Octafx

Choosing a trading platform is a crucial task for every trader. A suitable trading platform can help you maximize your profits while saving time and costs. Among hundreds of forex trading platforms worldwide, Octafx is highly regarded by traders. If you have not found a suitable trading platform for yourself, this is definitely a name you should consider. Let’s take a look at this trading platform in this review to learn more!

Introducing Octafx forex trading platform

OctaFX is also a relatively new name in the global forex market. The company was founded in 2011 and has been in operation for 10 years to date. Despite its short period of operation, OctaFX has achieved considerable success. The company has received many prestigious awards. Let’s take a look at some of the most notable awards in recent years:

• Best Forex Broker Asia 2020″ by FX Daily Info Awards.
• Best ECN Broker 2020″ by World Finance Awards.
• Best Forex Broker Asia 2019″ by Le Fonti Awards.
• Best Forex Broker of the Year 2019″ by FxDailyInfo.
• Best Forex Broker Asia 2018″ by Global Banking and Finance Review.
• Best ECN Broker 2017″ by European CEO Awards.
• Best Forex Broker Asia 2017″ by IAIR Awards.
• Best STP Broker 2016″ by Forex Report Awards.

OctaFX has been recognized for its excellence in various categories, such as forex trading conditions, customer service, and technological innovation. These awards highlight the company’s commitment to providing its clients with the best possible trading experience.

The information provided above has helped readers to evaluate to some extent whether Octafx is good or not. Only reputable and reliable organizations can receive many awards like this.

License to operate

For new traders, many people have wondered whether Octafx is a scam or not. This is a legitimate question when many trading platforms operate with the purpose of fraud and profiting from customers. However, Octafx has been licensed by the most reputable financial organizations in the world. Therefore, traders do not need to worry about the credibility of Octafx.

Specifically, Octafx has its headquarters in Cyprus and is licensed by the Cyprus Securities and Exchange Commission (CySEC). The license number is 372/18. To obtain this license, Octafx has to comply with many stringent regulations from CySEC, such as legal compliance, ability to compensate investors, capital requirements, service regulations, and so on.

Some information you should know is that CySEC is one of the top and most reputable forex management agencies in the world. Not every trading platform can be managed by this agency. Therefore, your investment amount at Octafx is always guaranteed.

Account types at Octafx exchange

Currently, Octafx offers 3 main types of accounts to support its customers, namely Micro account, Pro account, and ECN account. Each account type has its own unique characteristics.

Micro account

If you are a novice trader stepping into the foreign exchange market, this account type is designed specifically for you. With a low minimum investment, traders will find it easier to start investing. Here are some basic specifications of this account type:

Pro Account

Unlike a Micro account, a Pro account at Octafx is specifically designed for experienced traders who have the ability to manage and tolerate high risks. With this account, traders need to be aware of the following basic parameters:

• Minimum deposit amount: 500USD
• Trading products: 28 forex pairs, 4 metals, 2 energies, 3 cryptocurrencies, 10 different indices and CFDs.
• Floating spread spreads from only 0.2pip
• Commission fee: free
• Leverage: Leverage can be up to 1:200 for currency pairs, 1:100 for metals and energies, and 1:50 for indices. Whereas leverage for cryptocurrencies is 1:2.
• Minimum order volume: 0.01 lot and unlimited maximum order volume.
• Platform used: MT5

ECN Account

ECN Account in Octafx is designed specifically for traders who have a certain amount of trading experience in the market. Although they may not be professional traders, they have achieved certain success in this market. The account features include:

• Minimum deposit amount: 100USD
• Trading products: 28 forex pairs, 2 metals (gold and silver).
• Floating spreads from just 0 pips
• Commission fee: no
• Maximum leverage for exchange rates is 1:500, for metals is 1:200.
• Minimum order volume: 0.01 lot and unlimited maximum order volume.

Octafx trading platform

For each different type of trading account,  Octafx  offers a different trading platform, bringing more convenience to users. Specifically:

• MT4 platform for Micro accounts. It is the oldest and most basic trading platform developed in the forex market. That’s why novice traders also understand and use it better. MT4 has a simple interface, integrated with many useful tools. Currently, MT4 can be compatible with most operating systems on PCs as well as smartphones.
• MT5 Platform for Pro Accounts: Developed from MT4, MT5 is integrated with a number of new features for professional traders to better analyze the market. MT5 owns 21 timeframes, constantly updating important information.

The Trader platform for ECN accounts is supported with a cloud storage service that stores all accounts in one place.

In addition,  Octafx  also has a number of technical analysis tools such as AutoChartist or  CopyTrading application on the phone to execute signal copy orders.

• Leverage, commission and spread
• As discussed above, the leverage at  Octafx  is different for different account types and trading products. Accordingly, the lowest leverage is 1:1 and the maximum is 1:500.
• Investors rate Octafxquite highly due to its commission free. For all trading accounts on the exchange, you do not need to pay any additional commission fees. This is also the strength of  Octafx  that creates a great attraction for investors.
• For the spread fee,san Octafx uses both fixed and floating fees for Micro accounts. For Pro and ECN accounts, the exchange only applies floating spreads. Specific spreads for each account type have been clearly presented in the above section.

Trading products octafx offers

• Compared to other exchanges,  Octafx  has a slightly more modest number of trading products. Each account type is also assigned a different amount of products. In general, the exchange’s main products are still currency pairs with 28 pairs. In addition, traders can also invest in metals with 2 main types being gold and silver. Energy, Indices, Cryptocurrencies, CFDs are also present in the list of products of the exchange.
• Deposit and withdrawal options
• Octafx  offers quite a few deposit/withdrawal ports for you to choose from. You can deposit/withdraw via bank, visa, Neteller, Skrill or Bitcoin. Please note that when you deposit money with any port, when you withdraw, you must withdraw using that port. Otherwise, the request will not be approved.
• Deposit/withdrawal transactions are supported by Octafx. This means you don’t have to pay any fees for these transactions. After submitting your withdrawal request, you need to wait for 1 to 3 hours for  Octafx  to approve. In general, deposit or withdrawal requests are handled very quickly.

Customer care

• Many users have also reviewed Octafx sànwith very good customer service. If you encounter any difficulties when making a transaction at  exchange Octafx, please immediately contact the  Octafx  team in Vietnam for the most dedicated support. This team is always ready to serve investors 24/5. You can also contact support through many different channels such as direct call, or contact through social networks such as facebook or twitter. It is not difficult to find  Octa fx  at these channels.
• According to many reviews, the customer satisfaction level for consulting services at  Octafx  is up to 96%. The average response time is just 7 seconds.

Summary of pros and cons

To help readers have the most overview about the  Octafx exchange, below we summarize the advantages and disadvantages of this exchange as follows:

In terms of advantages, Octafx is appreciated for the following points:

• High level of assurance and reputation when licensed by the world’s leading financial authority.
• Support many different accounts suitable for many different customers.
• Good trading platform, possessing many useful tools.
• Stable spread, no commission for all account types.
• Diversify deposit/withdrawal methods, support deposit/withdrawal fees for customers.

On the downside, Octafx exchange still has the following weaknesses:

• The maximum leverage is not really good, only up to 1:500.
• Limited legal documents.

Above is a detailed review of the  Octafx exchange. Although not really a well-known name in the market, this is also an organization you should consider when you want to step into the forex market.