OctaFX is an online broker that is rather popular in Indonesia but not that well-known outside the country. While one of the reasons behind that may be that the company is not that too safe or well-regulated, it’s still a viable option for Forex traders. In this guide, we tell you about it and explain whether you should consider creating an account there.
Founded in 2011, OctaFX is a company providing access to the financial markets for its about seven million users. These users are mostly from Indonesia, but some of them come from other countries, including India and Malaysia. The broker is suitable for both active traders and users aiming to employ copy trading strategies. The company itself was registered on Saint Vincent and the Grenadines, and its main supervisory authority is the Cyprus Securities and Exchange Commission (CySEC).
While the CySEC is definitely a reputable regulator, a couple of other supervisor organizations would also be nice. The broker itself has a variety of security features, including the negative balance protection system and complex account verification procedure. However, these things do not mean your funds are insured: if you suffer any losses, your only option is to file a claim to the regulator and hope it gets accepted. Summing up, OctaFX Indonesia seems like a service that’s safe enough for Forex trading, even if it’s only average in terms of security.
OctaFX offers its users a rather limited array of possible trading instruments. There are just 32 currency pairs, CFDs on energy resources, indices, gold, and silver — and 5 cryptocurrencies for dedicated crypto traders. While that list is far from being impressive, it’s more than enough for any newcomer to Forex trading. If you really want to learn, the educational materials with Forex instructions are also available for you on the OctaFX homepage.
OctaFX allows you to start trading with just $100 on your deposit. The leverage differs from 1:10 for cryptocurrencies to 1:500 for currency pairs, which is a pretty high level that may be very beneficial for experienced traders. Compared to many other brokers, OctaFX offers much tighter market spreads starting from 0.6 pips. There are also no fees set by the broker for deposits or withdrawals, and the latter get processed in just a few hours.