How smoothly you enter into your trading career and continue with it depends a lot on your choice of the broker. When you choose your broker, you are not very much informed about which factors to look at. For that reason, many traders end up choosing a broker that seems great on the surface but does not meet their exact requirements. Rather than visiting broker websites and trusting their words, it is best that you read their reviews to know more about them. Today, you will be reading this in-depth OctaFX review to know what this broker is all about.
The growth of OctaFX shows that it is one of the best out there. However, you can only know the best when you get to read a review of every feature that it offers.
OctaFX – What the Broker Is All About
First, you have to know the broker as a company. How long has it been in business and what positives does the company have that can convince you to sign up with it? It is an award-winning broker that claims that you can make the biggest profits while trading with it. There is truth in these claims because the broker has won the award of offering the best trading conditions multiple times. The company has been providing trading services to its traders since 2011 but its growth has been exponential in these few years. To this day, the broker has seen more than a million accounts being opened on its website.
In addition to that, its registered traders have conducted more than 250 million trades using one of its many platforms it offers for trading. In total, the broker has 24 awards to boast that it is one of the best in the industry. Not to mention, OctaFX has its trading services available for traders in 100 countries of the world. These statistics alone tell you a clear story of what this broker is all about. One of the unique things about OctaFX is that it offers promotions and bonuses to its traders. That’s something most of the traders miss when they sign up with other brokers.
When you open an account with OctaFX, you have to know that you will be trading CFDs. Yes, when you trade cryptocurrencies, you will not be trading the digital coins in their actual form. You will not own the coins when you enter into a trade or sell them either. You will only be holding on to a contract or sign up to receive the value of the contract if you make a successful trade. CFD trading opens new doors for traders to enter into financial markets. Today, you don’t have to own nay digital coins to be able to trade them. You can be a part of the cryptocurrency market as an investor and trader by trading CFDs only.
OctaFX and Its Many Trading Platforms
OctaFX is busy bringing the best to its traders and the many trading platforms it has are a proof of that. When you look at other brokers, you will notice that most of them offer MetaTrader 4 platform. It has been around for many years and remains one of the best platforms trading. However, you cannot stick to MT4 forever. Things are changing with time and you need to make adjustments accordingly. So, while you have access to the MT4 platform when you open an account with OctaFX, you can also choose to be on MT5 if you want.
What you will have to admire about OctaFX is that it has brought all of the platforms to all of the devices you can imagine. You can trade on MT5 the way you prefer. If you don’t mind the idea of downloading the software on your computer, you can download MT5 on your desktop computer. If you prefer to access the platform from any device and anywhere in the world without compromising on your experience, you can also choose to use its web version. Of course, the same platform can also be downloaded and used on your iOS and Android devices.
Going beyond the MetaTrader platforms, you have cTrader. This is yet another platform that only a few online brokers give you access to. If you like customization and more control over how things work, you will love this platform. It is easy to use but can be customized according to your needs, which is something some people find a little complicated. However, once you have gone through the pain of customization, this platform can work for you like no other. Just like the MetaTrader platforms, you can use this software on your mobile devices, laptops, and computers. The web version of this software is also available.
Trading Cryptocurrencies and Other Assets with OctaFX
So, one of the reasons you are looking at this review is because you wanted to find a broker who could let you get into the cryptocurrency market. Yes, OctaFX lets you access the cryptocurrency market and benefit from its movements. There is no doubt about the fact that cryptocurrency markets can be extremely volatile. However, you cannot deny the unprecedented growth of cryptocurrencies as well. Take the example of Bitcoin that grew more than 1000% in just one year. If you have a basic understanding of the cryptocurrencies and how their prices move, you should try trading their CFDs with OctaFX.
At the time of writing this, you only have three major cryptocurrencies that you can trade with OctaFX: Bitcoin, Ethereum, and Litecoin. Right now, you can trade any of these currencies with the US dollar. So, if you have been looking for an opportunity to try cryptocurrency trading, now might just be the right time to do it.
Of course, cryptocurrencies are not the only assets that you can trade when you sign up with OctaFX. The broker brings you many assets from hundreds of different markets of the world. Once you have opened an account with OctaFX, you can trade silver and gold as well. These are the best commodities to trade for any new trader because of their stability. You can trade stocks and other assets on any of the platforms from OctaFX regardless of the account type you pick. Let’s talk about the different account types available for you at the time of signing up.
Trading Accounts from OctaFX
There are three different accounts for you to pick from. You will notice from the accounts page on the website that the broker has simplified a lot of things here for you as a trader. You have three accounts that are meant for three different types of traders. If you are a new trader, you would want to go with the basic account, called the Micro account. If you know what trading is all about, you have the Pro account as well. However, for progressive traders from around the world, there is ECN account as well. Each account type gives you access to a different trading platform.
With the basic account, you can trade on MT4. If you are a professional trader, you will be given access to the MT5 platform. Last but not least, if you are adventurous with your trades and want to grow with time, you would want to pick cTrader with the ECN account.
For the micro account, you don’t have to pay the broker in the form of commission. You will have to look at the spreads before you enter into trades to know how much money you will be paying to the broker. Same rules apply to the professional account. However, if you sign up with the ECN account, you will have to pay a commission on your trades. The minimum deposit is only $100 for ECN and the micro account. You have to deposit a minimum of $500 if you open the professional account. It is clear from these requirements that the minimum deposit is not a problem for anyone who signs up with OctaFX.
Now, it is important that you know which assets you can trade based on the account you choose. If you go with the ECN account, you will not be able to trade cryptocurrencies. So, anyone who wants to trade cryptocurrencies has to sign up with either the pro account or the micro account. You also have access to 28 different currency pairs in the forex market when you sign up with these two accounts. Now, once you have signed up with any of these accounts, you will have to see what trading conditions you are being provided by the broker. Let’s take a look at the trading conditions with OctaFX.
OctaFX Trading Conditions
When it comes to trading conditions, you first have to look at how much opportunity you have for making money on your trades. First, you have to look at the spreads. The wider the spreads, the more money you will be paying to the broker. This money will be taking a bite out of the profits you make on your trades. However, when you sign up with OctaFX, you can take advantage of either floating pips or fixed pips. When you go with fixed pips, the spreads are as small as 0.2. On the other hand, floating spreads can start from a minimum of 0.4.
For someone who signs up with the professional account, there is no option available for fixed spreads. These account holders will have to deal with floating spreads, but they will be glad to know that these spreads start from a small 0.2pips. Things can be quite different for traders who go with the ECN account. Keep in mind that ECN accounts are almost always the most transparent accounts when it comes to costs of trading. There are floating spreads in this account. However, based on the asset that you are trading, the spread can be zero as well. There is no markup to be paid with this account.
The next big thing you have to look at is the size of the leverage that the broker is giving you. When you have a large leverage, you can control big trades with very small deposits in your accounts. Leverages will change from asset to asset but you can still enjoy some huge benefits. For example, if you are into forex trading, you can take advantage of 1:500. For precious metals, you can enjoy a leverage of 1:200. Leverages are still quite big when you trade indices. For cryptocurrencies, the leverage has been set by the broker at 1:2. That might not seem big but considering how volatile the cryptocurrency market is, even the fact that you are being offered leverage shows the generosity of the broker.
OctaFX Promotions and Bonuses
You will hardly find an online broker that gives you bonuses after opening your account. Loyalty points are the conventional method for brokers to reward their traders but even these points only apply when a trader has been very active on the platform. When it comes to OctaFX, things are quite different. You will be surprised to know that on select deposits, you can enjoy a 100% cashback. You also have to trade a specific volume to take advantage of this offer. The best thing is that it comes into your account as soon as you have met the requirements. More importantly, you can even withdraw the funds in your account that you have accumulated in the form of bonuses.
OctaFX is definitely one of the most professional online brokers and also the one that has grown at unprecedented speeds. You can always contact the company about your concerns and queries 24/5 by placing a call, sending an email or using the chat feature on the website. The best thing is that their representatives are available on WhatsApp as well. It does not matter which feature you look at, OctaFX proves that it pays a lot of attention to making life easier for its traders. So, if you want to commence your trading career with great promotions, trading platforms, and trading conditions, you should definitely consider OctaFX in your options.