OctaFX Review
Established in 2011, OctaFX is an exchange that grew to be one of the best out in the market for Forex and CFDs. The broker is registered in the islands of Saint Vincent and the Grenadines. Focusing on the Asian market OctaFX comes in many different languages and multilingual support while also extending its reach to over 100 countries in the world.
OctaFX is a regulated broker under the supervision of the UK’s Financial Conduct Authority (FCA) and from the jurisdiction of the International Business Companies Act 2007. Therefore this means that you have stumbled upon a safe exchange where you can feel safe depositing your money and start trading Forex or CFDs.
Awards Won
This is one of the brokers with a high number of high profile awards for its exchange. Won numerous rewards for each year from 2012 till 2018. For example – Best customer service broker – 2013, Best Islamic account broker – 2015, Best broker Asia 2018. From this, you can see that this is one broker that truly deserves your attention.
3 in 1 – Different trading platform options in one
On OctaFX you can choose from three different trading platforms – MetaTrader4, Metatrader5, and CTrader providing something for people with different preferences.
The most popular option from the three is MetaTrader4, offering a wide variety of trading tools and its unique feature for automated trading thanks to the use of Expert Advisors (EAs). The UI of MetaTrader4 is highly customizable, offering everything that is important for professional trading.
MetaTrader5 is an updated version of MetaTrader4, updated with the sole purpose to also offer you the opportunity to trade different markets – to add the option to trade commodities and stocks, make a complete package. MT5 also offers better and easier integration for the exchanges.
CTrader is more suitable for high-frequency traders who like raw spreads while CTrader giving access to interbank rates with fast execution and transparency in prices.
OctaFX Copytrading Option
You have the option to use the platform even passively, of course, it has its own different sets of risk as you are depending on the success of somebody else. Copytrading can be a good way to maximize your potential profit on the platform when you copy the trades of other traders. Of course, this is IF the other trader is successful with his trading strategy. You can copy multiple traders simultaneously and have two options on the relative volume of your copied orders and how the system will treat your capital:
- Equal to the Master Trader’s orders
- Proportional to the Master Trader’s orders
The OctaFX copy trading module is stable and you can be sure that you will not have any serious problems with it. All of the problems may come from choosing a bad trader or one who does not use a stop-loss.
Conclusion
OctaFX is offering you a full package on the traditional front for trading Forex and CFDs. On the deposit side, you have few options like Neteller, Skrill, and Bitcoin, just keep in mind that for security reasons when you want to withdraw you will need to withdraw with the same option that you deposited. Keep in mind that OctaFX also has a KYC procedure set in line and you will need to pass it before being allowed to trade or copy-trade different traders/masters.
