What is OctaFX? Is it a scam or fraud?

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To find out in detail what OctaFX is? Is it a scam or fraud? Should you invest in this cryptocurrency exchange? Read on to find out more in the article below by Mytour.

Are you considering investing on OctaFX but concerned about whether the trading platform is a scam or fraud?

Get detailed insights into OctaFX trading platform

An Overview of OctaFX Platform

OctaFX was established in 2011 and is headquartered in St Vincent & The Grenadines. The parent company is Octa Markets Ltd, with an office at Suite 305, Griffith Corporate Centre, Kingston. Additionally, there is a subsidiary company, Octa Markets Cyprus Ltd, based in Cyprus.

The trading platform is ranked among the best STP (Straight Through Processing) brokers in the market.

Another notable feature of OctaFX is the use of STP technology, the lowest price slippage ratio in the market, leverage for brokers can be up to 1:500 on some Forex pairs, and support for various trading assets.

The majority of customers trade on the platform residing in countries and regions across Asia.

1. Trading Assets and Leverage

OctaFX supports trading in most asset classes, including Forex (foreign exchange), commodities, stocks, and cryptocurrencies.

Regarding leverage, the leverage ratio depends on the account as well as the trading asset. Maximum leverage can be up to 1:500 for currency pairs trading, 1:200 for metals trading, and 1:50 for index trading.

2. Spread and Transaction Fees

Compared to other brokers in the market, OctaFX has relatively low spreads. For many major Forex pairs, the spread is almost zero.

Below are the spreads for corresponding Micro/Pro/ECN accounts:

EURUSD: 0.9/0.8/0.8

USDJPY: 1.3/1.1/0.8

EURCHF: 2.2/1.4/1.2

AUDCAD: 2.7/1.5/1.7

Gold: 2.7/3.3/3.0

Nasdaq: 1.5/1.5/NA

Bitcoin: 1.7/1.7/NA

Trading fees vary depending on the type of trading account you use. Additionally, there are no fees for deposits and withdrawals.

3. Trading accounts

There are 3 main types of accounts available on OctaFX for you to choose from. Specifically:

- Micro Account: trade on the MT4 platform with a minimum deposit of 10 USD.

- Pro Account: conduct trading on the MT5 platform, with lower spreads compared to the Micro Account, and low transaction fees for large trading volumes.

- ECN Account: used on the OctaFX cTrader platform. The major drawback of this account type is the high commission fees.

Apart from the mentioned accounts, the platform also offers Islamic accounts and demo accounts.

4. Trading Platforms

OctaFX provides trading platforms including MT4, MT5, and cTrader. Specifically:

- MT4 Platform:

The MT4 platform is developed by Metaquotes as third-party trading software. Its advantage lies in its integration of multiple tools and trading analysis charts.

The platform is available as desktop and Mac applications, mobile apps, and web-based versions.

- MT5 Platform:

This platform is suitable for experienced traders. Compared to MT4, MT5 integrates more advanced features, including market depth charts and an economic calendar directly on the platform.

In addition, MT5 utilizes an object-oriented programming language called MQL5, enabling EA coding as well as executing trades with just a single mouse click.

MT5 is also available as desktop and Mac applications, as well as mobile device apps.

- cTrader Platform:

This platform provides traders with access to STP with the market's lowest spreads, FIX API access, lightning-fast order processing, and a feature-rich trading interface.

5. Deposits and Withdrawals

OctaFX supports various deposit and withdrawal methods including credit cards, Bitcoin, Skrill, or Neteller. The process may take 1 - 3 days.

6. Customer Support

Regarding customer support, the trading platform offers 24/5 assistance through live chat, email, and phone calls.

Is OctaFX reputable? Is it a scam or fraud?

To find answers to whether OctaFX is reputable or if it's a scam, let's first examine some aspects of this trading platform:

Regulations

As previously mentioned, OctaFX has a subsidiary based in Cyprus, under the supervision and regulation of the Cyprus Securities and Exchange Commission (CySec), license number 372/18.

Utilizing Separate Funds

OctaFX keeps clients' funds in separate accounts, not the company's accounts, and doesn't use them for any private purposes.

Additionally, there is currently no information regarding OctaFX being a scam or fraudulent. Therefore, you can invest and trade on the platform with complete peace of mind.

More Information: How to Open an OctaFX Trading Account

In this article, Mytour provides insights into OctaFX, addressing concerns of whether it's a scam or not. Additionally, readers can explore existing articles on Mytour to gain a better understanding of FXCM and its legitimacy.

The content is developed by the Mytour team with the aim of customer care and solely to inspire travel experiences. We do not take responsibility for or provide advice for other purposes.

If you find this article inappropriate or containing errors, please contact us via email at [email protected]

Frequently Asked Questions

What is OctaFX and how does it operate as a trading platform?

OctaFX is a trading platform established in 2011, headquartered in St Vincent & The Grenadines. It operates as a Straight Through Processing (STP) broker, providing access to Forex, commodities, stocks, and cryptocurrencies. The platform offers different account types and uses advanced trading technologies for optimal performance.

Is OctaFX a scam or a reputable trading platform for investors?

No, OctaFX is not a scam. It is a regulated trading platform with a subsidiary in Cyprus under the supervision of the Cyprus Securities and Exchange Commission. Clients' funds are kept in separate accounts, ensuring safety and compliance.

What types of accounts can traders choose from on OctaFX?

OctaFX offers three main types of trading accounts: Micro Account, Pro Account, and ECN Account. Each account has different features, such as varying spreads, fees, and trading platforms, catering to different trading strategies and preferences.

How do OctaFX's spreads and transaction fees compare to other brokers?

OctaFX is known for its low spreads, often near zero for major Forex pairs. Transaction fees vary by account type, but there are no fees for deposits or withdrawals, making it competitive compared to other brokers in the market.

What platforms does OctaFX provide for trading and how do they differ?

OctaFX provides several trading platforms including MT4, MT5, and cTrader. MT4 is user-friendly, while MT5 offers advanced features for experienced traders. cTrader focuses on low spreads and fast order execution, catering to different trader needs.