Can We Trust OctaFX?

OctaFX was registered in 2011 in St. Vincent and the Grenadines under license number 19776 IBC 2011 and is regulated by the CySEC (372/18). It has physical offices in Spain, Cyprus and Malaysia. OctaFX is also an award-winning broker.

OctaFX offers a wide range of trading instruments, including 35 currency pairs, gold and silver, 3 energy, 10 indices, 30 cryptocurrencies and 150 stocks. Traders can choose between MT4 and MT5 accounts only.

OctaFX features low spreads and no-fee accounts, fast and free deposit and withdrawal methods, up to 50% margin increase, an exclusive replicated trading platform and a highly rewarding IB program for referrals.

OctaFX platform offers 3 types of accounts:

1. MT4 account is a commission-free account suitable for traders who are looking for a convenient and fast way to open an account. Spreads start at 0.6. Tradable instruments include 35 currency pairs, gold and silver, 3 energy, 4 indices and 30 cryptocurrencies. Stocks are not included.

2. MT5 account is a commission-free account for innovative traders who prefer intelligent technical analysis. Spreads start at 0.6. Tradable instruments include 35 currency pairs, gold and silver, 3 energy, 10 indices, 30 cryptocurrencies and 150 stocks.

3. The Islamic account retains all the important features of the regular account type, except that it does not involve any interest.

Deposits and Withdrawals:

OctaFX accepts deposits by credit cards, bank wire transfers, e-wallets (e.g. Skrill and Neteller), digital currencies, etc. OctaFX adopts a seamless transfer method and does not involve any commission or handling fees. It is important to note that deposit and withdrawal methods may vary depending on the client's location, so it is recommended to ask customer service before opening an account. Users from certain countries can choose to pay with their local bank, but unfortunately, this option is not available for users from Taiwan.

In general, funds will be returned in the same way as the previous deposit, and OctaFX will process and approve withdrawal requests within 1-3 hours.

Trading Platforms Offered by OctaFX:

OctaFX currently offers two trading platforms: MT4 and MT5. For clients who are unable to download and use the MetaTrader mobile application, OctaFX offers a solution by directly downloading the official OctaFX mobile application to connect to a MetaTrader trading account.

WikiFXs Verdict:

WikiFX is a global forex broker regulatory query platform that houses verified information of over 41,000 forex brokers. We research, review and rate forex brokers from various aspects to prove their credibility.

From here, it is stated that OctaFX has a WikiScore of 5.88 out of 10. Although it sits on the borderline, WikiFX would like to urge our users to opt for brokers with a score of at least 7.0 and above. So, let us have a closer look at why OctaFX obtained such a score.

OctaFX claims that it is regulated by CySEC, and WikiFX proves that it is a true statement.

However, looking at the Exposure section on the free WikiFX app, OctaFX has accumulated several complaints regarding market manipulation and withdrawal issues.

Another thing to note is that OctaFX has many clones, as seen from WikiFXs database. Therefore, traders should pay extra caution to not fall for fake clones.

In conclusion, “there are many fishes in the sea”. Although OctaFX is not an entirely irresponsible forex broker, there are better brokers to choose from in this industry. For more broker-related enquiries, download the free WikiFX app and find your answers!