OctaFX review, a broker that offers a free swap and cTrader platform

OctaFX logo is scam or legit broker
OctaFX logo

OctaFX is one of the most well-known forex brokers in Asia and has won many awards thanks to a very comfortable trading atmosphere and closeness with customers.

This broker founded in 2011 by a professional team with an international target market. OctaFX is rapidly developing to become a leading retail forex broker.

OctaFX is a forex broker that provides online trading services for over 40 currency pairs, Gold, Silver, World Stock Index CFDs, and Crypto.

This broker offers the Metatrader4, Metatrader5 platforms, and also the platform that is famous for ECN execution, namely: cTrader.

OctaFX officially named Octa Markets Incorporated and based in Cedar Hill Crest, Villa, Kingstown, St. Vincent and the Grenadines, VC0100.

OctaFX broker has received a license from the regulators of St. Vincent and the Grenadines (No. 19,776 IBC 2011).

Many traders choose to join OctaFX because of simple trading rules and the support of various attractive facilities for beginners and the choice of no-swap accounts.

Since its establishment in 2011, the broker's positive reputation has continued to expand widely. They obtained a good reputation thanks to OctaFX's step in establishing sponsorship of several football clubs and its success won awards from various international institutions. Some awards he received include:
  • The Most Transparent Broker of the European CEO Awards in 2017
  • Asia's Best Forex Broker from the Global Banking and Finance Review portal in 2018
  • Best ECN / STP broker and Best Asian Forex broker from the FX Daily Info portal in 2019

This broker provides various facilities for traders, such as providing support services via live chat and WhatsApp, deposits and withdrawals of funds can do through various payment methods, and interestingly, this broker also does not charge commissions for every deposit and withdrawal of funds made by traders.

Trading on the OctaFX broker is also suitable for novice traders. The reason, OctaFX offers a low spread, which is floating starting from 0.0 pips and also the initial deposit required is also low.

Also, this broker implements safe steps to protect client funds, namely by using segregated accounts and protecting personal data and online financial transactions with SSL encryption technology.

Traders can choose three types of accounts, including Micro, Pro, and ECN. OctaFX allows traders to carry out various trading strategies, including scalping and hedging.


Account types offered by OctaFX

When you first register with the OctaFX broker, novice traders can practice using a demo account for free. Demo account registration is quick and doesn't require any capital. However, if you want to start forex trading in real terms, you can get three choices of account types, namely Micro, Pro, and ECN. The following is a brief review of its features:

Micro Account (Metatrader 4 platform)

Micro OctaFX accounts are the right choice for beginner traders who have just started trading because we can open with an initial capital of only 100 USD, free of commission fees, and equipped with leverage of up to 1: 500 for currencies or 1: 200 for Gold and Silver.

Traders can also choose the spread you want to use. Floating Spread options are available starting from 0.4 pips or Fixed Spread starting from 2 pips.

Floating Spread means that the Bid / Ask price difference will change with price fluctuations in the market, while Fixed Spread means the Bid / Ask price difference always remains.

Pro Account (Metatrader 5 platform)

OctaFX Pro accounts are suitable for experienced traders who want to trade duty-free commissions and equipped with leverage up to 1: 200 for forex or 1: 100 for metals.

You can trade forex, gold, silver, crypto, and CFD with this account. Floating spreads start from 0.2 pips, far more efficient than Micro Accounts. The recommended minimum deposit amount is $500.

ECN account (cTrader platform)

OctaFX ECN accounts are suitable for experienced traders who like new challenges or for traders who want to witness price formation on the forex market transparently. This ECN is the account that is most suitable for traders who use scalping techniques.

Floating spreads start from 0 pips, execute sharply under 0.1 seconds, and are free of swaps.

This account does not use the Metatrader platform but uses the cTrader platform. Where the use of the cTrader platform provided for ECN accounts is not very popular compared to the Metatrader platform. On this account, you can only trade using forex, gold, and silver.

For more details about the different accounts, you can see the picture below:
OctaFX account types comparison
Comparison of OctaFX account types


Advantages of OctaFX

OctaFX broker is the right choice for traders who want ease and simplicity in trading. They design the trading facility to simplify the trading environment, so you can focus on developing a trading strategy to reap just enough. Some of these advantages include:
  • You need not worry about depositing and withdrawing funds because there are options in the form of local banks/internet banking, e-payment, Skrill, Neteller, Fasapay and also bank transfers or wire transfers.
  • Deposits will process instantly for several payment methods, whereas we can make a withdrawal of funds starting from 5 USD only.
  • The minimum trading volume starts from 0.01 lot so you can manage Money Management more flexibly, diversity by opening positions in more currency variations, and phase-in / phase-out to exit trading positions gradually.
  • OctaFX allows all trading scalping, hedging, expert advisor techniques, and so on. You are free to test new trading strategies on a demo account, then apply it to a real account.
  • Free trading signals are available from Auto-chartist, a world-class automated and independent analysis service.
  • Broker Customer Service Support in various languages ​​such as English and Mandarin through Live Chat via the website, telephone, WhatsApp or email support.
  • OctaFX makes free commissions and swaps for all types of trading accounts. Your trading costs are only spread of varying magnitude for each type of account. Muslims also need not doubt the validity of trading on OctaFX, because of accounts without swaps, including interest-free Islamic accounts.
  • Customer Funds Are Protected because brokers implement safety measures to protect customer funds. By international accounting regulations and standards, OctaFX always keeps company assets separate from clients' trading funds. Customers' personal data and online financial transactions protected by SSL encryption technology.
  • There is a Copy Trading platform where Master Traders and ordinary traders can establish mutually beneficial relationships. Ordinary traders can watch and copy the transactions of Master Traders for a certain amount of commission based on the results got. This platform is perfect for experienced and novice traders.
  • Many opportunities to compete with other traders from all over the world in the demo trading contest held by OctaFX. For those of you who are competitive, this is a place to prove the superiority of your trading system while getting additional capital to trade for free.

Disadvantages of OctaFX

Besides these various advantages, OctaFX also has weaknesses. These weaknesses are:
  • The regulatory status is only from second or third class regulations, not from top regulators such as NFA / CFTC and FCA who dare to guarantee compensation for client funds. But this broker regulated by the regulator where the broker is standing.
  • You could say if this broker is still young because it hasn't established for 10 years. So, I do not guarantee the credibility of this broker with certainty.
  • This broker is still not very popular in many countries, and also in some reviews on the Internet, there are still few who know this broker and also many pros and cons.

Conclusion:

You who want to try a new atmosphere for trading can try this broker because it provides a variety of platforms and also you can use the cTrader platform in this broker. This broker is also suitable for beginners who want to try Copy Trade because this broker facilitates it.

This broker is not suitable for large funds, because the regulatory status is not strong enough, but once the broker tried if your funds are medium or small. Because this broker is friendly for small capital traders.

For those of you who want to try trading at this broker, registration to the OctaFX broker can do directly through the OctaFX website homepage. The process from beginning to end only requires a few minutes. The steps to register with OctaFX are:
  • Open the OctaFX website, then click the "Open Trading Account"  on the homepage.
  • Fill out the form provided with your first name, last name, email, and password. Make sure the email is active because later the username and password details to download Metatrader and other equipment will send to the email address. Alternatively, you can register via the quick register feature by connecting your Facebook or Google account.
  • After initial registration is complete, enter the client area. In the client area, you will direct immediately to verify your trading account. Prepare a photo of yourself, for example, ID card, driver's license and also documents stating the address of residences such as a passbook or the latest electricity bill.
  • After uploading the photo, then wait for account verification approval from OctaFX up to a maximum of 2 × 24 hours.
  • After verification approval given by OctaFX, please enter the client area again. Open a trading account by clicking the relevant option in the client area. Select the account to open, account currency type, leverage options, and other details.
  • After that, you can immediately deposit capital according to the minimum account, then trade forex via the available online platforms.
Well, that's the OctaFX broker review. Sorry if there are many mistakes and shortcomings. For your attention, thank you.

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