OctaFX is a broker that accepts Bitcoin deposits and withdrawals free of charge. Withdrawals can take up to 30 minutes, and deposits take 1-3 hours. The broker also offers shariah-compliant and swap-free accounts. This review will highlight the differences between the two types of accounts.
OctaFX is a non-dealing desk STP/ECN broker..
OctaFX is a non-dedicated forex broker that uses the STP/ECN (Secure Transfer Protocol) protocol to trade on foreign exchange markets. It offers a range of trading accounts, including cTrader, demo, and live accounts. It has no commission fees or minimum deposits and offers leverage up to 1:500 in fiscal currencies and 1:200 in metals. The company also offers a demo account for traders to practice their trading systems.
OctaFX offers a wide variety of trading assets, including stocks, CFDs, and commodities. Its competitive spreads and high leverage rates have earned the company many industry awards. This brokerage has an ECN account aimed at a more affluent trader, with leverage rates of up to one:500. Traders can also adjust the standard leverage of their accounts according to their individual needs.
OctaFX is a non-dedicated broker with minimal fees and low spreads. It also offers a negative balance protection guarantee and segregated accounts. As a new customer, OctaFX offers a $25 sign-up bonus, structured in a 50% bonus program. In addition to free trading and education, users can also take advantage of their free demo and two live trading accounts.
Non-dealing desk brokers are intermediaries between liquidity providers. They execute orders electronically, ensuring they get the best price available in the market. As a result, they don’t have a conflict of interest and can execute orders faster and at better prices.
FxPro is a firm that was founded in 2006 and had over 800,000 customers worldwide. They have fast execution, flexible trading conditions, and good client support. Their multilingual support team is responsive and knowledgeable, and the website offers phone, email, and live chat services.
The company offers a range of educational materials and services for traders of all levels, including webinars, educational videos, and video courses. These are updated regularly, and the educational materials cover various topics. The website is easy to navigate and is full of useful information.
One of the biggest benefits of an ECN broker is that they don’t restrict trading methods or trade size. This allows traders to execute complex strategies such as scalping, hedging, and auto trading without restriction. Another benefit of using an ECN broker is that they have no conflict of interest.
It does not requote clients.
OctaFX offers a very quick withdrawal policy and no commissions on deposits. They also offer Negative Balance Protection and fund security. They also claim to have the lowest spreads in the industry. However, it turns out that their spreads are average and higher than most of their competitors.
OctaFX also has excellent educational resources. The site includes webinars, trading articles, and video tutorials. A support team is also available twenty-four hours a day, seven days a week. The support staff can assist via email, telephone, and live chat. You can also check out their FAQ page to find answers to many questions.
The website also provides demo accounts, allowing users to try out the OctaFX platform before making a real trading commitment. This way, they can learn a new trading platform without making serious mistakes. Once comfortable with the platform, you can open a live account and start trading with real money.
In addition, to live chat support, OctaFX offers multilingual customer support. They provide help in various languages and live support after normal business hours. They also have a FAQ page with frequently asked questions and a glossary of terms. The website also offers educational materials, such as video tutorials, a glossary of terms, and even a blog.
It does not charge a non-trading commission for depositing and withdrawing funds.
The commission paid by OctaFX depends on the type of account and entity you use. If you’re based in Europe, you’ll choose the EU entity, while international clients will use the offshore SVG entity. The EU entity promotes the MT5 trading platform, while the SVG entity offers both MT4 and MT5 accounts.
In addition to offering competitive trading costs, OctaFX offers a proprietary social copy-trading platform. However, this service is operated by an offshore company based in Saint Vincent and the Grenadines, so it does not enjoy the same level of regulatory protection as leading multi-asset brokers. In addition, the broker’s selection of tradeable symbols is rather limited. While this makes it more affordable than its competitors, it is difficult to compete with the best multi-asset brokers.
The OctaFX finance department processes deposit and withdrawal requests within 1-3 hours. The finance team is available Monday through Friday, 6:00 am to 10:00 pm ET. You can deposit via your Visa card, Neteller, or Skrill account or make a bank transfer. Withdrawals are free, and you can use any currency as your payment method.
Traders should know their margin requirements before deciding whether to use OctaFX. The leverage available is high and can put you at risk of losing money. In addition, it is important to note that you should keep a tight stop loss, as losing even ten pips can cause a margin call.
The OctaFX website is informative and well-structured, with useful information and analytical tools. It offers Forex news, an economic calendar, and support service. You can also make money from the brokerage’s copy trade system and affiliate program. OctaFX also offers several bonus programs and holds contests with real money prizes.
The minimum deposit amount to deposit or withdraw funds is $200, and the broker covers all fees for wire transfers. You can then register on the broker’s site and open a trading account.
It has a strict anti-money laundering policy.
OctaFX has a strict anti-money laundering policy and is compliant with CySEC regulations and the UK’s Financial Conduct Authority. This policy is in place to prevent money laundering and to protect its clients. It applies to all employees, locations, and products offered by OctaFX. In addition, the company has implemented risk-based procedures and requires all employees to document their activities. It also has an AML Compliance Committee that monitors activities and initiates suspicious activity reports.
OctaFX accepts deposits through bank wire, major credit cards, and e-wallets. However, customers are advised to avoid cash deposits to avoid the risk of money laundering. The firm follows strict anti-money laundering regulations, requiring users to use the same payment method to deposit funds. In addition, all deposits and withdrawals must be in USD or EUR, not ZAR. The company also has a negative balance protection policy to prevent traders from losing more money than deposits.
OctaFX is registered and licensed in EU member states. The license allows the company to serve clients across the EU. CySec regulation requires brokers to pass rigorous tests and compliance monitoring to maintain their licenses. Additionally, CySec licensing requires a broker to pay into a shared investor protection fund. This fund protects clients with accounts of $20,000 or more.
The OctaFX policy also requires a reasonable belief in the identity of its customers. It does this by reviewing photo identification provided by customers. However, it does not attempt to verify the validity of the photo identification provided by the customer. Instead, it relies on government-issued identification and analyzes the information provided by the customers.
Clients who want to withdraw money from their accounts must show proper identification. To do this, they need to provide a copy of their credit card or debit card and a copy of their government-issued photo ID. They must also provide proof of address.