Trading at OctaFX south Africa, a must-read review

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Compared to most other brokers, OctaFX provides trading on a limited amount of financial assets, including 32 Forex pairs, five commodities, ten indices, and five currencies.OctaFX is an STP Forex Broker that was founded in 2011. Octa Markets Incorporated manages and owns the brand.

Vincent and the Grenadines are likewise governed by IBC (International Business Company). It fully supports all trading strategies, notably trading bots known as Expert Advisors on cBots, cTraders, and cBots.They provide two account currency options, neither of which is ZAR. Traders will be stunned to know that hedging and scalping are permitted, so do not limit your trading options. Let’s dive in to get to learn more about OctaFX.

OctaFX in South Africa is safe?

OctaFX South Africa allows traders to trade under subsidiary conditions. Although the Octa Industries Corporation is a company based in St. Vincent and the Grenadines. The SVG FSA is not a forex broker regulator and does not supervise any CFD trading activity to all intents and purposes. Therefore, this does not imply negligence or misleading action on the part of OctaFX, but rather that clients must rely exclusively on OctaFX’s reputation since no further safeguards exist to protect investors. OctaFX South Africa, on the other hand, is permitted by the SVG FSA to provide its clients with enormous leverage and additional incentives.

Having already said this, OctaFX, in a sign of good faith, separates all money from the company’s working capital and provides negative balance protection to all of its investors. However, the FSCA does not regulate OctaFX, South Africans are not covered by any of the country’s investor protection programs.

Platforms for Trading

The trading platforms that dealers can use are already linked to the sort of account that the trader utilizes. The Micro Account includes MetaTrader4, the Pro Account contains MetaTrader5, and the ECN Account includes cTrader.

Charges and penalties

OctaFX’s fees and commissions vary depending on the type of account you select. You can, however, choose between Floating Spread and Fixed Spread accounts. At OctaFX, there are no fees for withdrawing or depositing money.

  • For micro account: The EUR/USD spread is 0.9 pips, the USD/JPY spread is 1.3 pips, the EUR/CHF spread is 2.2 pips, and so on.
  • For Pro-Account: EUR/USD spread is 0.8 pips, USD/JPY spread is 1.1 pips on Pro-Account. The EUR/CHF spread is 1.4 pips, for example.
  • For ECN Account: OctaFX’s cTrader ECN account has a relatively limited product offering, with only 28 currency pairs and two metals. Which is added to normal spreads of 0.4 pips, bringing the all-in cost to 1 pip.

With a minimum investment of $100, you may start an OctaFX Micro Account. CFD trading in Shares, Forex, Indices, Commodities, and ETFs are among the assets provided by the company.

Final verdict:

OctaFX is a highly competitive broker with a worldwide reach that is also reliable and trustworthy. Furthermore, it provides a strategic offering of low spreads, fair pricing, and cutting-edge technology.