WikiFX Reviews OctaFX in Depth

In this article, we'll examine OctaFX's key features, fees, safety measures, deposit and withdrawal options, trading platform, and customer service. WikiFX aims to provide you with the information you need to make an informed decision about using this platform.

Background:

OctaFX, a renowned and award-winning online Forex broker established in 2011, has gained recognition for its global presence, with registrations in St. Vincent and the Grenadines under license number 19776 IBC 2011 and regulation by CySEC (372/18). The company has physical offices in Spain, Cyprus, and Malaysia, further solidifying its reputation in the industry.

OctaFX offers access to an extensive range of trading instruments, including 35 currency pairs, gold, silver, 3 energy assets, 10 global indices, 30 cryptocurrencies, and 150 stocks. Clients can choose between MT4 and MT5 accounts, which are well-respected platforms in the trading world, or OctaFX's in-house trading platform, OctaTrader.

OctaFX distinguishes itself with its attractive features, such as low spreads, commission-free accounts, fast and free deposit and withdrawal methods, up to 50% margin increase, an exclusive replicated trading platform, and a highly rewarding IB program for referrals.

Types of Accounts:

OctaFX offers three types of accounts which are based on the corresponding trading platforms that it offers. Firstly, the MT4 account, which is commission-free and suitable for convenient and swift account setup, providing spreads starting at 0.6. The MT4 account allows trading in 35 currency pairs, gold, silver, 3 energy assets, 4 indices, and 30 cryptocurrencies. However, traders are unable to use the MT4 account to trade stocks.

The MT5 account caters to innovative traders who prefer intelligent technical analysis. Similar to the MT4 account, the MT5 account is commission-free and grants access to 35 currency pairs, precious metals, 3 energies, 10 global indices, 30 cryptocurrencies, and 150 stocks.

The OctaTrader account is rather similar to the MT4 account as it is also a commission-free account with spreads starting from 0.6 pips. The trading instruments covered include 32 currency pairs, precious metals, 3 energies, 10 global indices, and 30 cryptocurrencies. This account does not offer the trading of stocks.

OctaFX also accommodates traders requiring an Islamic account that adheres to Sharia principles, eliminating interest while retaining all essential features of the regular accounts. Muslim traders can apply for this account by contacting the OctaFX support team.

Deposit and Withdrawals:

Regarding deposit and withdrawal methods, OctaFX accepts various options, including credit cards, bank wire transfers, e-wallets (e.g., Skrill and Neteller), and digital currencies, ensuring seamless transfers without commissions or handling fees. However, the availability of deposit and withdrawal methods may vary based on the client's location, necessitating consultation with customer service before opening an account. It is important to note that users from certain countries can use their local banks for payments, though this option is not available for users from Taiwan.

OctaFX prioritizes swift withdrawal processes, returning funds using the same method as the initial deposit, with withdrawal requests processed and approved within 1-3 hours.

Trading Platforms:

OctaFX offers two highly regarded options: MT4 and MT5. Meanwhile, clients who face difficulties downloading or using the MetaTrader mobile application can utilize OctaFX's official application (OctaTrader), which directly connects to a MetaTrader trading account.

In addition, OctaFX also offers its specially curated copytrading mobile application.

Research & Education:

The research material on OctaFX can be found in its Market Insights section, which includes a daily analysis post, an economic calendar, and automated technical analysis via the Autochartist plugin for MetaTrader.

On its website, there is a section devoted to forex education with about 20 introductory articles. The OctaFX YouTube channel hosts its 11-part Forex Basic Course video series and webinar archives.

Customer Service:

The OctaFX customer support team is highly accessible, offering 24-hour service from Monday to Friday. Traders can reach them through various channels, including live chat, phone, WhatsApp, Telegram, email, and traditional mail. Additionally, the platform features a helpful FAQ section for those who prefer finding answers independently.

Conclusion:

WikiFX, a global forex broker regulatory platform, has given OctaFX a WikiScore of 7.53 out of 10, indicating that it is a reasonably reliable broker in the forex trading industry.

Upon examining OctaFX's licenses, WikiFX found that CySEC indeed regulates this broker.

However, as CySEC falls under tier-2 jurisdiction, its level of protection may have specific limitations. Therefore, traders seeking higher level regulation could opt for another broker, especially one with at least a WikiFX Score of 8.0 or above.