OctaFX is a popular broker that allows trading on a good range of tradable assets, including Forex, indices, commodities, and cryptocurrencies. Full support is available for the MT4 and MT5 systems, with an account type linked with each platform.
OctaFX Regulation
OctaFX was first founded in 2011 and is headquartered in Saint Vincent & the Grenadines. Operating as an STP broker, OctaFX is well-regulated by the Cyprus Securities and Exchange Commission (CySEC) and the Financial Services Authority of St Vincent and the Grenadines (SVG FSA).
OctaFX Trading Platforms
According to this OctaFX review, one of the world’s most popular trading systems, MetaTrader 4, is supported by OctaFX. In fact, customers can utilize their own customized versions of MT4 and MT5 platforms when using OctaFX.
You should keep in mind that OctaFX’s trading conditions will be affected by the platform you choose.
In terms of mobile trading platforms, OctaFX’s is superior to the competition.
OctaFX’s proprietary mobile trading app is available alongside MT4 and MT5 mobile versions. All of your OctaFX accounts, including your Demo Account, can be accessed using the OctaFX Trading App (only for Android).
Market Insights are fully integrated. To make trading easier, traders may use the app to keep track of all their accounts in one place, alter leverage, create forex training accounts, place trades, deposit and withdraw money and view bonuses and promotions.
OctaFX Accounts
Depending on which platform you choose to utilize, OctaFX offers two distinct types of accounts (along with an unlimited demo account), as found in this OctaFX review.
With OctaFX you may trade in less than 0.1 seconds with hedging, scalping and copy trading options. Additional Islamic accounts can be set up as well.
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OctaFX Trading Fees
Depending on the method of payment, OctaFX only offers two market-execution accounts with different minimum deposits. The trading conditions are the same for both account types, but the benefits differ depending on which platform is selected (MT4 vs. MT5 in this case).
Traders can see the OctaFX spreads for all of their trading instruments, including the minimum, average, and current spread values, directly on the website.
OctaFX has one of the lowest spreads in the industry, with an average of 0.7 pips. The minimum deposit for OctaFX accounts is just 25 USD, making them accessible to novice traders.
OctaFX Deposit and Withdrawal
OctaFX, a well-regulated broker, does not process payments for clients who are not brokers. All withdrawal requests from a trading account must be sent to a bank account or a source in the trader’s name, unless otherwise specified.
The deposit of cash into your trading account can be done in a variety of methods, and while OctaFX does not charge any deposit or withdrawal fees, it only permits accounts to be denominated in EUR or USD, and it does not cover any currency conversion expenses.
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Final Thoughts
Overall, OctaFX is a popular STP broker which offers exceptionally tight spreads and transparent pricing in an all-round competitive trading environment. Access is offered to the highly popular MT4 and MT5 trading platforms, as well as the broker’s own feature-rich proprietary trading app.