As the world is suffering from a vicious Coronavirus Pandemic, people are looking for new ways to fill their wallets. The situation is dire but, for some people, it has bought an opportunity to explore different industries. One such industry that is catching a lot of eyeballs is Forex trading. Forex trading is one such industry where the success rate is high. In Forex trading you have to buy and sell foreign currencies. Although it is not that simple as market conditions keep on fluctuating, once you get a hang of the process then, things become easier from thereon. For beginners, OctaFX is a great platform to start with. It has the least number of formalities and they have the best support team to back amateur traders. In this OctaFX Review, I will go over all the important points that this forex trading platform has to offer.
Established in 2011, OctaFX is a forex trading platform that got registered under Cyprus Securities and Exchange Commission.
As a trader in OctaFX, you can either choose MetaTrader or cTrader to start trading cryptocurrency, metals, and foreign currencies.
It gets regulated by only one Tier-2 jurisdiction while Tier-1 and Tier-3 licenses are absent.
Some experts say that OctaFX is quite risky to go with because of the lack of licenses.
But, as a beginner, you do not have to worry about that because you are not among the premium traders who have the risk of losing a ton of money.
OctaFX India attains a trust score of 63 out of 99 which is a decent score for any beginner to bank their trust upon the website.
Pros & Cons
|Many trading accounts available for beginners such as Pro, ECN and, Micro
|Traders get confused about which website to choose- OctaFx.eu or OctaFx.com.
|MT4, MT5, and, cTrader are reliable trading platforms.
|OctaFX only has one Tier-2 license which makes it risky.
|You can exercise features like Copy Trading, research tools, and, get bonus promotions.
|Few options for withdrawals and deposits make it difficult for traders to transact.
|You can trade using desktop, mobile, or web.
|No banks associated.
OctaFX provides 3 different trading platforms to traders. MetaTrader4, MetaTrader5 and cTrader.
A trader gets benefitted based on the trading platform he chooses. All three platforms provide 28 currency pairs.
A currency pair comprises 2 currencies. You cannot trade outside a pair.
It means that if your currency pair is INR-USD then, you can only trade among these two currencies.
Below is the platform-wise distribution of instruments that traders can enjoy. It will help the traders in understanding the different benefits of different platforms:
MetaTrader4: 28 currency pairs. 2 metals, 3 cryptocurrencies and, 4 stock indices.
MetaTrader5 Pro: 28 currency pairs, 2 metals, 2 energy, 3 cryptocurrencies and, 10 stock Indices.
cTrader: 28 currency pairs and 2 metals.
MetaTrader5 Pro gets considered to be the best OctaFX Trading Platform among all the others. It has more features which open up more trading facilities than others.
Copy trading Option
Copy trading is an easy way out for those traders who do not wish to spend long hours understanding the market.
By becoming a CopyTrader, you follow the strategies of experienced Copy traders. OctaFX Offers this feature to even MT4 users.
In CopyTrading you can choose the masters that you want to follow. You can look at their past statistics and make your choice accordingly.
However, there is no guaranteed success as the master strategies also fail.
But that is with all types of trading options. No matter which platform you choose, the risk factor is always associated with that.
OctaFX does not charge any commission for CopyTrading. The only commission you have to pay is the master’s commission that depends upon the price set by him/her.
So, if you don’t want to be an expert in trading but, still want to earn money then, CopyTrading is your best bet.
OctaFX understands the value of education and knowledge. They have a special section dedicated to educating the users about the basics of trading.
They have video tutorials and 19 articles that comprise of all the information about trading.
The section lists Information about all types of trading platforms. It also has a glossary, FAQ’s and Manuals to cover all basic, intermediate, and expert concepts.
Well, due to the spread of Coronavirus, most websites have changed their offers but, you don’t have to worry because in this OctaFX Review nothing will get left behind.
OctaFX operates at a fixed rate of 1USD= 55INR which means that no matter what the market fluctuation is, the amount won’t change.
The website is providing a 50% deposit bonus which means depositing your first amount you will get a 50% extra amount to trade with.
Moreover, due to market changes, your account balance may dip below zero.
Many websites ask you to make up for the negative amount, OctaFX is not one of them.
OctaFX compensates for that amount and makes it zero so that you don’t have to start with a negative balance.
OctaFX Charges 0% commission on its transactions. You do not have to pay anything as a commission except the trading amount.
You can either use Skrill, Neteller, Bitcoin, or Local Banks as a mode of OctaFX Payment Method to make transactions.
Deposits & Withdrawals
To start trading through OctaFX you need to deposit at least $20 as a minimum deposit amount.
The website claims that it never delays any payment of any sort.
Wrapping up the OctaFX Review, I would again say that it is a great forex trading platform to start with if you are a beginner.
OctaFX Customer Support is truly commendable as their team acts quickly in resolving any kind of issue that occurs.
They also educate amateur traders about tactics and strategies through the profound education section and make them see it in real-time through video tutorials.
Although, the website can work on its security as it only has 1 Tier-2 License which is below the expectations of a settled trader.
OctaFX CopyTrading success rate is around 18% which is very low and disheartening for a new CopyTrader. So, OctaFX is a blend of Pros and Cons much like any other website but, it is highly recommended for newbies.