ruen

broker reviews
OCTAFX

OCTAFX

About company:

 

OctaFX is a leading online Forex and CFD broker that was established in 2011. The brand is owned and operated by Octa Markets Incorporated. OctaFX has received a number of prestigious awards. After a year of operation, Global Banking & Finance Review marked the company as rapidly growing. In 2103, World Finance Magazines recognized the broker as the best in Central and Eastern Europe. In 2015 and 2016 OctaFX was named the best STP broker.

 

Safety

OctaFX is regulated by the British Financial Authority (FCA), one of the most stringent in the industry. The company was registered in 2011 in Saint Vincent and the Grenadines (license ケ 19776 IBC 2011).

 

To obtain an FCA license, brokerage companies must have a minimum of EUR 730,000 in their accounts and maintain this capital. In addition, customer assets should be held in bank accounts separate from the company's operating funds.

 

Most importantly, all companies licensed by the FCA are members of the FSCS program, which provides for the return of funds to traders in the event that the broker cannot fulfill its financial obligations. The maximum compensation is £ 50,000 per person.

 

Trading terminal

OctaFX provided its clients for trading with reliable trading platforms: MetaTrader 4, MetaTrader 5 and CTrader.

 

MetaTrader 4

 

The most popular trading platform in the industry. MetaTrader 4 is equipped with charting functions and a wide range of technical indicators. It also supports Expert Advisor Automated Trading (EAS). Available on PC and mobile devices.

 

MetaTrader 5

 

Latest development from MetaQuotes Software. The terminal is considered as reliable as MetaTrader 4 and supports several types of trading orders (market orders, pending orders, trailing stops and stop orders).

 

CTrader

 

All transactions are carried out using ECN technology, providing traders with direct access to the market. The cTrader trading platform is also accessible from desktop and mobile devices.

 

Trading conditions

OctaFX offers the following accounts: Micro, Pro, ECN. They can trade currencies, metals, goods.

 

The minimum initial deposit for Octa FX clients is $ 100. This is not the largest, but also not the smallest amount that brokers offer.

 

The typical spread is 0.6 pips for the EUR / USD pair, which is a really good deal, while most brokers offer spreads in the 1.0 to 1.5 pip range.

 

The maximum leverage provided by this broker is up to 1: 500.

 

OctaFX quotes are quoted up to 5 decimal places.

 

Ways of payment

OctaFX supports several ways to transfer funds: bank transfer, credit cards, Neteller. You can withdraw money in the same way as the deposit was made.

 

Customer support

Customer support at OctaFX is available from Monday to Friday 24/5. Traders can contact via email, chat or phone.

 

Pros:

 

regulated broker; average spreads; execution of orders using STP / ECN technology; high speed of execution of transactions.

 

Minuses:

 

does not offer CFD trading.

 

 

OCTAFX is a brokerage company whose task is to provide intermediary services to traders. Brokers provide access to currency trading in the first place. Many of them also provide an opportunity to transact with company stocks, bonds, commodities, precious metals, indices, cryptocurrencies and other assets. A private person can make transactions with all these instruments only on the trading platform, which the broker provides access to.

In addition, thanks to the brokerage company, an individual can operate on the market with amounts that significantly exceed the size of their own funds. This is called providing leverage. For example, having a deposit of 1,000 USD with a 1: 400 leverage, a trader can make deals for 400,000 USD.

The broker also opens access to analytics, auxiliary tools, and trading signals. Modern trading is impossible without all this.

What is the benefit of a broker?  

 

The broker OCTAFX makes profit from traders' transactions, as a rule, in two main ways.

The first is the most common. Using spreads. This word refers to the difference between the best prices for buying and selling a particular asset at a particular moment. Moreover, in a transaction between a trader and a broker, the price is one, and between a broker and users of the Forex market - another. The mediator takes the difference for himself.

The second way is easier to understand. This is the collection of a commission for each transaction performed. Most often it has a standard value, but it can be measured as a percentage.

Thus, the brokerage company is interested in attracting as many clients as possible and for them to conduct active trading.

 

Ways to cheat customers  

 

We have found out how honest brokers should work and how they work. Now let's look at how scammers operate, they are also called the kitchen.

The most common way to cheat is to tweak quotes. The broker provides the trader with quotes that differ from the real market ones. Data substitution occurs in order to make operations unprofitable. The deposit is reduced, and then completely zeroed out. At the same time, the trader thinks that his operations were carried out in the market, but in fact - only on the site of scammers.

Bonuses are traps. They are generously distributed for anything: for registration, account replenishment, etc. Only after that, in order for the client to withdraw his own money, mixed with bonus money, it will be necessary to fulfill a number of virtually impossible conditions. For example, conduct trading operations for an amount tens of times greater than the size of the deposit.

In the User Agreement, a clause can also be disguised that allows the broker to manage the client's money. Inattention when reading such an agreement most often turns into a complete loss of the deposit.

 

Where are brokerage companies registered?

 

One of the key points is the place of registration and regulation of the company's activities.

Let's talk about registration first. As a rule, brokers from either their own country or from an economically developed country, for example, a member of the European Union, are more credible to traders. Of course, compliance with UK legislation is reassuring, and compliance with the legislation of an unknown island in the Indian Ocean does not mean anything to most.

However, most brokerage companies are registered offshore. And it's not only about small offices, but also about world leaders. Saint Vincent and the Grenadines, Belize, Marshall Islands, Mauritius are offshore zones popular among brokers. By registering there, companies pay significantly less taxes than in the place of actual location, which is sometimes carefully hidden.

If a trader has any claims against such a company, then it is likely that he will have to deal with it in accordance with the legislation of that very conditional Belize. It is possible to be physically present there at the court sessions. And this is extremely expensive and difficult.

But is it worth running like fire from just the word "offshore"? As an answer, we will give the names of companies that are not related to brokerage, but with an impeccable reputation and also save on taxes through offshore registration: Apple, Pfizer, Microsoft, General Electric, Intel.

And here we come to the second important point - this is the regulation of the broker's activities. First of all, it is carried out at the level of the state where the company is registered. Each country has its own regulatory body for brokerage activities. So, in Russia it is the Central Bank of the Russian Federation. A trader can find permissive documentation on the websites of such bodies. But there are also supranational structures. For example, the International Financial Commission (The Financial Commission), which is an independent self-regulatory organization,   considering disputes between its members - brokers and their clients.

If the broker's website does not contain information about the regulation of its activities, then these are almost certainly scammers. Or the site contains information about a certain license issued to him, but this information is not confirmed anywhere else. Most likely, these are also scammers.

 

What else to pay attention to?

 

When choosing a brokerage company, study its history. Check out the links to her experts. If one of the leading TV channels in economic news for 5 years in a row refers to the opinion of the analyst of the broker in question, this is good. If a broker claims to have been working for 15 years, but there is no information about him on the Internet at all, this is bad.

It's important to pay attention to company reviews. And read them not only on the website of the broker itself. In the kitchen, they will probably only be laudatory. It is best to browse as many sites as possible.

Pay attention exclusively to the specifics in the offers on the brokers' websites. Honest companies openly write about interest, spread size, minimum deposit, etc. Fraudsters lure with loud, streamlined phrases about a rich tomorrow, stable income, misleading with incomprehensible terms about multi-sites, super functions, and so on.

Find out the company's connection with well-known brands, financial institutions, public organizations. For example, it can be sponsored. Large brokers sometimes hold social promotions. Fraudsters will definitely not do this.

Thus, the process of choosing a broker is complex. But if you approach it carefully, it will allow you to enter the world of trading, which has made millions of people rich all over the world.

FAQ - broker questions

  • 1. Do the trader reviews impact on a rating of OCTAFX ?

    Any feedback can raise or lower the rating company. To read reviews, go into the rating and select your broker.

  • 2. How to leave a comment about OCTAFX on the website 4ex.review ?

    In order to leave a review about the broker, go down page, enter a valid email and Your review with an overall score. Reviews are moderated and tracked by the number of comments from the same IP or email. Tech support may request the actual documents that prove that the user was or is a customer of the broker. This rule applies to negative and positive reviews. We want our portal to be honest and independent.

  • 3. Can we assume the broker OCTAFX decent?

    Before any trade and choosing a broker You must always read reviews on this site and on other sites. Brokers who are honest, have a rating of above 3.8. Also there is always the risk of loss when trading CFDs. Be careful and read the disclosure on the website of the broker. OCTAFX received a score of 1 of 5 on our resource.

Rating of brokers

Discussed brokers

Last comments

You might also be interested in:

independent broker reviews OCTAFX