energies + 10 indices + 5 cryptocurrencies28 currency pairs + gold and silver
LeverageThe ratio of amount which can be borrowed by broker to trade huge number of lots1: 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 VolumeThis is the minimum size of the lot with which a trade can be opened0.010.010.01
Order Execution
The time taken to opening and closing of trade
Market execution within 0.3 second mostlyWithin 0.3 sec mostlyMarket Execution within 0.3 second
Deposit money
The currency in which amount can be deposited
USD or EURUSD or EURUSD or EUR
HedgingThe strategy which is used to balance loss and earn more profityesyesyes

With OctaFx there is only one account which can be used while trading on MT4 platform and that is Micro. The account itself is with good services. Whereas if we consider other two accounts, then in Pro account I find the MT5 platform quite slow as comparative to MT4 along 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 ways.

How to create account on OctaFx?

To create account with OctaFx one must follow the following steps:

1.Visit their website  octafx.com

2. Click on Open account option on the top right corner.

open-account-fig 9

3. Fill up required details. Login to your account.

4. Verify yourself by uploading required documents.

5. Fund your account and start trading.

Deposit and withdrawal channels

Deposit and Withdrawal Options

The platform has a variety of options for depositing funds, the channels they provide are as follows:

deposit-fig 10

Whereas the withdrawal channels are few but the most used one. Withdrawal channels they provide are as follows.

Deposit and withdrawal rate

There are no extra charges on deposit and withdrawal and the funds are credited back to your account within 24 hours. I used the platform UPI to fund my account and withdrawal will be done to my bank account. My funds were credited to my account within 24 hours.

Comparison based on spread, commission, and swap

Spread:

One of the most important factors is spread which decides if the broker has low cost or high. For comparing spread values, we have collected a week data and calculated the average spread value which is shown in the below table.

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 type which automatically result in the lower cost of broker.

Swap:

Swap Long and Swap Short 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 swap in the commission tab.

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 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 like as follows.

You will be in queue for short period of time then you will be connected to the agent. The support service is good and provide answers the best of their knowledge.

Research and Education

OctaFx does provide a lot of education and analysis material on their website with the help of which you can trade. When you click on the analysis and education option on their website the below screen will be shown:

They provide variety of tools which includes traders’ tools, analytics tools, and education material. Whether you are new to this field or experience there a lot of things in this section you can learn and can enhance your skill, just click on the desired option and there you go.

Trading Experience

Though it is suggested to know the concept of forex trading before investing with real funds still you can trade easily if you are new as the platform is not that hard to know but on the other hand your choices of the trade can go wrong if you open a bid without any knowledge you might end up bearing loss. So, before investing with real fund start using demo account, take help of education material, learn, analyze then earn.

Conclusion

OctaFx was launched in the year 2011, and their head-office is located at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. They have won various awards several years in India and are the most used broker here.

The broker provides 3 platform MT4, MT5 and C Trader in which user can trade as -per his/her experience. Though the broker offers tight spread on almost every pair, they also offer demo account at first in which you can check the services offered by broker.

All three account types are also available for Islamic countries. The broker is providing their services over 180 countries in the world and established themselves in the top 10 brokers.

The broker provides wide range of channels for depositing your funds along with that they don’t charge any fees on deposit and withdrawal. The broker provide 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 along with that all the processes run super smoothly.

If I have to choose the account out of three, I will go with micro account, as it is the most convenient account for most of the people with lowest investment, overall cost of the broker is also low whereas, in other two account one has a very high minimum deposit value and another account is difficult to trade in.