OctaFX may be a forex, CFD and replica trading broker offering the MT4, MT5 and cTrader platforms. during this broker review, we’ll login to the private area and uncover the key features, including leverage, demo accounts, regulation and more. Read on to seek out out if OctaFX may be a good forex broker or not.
OctaFX was established in 2011. The company’s headquarters are located in Saint Vincent and therefore the Grenadines, with a further support office in Jakarta, Indonesia. The broker’s EU entity, Octa Markets Cyprus Ltd, is found in Limassol, Cyprus, and is regulated by the CySEC.
With over 1.5 million trading accounts and an extended list of forex industry awards, the founder and owner has ensured the corporate has amassed a worldwide reach.
The MT4 platform may be a trusted software employed by both individual traders and institutions, thanks to its simple use and adaptability .
The platform allows you to develop your own expert advisors and technical indicators to fit your trading style. additionally to the 30 in-built technical indicators, advanced charting tools allow you to analyse price fluctuations and trends within the market, using 3 customisable chart and graph types.
Note that MT4 is currently only available for non-EU clients.
MT5 is that the next-generation platform that gives all the advantages of its predecessor but with additional speed, accuracy and more advanced features.
Users enjoy 8 sorts of pending orders, 44 analytical objects including Gann and Fibonacci Retracement, plus additional technical indicators which are unique to MT5, like Trend Oscillators and Bill Williams’ tools. There’s also an economic calendar also as two major accounting modes for greater flexibility: hedging and netting.
Both platforms are available several languages, including English, Arabic and Hindi, and are compatible with Windows PCs. OctaFX provides a useful download guide the web site .
For those using Mac PCs, OctaFX also offers the online terminal version of MT4 and MT5, meaning traders can access the markets straight from an online browser.
The web platforms are highly functional and customisable, boasting an equivalent features found within the desktop versions, including charting tools, market indicators, scripts and expert advisors, plus access to diverse order types and execution modes.
The cTrader platform may be a robust system designed for forex and CFD trading. The platform includes over 26 in-built chart views and up to 50 chart templates on a totally customisable interface. The platform boasts a powerful suite of 70 technical indicators and 28 chart timeframes, plus advanced level scalping and visual back-testing using cBot. With full market depth, traders also can execute advanced online trading strategies also as programmable algorithms.
The cTrader platform is prepared to download from the web site once you’ve got completed the registration process. The cTrader web terminal is additionally available for MacOS users.
OctaFX offers a number of the foremost popular products, including:
Forex – 28 currency pairs including EUR/USD and USD/JPY
Indices – 10 CFD indices available like US30 and NASDAQ
Commodities – Including spot gold and silver contracts, plus brent and petroleum
Cryptocurrencies – 3 major digital currencies available; Bitcoin, Ethereum and Litecoin
Typical variable spreads for EUR/USD are around 0.7 pips in both the MetaTrader and cTrader platforms. Gold spreads (XAUUSD) start from around 2 pips and major indices like NAS100 are around 3.5 points. Bitcoin spreads (BTCUSD) are around 3.1 pips. Fixed spreads also are available for MT4 USD accounts.
Trading commissions are only charged within the cTrader account, at 0.03 USD per 0.01 lots. There also are rollover rates applied on positions held over 3 days. Details of those fees are listed within the product specifications.
OctaFX offers generous leverage limits up to 1:500 for currencies within the MT4 and cTrader accounts. Leverage within the MT5 account is out there up to 1:200 on currencies. Metals are often leveraged up to 1:200, indices and energies up to 1:50, and cryptocurrencies up to 1:2.
Note that EU clients can only trade with leverage up to 1:30.
OctaFX delivers mobile app versions of the MT4, MT5 and cTrader platforms, available for iPhone and Android devices. The apps offer many of the essential features found within the desktop applications, including an entire set of orders in MetaTrader and full balance, margin and P&L information in cTrader. All trading apps accompany a customisable mobile interface with clean and accurate trading functions, also as custom mobile price alerts.
OctaFX (non-EU) also offers a downloadable proprietary copy trading mobile app, currently available only on Android (APK) devices. The app allows you to manage and keep track of trading accounts whilst on the go. Users also can activate bonuses, access trader tools and deposit into their accounts. The app download process is quick and may be accessed from the Google Play store.
Traders can’t use OctaFX from us , uk .
Alternatives to OctaFX
If you’re trying to find alternatives to OctaFX we’ve compiled an inventory of the highest 5 brokers that are almost like OctaFX below. This list of brokers like OctaFX is so as of similarity and only includes companies that accept traders from your location.
RoboForex – RoboForex may be a multi-asset online broker offering powerful trading aides.
FP Markets – FP Markets may be a multi-asset broker offering a choice of trading platforms.
FBS – FBS may be a top online broker offering MT4 & MT5 trading across a variety of instruments.
HYCM – Trade on the financial markets with low cost, leveraged products at HYCM.
ThinkMarkets – ThinkMarkets may be a multi-regulated forex and CFD broker