More about OctaFX
In 2011, OctaFX was established. The business has a second back office in Jakarta, Indonesia, but the business has its headquarters in Saint Vincent and the Grenadines. Octa Markets Cyprus Ltd., the broker’s EU division, is based in Limassol, Cyprus, and is subject to CySEC regulation.
Due to its simplicity and adaptability, the MT4 platform is a dependable program utilized by both individual traders and institutions.
You can create your own technical indicators using the software to fit your trading preferences. Advanced charting capabilities enable you to study price variations and market trends utilizing 3 customizable charts and chart styles in addition to 30 built-in technical indicators.
The next-generation platform, known as MT5, provides all the advantages of its forerunner while also adding speed, accuracy, and more sophisticated functionality.
Users have access to 44 analytical items, including Gann and Fibonacci retracements, eight different types of pending orders, and extra technical indicators that are specific to MT5, like Trend Oscillators and Bill Williams tools. A financial calendar and the two primary accounting methods of offsetting and hedging are also present for greater flexibility.
The broker also provides MT4 and MT5 web terminals for Mac users, allowing traders to access the markets straight from their web browser.
The desktop versions’ capabilities, such as charting tools, market indicators, scripts, and Expert Advisors, as well as access to a variety of order types and execution modes, are also present on the highly functional and adaptable online platforms.
The cTrader platform is a dependable platform made for trading CFDs and forex. The platform’s fully customizable interface houses over 26 built-in chart views and up to 50 chart themes. The program offers sophisticated scalping, visual backtesting utilizing cBot, 28 charting periods, and a whopping 70 technical indicators.
The broker offers some of the most popular products, including
- Forex: 28 currency pairs
- Indices—10 CFD indices are available.
- Commodities—including spot contracts for gold and silver—
- Cryptocurrencies: 30 digital currencies are available.
Spreads and commissions
For the EUR/USD currency pair, standard variable spreads on the MetaTrader and cTrader platforms are about 0.7 pips. Major indexes like the NAS100 begin at about 3.5 pips, while gold (XAU/USD) spreads begin at about 2 pips. Spreads on bitcoin (BTC/USD) are approximately 3.1 pips. Additionally, fixed spreads are accessible for MT4 USD accounts.
Only the cTrader account is used to deduct trading commissions, which are $0.03 for every 0.01 lot. Positions held for a period of time longer than three days are also subject to rollover rates. The product specs include information on these costs.
Leverage restrictions for currencies on MT4 and cTrader accounts are up to 1:500. On an MT5 account, currency leverage is available up to 1:200. Up to 1:200 can be employed with metals, 1:50 with indices and energies, and 1:2 with cryptocurrencies.
Please be aware that only leverage up to 1:30 is available for EU clients.
The company offers mobile apps for the MT4, MT5, and cTrader platforms that are compatible with iPhone and Android phones and tablets. Many of the essential features found in desktop software are available in the mobile apps, such as a full set of orders in MetaTrader and comprehensive balance, margin, profit, and loss statistics in cTrader. Every trading software includes a mobile interface that is customizable, clear and accurate trading features, and customized mobile price alerts.
Trading account replenishment methods
There are a number of quick deposit possibilities, which change based on where you are.
The minimum withdrawal and deposit amounts for Perfect Money, Bitcoin, and cards are 5 USD, 0.00096000, and 50 EUR, respectively. Every deposit method is often completed instantly or quickly.
There are no fees for deposits, withdrawals, or currency conversions, with the exception of a 0.5 percent fee on Perfect Money deposits.All withdrawal options take between one and three hours for confirmation and up to thirty minutes for the actual transfer of funds. The amount that can be withdrawn for earnings is unlimited.
Demo account overview
A demo account can be opened by traders, which offers the same trading capabilities as a real account without the risk of a real investment. Each demo account comes with an unlimited amount of practice money and the chance to participate in the broker’s practice competition and become the next champion.
The trading platform you select will determine which of the three account types is available: Micro (MT4), Pro (MT5), and ECN (cTrader). Accounts are offered in either USD or EUR. There is no predetermined maximum trading volume; the minimum trading volume for all accounts is 0.01 lots.
The assets that can be traded, spreads, and minimum deposit amounts are the key distinctions between the accounts. For Micro and ECN, the minimal deposit is $100. For Pro accounts, the minimum deposit is $500. Additionally, commissions are deducted from the ECN account.
Non-EU customers can reach the helpdesk at +44 20 3322 1059 for telephone service from 00:00 to 24:00, Monday through Friday (EET). Callers from the EU should dial +357 25 251 973 from 9:00 to 18:00 on weekdays (EET).
While there is an email form available as well, the live chat service, which is available around the clock, is the quickest way to get in touch with us.
The country the firm works with
The broker accepts traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
With a choice of the MetaTrader or cTrader platforms, as well as the Copytrading app, OctaFX offers a promising trading solution for both novice and seasoned traders. The broker provides sample software, Islamic accounts, and free withdrawals and deposits.