What is OctaFX?
OctaFX is a technology-based brokerage company and Forex broker that operates since 2011 and offers an industry-leading platform Metatrader4 and MetaTrader5 with numerous investment opportunities and great capabilities.
Under its European CySEC license broker operates also a global offering from international entity, therefore we advise to check on carefully under which regulation you will fall as it may propose different trading conditions.
What Type of Broker is OctaFX?
OctaFX is an STP Forex Broker also runs high standards of secure trading environment, as of the regulation it imposes. The offering to the clients is wide and even comprehensive since proposes the same if not more investment opportunities to the world trading community.
Is OctaFX safe or scam?
No, OctaFX is not a scam it provides a safe trading environment. OctaFX launched in 2011 we see it walked a path with various operation licenses including SVG registration, operating the UK branch, yet suspended this entity back in 2017 and target Cyprus as its next destination of operation. So until now OctaFX is Cyprus Broker.
Is OctaFX legit?
So, the main gap for these years of operation was the fact that OctaFX was a brand of the Octa Markets Incorporated company that is registered, regulated and governed by the Law of Saint-Vincent and the Grenadines. Which is offshore heaven for its tax management as well as relative ease to establish a company.
Yet, as we see now OctaFX established its legal entity in Cyprus and respectively got a license from the local CySEC, which also imposes regulation according to European ESMA standards.
Therefore, now we can state that OctaFX and its Octa Markets Cyprus Ltd entity show us a clear state of compliance with the necessary operation standards.
Since the regulation demands strict follow of Forex business operations management, it is considered safe to open an account either with Cyprus or an international OctaFX entity.
OctaFX platform offers 3 types of accounts:
1. MT4 account is a commission-free account suitable for traders who are looking for a convenient and fast way to open an account. Spreads start at 0.6. Tradable instruments include 35 currency pairs, gold and silver, 3 energy, 4 indices and 30 cryptocurrencies. Stocks are not included.
2. MT5 account is a commission-free account for innovative traders who prefer intelligent technical analysis. Spreads start at 0.6. Tradable instruments include 35 currency pairs, gold and silver, 3 energy, 10 indices, 30 cryptocurrencies and 150 stocks.
3. The Islamic account retains all the important features of the regular account type, except that it does not involve any interest.
Deposits and Withdrawals:
OctaFX accepts deposits by credit cards, bank wire transfers, e-wallets (e.g. Skrill and Neteller), digital currencies, etc. OctaFX adopts a seamless transfer method and does not involve any commission or handling fees. It is important to note that deposit and withdrawal methods may vary depending on the client’s location, so it is recommended to ask customer service before opening an account. Users from certain countries can choose to pay with their local bank, but unfortunately, this option is not available for users from Taiwan.
In general, funds will be returned in the same way as the previous deposit, and OctaFX will process and approve withdrawal requests within 1-3 hours.
Trading Platforms Offered by OctaFX:
OctaFX currently offers two trading platforms: MT4 and MT5. For clients who are unable to download and use the MetaTrader mobile application, OctaFX offers a solution by directly downloading the official OctaFX mobile application to connect to a MetaTrader trading account.
It is always recommended to prioritize your own financial safety and only trade with regulated brokers who have obtained the necessary licenses and approvals from the appropriate regulatory bodies.