Octa Review
- Negative balance protection
- Wide range of trading accounts (Micro, Pro, ECN) for beginners and advanced traders
- Trade on MT4, MT5 and cTrader across Web, Desktop and Mobile
- No commission deposits or withdrawal options and on currency exchange
- Lowest spread in the industry
- Don't pay swaps
- Access copy trading, bonus promotions and a wide range of research tools
- Platforms: MetaTrader 4, MetaTrader 5, cTrader
Point Summary
Introduction
Octa is one of the most well-known CFDs and Forex brokers in the world so far. Started in 2011, this company has been incorporated in the financial markets of the Grenadine islands and Sy Vincent.
This platform has clients originating from over 100 nations around the world. It is important to note that the UK’s Financial Conduct Authority considers Octa as a legitimate and regulated brokerage.
They are well known for being one of the best STP (Straight Trough Processing) ECN brokers on the market. This means that they do not operate a dealing desk and can therefore give you some of the lowest fees.
They serves over 1.5 million trading accounts and has executed more than 288.0 million trades. Bonuses fulfill a significant role at Octa, which has paid out nearly 3.0 million in incentives.
The services and features offered by Octa are designed for both beginner and professional traders, as well as the Octa Copy Trading programme and an impressive range of education and trading research tools including AutoChartist.
In this Octa review we will take an in-depth look into this broker by delving into their tech, fees, regulation and Withdrawns, etc . We will also give you some top tips in order to make the most of your experience on their platforms.
Awards
A good fit for beginners and seasoned traders alike it has a reputation for being easy to use and reliable. Building off that secure base and providing a range of ‘nice-to-have’ services has led to them picking up a range of awards including: Best ECN Broker 2020 (World Finance), Best Islamic FX Account 2020 (World Finance), Best Forex Broker Asia 2020, best Forex Broker 2019, Best Forex Broker Asia 2018 (Global Banking and Finance) and Best Trading CondiTion (European CEO Magazine) and Best STP Broker (both, FX Report Awards, 2016), etc
Is Octa safe or a scam?
It has won so many awards shows that the broker is well liked by traders. It is also interesting to note that this broker is of the handful of brokers in the industry that is willing to be transparent with its trading volume data.”
It is regulated and authorized by CySEC, Octa also has operating licences with SVG registration.
Octa’s subsidiary is one of the most reputable companies which is registered, regulated, and governed by the laws of both Saint-Vincent and the Grenadines.
In accordance with international regulation standards, Octa uses separate accounts to keep protected customers funds segregated from the companys balance sheets. This keeps your funds secure and untouched.
Octa offers negative balance protection, so whenever your balance becomes negative we automatically adjust it to zero.
In the unlikely event that the broker is declared insolvent or bankrupt, clients are protected by Investor Protection and Compensation Schemes. In addition, Octa is constantly overseen by the relevant authority in terms of safety compliance.
The broker’s Octa.eu website is an approved domain registered with the Cyprus Securities and Exchange Commission (CySEC) under Octa Markets Cyprus Ltd
Accounts
There are three main account types that you can use at Octa called MetaTrader 4 Micro, MetaTrader 5 Pro and cTrader ECN
They offer unique features for both the beginner and advanced trader.
Micro account is available on MT4 for newbies. A minimum deposit of $100 and maximum leverage of 1:500 come with elevated trading expenses.
Pro account which uses the slightly more advanced MT5 platform and for those with a good understanding of Forex and a willingness to invest for larger profits. This offers slightly lower spreads than the Micro account and will have less trading costs for higher volume. The minimum deposit is slightly higher though.
ECN account which is run on the Octa cTrader platform. This is the platform that allows for STP and the lowest execution latency. These do come with lot commissions though
Some of the features are listed below:
TRADER
| SPREAD | ||
| Floating, starting at 0.4 pips Fixed, starting at 2 pips. |
Floating, starting at 0.2 pips | Floating, starting at 0 pips |
| COMMISSION/SPREAD MARKUP | ||
| No сommission, Markup | No сommission, Markup | No markup, Commission |
| RECOMMENDED DEPOSIT | ||
| 100 USD | 500 USD | 100 USD |
| INSTRUMENTS | ||
| 28 currency pairs + gold and silver + 2 energies + 4 indices + 3 cryptocurrencies | 28 currency pairs + gold and silver + 2 energies + 10 indices + 3 cryptocurrencies | 28 currency pairs + gold and silver |
| LEVERAGE | ||
| Up to 1:500 for currencies 1:200 for metals 1:50 for indices and energies 1:2 for cryptocurrencies |
Up to 1:200 for currencies 1:100 for metals and energies 1:50 for indices 1:2 for cryptocurrencies |
Up to 1:500 for currencies 1:200 for metals |
| MINIMUM VOLUME | ||
| 0.01 lot | ||
| MAXIMUM VOLUME | ||
| Unlimited | ||
| EXECUTION | ||
| Market execution in under 0.1 second | ||
| PRECISION | ||
| 5 digits | ||
| ACCOUNT CURRENCY | ||
| USD or EUR | ||
| MARGIN CALL/STOP OUT LEVEL | ||
| 25% / 15% | 45% / 30% | 25% / 15% |
| HEDGING | ||
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| SCALPING | ||
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| EXPERT ADVISORS | ||
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| SWAPS | ||
| Optional | No swap | No swap |
| OVERNIGHT COMMISSIONS | ||
| Swap / Swap free commission | 3 days fee | Weekend fee |
| CFD TRADING | ||
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| CRYPTOCURRENCY TRADING | ||
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Islamic Account
Octa is also known for offering one of the best Islamic accounts in the industry.
Islamic account has no swap applied during a rollover but a fixed fee instead. This fee is not an interest and primarily depends on the direction of your position.
This account is available on all of their trading accounts that they have listed above. All that you will need to do is to check the “Swap Free” box when you are signing up at the broker.
You can calculate the commission for your particular trade using the tool here. It has a handy tool at the bottom where you can select the asset, trade size and account type. This will tell you how much you are likely to pay.
Demo Account
The Forex market offers attractive opportunities for traders, but also involves risk. That’s why before diving into Forex trading with a live account, it’s best to open a risk-free Forex demo account. The Octa Demo Account provides the same Forex trading experience as real accounts. The only difference is that the funds on the Forex demo account are simulated. You don’t trade with real money, so it is completely risk-free.
Practicing with unlimited demo dollars helps you better understand how to execute trades, as well as your risk exposure. While being equipped with all the real account features, it allows you to:
- Use it completely free of charge: Test your trading strategies and bots for scalping, and execute trades completely risk free as many times as necessary
- Trade with virtual money: Even though it’s a trading simulation, They still provide you with real trading signals that are also free of charge
- Discover all the features of the trading platform: Learn to read charts and use graphic objects, levels, Fibonacci retracements, and more
- Experiment with different order types.
How to open an account at Octa
Opening an account with Octa is quick and easy. Users just go to octa.com and first fill out name, email and password information.
After that, confirm your email
Then a new screen pops up asking for an address, phone and date of birth details, as shown below:
Shortly after, users are then asked with account platform they would like to open, as well as the additional settings such as real/demo, Islamic swap-free accounts, base currency, leverage and other features as shown below:
Once the user has selected their chosen options, they are navigated towards the Octa Personal Area where users can deposit and withdraw funds, enter contests and open new accounts, as shown below:
Personal Area is impressive as users can operate many functions from here, such as keeping track of live and demo accounts, opening new accounts, viewing contests and promotional offers as well as copy trading services.
Instruments
Traders can invest in a range of options on Octa including currency pairs, cryptocurrencies, stocks, market indices, precious metals, and other commodities. Investors can benefit from trading on the most popular market indices such as NASDAQ, Eurostoxx 50, Dow Jones etc.
Only the MT5 account offers all assets; the other two feature a reduced total.
| ACCOUNT | INSTRUMENTS | EXAMPLE INSTRUMENTS |
| MetaTrader 4 Micro | 28 Currency Pairs Gold and Silver 2 Energies 4 Indices 3 Cryptocurrencies |
EURUSD, GBPCAD, AUDCHF, NZDJPY, Gold, BTC/USD, DAX 30 Index, Dow Jones 30 Index and more… |
| MetaTrader 5 Pro | 28 Currency Pairs Gold and Silver 2 Energies 10 Indices 3 Cryptocurrencies |
AUDUSD, GBPUSD, EURNZD, Gold, BTC/USD, Brent Crude Oil, IBEX 35 Index, Nikkei 225 Index and more… |
| cTrader ECN | 28 Currency Pairs Gold and Silver |
EURJPY, GBPCHF, CADJPY, XAUUSD, XAGUSD and more… |
Overall, The range of instruments on offer is relatively limited
Trading Platforms
Octa offers two different trading platforms for your use
First, Octa grants access to the highly popular MetaTrader series of forex trading platforms.
Secondly, the firm also provides “cTrader”, what the company states as the new standard in forex trading
The latest technology in 128-bit SSL protection routines are utilized to encrypt all trading session and personal data, providing peace of mind from any unexpected compromise from the hacking community.
Here is the comparison difference between MT4, MT5 and cTrader
| PLATFORM | ||
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| MOBILE BROWSERS TRADING | ||
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| LEVEL II MARKET DEPTH | ||
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| VOLUME CALCULATION IN UNITS | ||
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| SIGNALS TRADING | ||
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| FULL-SIZE TICK CHART | ||
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| CREATE AND SHARE CHART SCREENSHOTS AUTOMATICALLY | ||
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| REVERSE POSITION IN ONE CLICK | ||
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| DOUBLE POSITION IN ONE CLICK | ||
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| SCALING OUT OF POSITIONS | ||
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| CLOSE ALL OPEN POSITIONS IN A SINGLE CLICK | ||
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| BUILT-IN REAL-TIME MARKET NEWS | ||
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| ECONOMIC CALENDAR | ||
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| TIMEFRAMES | ||
| 9 Timeframes | 21 Timeframes | 26 Timeframes |
| CUSTOMISABLE PLATFORM TIME OFFSET | ||
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| PARTIAL FILLS | ||
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| CFD TRADING | ||
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| CRYPTOCURRENCY TRADING | ||
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Web and Desktop Platform
Users can access their chosen trading platform from the Trading section in the Octa Personal Area
MetaTrader4
Octa allows traders to select from a number of platforms for the biggest cross-section of trading preferences and levels. This platform has a very easy to understand setup and offers inbuilt expert advisors as well as customizable indicators.
Octa Metatrader4 features:
- Lowest spreads in the industry: Starting as low as 0.4 pips
- Low cost: No commissions
- Low minimum deposit requirement: Start trading with as little as $50
- Bonus deposits: Get up to 50% bonus on each deposit
- Wide range of instruments: 28 currency pairs, gold and silver, 4 indices and 3 cryptocurrencies
- High leverage: Up to 1:500 for currencies, 1:200 for metals, 1:2 for cryptocurrencies
- Volume options: Minimum of 0.01 lot size, unlimited maximum
- High precision: 5 digits
- Several options: Hedging, Scalping, Expert Advisors, CFD Trading
- No swaps: No need to pay swaps on orders held overnight
MetaTrader 5
An increasingly popular platform on Octa, MT5 has been considered by many as a potential replacement for MT4. In addition to the MT4 features, it provides a far more customizable interface, stop limit orders and native economic calendar.
- Built-in Real Time Market News
- Lowest Spreads in the Industry: Starting as low as 0.4 pips
- Wide range of instruments: 28 currency pairs, 4 metals, 10 indices, 4 energies, and 3 cryptocurrencies
- Low Cost: No commissions, but markup
- Volume Calculation in units
- Volume options: Minimum of 0.01 lot size, unlimited maximum
- High leverage: Up to 1:200 for currencies, 1:100 for metals and energies, 1:50 for indices, 1:2 for cryptocurrencies
- High precision: 5 digits
- Signals Trading
- Bonus Deposits: Get up to 50% bonus on each deposit
cTrader
cTrader is the top-level trading platform for ECN brokers. Naturally, it provides Level II quotes, server trailing stops, single-click trading and sophisticated charting options. It utilizes cloud servers to back up accounts and keep a centralized tab on all of them.
Octa cTrader features:
Finally, if you would prefer to automate your trading strategy then you can use the cTrader automate which will help you develop custom robots. You have extensive back-testing capability with this suite of programming tools.
To get the most out of this functionality you will probably want to download cTrader to your PC although it can be used in a browser or traded through your mobile phone.
Mobile Platform
Octa is also available on mobile and has dedicated apps for both iOS and Android. There is virtually no performance difference between these mobile apps and desktop apps. Traders can easily use them to make trades while on the move.
The Octa Trading App is an officially acknowledged Forex trading software. It permits all financial transactions available through conventional desktop apps. Users can access the in-app settings to control their Octa trader profile and all activities related to that account. The apps provided fulfill the needs of traders, but we have seem apps from other brokerages that have been easier to use.
MetaTrader4
The Octa MetaTrader 4 Mobile Trading App offers a variety of order types and execution modes, three types of chart view (bars, candlesticks and line) as well as nine different viewable timeframes and thirty different trading indicators and useful instructions on how to get started from their website:
However, trading functionality is quite simple on the Octa MetaTrader 4 mobile trading app. For example, from the homepage in the mobile trading app it is simple to access different areas such as quotes, charts and history:
Trading functionality is also easy to access, as is a snapshot of your account, as shown below:
MetaTrader5
The Octa MetaTrader 5 Mobile Trading App offers a full set of order functionality including pending and stop-orders, market depth and netting and hedging account options and useful instructions on how to get started from their website:
cTrader
The proprietary cTrader app is easy to use, robust and well set out to assist mobile trade execution. Whilst it does allow users to keep on top of administrative tasks such as withdrawing and depositing funds it has the feeling of something that in essence was designed to help traders trade.
As with the desktop platform, the default watch list offers only a limited range of markets and focuses on currency pairs. Nor are there very many analytical tools to use on the mobile app. Maybe it’s because these areas have been scaled down that the cTrader mobile experience has such a clean and crisp feel. It’s easy to get into a position to execute trades: one click trading is available as are fully functioning order screens which allow for trade instructions to be set up with trailing stop losses and take profit targets built in.
The mobile trading apps on offer from Octa are useful for both beginner and advanced traders to trade on the move. Another useful feature from Octa is their very own Octa Trading App which allows users to manage their trading accounts and finances,
Commissions Spreads
Octa’s commission and fees vary depending on one of the three available account types chosen Micro, Pro and ECN accounts
Octa has some of the lowest spreads when compared to other brokers
MetaTrader 4 Micro Account
This account is a commission-free trading account where users can choose from fixed spreads starting at 2 pips or floating spreads starting from 0.4 pips
Spreads are widest on the MT4 Micro account and there are also fewer instruments to trade through this account. Typically, the spread on a EUR/USD trade might be 1.1 pips, but if the same trade is made through the MT5 Pro account, this might drop to 0.9 pips.
MetaTrader 5 Pro Account
This account is also a commission-free trading account where users can trade with floating spreads starting at just 0.2 pips
When considering both price structure and range of instruments to trade, the MT5 Pro account is generally the best of the three options.
cTrader ECN Account
The cTrader ECN account is not far off but is limited to 28 forex pairs and 2 metals markets but offers a differential by being a commission-based account.
With Octa there is no slippage or requotes and commissions on FX pairs are close to zero particularly for traders who have an ECN account.
The amount of commission depends on the instrument and while there are no swap fees there is a weekly rollover fee
Deposits Withdrawals
Octa offers multiple channels for investment including credit/debit cards, bank wires, Skrill, Neteller etc. Traders from specific countries can also opt for local bank transfers. Octa is constantly adding new payment methods.
Deposit
Depositing and withdrawing funds from Octa are commission-free and the broker, in some cases, offers a 50% deposit bonus as shown in the Deposit section of the Octa Personal Area below:
How long do deposit take?
Withdrawal
For withdrawal requests, the processing time is almost take from 1 -3 hours and validated through an email. However, this will only happen provided personal information about the withdrawer in available and verified. As per the international anti-money laundering laws, Forex brokers need to follow specific rules and Octa complies to them all.
How do you withdraw money from account?
1. Login to your account. Select on Withdraw Funds’ at the menu tab
2. Fill in the form and enter the desired withdraw amount
3. Choose the withdrawal method
4. Complete the necessary form requirements
5. Confirm withdrawal details and Submit
Verify your account to withdraw funds. Submit your documents for verification.
*Available options for the following countries:
- Indonesia: Local banks, Visa, FasaPay, Bitcoin, Help2Pay
- Malaysia: Local banks, Visa, Neteller, Skrill, Bitcoin, Help2Pay, Billplz
- Vietnam: Local banks, Visa, Neteller, Skrill, Bitcoin, NganLuong
- India: Local banks, Visa, Neteller, Skrill, Bitcoin
- Pakistan: Local banks, Visa, Neteller, Skrill, Bitcoin, Billplz
- South Africa, Nigeria: Local banks, Visa, Neteller, Skrill, Bitcoin, Billplz
In addition, Octa also keeps user funds distinct from that of the company. Thus, it is in compliance with international Forex trading standards. Further, it uses an authentication model through 3D secure technology for extra protection to online payments
Bonus and Promotions
There are several different bonuses and promotional offers. However, these may change over time.
A great benefit of Octa is the 50% bonus on deposits that the platform offers for non-EU clients. If you deposit at least $50 then they will give you half of the initial deposit as bonus funds.
It is also important to point out that this deposit bonus cannot be withdrawn until you have traded the minimum amount of lots. This minimum lot number is determined according to the following:
Standard lot number = Bonus amount in USD/2
Exp:
| Your deposit amount | $400 |
| 50% bonus we provide | $200 |
| Divide your bonus by half | $200/2 |
| Number of lots to trade | 100 lots |
Beside that, octa.com are offering the following bonuses and promotions:
Trade and Win
Octa is giving you the chance to win a ("the Gift") as below
How to enter
- You can join TradeWin any time by opening a real account with Octa.
- Clients can claim gifts any time depending on their ‘prize lots’ balance.
- To be entered into the Promotion, users must trade on their real accounts using any trading instrument we provide.
- Trades on demo accounts do not qualify users to enter the Promotion.
- Order duration is not limited, unless it is stated in the Customer Agreement.
- Only closed trades participate in volume counts.
Octa 16 Cars contest?
This is a trading contest on real accounts for both novice and experienced traders. In this contest, you can win cars, MacBook laptops, smartphones, and smartwatches every three months.
How do I win?
To win a prize you need to achieve the highest results possible across all three categories before the prize drop arrives. The traders performing best will win the main prizes. When the winners are determined, all results are reset, and all participants can start competing for the next drop.
Regardless when you enter the race, you can win.
New deposits made to your contest account do not negatively affect your current Gain, can positively affect your future Gain, and increase your chances in the Traded Volume category!
Champion MT4 Demo Contest
The four-week MT4 demo contest awards withdrawable cash prizes:
The participant with the highest balance at the end of round wins the main prize
How to joun next round
- Log in or sign up on Octa
- Open a new Champion contest account
- Download the MT4 trading platform or use the browser version
- Wait until 31 Aug and start trading on MT4 using a contest account
- Get the highest balance and win a prize!
cTrader Weekly Demo Contest
The participant with the highest balance at the end of round wins the main prize
How to join next round
- Log in or sign up on Octa
- Open a new cTrader weekly contest account
- Download the cTrader trading platform or use the browser version
- Wait until 7 Sep and start trading on cTrader using a contest account
- Get the highest balance and win a prize!
Trading Features
Copier area
Octa Copytrading offers an opportunity to automatically copy leading traders and forget about long hours of building your own trading strategy. Choose from the best Masters of Forex and diversify your trading portfolio.
You can take a look at the leaderboard of all of these master traders and examine their trading history.
The compensation is either charged as a commission per lot that you trade or a piece of the spread as a revenue share. You can think of this as the fee that the master is charging to let you follow them.
You can see the rankings of the various “masters” and their return over the past year as well as the copiers that they have and the compensation they would like
- Create an account and make a deposit
- Find Masters you want to follow and click ‘Copy’.
- Monitor and profit!
When you unsubscribe, all funds invested in the Master, and any profit from copying return back to your Wallet.
Before unsubscribing, please make sure all current trades are closed.
This is a new tool that helps traders earn additional stable income by copying more experienced traders.
Become a master?
Octa Copytrading offers their client an additional source of income: open a Master Trader Account, describe your strategy, and set your commission to let others copy your trades.
This will allow you to show off your trading prowess as well as build up a community. Of course, it will also give you an opportunity to earn passive income from the commission.
How It Works
- Click on Master Area and create a Master Account—start a new one or assign an existing one as your master account.
- Get your Master Account ready for copiers: set your commission amount and describe your strategy.
- Monitor and profit!
Autochartist
Users of Octa can gain access to AutoChartist trading signals which offers a variety of benefits to both beginner and advanced traders, such as:
- Follow automated alerts to open and close trades
- Advanced volatility analysis tool to optimise stop-loss and take-profit levels
- React quickly to important price movements. 83% trend prediction accuracy on USD pairs and more
- Close up to 50% more orders in profit with automatically identified emerging and completed chart patterns
- Stay informed about the market movements and trading opportunities with Autochartist market reports
However, to get the AutoChartist trading signals tool, users must deposit more than 1000 USD in their trading accounts:
Customer Support
Octa offers customer service round the clock on all workdays 24/5. Customers can choose between email or live chat, or phone. The languages supported by the customer support staff are English, Indonesian, Spanish, and Polish.
Phone:
United Kingdom +44 20 3322 1059
Hong Kong +852 5808 8865
Indonesia +62 21 3110 6972
Alternatively, there is an option on the ‘Contact Us’ section that makes provision to contact Octa either through WhatsApp or Telegram (although these are limited to texting only).
In addition, there is a FAQ section under ‘Education’ which handles a variety of topics.
Octa also has a social media platform presence on Facebook, Twitter, Instagram, and YouTube.
According to the broker, ZenDesk reports that Octa is 87.1% better than the industry average for customer support, boasting a 7 second response time and a 96% customer satisfaction rate.
Research Education
Octa offers several trader tools such as an economic calendar, market insights, forex news, profit calculator, trading calculator, monitoring, live quotes, interest rates, and national holidays. More tools include:
Octa has an excellent Market Insights section which is updated frequently but is only available in English. Regular posts include a Daily Forecast, a Daily Review and Weekly Review. These posts frequently offer predictions of future market movements.
The Market Insights section also has a daily video series, uploaded to the Octa YouTube channel, called Market in a Minute, which covers all the big news from the Forex markets for the preceding trading day. In addition to all these regular updates, there are irregular short pieces published in reaction to trading events with detailed technical insight.
The site features a range of short tutorials covering everything you need to know to get started – from Forex Fundamentals to Predicting the Market. Each tutorial is a mix of video and text and is well-packaged and easy to understand; learners are tested frequently on the material and the entire website is free of charge.
Also on the main site, there is a short Tutorial section covering the MetaTrader platforms, CopyTrading, Autochartist and CFDs and a Video Tutorial section focused on getting started with MetaTrader.
Overall, The educational material at Octa and its alternative website is good but focused on new traders; for more experienced traders there is little in the way of educational support.
Conclusion
Octa is a highly competitive broker which has a global reach and is reputable and trustworthy. In addition, it has a competitive offering of low spreads, reasonable pricing, and advanced technology.Octa has a truly impressive array of features and options to offer to traders. Their personal support is also genuine and customer care executives seem to eagerly resolve client queries and problems.
Additionally, their competitions and trading bonuses add an edge to their brokerage. Most other Forex brokers do not offer such benefits. For novice and even experienced brokers,
Novice traders also have the option of honing their skills with demo accounts which perfectly mimic live trade conditions.All in all, Octa is a very viable Forex brokerage that offers a good experience and can be used profitably by smart traders.
Octa has an excellent analytical section, well-designed education for beginners, world-class trading tools
The limited ways of making deposits and withdrawals is another negative factor, especially when compared to other similarly sized players in the market who offer a much greater variety
Octa is already making available a range of neat and unique features which improve the trading experience. Providing even more of these innovative tools will help them stand out from the crowd and continue to make them a broker that is definitely worth considering.
Yet, we would be glad to know your personal opinion about Octa, you may share your experience in the comment area below, or ask us for some additional information if required.
