What is OctaFX?

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OctaFX, now rebranded as Octa, isn’t your typical Forex broker. It’s an all-in-one Forex platform that pairs cutting-edge trading tools with all-inclusive trading education, and all of this is offered without those pesky commission fees. The platform has been thriving since its launch in 2011, and now has a jaw-dropping 42 million trading accounts from 180 different countries under its belt.

Another unique benefit of OctaFX is its exceptional track record for critical acclaim and benevolent campaigns. From boosting educational infrastructure to lending a hand in emergency relief campaigns, OctaFX has made a real impact in online and local communities.

The broker has earned several prestigious awards including ‘Most Reliable Broker Asia 2023’ and ‘Best FX Broker India 2022’ from the World Finance and Global Forex Awards.

OctaFX’s website

OctaFX’s Trading Platforms

Interestingly, Octa FX doesn’t just provide industry standards like MetaTrader 4 (MT4) and MetaTrader 5 (MT5); it’s got its own home-grown hero – the OctaTrader platform. This powerhouse brings all important trading tools under one roof, including analytics, indicators, data visualization, custom time frames, and trade management.

Something particularly handy about OctaTrader is the fact that it is tailor-made for both mobile and web users. So, whether you’re working from home or on the go, you’ll have a seamless trading experience, without any confusing login swaps, app hopping, or unsynchronized financial data.

OctaTrader, OctaFX’s trading platform

Different Account Types

OctaFX knows that not all traders are cut from the same cloth, which is why they offer OctaTrader integration with both MT4 and MT5. These two types of trading accounts cater to different tastes; MT4 is like a friendly neighbourhood trader, super accessible and user-friendly, whilst MT5 is more suited to experienced traders, offering a far large range of complex trading tools and higher volume limits.

Adding to this accessibility is the simple nature of OctaFX’s sign-up process. Just head to its website or app and provide your name and email address, set up a password and that’s it— just like that, you’ll be ready to dive into the world of OctaFX.

Octa’s Account Types

Spreads, Commission, and Leverage

OctaFX doesn’t just provide excellent Forex investment tools, but it has competitive spreads to complement them. Both MT4 and MT5 accounts leverage floating spreads, kicking off at just 0.6 pips, ensuring that small price shifts won’t limit your trades. OctaFX doesn’t even impose trade swaps, meaning that its services are completely commission-free.

OctaFX’s leverage options are also set to an impressive maximum of 1:500 (excluding ZARJPY and depending on the trading instrument). For other instruments, the following leverage options can be expected:

1:200 for daily stocks

1:200 for metals

1:100 for energies

1:50 for indices

1:25 for cryptocurrencies

1:20 for stocks

Leverage may vary across different trading instruments

Trading instruments

The tradable assets of OctaFX aren’t just limited to Forex. The platform offers a wide range of further asset categories, including commodities, indexes, stocks, and even cryptocurrencies. This supports OctaFX’s education-first approach, ensuring traders always have the knowledge they need to diversify their portfolios. The platform even serves CFD traders, giving them the power to invest in both the market’s ups and downs.

Promotions and Bonuses

Despite its many stand-out features, OctaFX still remains competitive by providing enticing client perks, such as an in-house loyalty program for turning trading achievements into high-value prizes. This includes branded goodies, premium gadgets, smartphones, and more, and these prizes can even be won in thrilling contests.

On top of this, OctaFX’s generosity also applies to trading experiences. The platform often dishes out sought-after trading signals, super-speedy transfers, and reduced spreads to keep things interesting for traders.

Free education

OctaFX’s in-built education suite is another huge attraction for many beginner traders. All traders can access a broad range of tutorials, webinars, and articles that can augment their Forex learning experience, ensuring they are always making smart trades. However, this doesn’t mean that experienced traders are excluded, as Octa India often releases more advanced learning resources and blog posts too.

Deposits and withdrawals

Getting down to the essentials, OctaFX doesn’t mess around when handling money. The platform offers a vast selection of deposit and withdrawal options, ensuring that every trader can use their favourite method. Standard options such as credit/debit cards and online bank transfers are supported, but OctaFX also offers cutting-edge industry standards such as crypto payments and e-wallet support.

Regardless of which deposit or withdrawal option you use, OctaFX always keeps things speedy. Deposits are instantaneous and withdrawals are competitively fast, and none of them includes annoying fees to ruin your profits. However, note that some deposit options have a minimum amount requirement, which can be seen below:

Payment option Min. deposit Min. withdrawal
UPI 1500 INR 350 INR
India NetBanking 1500 INR 350 INR
India Cash 5,00,000 INR 5,00,000 INR
Neteller, Skrill 50 USD/ 50 EUR 5 USD/ 5 EUR
Bitcoin 0.0003 BTC 0.00009 BTC
Litecoin 0.3 Ł 0.11 Ł
Dogecoin 230 Ð 75 Ð
Tether TRC20 50 ₮ 10 ₮
Tether ERC20 50 ₮ 10 ₮
Ethereum 0.02 ETH 0.005 ETH

Some of these methods are only available after user verification

Is OctaFX legal in India?

If you’ve been active in Forex communities, you may have heard whispers about an OctaFX scam, leading many traders to wonder whether there’s a catch. Thankfully, that’s not the case, as there are almost no grounds for such claims. OctaFX is a broker with over 12 years of solid market presence as an internationally established company.

The misunderstanding behind the OctaFX scam reports lies in its lack of a local Indian brokerage license. Whilst this is true, the same can be said for plenty of other global Forex brokers, which prefer more flexible licenses such as the South African FSCA and Cyprus’ CySec. OctaFX is protected by both of these licenses, enabling it to operate in over 180 countries.

So, why no Indian brokerage license? Well, this all comes down to the strict regulatory hoops set up by the RBI. These rules can tie a broker down with limitations, restricting what instruments they can offer and who they can partner with. This can lead to serious operational flaws such as slippages, chart inconsistencies, and liquidity shortages.

Thankfully, this means that there is no reason to take OctaFX India scam reports seriously. The broker follows international standards and robust security measures with segregated accounts and negative balance protection. It also uses industry-standard security strategies such as 3D Visa protocols and matching payment details for deposits and withdrawals, so don’t worry – nobody can sneakily grab your cash when OctaFX is around.

About Samwel Fedha PRO INVESTOR

Fedha Samwel is a freelance financial analyst with over 5 years of experience covering the global stock market, Forex, crypto, and macroeconomics. He is currently pursuing a CFA charter and is an avid champion of simplifying the intricate world of finance for all.