Is OctaFX Broker Portal A Good Choice For You?
When you are trading the foreign exchange market (forex), you can make use of different types of resources. One such portal that I have been using for too long now has to be Octa FX. When I was going through the details of Octa FX, I realized that the kind of scope which it offers is amazing to say the least.
Here, I will analyze the details of what this online forex broker offers:
I started with their micro account feature because it is apt for those who are just beginning in the field of trading. If you want to test your skills in the trading system, this is one of the best ways to start and try your luck and expertise.
If you are looking to know the benefits that having a micro account will have, here are the points you must be familiar with:
- You do not need to make a huge initial investment as the starting minimum deposit is merely $5.
- Even the floating spread that you get starts from 0.2 pips.
- The minimum volume that you will get when making an investment at the site is 0.01 lot.
- The leverage that you can get is up to 1: 500.
- You do not have to be bothered about the issues of re-quotes.
- You can also make use of expert advisors and scalping.
Now that you are aware of these key benefits, you can simply open your micro account and enjoy the accolades that it will bring. No doubt, you need to be a little careful because if you are reckless; you may end up losing your hard earned money.
ECN Account Benefits
After trading for a long time, I had got considerable knowledge and information on Forex trading. I wanted to move to a better account and that is when I opted for an ECN account. I availed quite a great deal of features with this ECN account and it helped me execute the different market deals in less than a few seconds.
The trading conditions that are offered by this ECN account are brilliant and once again, I will acquaint you with the main benefits that it will bring:
- You can execute the order is less than 0.1 second and this is why you will not have to waste your time as the speed of execution is extremely quick.
- Further, there are no issues of re-quotes.
- The execution order for this form of account is less than a second.
- The minimum deposit amount is slightly higher as it stands at 50 USD. If you are not willing to make a big startup investment, this point might be a little problematic because the startup investment is a little on the higher side.
- You will be able to gain access to real inter-bank liquidity with 5 digit quotes.
- You have 28 different currency pairs along with gold and silver which you can trade in.
- The stop out level is pretty good at 15% while the margin call level is up to 25%.
So, if you are an advanced trader and you have been in the field of forex and brokerage for quite a long time now, the ECN account seems to be a much better choice for you.
Commissions & Spreads Offered by OctaFX
When you are choosing such a forex platform, you have to check out the commissions and spreads as well because they form a core part of how you are trading and the benefits that you are reaping from it. With OctaFX broker, you will get some of the best services and you are not going to have any kind of complains.
The different spreads that Octa FX offers are floating and regardless of the type of trading account that you are using, currently spread starts at only 0.2 pips.
Are Services Offered Reliable?
When you are choosing an online forex broker, 3 important points that you need to determine are the reliability, honesty and regulation of this broker.
In order to offer reliable service, Octa FX have incorporated these features which I found to be really useful…
Segregate Your Accounts – As per the international rules and regulations, Octa FX makes it a point to keep the corporate fund and the trading fund of the client separate. This is a key feature that has huge significance.
SSL Encryption – When you are looking to invest in forex, you will have to make payments. It is extremely important to ensure that the site has SSL encryption because it will ensure that the payments are safe and your banking details will not be stolen.
We are all aware of the extent of cyber crime that is occurring and if a forex platform doesn’t have SSL encryption, I am never going to make a payment on such sites.
Thankfully, Octa Fx broker comes equipped with the best security standards and their SSL encryption feature is impressive.
Account Verification Procedure – In order to open an account at Octa Fx, you need to go through a rigorous verification process. in my opinion, it is important to have such an account verification procedure in place because it is the only way by which one can keep spam and fake accounts at bay.
With the stringent verification process, it becomes easier to have reliable accounts. When it comes to withdrawing the money from your account, the security that is offered is pretty perfect.
You will get an email which you need to conform in order to withdraw funds and I am personally extremely happy with this arrangement.
OctaFX Lack of Automated Trading Option
As such there are no serious concerns with the use of Octa FX broker. I have worked with a lot of different platforms and have come across some good ones too. While some of them do offer great services but their initial investment and even the cost they charge tend to be extremely high.
On the other hand, Octa FX broker has a trading platform that gives you the best of both worlds. You will be able to get both good services and that too at the right cost.
One major problem with this portal is the absence of automated trading. There is no such provision and those who love to opt for automated trading may have to look for other platforms that can be of help (Even if you are looking to place OCO orders and you prefer them, you will not find any such provision on this portal).
These are two major problems, but otherwise Octa FX broker, though new in this field is slowly becoming one of the top choices that you can ask for.
Even if you are looking to get charting packages or trading signals for the sake of understanding the currency details and other factors, you will not get these services at Octa FX. You will have to make sure that you are keeping an eye on these details yourself. While this may seem to be a shortcoming for those who rely heavily on these charts, but there are other alternatives that can turn out to be handy for you.
Final Thoughts About Octa FX Broker
If we are to measure the final verdict of this Forex broker, I will definitely recommend it for use because of the multiple benefits that it can serve.
If you are interested in the field of forex, you will need the right kind of platform that can assist you in the best possible manner. When you choose Octa FX, you will be able to get some of the finest features. There are ample choices at hand and you can choose the type of account that you deem fit.
With the right kind of account and the best assistance, you will have the finest chance of making the most out of forex trading. Explore the different details and then choose the right accounting method. In the times when I have used Octa FX broker platform, I have been seriously pleased with what this platform had to offer.
Using these top features, I managed to make significant amount of money from the field of forex. Another good point about this platform has to be the fact that the customer support offered by this platform is impeccable and extremely impressive. If you face any difficulty in using this platform, you can always fall back on the customer support team as it is definitely going to help you in ways more than one.
I am definitely impressed by what this platform has to offer and I will recommend it to not only novices who are new to forex but even the seasoned experts who are looking to make it big in the field of forex. There are too many good points that it has to offer.
Written By Papia Khatun Asha