Mon. Sep 20th, 2021

which vary counting on your origin country, including bank cards, Perfect Money and Bitcoin. Local bank transfers also are available for traders from certain countries, including Thailand, India and Nigeria.

The minimum withdrawal and deposit amounts are 5 USD for Perfect Money, 0.00096000 for Bitcoin and 50 EUR for cards. All deposits methods are generally processed instantly or within a couple of minutes.

There are not any commissions charged on deposits, withdrawals or currency exchange rates, apart from 0.5% on Perfect Money deposits. The withdrawal time for all methods is 1 to three hours to approve and up to half-hour to transfer the funds. there’s no withdrawal limit on earnings.

Demo Account Review
OctaFX traders can open a demo account which provides an equivalent trading experience as a live account but without risking any real investment. Each demo account is loaded with unlimited demo dollars and opportunities to participate within the broker’s demo contest to be one among subsequent champions. you’ll check in for a free demo account in only a couple of minutes.

OctaFX Bonuses & Promo Codes
OctaFX (non-EU) offers several deposit bonus deals, including a 50% bonus and a 100% bonus during special offer periods. additionally , there’s the Trade & Win promotion where traders can win gifts like OctaFX t-shirts or gadgets. There also are contest opportunities, including the OctaFX 16 Cars contest where traders are entered into a car prize draw every 3 months, also because the Champion Demo Contest 2020 for MT4 users.

Make sure to see all bonus terms and conditions before participating.

Regulation Review
Octa Markets Cyprus Ltd is authorised and controlled by the Cyprus Securities and Exchange Commission (CySEC), under registration number 372/18. EU member state

residents are therefore protected by strict regulatory standards, including segregated client accounts and protection by the Investor Compensation Fund.

The non-EU entity also claims to supply segregated client accounts to guard trader funds, also as negative balance protection which ensures that trader account balances never fall below zero.

Additional Features
Traders enjoy a variety of additional education features and trading tools at OctaFX, including video tutorials and webinars, plus regular forex market insights and news. The brokerage also offers profit and margin calculators, also as a forex signal service with the Autochartist plugin and live quotes.

OctaFX also offers a replica trading service, which is out there on the desktop terminal and thru the Android mobile app. The copy trading services allows clients to automatically copy leading traders supported the equity and leverage of both the Master Trader and therefore the Copier’s accounts.

Account Types
There are 3 account types available at OctaFX, which are determined by the trading platform you’re using: Micro (MT4), Pro (MT5) and ECN (cTrader). Accounts are available in USD or EUR. The minimum trade volume across all accounts is 0.01 lots and there’s no maximum.

The main differences between the accounts is that the assets available to trade, the spreads and therefore the minimum deposit amounts. The Micro and ECN minimum deposit is 100 USD. The minimum deposit within the Pro account is 500 USD. Commissions also are charged within the ECN account.

Account opening is straightforward and requires the submission of ID documents in line with KYC requirements. In most cases, if your documents are submitted clearly, verification should only take up to three hours.

There is also an Islamic swap-free account for those worried about whether trading is haram or halal. Note clients from the us aren’t accepted at OctaFX or Octa Markets Cyprus Ltd.

Benefits
Traders enjoy several benefits when trading with OctaFX vs the likes of FBS, IQ Option and Exness:

MetaTrader and cTrader platforms
Bonuses and contests (non-EU)
Commission-free trading
EU regulation
Drawbacks
Compared to other brokers like HotForex, XTB and OlympTrade, OctaFX does come short in some areas:

Not FCA regulated
Limited funding methods
Zero pip spreads unavailable
No copy trading on iOS devices
Trading Hours
Trading times within the MT4 and MT5 platforms are 24/5, from 00:00 on Monday to 23:59 on Friday server time (EET/EST). The cTrader server zone is UTC +0, though you’ll set other time zones, like GMT, for charts and trading information.

Customer Support
For telephone support, non-EU clients can contact the helpline, +44 20 3322 1059, between 00:00 and 24:00, Monday to Friday (EET). For EU clients, the amount to call is +357 25 251 973 between 09:00 and 18:00, Monday to Friday (EET).

There is also an email form, however, the fastest thanks to get in-tuned is via the 24/7 live chat service, which you’ll access by clicking on the chat logo at rock bottom of the web site . The support team are helpful if you would like to understand your withdrawal pin, any platform problems, VPS questions, otherwise you want to delete an account.

In addition, you’ll find updates on the broker’s social media pages, also because the OctaFX YouTube channel.

The broker’s head office addresses are:

OctaFX, Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and therefore the Grenadines
Octa Markets Cyprus Ltd, 1 Agias Zonis and Thessalonikis Corner, Nicolau Pentadromos Center, Block: B’, Office: 201, 3026, Limassol, Cyprus
The broker’s website is out there during a number of languages for clients from Indonesia, Malaysia, Pakistan and India.

Security
OctaFX uses 128-bit SSL encryption and PIN codes within the personal area and trading platforms, which is that the industry-standard security requirement for shielding personal data. The broker also applies 3D secure Visa authorisation when processing credit and open-end credit transactions.

OctaFX Verdict
OctaFX offers a promising trading service for novices and experienced traders, with a choice of MetaTrader or cTrader platforms also because the Copytrading app. The broker offers fee-free deposits and withdrawals, plus Islamic accounts and a demo solution. The ECN spreads also are decent, though not as competitive because the zero spread accounts offered at other brokers like XM, for instance .

Accepted Countries
OctaFX accepts traders from Australia, Thailand, Canada, South Africa , Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia , Kuwait, Luxembourg, Qatar and most other countries.

By Mohit

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