OctaFx India – Are They Good Brokers?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
OctaFx India - DO NOT TRADE WITH THIS PROVIDER
2.4/10
$100
Minimum Depositupdated 2022
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://octafx.com
Founded: 2022
Regulations: None
Languages: English, Bengali, Chinese, Hindi, Indonesian, Malay, Portuguese, Spanish, Thai
Deposit Methods: MasterCard, Skrill, Neteller, Cryptocurrencies (Bitcoin, Litecoin, Ethereum, Dogecoin, Tether)
Minimum Deposit: $100
Free Demo Account: Yes
Number of Assets: 500+ instruments
Types of Assets: Currency Pairs, Gold, Silver, Index CFDs, Natural Gas, Brent Crude Oil, West Texas Intermediate Crude Oil, Cryptocurrencies
Trading Accounts and Conditions
OctaFx India offers their clients two types of trading accounts based on the trading platform you choose:
- OctaFx MT5: Recommended for the Smart Trader – for the experienced trader. Spreads are floating and start at 0.6 pips. No commissions or markups. The minimum recommended deposit is $100. Leverage varies depending on the asset class. For currencies, it is 1:500 (except for ZARJPY, which is 1:100). For metals, leverage is 1:200, 1:100 for energies, 1:50 for indices and 1:25 for cryptos. Maximum volume is 500 lots.
- OctaFx MT4: Recommended for the Habitual Trader – for an easy start. Floating spreads start at 0.6 pips, and there are no commissions or markups. The minimum recommended deposit is $100 and the leverages are the same as for the MT5 account. Maximum volume is 200 lots.
OctaFx India – Advantages
Here are all the advantages of trading with OctaFx India:
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Well-Regulated Broker
OctaFx India is owned by OctaFx, which is well-known for being one of the most affordable online brokers in the industry.
OctaFx has been in operation since 2011 and is regulated by the CySEC – the Cyprus Securities and Exchange Commission, which means that the broker is strongly regulated. The broker also has an offshore branch which is based and registered in St. Vincent and the Grenadines (SVG). It is this branch of the broker that operates OCtaFx India.
OctaFx India has been created specifically for Indian customers. This is because brokerages in India are subjected to stringent government rules. For example, brokers in India are only allowed to offer currency futures that are paired with the India Rupee. This means that there is only one currency pair that can be traded – the INRUSD pair. Furthermore, spot forex trading is still illegal in the country.
Because of these restrictions, Indian traders have started signing up with international brokers or offshore brokers. They also ensure that they do not carry out their transactions using Indian debit and credit cards. These transactions are traced by the Indian government and shut down pretty much immediately. Thus, Indian traders use other e-wallets.
Because of these issues, Indian traders are looking for reliable offshore brokers. And while we would usually advise traders against dealing with offshore brokers such as those from SVG, in this we can make an exception.
The reason why we were so wary of brokers based in SVG is because this country does not have any laws in place to regulate forex brokers. In essence, this means that brokers registered here are technically unregulated.
In OctaFx India’s case, their parent company is regulated by the CySEC, and has a strong reputation in the market. They would not want their reputation tarnished by provided less than stellar services through their branches. This is the reason why we would still recommend OctaFx India to our traders.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Excellent Trading Software
OctaFx India offers their clients the best of trading software – the MetaTrader 4 and MetaTrader 5 platforms. These are the top two trading platforms in the world today. They both offer Expert Advisors – automatic trading robots – to make trading easier for you. You get tons of market indicators and charts with both the software.
Both these platforms are available in desktop, mobile and web versions.
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Copy-Trading App Available
OctaFx India also offers traders their own copy-trading app. Copy Trading apps allow novice traders to follow more seasoned – even professional – traders. Novice traders get to copy the trades that the seasoned traders they are following make. This way, their chances of losing money decrease and they get to learn from pros.
Seasoned traders can also register themselves as Master Traders and allow other clients to copy their trades. By doing so, they can earn a commission for themselves.
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Great Bonuses and Promotions
OctaFx India also offers their clients a range of bonuses and promotions. Usually, bonuses and promotions – especially from offshore brokers – are a cause for concern. This is because, these tools are used to scam people traders rather than reward them.
With this broker, however, these bonuses and promotions have very fair terms and conditions, which make them an attractive reason to sign up with OctaFx India.
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Competitive Trading Conditions
The trading conditions offered by OctaFx India for both their trading accounts are quite competitive. Floating spreads that start from just 0.6 pips and no commissions is an excellent deal. The market rate for spreads ranges from 0.5 to 1.5 pips. So, this is definitely a good deal.
The minimum recommended deposit is also very competitive at $100, especially when you consider the fact that the market average is around $250.
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Wide Range of Payment Options
Another plus of dealing with OctaFx India is that you have a wide range of payment options: MasterCard, Neteller, Skrill and cryptocurrencies such as Bitcoin, Ethereum, Litecoin, Dogecoin and Tether.
While this broker does not charge any deposit or withdrawal fees, you are expected to pay the blockchain fees when using cryptocurrency as your payment method. Keep in mind that blockchain fees can get quite expensive, so use this option with caution.
And finally, OctaFx India does not charge any inactivity fee.
OctaFx India – Disadvantages
The only issue we could possibly point out is the very high leverage ratios offered by this broker. For currency pairs, the leverage is 1:500, for metals it is 1:200, for energies it is 1:100, for indices it is 1:50 and for cryptocurrencies it is 1:25. These leverage ratios are very high and it can be very dangerous if used by untutored traders.
Conclusion
OctaFx India is a great broker to invest with.
OctaFx India
Pros
- Well-Regulated Broker
- Excellent Trading Software
- Copy-Trading App Available
- Great Bonuses and Promotions
- Competitive Trading Conditions
Cons
- High Leverage
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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