Is OctaFX a Scam?
OctaFX is one of the new online platforms which promises to provide investors with a great opportunity to trade forex, but is this company a scam? What do you need to know before you open an account with Octavafx?
Offers a limited number of tradable instruments
Despite its limited range of tradable instruments, OctaFX offers a wide array of financial products and services. These include currency pairs, metals, indices, and cryptos. It also offers copy trading and high-quality industry-standard learning materials.
OctaFX is a regulated international business company based in Saint Vincent and the Grenadines. Its subsidiary entity is regulated by the Cyprus Securities and Exchange Commission (CySec). CySec requires OctaFX to adhere to rigorous testing, compliance monitoring, and risk management procedures.
OctaFX offers a total of 47 financial instruments. Most are CFDs. Its tradable instruments include currency pairs, metals, energy commodities, indices, and cryptos. Its range is small compared to other brokers. It does not offer many emerging market currencies.
OctaFX has a strong customer service focus. Its customer support team is available 24 hours a day through live chat, phone, and email. Their support is available in various languages. It also offers educational materials and video tutorials.
OctaFX operates in over 100 countries. The company’s customer support team is available in over a dozen languages. It offers several payment methods, including local bank transfers, AWEpay, Skrill, VISA, and UnionPay. It has a secure SSL-secured personal area that uses 128-bit encryption.
OctaFX is not publicly traded. It is a subsidiary of a Cyprus-based company that is licensed by the Cyprus Securities and Exchange Commission (CySec). Currently, OctaFX has approximately 300,000 accounts.
Doesn’t offer US stock trading (non-CFD)
Despite being a smaller-sized broker, OctaFX does not offer US stock trading. However, it does offer CFDs on a variety of US stocks and indices. Traders can also trade cryptocurrencies (CFDs) with OctaFX. However, these come with a significant amount of risk.
In addition to CFDs, OctaFX offers two trading accounts. The Micro account allows traders to trade stocks and swaps while the Pro account offers traders the ability to trade stocks, options, and swaps. All account types offer free rollovers. However, there are a few limitations, including a three-day swap fee on the Pro account.
The Trade & Win program gives traders the chance to win real money. This program has rewarded more than six million dollars to date. It is designed to encourage active traders. The program randomly selects fifteen traders to trade stocks between now and December 1. These fifteen traders will be selected to receive prizes.
OctaFX offers a wide variety of payment options to fund your trading account. You can use traditional payment methods like credit cards, e-wallets, and bank transfers. However, some payment methods may not be available in your country.
OctaFX is also known for its extensive community involvement. It is involved in a variety of charity and educational initiatives. The company supports local communities and supports small and medium-sized enterprises. The company also has a YouTube channel, a blog, and a trading glossary. You can also contact customer service by phone or live chat.