Hi everybody!
I’m just a newbie searching for any advice :). I’m just making my first trading steps and I need a reliable broker. While searching for a good broker to shift I found that OctaFX is friendly offerring rather good opportunities (I mean no requotes, low spreads, withdrawal options and etc). What do you think about this broker, have any experience?
I have heard of that broker though i have not trade with them but i think they are good . You can also diversify your options like checking out other additional reliable brokers like profiforex,fxcm and oanda. So as to get the best.
I think you don’t need a forex broker and I think you are not interested in Forex
Their Sent Vincent regulation raises doubts about their credibility :eek:. Didn’t test them as saw some negative feedback about them on forums. Prefer CySec regulated broker Hotforex and FCA regulated Fxpro
I have heard that they are not bad but I can recommend you to check PaxForex, I am trading with them and they are really good broker.
I’m testing Octafx now. Everything is going fast and without delays. I made withdrawal several times as I made profits and actually it was also smooth and fast. No problems at all. Their spreads are tight enough - as low as 0.4 for eur/usd…so it’s a real help for a scalper to make profit. Feedback regarding Octa is sometimes negative, but I decided to use them by the way, having found their special opportunities and had discussions with some respected guys, and since then have never regreted.
I think they are among the list of suspicious brokers. read here The Finanical Services Authority - St. Vincent & the Grenadines and Beware!!!
IronFX stated on website they are FCA regulated and still scam.
https://www.ironfx.com/en/about/licenses_and_regulations
I have quite a good experience trading with Octafx for several months, actually, I faced no problems. One of the major advantages for me which I found while dealing with them is a very good withdrawal process, better than expected. If you guys trade legally and follow their terms and conditions, you’ll never be dissapointed with their service, I guess. Actually, I have some questions about their regulation, but in fact - proof regulation is not a decisive factor, regulation does not protect you against scam.
they are kinda new in the market, I think the first time i head of them was like a couple of months back, to early to tell, I mean there are many decent broker that have been around for 3-5 years like hotforex and fxcm etc.
Hey, jingoy!
You provide here contradictory information. According to you OctaFX could be a decent broker because they are about 4 years in the market))
I think you’re much more likely to get a broader range of helpful answers to this question if you ask it in the “Brokers” section of the forum, rather than in “Newbie Island”? I accept that you may be a “newbie” yourself, of course, but wouldn’t you prefer to be asking this question of more experienced traders who are perhaps more likely to be able to compare the broker you’re asking about with others? 
Hi guys!!
Thank you for all the replies!
lexys, I thought that if I am a newbie i should start my thread in a newbie section with the hope that some experts would come and help me), but actually you are right, it would be better to start such a thread in the other section, I would like to see more details not just common phrases like “yeah they are good” or “they are bad”…
Yes the fact is that we do have many of the newbie traders so they are not able to decide which is the correct thing for them and this is also a reason why they will fail many times in the business:)
Yeah, you are right, newbies are everywhere:) I just want to open a new wave of income for myself and exactly don’t want to sit on a loss. Suppose nobody wants to share with me their real experience no matter how good or bad it is. Maybe I chose the unpopular broker?
It is time to give you the information about OctaFX from the person who asked some advice about them. I have found it not here, but in other resources, so, here there is no much information about them that is why I am going to share you with my experience. Firstly, the registration process is rapid and easy, I don’t know much about other brokers, but their rules are clear enough for me. Spreads are low until you face market situation changing and theeen… their grow comes, but this fact hasn’t surprised me cause market is the market and spread depends. You can also use different strategies with them which also depends on the market. I don’t like their conditions on the deposit bonus, it seems that you would never withdraw it, but at the same time it is silly to think that money grows on trees). What I liked about them is that they do not hide anything and their support team told me everything what I asked them about this bonus thing. And at last…wow wow WoW withdrawal, I made it, really huuuh :32:, no interruptions, could you believe, I thought that it would be more difficult, cause others do have problems with this, I don’t know now how real these complaints are, cheaters do not sleep with any broker). It is possible to withdraw the profit, now I know it myself…till this moment, I will continue with them and who knows, I have no protection and nobody has with such a market. Overall, guys, if you want to start with the broker you’ve chose, just try, don’t look at huge piles of complaints, every broker has them, the fact of the reliability of a broker which is discussed so often is nothing!
[I]proof regulation is not a decisive factor, regulation does not protect you against scam[/I]
Wow, I thought this is the point to pay special attention to. How can a broker be a scam if there is an official authority regulating its activities?
Generally you would be well advised to go with brokers that are regulated by countries which have strong client money protection in place. The UK has good client money rules which ensures that client money is kept segregated in accounts held in trust on behalf of the investors and is not pooled with the broker’s money.
Depends on where you’re trading from but as a European I’d be looking to trade with the likes of IB Forex or Oanda as they’re two of the largest brokers and are both regulated by the FCA. They’re not going to scam you and in the event of them going insolvent your money has been held in a segregated account and you’ll be able to get it back fairly quickly. OctaFX might be ok but they’re based in Saint Vincent and the Grenadines which is a bit of a red flag for me. I’d be more comfortable if they also had some separate agreement with more strongly regulated countries.
Hello Tektolnes!
I am an official representative of OctaFX and I am going to tell you that you are not quite well-informed about our regulation policies, we have good news for you. OctaFX has recently authorised and received regulation by the FCA. Currently we are on the last stage of this process, regulation can’t be applied instantly, but our existing and prospective clients will have an opportunity to open their accounts under this UK regulation in almost no time! As soon as we’re fully ready to welcome customers, we’ll let you know, stay tuned to our latest announcements at our web-site or join OctaFX at the Broker Aid Station!
Best regards,
OctaFX Rep.
Just for example, Alpari UK - reliable regulation - they failed to pass through the Swiss January event, their clients also failed, so, where is that promised protection of regulators is still the question. Another question is how brokers achieve such regulations…numbers of regulations, what conditions both sides provide…:33: