OctaFX is an online broker that’s mainly popular with Forex traders from Indonesia and other countries in the Asia-Pacific region. While the broker is generally considered trustworthy, the array of available trading instruments is somewhat limited, and the fee structure is not perfectly transparent. That is why our team of Traders Union Experts have conducted a research on the conditions OctaFX provides for its Indonesian users. In this article, we are summing up every little detail uncovered by the experts to tell you whether this broker is worth your time.
OctaFX is not a very old company: it started providing brokerage services in 2011. The broker has been steadily growing since then, and now the company serves about seven million users internationally. However, the majority (about 97%) of them come from Indonesia, and a small portion of them are foreigners who live in India, Malaysia, and a variety of other countries of the region. Basically, OctaFX isn’t very well-known outside Indonesia, but it’s still considered a trustworthy and convenient financial intermediary.
OctaFX offers you a somewhat limited range of trading instruments: 32 currency pairs, CFDs on energy resources, indices, and metals — and that’s pretty much it. Anyway, the good news is that the broker allows you to trade cryptocurrencies. Well, only 5 of them are supported, but it’s still better than nothing since crypto brings many possibilities to both traders and investors, and here you can trade cryptocurrencies right from your account. A novice trader will probably be satisfied, but many experienced traders are going to need something more versatile.
Security and regulation
Security is usually a top priority when choosing an online broker. After all, who cares about a list of unique features or competitive trading conditions when your money can get stolen every minute. OctaFX doesn’t seem like a very secure online broker. First of all, it’s registered under the trademark Octa Markets Inc. and abides by the law of Saint Vincent and the Grenadines in all of its activities. The official supervisory authority of the broker is the CySEC (Cyprus Securities and Exchange Commission).
While the CySEC belongs to the Eurozone and works to prevent any financial crimes and other manipulations by brokers, one major regulator is not enough to call a company perfectly secure and trustworthy. However, the broker itself seems to implement a couple of important security features, including the mandatory verification process needed to start trading and a protection system that prevents you from reaching negative balance. That doesn’t seem like insurance or something like that, but it still can help you save your money.
The broker’s level of security may be described as average, and there’s not enough info about any previous security breaches online, so it would be wise to check out the reviews of the real users of OctaFX. Our team of experts have analyzed a selection of user reviews, and they were unable to find anything about crucial security issues or any stories involving losing large sums of money. All in all, the broker seems to be trustworthy enough for Forex trading. Let’s move on to the trading conditions OctaFX Indonesia has to offer.
While the variety of trading instruments OctaFX features is really limited, its conditions seem to be relatively convenient. The minimum deposit for all kinds of accounts is just $100, so you can start trading without having to invest too much at once. The leverage depends on the asset you trade: it goes from 1:10 for crypto all the way to 1:500 for currency pairs. There are three available trading platforms: MetaTrader 4, MetaTrader 5, and cTrader. Each of them seems to correspond with a separate type of live account.
OctaFX is also known for its tight market spreads starting from just 0.6 pips and a convenient system for depositing and withdrawing money. There’re no fees for deposits, and withdrawals are processed in just a couple of hours. And if anything goes wrong, the customer support will be happy to help 24/5. Summing up, the broker has pretty attractive fees and competitive trading conditions, and we can recommend it to both professionals and newcomers to the market.