OctaFX trading app allows traders to access the market via smartphones. It supports many beneficial features such as market analysis, promotions and bonuses, as well as free deposits and withdrawals.
OctaFX is one of the trusted global brokers through that supports online trading at a low cost. OctaFX was founded in 2011 and is part of international business companies (IBCs) which include Octa Market Incorporated in Saint Vincent and the Grenadines and Octa Market Cyprus Ltd. Furthermore, this forex broker has grown rapidly and developed a strong client base in the Asia Pacific region.
OctaFX separates all funds from the company's operating capital and offers negative balance protection to all its clients. The advantages don't stop there as the company can offer traders higher leverage and bonuses.
If you want easy access to a broker with a wide range of instruments, you can try the OctaFX trading app for Android and iOS. Let's take a closer look and decide whether the OctaFX app is right and safe.
OctaFX app offers an easy-to-use mobile platform so clients can use their smartphones for trading and investing. At the time of writing, it has a 4.5/5 rating out of over 178k users on the Google Playstore and is installed more than 10 million times by traders worldwide.
Traders can download the apps via these platforms:
OctaFX provides an unconditional swap-free feature and the basic experience of the MetaTrader platform with low spreads starting from 0.6 pips.
What Can Be Traded on the OctaFX App?
OctaFX is one of the best forex brokers in the world that offers trading instruments including Forex assets, Commodities, Cryptocurrencies, Indices, Metals, Energies, and CFDs. In detail, it has 35 Currency Pairs + Gold + Silver, 3 Energies, 10 Indices, 30 Cryptocurrencies, and 150 Shares (on the MT5 platform).
Leverage is available up to 1:500 for Forex pairs, 1:50 for Indices, 1:200 for Commodities, 1:200 for Metals, 1:25 for Cryptocurrencies, and 1:20 for Stocks.
What Are the Account Types?
You can trade using MetaTrader 4 (MT4) and MetaTrader 5 (MT5) accounts to support online trading. Both accounts can be registered with an initial deposit of at least $100 with spreads starting from 0.6 pips, a minimum volume of 0.01 lots with a maximum leverage of 1:500, and a margin call/stop out level of 25%/15%. US Dollar and Euro are the available base currencies used in this OctaFX application.
The difference between OctaFX's two account types lies in the instrument variation in Indices and Stocks. The MT5 account provides 10 Indices and 150 Stocks, while the MT4 one only supports 4 Indices without any Stock. Also, The maximum volume offered by MT5 is 500 lots, while the maximum volume in MT4 is 200 lots.
In these 2 accounts, MT5 has more advantages over MT4 and is the choice of smart traders because it has more investment instruments. However, the MT4 account is also suitable for aspiring traders or ordinary traders who like to trade simple.
The OctaFX mobile app has all the basic features one would expect from a trading platform. Aside from instrument choices and two account types, here are other notable features from the app:
Market Analysis and Education
The "Trading Tools" section of the OctaFX app provides important market information by providing content ranging from daily trading posts, technical and fundamental analysis of the market, and market trading strategies. This would allow provide you with the right information to react to market fluctuations in real-time to manage your positions, get the right trading profit opportunities, as well as avoid risks.
The app also provides access to a complete economic calendar that is very useful for you to track events that will affect forex trading and also a profit calculator feature to analyze market scenarios and forecast strategies to take. Interestingly, OctaFX also adds a "Webinar" feature to enhance your trading knowledge and understanding via recorded live trading sessions.
Promotions and Bonuses
OctaFX offers you a bonus scheme for every deposit of up to 50%. The company also provides "Trade & Win" for traders, where calculating 1 prize lot is equal to 1 lot traded. The more lots you trade, the bigger the prizes.
In my opinion, this is a good feature because OctaFX gives its traders appreciation to increase their motivation for trading. In addition, OctaFX provides a special "affiliate link" program for users who can invite friends.
Deposit and Withdrawal
OctaFX provides convenience to make deposits and withdrawals by allowing many payment options without commissions and fees. The competitive pricing environment is accompanied with low deposit requirements that may start from $25.
For deposits, OctaFX clients can use many methods including internet banking, credit cards, debit cards, Bitcoin, Skrill, Neteller, Dogecoin, Ethereum, Litecoin, Tether (ERC 20), and Tether (TRC 20). The process usually takes only 3 minutes to 1 hour.
For withdrawals, OctaFX provides the same payment methods (more or less) with a processing time of 1 to 3 hours. Withdrawal requests will be processed every Monday-Friday from 06:00 to 22:00 EET.
In general, the execution time of both OctaFX deposits and withdrawals is fairly fast compared to other brokers which could take a few days, especially in withdrawals.
OctaFX is a good broker and can be accessed even on the go for trading by providing 2 MetaTrader accounts namely MT4 and MT5. OctaFX has been operating for about 10 years and continues to develop its products and services. The app has many features that make it easy for you to trade effectively with competitive fees, low spreads, and a global reach. The deposit and withdrawal processing time is also relatively fast compared to other brokers.
OctaFX is an international Forex broker that operates worldwide. The domain belongs to a group of companies called Octa Markets Incorporated which is registered with St. Vincent and Grenadines FSA. Currently, the company focuses on Asian, South African, and Australian markets. OctaFX.com does not accept European clients as this market is specifically appointed to OctaFX.eu (regulated by CySEC).