Have you occurred upon the OctaFX website and querying whether this broker is a scam or legit? Would you like an OctaFX review that will solve any queries or doubts you might have about selling with OctaFX? Then this OctaFX review is for you.
OctaFX is a Forex ECN broker registered in St.Vincent which was endowed in 2011 and enables Forex ECN trading, as well as CFD trading on Indices, Metals and Cryptocurrencies, across the MetaTrader and cTrader set of selling platforms for Windows Desktop, Web (Windows and Mac) and Mobile (Android and iOS), as well as their private OctaFX Trading App.
This brokerage firm has overwhelmed multiple trading awards including a 2019 best mobile app and best FX broker award. OctaFX has systems in place that have been maintained as safe and comfortable drawing in many customers in the close to 100 countries that they work in.
OctaFX proffers traders an essentially vanilla MetaTrader and cTrader trading platforms expertise. Beyond its European license in Cyprus, OctaFX requires regulation in major jurisdictions, which puts it at a drastic disadvantage compared to other trusted forex brokers.
|Year Founded||2011||Publicly Traded (Listed)||No||Bank||No||Tier-1 Licenses||0||Tier-2 Licenses||1||Tier-3 Licenses||0||Trust Score||59|
OctaFX looks to be extremely committed to assuring an exceptional result in customer satisfaction and client retention. In this era and age where most brokers are only concerned about getting a profit through corrupt means, OctaFX proves to be remarkably proactive in eradicating consumer complaints by actively working with their clients and smoothing out issues through peaceable means.
OctaFX has an honour winning client care channel, and it is their constant commitment towards their customers that has earned notoriety for the organization. OctaFX is a usually well known Forex intermediary, and it is principally because of their image picture and an excellent infiltration among littler retail brokers. During their underlying years, OctaFX was not regulated and encountered a few financier related issues, which had gained them analysis from a rare quarter. Be that as it may, the merchant hurried to possess up to its mistakes and began offering proper support that is compatible with the main standard FX organizations in the present-day budgetary markets.
OctaFX allows more limited than 50 tradeable instruments. By analysing, enterprise leaders Saxo Bank, IG, and CMC Markets all offer over 10,000 tradeable instruments.
The following table compiles the various investment products ready to OctaFX clients.
Cryptocurrency: Cryptocurrency trading is possible through CFDs, but not possible through trading the underlying asset (e.g. trading Bitcoin). Note: Crypto CFDs are not obtainable from any broker’s UK entity, nor to UK citizens.
|Forex Trading||yes||CFDs (Total)||17||Forex Pairs (Total) /td>||28||Cryptocurrency (Physical)||No||Cryptocurrency (CFD)||Yes||Social Trading / Copy-Trading||Yes|
OctaFX’s commission and fees vary depending on one of the three permissible account types chosen: MT4 Micro, MT5 Pro, or the cTrader ECN account. All in all, when it comes to pricing, OctaFX strives to struggle against the lowest cost MetaTrader brokers.
MetaTrader: Spreads are most economical in the MT4 Micro account where the broker allows only 39 tradeable instruments; the EUR/USD typical spread is listed as 0.7 pips, whereas the MT5 Pro account renders the complete range of 45 tradeable products, and spreads are somewhat higher at 1.1 pips.
cTrader: Compared to its other account types, the cTrader ECN account at OctaFX is more restricted in terms of the product range, with only 28 forex pairs and two metals. It follows a $6 per round-turn standard lot ($3 per side) commission-based fee structure, which is combined to regular spreads of 0.4 pips, bringing the all-in cost to 1 pip.
MetaTrader vs cTrader: The MT5 Pro account offering stands out as it is somewhat priced with the cTrader ECN account offering, but allows nearly double the extent of tradeable instruments.
Yes, you can trade Forex in India. In fact, Forex has become a regular routine of many Indian lives. But if we are demanding about retail forex trading in India, the answer is there are some limitations as well.
You can trade Forex in India with Indian Exchanges (NSE, BSE, MCX-SX)
You can trade Forex in India with Indian Exchanges (NSE, BSE, MCX-SX) which allows Forex Instruments. But, Indian Exchanges currently offer USDINR, GBPINR, JPYINR, and EURINR pairs for trading objectives.
Trading non-INR Forex pairs are banned in India under the FEMA act.
So, the government has not restricted Indians to trade Forex. They have restricted trading for Indian residents to only trade currency pairs bench-marked against INR. As an Indian resident, as long as you are exchanging through an Indian Brokerage, which provides access to Indian Exchanges such as the NSE, BSE, MCX-SX, and giving access to currency derivatives is completely legal. The subsequent is the list of Indian INR Forex pairs:
But, the Reserve Bank of India on the 10th of December 2015 approved exchanges to allow cross-currency futures contracts and exchange-traded currency choices in three more currency pairs. The RBI acknowledged exchanges to offer cross-currency futures contracts. The exchange-traded currency options in the pairs of EUR-USD, GBP-USD, and USD-JPY with quick effect.
In India, the rules and administration encompassing Forex trading are a little more blurred than in most nations. Trying to determine an exact answer can be tricky, but here is what we have discovered:
You are permitted to trade in four currency pairs; USD/INR, EUR/INR, GBP/INR, JPY/INR. But, there is some proof to advise that this has recently elongated to include more pairs
You must discover a local broker to trade with, one based and licensed in India.
It is forbidden for you to use an online portal to carry out transactions offshore, which backs up the first point that you cannot trade offshore