Octafx Forex broker Review | Octafx broker scam?

Octafx is a one of the most popular forex broker founded in 2011. As per octafx’s official website it’s headquarter is in Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the GrenadinesIt’s a CySEC. It has almost 6.6 lakh plus trading accounts. Octafx is operating successful in almost 100+ countries. More than 50 crore+ successfully trades executed by Octafx. Octafx is a ECN/STP broker. Many people have confusion that is octafx scam or legit? From this article I am going to review octafx forex broker.

Octafx Authorization and Regulation

Here I am going to show you the all Authorization of octafx broker. Octafx is regulated by Cyprus securities and exchange commission (cySEC) with license no 372/18 (according to official website). The company is claiming that octafx is also regulated by Financial Conduct authority (FCA). But few people complain that octafx has not approve by FCA. Basically, it’s a Cyprus based forex broker. Octafx is also authorize by Financial Services Authority (SVGFSA).

Trading Platform

Octafx providing different types of trading platform to their users. Like Metatrader4 (mt4), Metatrader5 (mt5), Ctrader and also providing their own web terminal for trading. You can also trade by using octafx own android and iOS app. Metatrader4 and Metatrader5 is also available for Android and iOS version.

Trading Accounts

You can open real and demo account in octafx forex broker. There are mainly three types of trading accounts. Micro account, standard account and Ctrader account. Different accounts providing different facilities.

Micro account

In this account types you have to choose mt4 trading platform. Spreads starting from 0.6 pips in micro account. In this types of account spread will be floating. No fixed spread available. Maximum Provided leverage is 1:500. This account is swap free for first 3 days. Minimum deposit amount is $25.

Standard Account

In standard Account types you have to choose mt4 trading platform. Spreads starting from 0.6 pips also and it’s not fixed. Maximum leverage 1:500. This account is also commission free.

Ctrader account

For this types of account you have to choose Ctrader trading platform. Minimum spread starting from 0.08 pips. Also spread is not fixed. You have to pay trading commission for this types of accounts.

Trading Pairs

Octafx provide different types of trading options. Like Currency, commodity, crypto and indices. All major and minor currency pairs are available. Like EURUSD, GBPUSD, USDJPY, USDCHF, AUDUSD, NZDUSD, USDCAF, EURGBP, EURJPY etc. Some commodities trading pairs like XAUUSD (GOLD), XAGUSD (Silver) are available for trading. Major indices like AUS200, GER30, NAS100, US30 are available. Major crypto currency pairs like BTCUSD, ETHUSD, XRPUSD is also a option for trading.

Deposit and withdraw methods

Octafx providing different types of deposit and withdraw methods. You can deposit on octafx account by using International wallets like nettelar and Skrill. Decentralised payment methods like bitcoin and Ethereum. Also you have option to deposit through local bank account deposit. Minimum deposit amount is $25. Octafx charge no deposit and withdraw fee. Withdrawal amount will be credited in your account with in 3 to 24 hours. But, use same payment methods for deposit and withdrawal from it. Otherwise withdrawal request will be rejected.

Account verification (Kyc)

You have to complete your kyc before start trading in octafx. You can upload National I’d Card, passport or Driving licence for kyc. It can take maximum 3 days to complete kyc. Without verify of account you will be not eligible to withdrawal amount from octafx.

Customer Support

It has a dedicated and active support team. If you are facing any problem in it, you can contact customer executive through live chat support. English and 10 others regional language’s chat support available. Also email support available here. But no customer care calling no is available.

Spreads and swap charges

No fixed spreads are available in every types of octafx account. Also you have to pay swap charges. Sometimes swap charges are very high than normal time.

You can also read :- Types of Forex Trading Scam

Pros of this Broker

• Easy to use user friendly apps interface
• Copy Trading service for new commers
• Local deposit and withdrawal options
• Dedicated support system
• Fast withdrawal system
• Exciting giveaway and prizes for traders
• Three level IB program
• Trade and win gift program
• All new Trading instruments are available
• Educational Trading webbiner and content
• 100% Deposit bonus (Click here to claim)

Cons of this Broker

• No fixed spread
• High spreads during news time
• High swap charges
• No customer care calling number
• Many times faced liquidity problem in metals pairs
• Low leverage for crypto currency pairs

Conclusion

The above information about forex broker is based on my personal research and nalysis. All information source is from octafx official website and many others third party’s websites and blog. Before investing in real account please do your personal research. If you want then you can create an account in it from here.