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OctaFX Review

Min. Deposit $25

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8.1/10 (Expert Score)
Product is rated as #4 in category Broker
Overall
8.1

About OctaFX

New Customer Offers & Account Switching – Deposit Bonus of 50%.

A new customer offer can be very attractive when traders are looking for a new broker. However, depending on the broker, these promotions are designed quite differently. Traders should therefore check well whether the offered promotion is really suitable for them. In our OctaFX test, we found that the broker offers new customers a deposit bonus of 50 percent on every deposit.

For this purpose, a button “Apply for bonus” is available on the information page about the new customer offer. In order to receive the bonus, traders need to deposit at least $50 after opening an account via the deposit method of their choice. This deposit can then be increased by 50 percent. Traders can withdraw the bonus later. OctaFX informs about the exact conditions of the promotion in great detail on its website. Since the conditions can change, it is recommended for new customers to check the conditions again before applying for the bonus. The payout takes place when the necessary turnover has been reached, so there is nothing to suggest an OctaFX scam here.

 

Usability of the website – informatively designed internet presence

In our OctaFX review, we first looked at the website and already asked ourselves the question here whether OctaFX is reputable. Particularly noteworthy is that the website of OctaFX is designed very informative. Traders receive very detailed information on many questions. Large parts of the site are kept in white. Menus stand out in black from it. At first glance, the site makes a very positive impression. Already on the home page traders get a first overview of the offers of the broker.

A button for opening an account and a login are also placed right at the top of the page. In addition, there is a selection menu for one’s own language. In the menu, traders can then go straight to forex trading or the trading platforms offered. The broker does not advertise awards on the homepage, but positive comments from customers can be read. Nothing on the website initially indicates a possible OctaFX scam.

 

Accounts – account type depends on the selected trading platform

According to our OctaFX experience, the broker takes a slightly different approach to its account types than the competition, as the broker offers three account types that are linked to the respective trading platforms. These are:

  • the micro account for MetaTrader 4
  • the Pro account for MetaTrader 5, and
  • an ECN account for cTrader.

According to our OctaFX review, the choice of the appropriate account thus depends on the trading platform through which the trader wants to be active. The micro account is suitable for beginners, as it is possible to trade even with small investment amounts. The floating spreads start at 0.4 pips, the fixed spreads at 2 pips. The recommended minimum deposit is $100. For the Pro account, the floating spreads start at 0.2 pips. A minimum deposit of $200 is recommended. The account can be held in dollars or euros. The ENC account is suitable for professional traders, as here the levers are up to 1:500. However, only currencies, gold and silver are tradable here.

 

Trading platforms – multiple trading platforms and apps selectable

OctaFX offers several trading platforms, which are presented extensively on the website. However, a closer comparison is useful here. First, the broker offers MetaTrader 4, which is already familiar to many traders. Among other things, CFD trading and trading with cryptocurrencies is possible here. One advantage, for example, are customizable charts. MetaTrader is also well suited for beginners. The successor version comes with many extensions. For example, stop-limit orders are possible here. In addition, an economic calendar and numerous one-click trading tools are part of the platform.

An alternative to the two Meta-Trader platforms is the cTrader. Here, among other things, the setting of trailing stops via a server, chart trading or one-click trading is possible. Pber cloud services, all accounts are stored securely. The cTrader can thus also be used mobile. In addition, the broker also offers an app, which is unfortunately not available in German. Traders can also use extensive functions related to trading via this.

 

Payments – Classic payment methods and payments with Bitcoin

In our OctaFX review, we found that the broker also takes a somewhat unusual approach to payment methods. Our OctaFX review concludes that the broker accepts several payment methods, including.

  • Visa cards
  • Skrill and
  • Neteller.

However, an absolute peculiarity that caught our eye during our OctaFX review is that deposits are also possible with the payment service provider Perfect Money and Bitcoin, which is possibly rather unknown in this country. Payments with Perfect Money are received immediately into the trading account, payments via Bitcoin after a few minutes. Both ways are free of charge, but are associated with certain minimum deposits. The same applies to withdrawals, which require about one to three hours of processing time. These two payment methods are presented separately on the website. If you have any questions about additional payment methods, contacting customer service is certainly a good idea. However, this does not have to be an indication of an OctaFX scam.

 

Customer Service – Particularly short response time of customer support.

Customers can contact the broker via live chat, according to our OctaFX experiences. A phone number or an email address cannot be found at first glance. However, the broker is also active in several social networks and many questions are answered in detail on the website. The customer service is multilingual and available around the clock. According to OctaFX’s website, the broker responds to a request within just seven seconds and often a solution is found after no more than three minutes.

Among other things, the customer service helps with questions about the trading account or deposits and withdrawals. Since customers from Germany can easily ask their question online, they avoid high costs for phone calls abroad. In our OctaFX test, we could not find any reference to a VIP customer service. All in all, however, we come to the OctaFX rating that the customer service of OctaFX works reputably.

 

Regulation & deposit protection – broker works with numerous security standards

The broker is regulated through CySec.

Thus, according to our OctaFX experience, the broker works, among other things, with protection against negative balances. The broker balances a negative balance thereby, so that the account balance is zero. In addition, all customer funds are managed separately from the company’s assets. The website is also protected by security technology. Personal data and transaction data are secured with 128-bit encryption according to our OctaFX experience. The fact that new customers have to verify themselves when opening an account also speaks for the fact that OctaFX operates seriously. Credit card payments are secured via 3D Secure technology.

The broker can also boast awards. These are all listed on a subpage. In addition to positive customer testimonials, TrustPilot reviews are also listed on the website. Thus, there are no indications of an OctaFX scam.

 

Additional offers – OctaFX test shows many tools and market information

During our OctaFX test, we found that the broker offers numerous additional services, so we can only present an excerpt here. Among other things, the broker offers:

  • Blog
  • numerous trading tools
  • economic calendar

Especially for beginners, the information material is great. For example, the basics of trading are explained extensively in FAQs, video guides and manuals. Here traders learn, among other things, how to best get along with MetaTrader 4. News from the foreign exchange market and some trading calculators round off the offer. A demo account is also part of the OctaFX offer. In addition, according to our OctaFX experience, the broker always offers bonus promotions and bonuses.

There are also numerous explanations about trading on the website. However, not all sub-pages are translated into German here, which, however, does not speak for an OctaFX scam. Therefore, in order to be able to fully use all information, a good knowledge of English is advantageous.

 

Specification: OctaFX Review

Payment methods

Bank Transfer, CreditCard, Neteller, Skrill

OctaFX Review

Min. Deposit $25

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