OctaFX broker review: another scam or a trustworthy service?
Are you new to trading? If no, you should already be aware that there are many scams in the industry. Even services with excellent reviews may appear to be frauds. To avoid such companies, one must always read many different reviews and analyze the information given on the broker’s website. We have prepared an OctaFX review to help with the decision.
About OctaFX
The company was founded in 2011. Its full name is Octa Markets Incorporated and it is located in St. Vincent and The Grenadines, an offshore zone with many scam brokers registered in it. This is an alarming bell, but it does not say that OctaFX is bad. Many companies are located in similar zones to pay smaller taxes.
The broker works in more than 100 countries and has more than 300,000 customers. Moreover, the daily trading volume record is $4bn. This is quite impressive. Yet, this still does not mean that OctaFX can be trusted. There is still more information that must be checked.
What can you trade with OctaFX?
It looks like the company provides a classic set of assets. There are several product types:
- Forex (28 currency pairs)
- Commodities
- CFDs (48)
- Equities
- Cryptocurrencies
This is the basic set for any brokerage service that expands worldwide. Of course, there are many companies that provide more or fewer assets, but it is not a big problem. Each trader finds what suits him best.
Fees at OctaFX
The fees at OctaFX are set it accordance with the account type used by the customer. In the MT4 Micro account, the fees are the highest: the usual spread for the EUR/USD pair is around 1.1 pips while with other types the number is near 0.9 pips. The cTrader ECN account uses a $6 per round-turn standard lot as its fee structure. Although the spreads usually are near 0.3 pips that get to 0.9 pips when everything is summed up, it might be felt on your earnings.
The minimum deposit sum is only $5, so even people who are just starting their trading journey can give it a shot.
Platforms
The company uses the MetaTrader software as its base platform. This includes both versions: MT4 and MT5. These are the most popular programs in the industry and it is not a surprise that OctaFX also uses it. There are many useful instruments and charts that simplify the trading process. Traders like it for this and many other reasons.
Also, there is the cTrader platform that is also quite popular in the industry. It is a bit different from the MT software, but most of the functions are present and some people even like the interface a bit more.
Both platforms let you use the demo account to try your skills. They are available in the browser or as a downloaded program and include more than 50 charting indicators. 30 charting tools and there are 7 watchlists.
Mobile trading
Both MetaTrader and cTrader are available on smartphones or tablets. This provides more flexibility because you can trade from wherever you are. Almost all the features are present, but there are some drawbacks. For instance, watch lists are not synchronized and there is no forex calendar. The number of indicators and tools is smaller, but these are enough for efficient trading.
Customer support
One of the things that can completely change your opinion about a company is its customer service. OctaFX provides 24/5 support so that its clients could always get help when it is needed. There are several methods to contact an agent:
- Live chat on the website
- Phone number
Usually, when you use the live chat, agents respond immediately. The answers do not seem to be scripted and even appear to be quite professional. They speak many languages including English, Hindi, Thai, and several others. Multilingual support is always good and it proves that the company cares about its customers.
Customer opinions about OctaFX
The customer reviews about OctaFX do not have a prominent side. There are both positive and negative opinions. According to Trustpilot, 57% of all commentaries are excellent and 43% are bad. There are too many negative reviews and this might be a red flag.
Here is what a user with the nickname Malhar Jivrajani writes about the service.
He considers OctaFX to be among the top brokers in India for several reasons. First of all, there is no commission for currency exchange. Withdrawals and deposits are quick. However, the absence of exotic pairs disappoints the user.
Another user, Ian Beitzel, is extremely disappointed by the service. He writes that while making a deposit, he sent the money to the wrong account and the broker refused to add the bonus to the intended account.
In addition, the user writes that his account was banned because the broker said that they do not serve his country. This is weird because the country is indicated upon registration. Be careful with that!
Conclusion
OctaFX is registered in an offshore zone and has many positive and negative reviews. This is not very good because you cannot be sure whether you can invest your funds without being scammed. However, there also are many positive opinions that are the majority at Trustpilot. The customer service is one of the best in the industry and the company has a decade of experience. To trust it or not, the choice remains to you.
What about your experience with OctaFX? Let us know in the comments!