OctaFX Review - Does OctaFX Charge a Commission?
OctaFX offers forex, CFDs, and cryptocurrencies trading across MT4 and MT5 platforms. They also support segregated funds to protect client money.
Traders can deposit funds through local banks, Skrill, Neteller and other popular payment methods. Withdrawals can be processed within 1-3 hours, depending on the payment method.
We do not charge any commission
We do not charge any commission on the trading activity of our clients. However, we do add a mark-up to the spreads that are charged for the trading activity of our clients. This mark-up is based on the type of financial instrument that is traded and the market conditions.
Traders can open an account with Octafx by filling out a simple registration form and submitting their personal details. Once they have done this, an email is sent to their inbox with a confirmation link. Afterwards, they can log in and start trading.
Deposits are processed within a few hours. Similarly, withdrawals are processed with same ease. This is a good thing as it provides convenience to traders. The platform also offers zero deposit and withdrawal charges for Nigerians.
The trading platforms offered by Octafx are MT4 and MT5. In addition to forex, they offer indices and commodities. The broker also offers a 50% deposit bonus for non-EU customers and leverage up to 500:1.
One of the biggest benefits of Octafx is its customer support. Its team is accessible to users via live chat, phone, WhatsApp, Telegram, and email. They can also be reached through the FAQ section on their website, making it easy to get answers to any questions.
In addition to providing excellent customer service, Octafx also offers a range of educational tools for new and experienced traders. They include an autochartist, trading signals, market research and news, guides, and tutorials.
Withdrawals and deposits can be made through a variety of methods, including cards, GT bank transfers, and e-wallets. Withdrawals using these methods can take a few hours to reflect in your account, but they are incredibly convenient.
A deposit bonus of up to 50 percent is also available to new members. This can be a great incentive to open an account with Octafx and start trading.
The broker has a strong reputation in the industry and is regulated by CySEC in Europe. They have an offshore entity in Saint Vincent and the Grenadines, which segregates client deposits and offers negative balance protection.
Spreads are from 2 pips fixed spread or 0.4 pips floating spread
A spread is the difference between the bid and ask price of an asset or security. It is measured in pips, which equals 0.0001 or 0.010.
A fixed spread is usually the preferred choice by most traders, as it is a more predictable way to trade than variable or floating spreads.
Spreads are affected by a number of factors, including market liquidity, trading hours, clearing (the process of settling orders at the end of the day), and economic news releases. They tend to widen during major economic data releases and narrow or contract when there is low liquidity in the market.
Variable or floating spreads are often more convenient for traders than fixed spreads, as they allow them to set up their trading strategies in advance without having to worry about the price of their transactions. However, they are not always as stable or predictable as fixed spreads and can be difficult to track.
Floating spreads also change based on the market situation. If there is a sudden rise in volatility, the broker may increase the spread to reflect this increased risk.
The spread value is also influenced by the size of a trader’s position, as well as the time when a transaction takes place. During off-peak times and flat markets, for example, it’s not as profitable to open positions, so spreads will be less. Similarly, during the New York trading session, when the biggest exchanges are active, spreads will widen.
For example, a 5% deposit will result in a spread of 2 pips. This is much more reasonable than a 3% deposit, which would result in a spread of 0.4 pips for the same lot size.
Some brokers also charge a spread commission, which is paid to the broker for handling and executing the trade. This fee is generally charged on a percentage basis and varies depending on the volume of trading.
Using automated systems and robots in the forex market is easy when you know the spread size, as it can be taken into account in the final results and can help ensure the performance of your trading strategy. However, with variable or floating spreads, it’s harder to know the size of your trade and can make it more challenging to test your system.
Overnight fee is charged every 3 days
OctaFX is an ECN-DMA (Direct Market Access) broker that offers low spreads and fast execution speeds. In addition, the broker does not requote prices, and executes trades in under 0.1 seconds. This is a good option for scalpers, who like to make quick gains.
Another great feature of OctaFX is that it is a fully compliant broker with Shariah law. This is a huge deal, especially for Islamic traders. It is also the only Forex broker that I know of that charges no swaps on leveraged overnight positions in the MT5 account, which saves traders money over time.
In addition to this, there are no withdrawal or deposit fees, as well as a zero commission per lot for all lots traded on the MT5 Pro account. However, you will still have to pay an overnight fee every 3 days, which is charged at Midnight on the day after the previous night’s rollover.
The minimum deposit amount is $50. You can fund your OctaFX account in both EUR and USD, as well as with cryptocurrencies. You can also choose to transfer your funds from your bank account or via an online payment method.
If you are looking for a copy trading platform that is regulated and backed by an experienced team of financial experts, then OctaFX is a fantastic choice. In fact, it has been ranked as one of the top providers of copy trading in the world by numerous third party sites.
This platform is fully regulated by CySEC, which means that you can trade within the EU without having to worry about your broker being a fraudster or a scammer. Additionally, OctaFX is a duly registered international business company in Saint Vincent and the Grenadines with registration number 19776 IBC 2011.
As a bonus, they also offer segregated funds that ensure the safety of your money. This means that your funds are kept separate from the main broker operations and therefore cannot be used for anything else if the broker goes under or there is a liquidity crunch.
The broker’s team of financial experts also hosts a range of educational resources, including webinars and workshops in multiple languages. In addition, they have a large glossary of terms and an FAQs section to help you navigate the site.
Commission is $5 per lot
OctaFX charges a $5 per lot commission for every trading transaction. This is a fairly low rate, and is well worth considering.
The company also offers free access to a demo account for new traders who would like to see how the platform works before making a real-money deposit. This is particularly useful for those who are new to forex trading and want to practice before risking their own money.
In addition, OctaFX provides excellent customer support via phone and email 24 hours a day, and live chat is also available. The team is highly responsive and has a 96% customer satisfaction rate.
When a trader is looking to get into the forex market, it is important to find a broker that offers a wide variety of trading tools and support services. OctaFX is one of the few online brokers that has an extensive list of resources for both beginners and experienced traders.
These resources include video tutorials, Forex education, a glossary, and frequently asked questions. The website also features a live economic calendar which is great for keeping up to date with current events that can affect the markets.
Leverage is another issue that can make or break a forex trader’s experience with the broker. Leverage is a good way to increase your trading potential, but it is essential to choose the right leverage.
The maximum leverage for OctaFX depends on the regulatory body and the assets being traded, with the EU offering a max of 30:1 while the rest of the world can offer up to 500:1. This is a big difference, though, so it’s best to check the conditions before you start trading.
Traders can deposit and withdraw funds quickly with OctaFX. During business hours, deposits and withdrawals are processed within 1-3 hours. Withdrawals can be made by Visa or Mastercard, bank wire, Skrill, Neteller and Local banks transfers in Indonesia and other countries.
In addition to the traditional currency pairs, OctaFX offers a number of other instruments and CFDs. These range from popular shares to gold and crypto-currency.
The brokerage company is regulated by CySEC, and its operations are subject to some of the most stringent anti-money laundering requirements in the industry. This ensures that clients’ funds are protected from financial fraud. Traders can also benefit from negative balance protection, which will protect them from losing more than their starting capital.