OctaFX Review Australia & Test 2021
Is OctaFX safe or scam?
Welcome to Wetten Australia’s comprehensive OctaFX review. The online broker has taken large strides to become one of the best service providers on the market and we will be taking a look at what they have to offer.
The OctaFX service is an all-inclusive package for customers looking to trade with foreign currencies. OctaFX Australia follows the pace set by their service abroad and customers can look to claiming one of the most generous offers in the industry.
If you are interested in investing some of your funds online, then you will need to keep a sharp eye out for any welcome offers or new customer experiences to get your career underway. With OctaFX Australia, you will be able to take advantage of a rare welcome offer when you sign up with the online broker. They have a 50% deposit bonus that can be used to increase your funds within their service. If you deposit any amount over $50, you will receive an additional 50% of the amount included with your deposit.
This offer is fairly scarce within the online trading industry and most brokers stay away from offering welcome offers. Alongside the welcome bonus, you will also be able to take advantage of their educational resources to learn more about the forex markets. OctaFX is certainly among the best out there when it comes to offers and their new customer experience. Head to our EasyMarkets review Australia page to see how another broker compares.
When completing your online transactions, the majority of your time will be spent between the website and the trading platform that is made available by the online broker. It is important to ensure that both of these services are easy to use and navigate. Our team has browsed through both of the services to determine usability. The website of OctaFX is incredible. It is very well designed and could not be easier to navigate. It is also optimised for mobile users and the content manages to adjust perfectly to any screen size.
The trading platforms available with OctaFX are cTrader and MetaTrader. Two household names in the world of forex trading and for good reason. Their software packages have been crafted with the user in mind and just about anyone using the service will find making trades to be a breeze. If you are interested in what other online brokers have to offer, head to our Markets.com review.
Online brokers tend to offer a variety of accounts to cater to any customers that might be interested in joining their service. Our OctaFX review Australia found that their approach was no different and the accounts have been set up to cater to the trading platform that you intend on using. There are 3 different options for the individual trader. Remember that you will need to also choose whether you are opening an individual, joint or company account when you are signing up and this will depend on your personal circumstances.
With the OctaFX Australia MT5 account, you are choosing to make use of the MetaTrader 5 software and you will have a minimum deposit limit set to $25. You will also be able to apply leverage up to 500 with each account offers. There are also MT4 and cTrader account options. You will be able to select between USD and EUR currencies while you are using the OctaFX service.
Fees – Fees vary depending on account type
Depending on what account type you have chosen, you will have to cover some fees when you are using the OctaFX Australia service. Since the entire service is based around trading foreign currency you are mostly going to be funding the service through spreads between the various currency pairs. A spread is the difference between the buying and selling price of the currency pair you are looking to trade with. This difference is charged in pips and it is a relatively small amount, 0.0001 to be exact.
Our OctaFX review found that the spread varies quite significantly between the different currency options. The minimum spread you will be able to find is 0.1 pips and this can range all the way up to 90 pips with the GBP/ZAR currency pair. You will need to do some research about the currencies you are looking to invest in and while you are doing this you will also be able to determine what fees you will have to cover when trading the specific pair. If you are looking through various offers on the market, head to our FP Markets review or Macquarie Online Trading review pages to investigate.
Another key aspect to determining our OctaFX ranking is the trading platform that the online broker has made available to their customers. You will be signing up with the website and most of your account manager will be done there but your trades will be completed with the trading platform. Sometimes brokers offer a platform that has been developed in-house while others tend to offer the standards that are offered throughout the industry.
With OctaFX Australia, you are able to make use of both the MetaTrader 4 and MetaTrader 5 software packages. This is arguably the best forex trading platform that is currently available on the market. Plenty of online brokers offer MetaTrader and the service has become the industry standard when we take a look at trading platforms. You will also be able to make use of the cTrader software package which includes the option trade using algorithms. The trading platform offered at OctaFX Australia is certainly above average and you won’t be disappointed with either of the software packages.
An online service is only useful if they manage to provide the necessary payment methods to fund your account. Online trading will always involve making use of your own, real money and depositing it within the online service should be as easy as possible to the customer. Our OctaFX review found that they offer support for VISA credit and debit cards and this payment method is commission-free. You can also make use of the Bitcoin service to deposit funds. Besides these methods, you will be able to deposit using both Skrill and Neteller. Ethereum is also supported if you are looking to transact with cryptocurrencies.
The minimum deposit amount varies with each method, if you make use of your VISA card, you will have to deposit a minimum of $25. Both Neteller and Skrill are set at $50 and the cryptocurrency options seem to vary depending on the crypto market’s performance. There is also an option to use a bank transfer but this option usually always has the longest processing time. Keep this in mind whenever you are transacting with an online broker. Head to our AxiTrader review Australia page to find out what other brokers have to offer.
Another crucial point within our online broker reviews is the customer service that an online operator makes available to interested clients. Your career will involve plenty of trades that are all done online and this makes you vulnerable to any software bugs that may still be lingering within the service. Since you are transacting using real money, you will need to ensure that these issues are resolved as quickly as possible. That’s where the customer support team will step in and, hopefully, get you back on track as quickly as possible.
With OctaFX, you will be able to contact their support team using a variety of methods. There is an online live chat service that is available every day of the week and OctaFX guarantees a high priority, immediate response. This is certainly the fastest means of communicating any issues. You will also be able to contact their team using any social media site and the accounts are all listed on their website. There is a dedicated email address to forward more detailed questions and queries. Finally, they provide a physical address if you are looking to mail any documents to the broker.
Our team found that the customer service team was both friendly and efficient with handling our queries. Reviews involve taking a look at the full extent of the service offer and the team was more than willing to assist with finding the relevant information.
If you are wondering, ‘Is OctaFX safe?’ then you will need to take a look at what regulations they have to abide by when offering their service. When it comes to this online broker’s service, they are in full compliance with international legislation and regulation standards. They also have a negative balance protection system that will ensure you are not punished too harshly when trades head south. This is relatively standard for an online broker but it would be great to see further clarification on their licensing.
In terms of funds security, your money is kept within segregated accounts and the entire service at OctaFX is SSL-protected to ensure that no data is intercepted. You will also need to go through strict verification procedures to get your account up and running.
This concludes our OctaFX review Australia, the online broker has managed to put together a fairly comprehensive online foreign currency trading service and you will be able to claim a 50% bonus when you decide to deposit with OctaFX. Their offer is among the best in the industry and you will also be able to use world-class trading platforms once your account is up and running. There is a high degree of safety while using the service and you won’t be disappointed with what’s on offer at OctaFX Australia. If you are looking for other trading instrument support, head to our SelfWealth review or Fusion Markets review guides.