With its social copy-trading platform, OctaFX offers an essential MetaTrader platform experience for a moderate fee.
OctaFX is still a wrong choice even though it has made significant advancements in pricing alternatives for traders but lacks a wide array of tradeable instruments and a variety of training content. Also, a bearer of a regulatory license is OctaFX. How to copy trade on octafx guide:
Guide to Copy Trading
1. To start copy trading, create an account on a reputable stock and trading platform. On most trading platforms, traders have a variety of ways to follow one another. The right trader can be selected using a variety of factors. You could decide to imitate traders with better returns or a steady trading style.
2. The next step is to decide how much money you are willing to risk and how much investment you are willing to make. Never put your entire life’s work in one basket. It would help if you began with a bit of cash on hand. Additionally, keep in mind that investing has the possibility of total financial loss.
3. Watch! Your stock picks can be automatically traded with other investors using trading platforms. The portfolio choices of your peers might be used as a manual technique to copy trades.
OctaFX Copy Trading: Is It Legal?
Over ten years of experience make OctaFX a seasoned worldwide Forex broker. It is among the best trading services available, and we never commit fraud or meddle with our clients’ accounts.
OctaFX: Is It Safe?
Since 2009, the well-known forex broker OctaFX has operated. It offers various services, such as foreign exchange and CFD trading. The Financial Industry Regulatory Authority has rated OctaFX as A+. The SEC has OctaFX on file and conducts recurrent inspections of the company. Same as OctaFx copy traders on eToro is very easy.
Making an investment offer
Less than 50 tradeable instruments are available from OctaFX. Saxo Bank, IG, and CMC Markets, the market leaders, each provide over 10,000 tradeable instruments.
Trading cryptocurrency at OctaFX is only possible through CFDs; trading the underlying asset is not an option (e.g., buying Bitcoin). Notably, neither U.K. residents nor retail traders from any broker’s U.K. organization may trade cryptocurrency CFDs.
Fees and commissions
CFDs are complicated financial instruments that carry a high risk of losing money quickly because of leverage. When trading CFDs, 54.54% of retail investor accounts experience a loss. It would help if you thought about your understanding of CFDs’ operation and ability to bear the substantial risk of financial loss.
OctaFX had trouble with price in the past, but it has made significant progress in this area and is currently overtaking the most affordable MetaTrader brokers. There are no additional charges for copy traders on eToro and it allowed to any user.
Account types: The commissions or fees you pay to OctaFX will depend on the type of account you choose and the OctaFX organization in charge of regulating your account. International clients are served by OctaFX’s offshore entity in Saint Vincent and The Grenadines, while European clients chose the broker’s EU entity (SVG).
The SVG entity offers accounts for both MT4 and MT5. However, the EU promotes only MT5, making just one account available.
Depending on which of OctaFX’s organizations is in charge of regulating your account, different spread prices apply. For the EUR/USD pair, for instance, its EU entity is somewhat superior at 0.5 pips as opposed to the SVG entity’s 0.7 pips. It’s important to note that because OctaFX does not provide a date range for its average spread statistics, the results don’t have the same significance as spreads. OctaFX has improved its pricing and seems to stay up with the most affordable MetaTrader brokers, but without a date range for its average spread claim, we cannot verify this claim.
Additional trading platforms
OctaFX is primarily a MetaTrader broker, providing the platforms from MetaQuotes Software Corporation, including MetaTrader 4 (MT4) and MetaTrader 5. (MT5).
Copy trading: OctaFX provides a web interface that connects to its MetaTrader 4 (MT4) platform for copy trading (providers are referred to as Masters). Although it still has room for improvement, OctaFX’s copy trading product has expanded, and I felt that it justifies inclusion alongside the finest copy trading brokers.