OctaFX Indonesia - Is It a Good Broker in 2024?
Currently, there are close to 10 million forex traders globally. Trading in tradeable instruments has gained immensely in the last decade, as more people appreciate the role of forex income as passive income. However, it's important for you to only trade with brokers with a reputation of trustworthiness in their dealings. Over the years, forex trading has gained a negative reputation due to the existence of unscrupulous brokers. Before you engage with any forex broker, it's important to consider their reputation. OctaFX is among the few brokers who can be trusted with your investments. The broker is legally registered to operate in Malaysia and brokerage services for tradeable instruments across the globe.
If you are a greenhorn in forex trading, you will find this information useful as you venture into the trade. This article reviews OctaFX Indonesia and tells you whether it's a good broker in 2023. Read on to learn more about this forex broker.
OctaFX Indonesia - General Information
OctaFX has another role trust score of 61 out of 99. The brokerage firm was founded in the year 2011. It has been in operation since then. OcataFX is regulated by one Tier 2 regulator and zero-tire three regulators as a brokerage firm. This means that the broker has average trust based on its level of regulation. Here are some useful details about OctaFX.
OctaFX Indonesia Pros and Cons
👍 Pros
• Offers Margins on Leverage
• No Fees Charged on Deposits
• Has a Proprietary Platform
• Multiple accounts options for Traders
• A wide array of payment and withdrawal options
👎 Cons
• Limited cryptocurrency coverage
• Lacks VPS
•Limited education resources for users
When considering a brokerage firm to deal with, it's important to be deliberate about the pros and cons they present. For Octa FX Indonesia, a trader can enjoy several pros when trading on this platform.
Pros of OctaFX
Leverage
Octa FX, unlike many other forex brokers, engages in CFD. This means that you can trade on margins that include leverage as a trader. For most traders, leveraging increases gains. You only need to ensure that you don't exceed the initial deposit amount to minimize losses.
Accounts
Compared to other forex brokers, Octa FX offers traders multiple accounts options. You have the choice between 3 main account types. Octa FX charges different fees depending on the account type the trainer chooses.
Micro Account
The micro account is an entry-level account which often good together with the meta-trader four as its trading platform. You won't be charged any Commission for this account, and you also don't need to pay any markup.
Pro Accountt
Traders who opt for the pro account benefit from using the more advanced MetaTrader5. You also have the advantage of access to spreads that start from 0.2 pips. However, when using this option, you need a recommended deposit of $500. Your leverage climbs up to almost 1:200 on FX and 1:2 on crypto.
ECN Account
The ECN account on the OctaFX platform uses the CTrader. If you are looking for an option that offers provision for the STP together with the lowest execution latency, then OctaFX offers you this advantage. You also get a floating spread, which starts from 0 pips. When using this platform, there's no markup. However, there's a commission charge.
Variety of Trading Instruments
OctaFX offers several instruments to traders. However, the number of instruments on offer depends on the trader's account. You have the choices between three of the most popular FX pairs EUR/USD, GBP/CAD, and AUD/CHF. Others include stock indices, cryptocurrency, and metals.
Lower Spreads
Compared to other brokers, OctaFX has the lowest spreads. Commissions on FX are almost zero. There's also no slippage or even requotes. For most traders who opt for the micro-account, the spread is only 0.9 pips for the EUR/USD. Most brokers have a higher spread; OctaFX can be a reliable option.
Trading Across Proprietary Platforms
Few brokers offer you the choice to trade on the more advanced MT4 and MT5 platforms. But with OctaFX, you also get the chance to utilize desktop, web, and mobile platforms. This makes trading easy.
No Fees on Deposit or Withdrawal
Did you know that OctaFX doesn't charge any fees for deposit or withdrawal? You have the liberty to make deposits and withdrawals using various payment providers. However, you need to know the minimum withdrawal fee set when claiming your funds.
Variety of Payment Providers
With OctaFX, you have the choice between four leading payment providers. They include Visa, Bitcoin, Skrill, and Neteller. You don't have to feel limited when making deposits or withdrawing your funds from the platform.
Cons of OctaFX
Low Crypto Coverage
OctaFX has a low crypto coverage even though trading in cryptocurrency has been on a growth trajectory in the last five years. The low coverage is a letdown for many crypto traders.
Lacks VPS
Forex VPS helps keep traders connected within a safe and secure context. This critical automation tool is missing on the OctaFX platform, which may affect the broker's ability to ensure trader security.
Lacks comprehensive Education Tools
The modern forex trading platforms offer comprehensive trading education for traders. The information includes tips on market patterns and how to trade. But this is missing on the OctaFX website.
Lacks Clear Communication Platform
The broker doesn't have a reliable communication channel. The telephone number available on the platform is not available on a 24/7 basis, which affects their relationship with clients.
OctaFX Indonesia Review
Along with credible registration status from CySec, OctaFX also holds a license with the SVG registration. The reputation around the broker has been on an upward spiral considering that it offers a negative balance protection guarantee for its users. The broker manages this by maintaining a segregated account to keep funds safe. This means that OctaFX traders have Investment Protection and Compensation schemes. The broker is also constantly reviewed by the relevant authorities to ensure it keeps up with all safety compliance standards.
OctaFX Indonesia – Fees
OctaFX Indonesia currently has some of the best fees schemes in the forex market. The best part is that spreads spread across some of the best trading pairs.
Micro Account
EUR/USD spread is 0.9 pips
USD/JPY spread is 1.3 pips,
EUR/CHF spread is 2.2 pips,
Pro-Account
EUR/USD spread is 0.8 pips
USD/JPY spread is 1.1 pips
EUR/CHF spread is 1.4 pips
ECN Account
EUR/USD spread is 0.8 pips.
USD/JPY spread is 0.8 pips
EUR/CHF spread is 1.2 pips
OctaFX Indonesia Trading Assets
Most traders ask about the trading assets a broker can offer before engaging with them. OctaFX handles the following trading assets.
FX Pairs
Stock Indices
Cryptocurrencies
Metals
Energies
Does OctaFX have an Islamic account?
OctaFX has an Islamic account to cater to Muslim traders. The broker got an award for being the best Islamic FX broker in 2020. The Islamic banking law has special stipulations for forex trading, which OctaFX has met over the years.
Is Forex trading Halal?Is OctaFX Indonesia Regulated? Is This Company Safe?
OctaFX is an umbrella brand representing two independent brokerage firms in terms of regulations. Cyprus Securities and Exchange Commission regulates one of the independent brokerages. The other independent broker is best in Saint Vincent and the Grenadines. According to the broker, this helps traders enjoy higher bonuses while leveraging ratios. Have you been wondering if Octa FX is a good broker in 2023? Then it's important to note that Octa Fx is fully regulated by CySec.
According to the Cyprus Securities and Exchange Commission website, Octa market Cypress limited is a licensed broker with 372/18. The license number was issued on 10th December 2018. Currently, Octa FX houses cross-border brokerage approval to multiple countries, most of which are in Asia and Europe.
OctaFX Indonesia Alternatives
While there are some commendable aspects about OctaFX, it's worth noting that the broker is far from being the best in the market. The fact that the broker has an average trust score raises pertinent questions about reliability. A reliable alternative would be Exness. This is because Exness has won numerous awards over the last five years as a top forex broker. The broker offers stable and reliable services to traders with many unique features.
Currently, Exness has certified regulatory approval and regulation by CySEC, FSCE, BVI financial services commission, and the Central Bank of Curacao. The broker has a 4.9/5 rating and is among the forerunners in the forex market. The broker sets a minimum deposit of $10 and has a well-developed segregated account mechanism to protect your funds in case of bankruptcy.
FAQs
Is OctaFX Legit?
Yes, the broker is regulated by one tire two regulators, which makes it a reliable option.
Does OctaFX Charge Fees?
No, there is no fee charged for deposit or withdrawal to traders.
Is OctaFX a top-rated Broker?
OctaFX has an average rating of 61 out of 99, which means it has an average trust rating.
Can I lose money on OctaFX?
While the broker has segregated accounts to caution traders, Exness is a more trusted option when it comes to the safety of your funds.
Team that worked on the article
Oleg Tkachenko is an economist-analyst and a risk manager with a practical experience of working in financial institutions for over seven years. Oleg specializes in the analysis of commodities, Forex, stock markets and non-standard investment markets (cryptocurrency, hypes, peer-to-peer lending). He holds a Master’s Degree from the Ukrainian Academy of Banking of the National Bank of Ukraine, Kharkiv Banking Institute. Oleg became an author for Traders Union in 2018; in 2020 he joined the TU’s team of financial experts.
At Traders Union, Oleg is involved in expanded reviews of brokerage companies, and in monitoring the relevancy of the information provided in them. He analyzes trading strategies and indicators, and prepares educational articles on the topic of finance. In addition, Oleg carries out expert research in the Forex and stock markets, and also binary options and cryptocurrency markets. In particular, he checks brokerage companies, studies their performance and growth, tests new services offered by brokers, software and the level of customer support.
Oleg’s motto: Information is a force that opens boundless opportunities, but requires relevancy!
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.