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OctaFX Broker Review 2018

OctaFX is a Forex broker of Octa Markets Incorporated, founded in 2011. The company is headquartered in the island state of St. Vincent, which is located on the Grenadines in the Caribbean, and OctaFX is not a European online broker. Anyone who is willing to forego a corresponding EU-typical hedging environment is in good hands with the broker, as our OctaFX broker review 2018 proves.

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The OctaFX broker review 2018 showed that the company can convince with many advantages, which are overshadowed by a very big disadvantage. Thus, OctaFX customers can benefit from an extensive range of training opportunities that meet the needs of beginners and advanced traders.

If customers have acquired extensive background knowledge, you can use MetaTrader 4 or 5 or cTrader to trade currencies for ECN order execution. For this purpose, traders can also use apps for smartphones and tablets that enable mobile trading on the move. The offer is rounded off by low spreads starting at 0.0 pips and a low minimum deposit of only 5 euros. However, the amount of spreads and recommended deposit is dependent on the trader's account model - there are three different account models to choose from.

These advantages are accompanied by a single but very significant disadvantage: as OctaFX is not a European online broker, the company does not have a typical EU hedge. Accordingly, traders have to dispense with regulation by well-known authorities such as the BaFin or the FCA, as well as with a legal deposit guarantee, which protects customers' funds against losses for up to EUR 100,000 per capita.

Of course, forex trading is also not free of charge on OctaFX - however, the fees and conditions are in a customer-friendly area.

Decisive for the fees and services the customer is confronted with is the account model he or she chooses.

In the case of a micro account, the customer trades via MetaTrader 4, in the case of a pro account, trading is carried out via MetaTrader 5 and for trading in the ECN account, customers can use cTrader. The account model determines the minimum spread: In the micro account, traders trade at a spread of 0.4 pips or more, in the pro account it starts at 0.2 pips and in the ECN account you can even trade at a spread of 0.0 pips or more. These are basically variable spreads. A special feature is that the traders do not have to pay commissions or commissions to the broker even when trading in the ECN account.

The amount of the minimum deposit is also in line with the expectations of many traders: you can open an account with OctaFX if you make a deposit of 5 US dollars or more. However, it is recommended to make a deposit of at least 100 euros for trading in the micro and ECN account and 500 euros for trading in the pro account.

The maximum leverage is also the same for the micro and ECN accounts: traders can use a maximum leverage of 500:1 for currency trading and at least one leverage of 200:1 for all other underlying assets; the leverage is 200:1 for currency trading, 100:1 for energy commodities and metals trading and 50:1 for indices.

As we have already been able to record in the OctaFX broker review 2018, the company is not covered by EU-typical security standards. Accordingly, there is no regulation or legal or voluntary deposit insurance. However, OctaFX makes every effort to ensure a high level of security. This primarily involves managing customer funds on separate accounts, so that the company cannot use the customer's capital itself. An SSL-protected personal area with 128-bit encryption is just as much in favour of security as the verification of the account and the extensive security precautions for customers' withdrawals. An authorization procedure by 3D-Secure for credit card transactions is also one of the safeguards promised by the broker. This is rounded off by a regular inspection of the safety systems by professional safety engineers and technical specialists.

Also with OctaFX a noncommittal and free demo account must not be missing, which beginners, advanced and professionals can make equally use of. Beginners can take the first steps in Forex trading with this demo account, advanced traders can develop their own trading strategies or test existing strategies and even professionals can use a demo account to learn about the trading platform's features.

Traders who want to use the demo account of OctaFX can also choose one of the offered account models. They can then set their own leverage rate and virtual capital - a lever of 500:1 and an account balance of $5,000 are recommended. To open an account, all the customer has to do is provide some personal information and contact information, fill in the account details and, last but not least, enter the captcha and confirm that he/she has read the customer agreement and agrees to the rules. The customer then receives his access data for the account from the broker by e-mail - with these access data the customer can log in directly into his new demo account.

The Forex Broker comparison has shown that almost every reputable and successful online broker now provides his customers with mobile trading apps for mobile trading on the move. Although trading would in principle also be possible via the mobile browser, the apps are characterised by a higher user comfort and thus by a higher efficiency. With OctaFX, customers can also trade from their smartphone or tablet on the move: Each of the three trading platforms is also available as a mobile trading app for iOS and Android and can be downloaded directly from the relevant store.

In the OctaFX broker review 2018 we could note that the online broker offers his customers a comprehensive service offer. This primarily includes trader tools such as a business calendar, a calculator, analyses and market news.

Apart from that, the educational offer is also one of OctaFX's strengths: Traders can use written guidelines for further training and learn about the functions of the trading platforms with the help of extensive manuals. Finally, the educational offer is rounded off not only by a glossary, but also by FAQs on various topics related to account opening and trading.

After all, newcomers and existing customers can not only take advantage of the broker's tools and educational offers: With competitions and bonuses OctaFX has also succeeded in constantly winning new customers.

If you want to open an account with OctaFX, you must first register for an account by filling in an online form. This form requires not only contact details but also information about the trader's trading experience. Once all this information has been provided completely and truthfully, you can send the form. As a result, customers receive their welcome mail with their access data within a short time. Traders can use these credentials to log into their account and make verification and deposit. For verification, it is sufficient to provide the broker with copies of proof of identity and a proof of residence - for example, an identity card and a current consumer invoice.

The deposit to the trading account can then be made free of charge by credit card, Skrill or Neteller - customers only have to consider the minimum deposit of 5 US dollars. Once the deposit has been made, the opening of the account is completed and the trader can start trading. Should he or she encounter any problems during the account opening process or should questions arise, the customer can also contact support 24 hours a day from Monday to Friday via telephone, contact form and live chat. It is also possible to contact the Customer Service Department, Finance Department or KYC Dept. directly, as well as the UK, Hong Kong or Indonesia office.

In the OctaFX broker review 2018 we were able to note that the broker has already received one or two awards - however, German awards have so far been the exception, as the company has not been represented in Germany for too long. However, the broker has already been named "best forex broker in Europe" by Forex-Awards. com and "best international broker" by FX Empire. These are the latest awards. Apart from this, interested customers can also admire all the company's other awards on its website.

The OctaFX broker review 2018 showed that the company was able to convince in almost all areas: Customers can choose between three different account models and thus between three professional trading platforms, which allow forex and CFD trading to spread from 0.0 pips and from 0.2 or 0.4 pips respectively. The range of services on offer is also impressive: In addition to a demo account with no time limit, the broker also offers his customers an extensive range of training courses, easily accessible customer support and professional apps. The company's only weakness is the dubious hedging environment: there is no regulation or legal deposit protection, as the company is based in the Grenadines in the Caribbean, far removed from European security rules.