Octafx review

Octafx Review

Overall, OctaFX is considered high-risk, with an overall Trust Score of 67 out of 100. OctaFX is licensed by zero Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). OctaFX is currently not regulated by the CMA of Uganda

Updated : July 7, 2022

Jump to:

Regulation and Safety of Funds

Account Types and Features

Account Registration

Trading Platforms

Range of Markets

Fees

Deposits and Withdrawals

Education and Research

Affiliate Program

Final Verdict

Pros and Cons

FAQ

Overall Rating

Min Deposit

USD 5 / 360,000 Ugandan Shilling

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

OctaFX Overview

OctaFX Review Overview Uganda

 

👉 OctaFX offers two different retail trading accounts namely a MetaTrader 4 Habitual Trader Account and a MetaTrader 5 Smart Trader Account.

 

👉 OctaFX accepts Ugandan clients and has an average spread from 0.6 pips with zero commission charges. OctaFX has a maximum leverage ratio up to 1:500 and there is a demo and Islamic account available. MT4, MT5, OctaFX, and CopyTrade platforms are supported. OctaFX is headquartered in Saint Vincent and the Grenadines and regulated by CySEC and SVG FSA.

 

👉 OctaFX, which was founded in 2011, now has over 6 million trading accounts. With its swap-free offering and attractive prizes and incentives, it continues to acquire market share around the globe.

 

👉 OctaFX is based in Saint Vincent & the Grenadines and has served customers from over 100 countries for more than a decade. OctaFX provides traders with a low-cost, commission-free trading environment.

 

👉 OctaFX created a proprietary copy trading service, expanding into a growing market, particularly among younger traders. With over 10 million downloads, its mobile trading and copy trading service applications remain extremely popular.

 

👉 Furthermore, OctaFX provides swap-free trading with its MT5 account, which has an enormous positive impact on margin traders who leave positions open overnight. Because of this unique agreement, traders are not subject to finance costs. OctaFX is the first broker to provide such a service, giving OctaFX a competitive advantage over other Sharia-compliant brokers.

 

👉 This OctaFX review for Uganda will provide local retail traders with the details that they need to consider whether OctaFX is suited to their unique trading objectives and needs.

 

OctaFX Distribution of Traders

OctaFX Review Distribution Of Traders Uganda

 

👉 OctaFX currently has the largest market share in these countries:

➡️ India – 43.2%

➡️ Pakistan – 18.1%

➡️ Malaysia – 12%

➡️ Philippines – 7%

➡️ Indonesia – 3.7%

 

Popularity among traders who choose OctaFX

OctaFX Review Popularity Uganda

 

🥇 OctaFX may not have a substantial market share in the derivatives market in Uganda, but it serves both beginner and experienced traders from the region. OctaFX is thus placed among the top 100 brokers in Uganda.

OctaFX At a Glance

🏛 HeadquarteredSaint Vincent and the Grenadines
🏙 Local office in Kampala?No
✅ Accepts Uganda traders?Yes
🗓 Year Founded2011
📞 Uganda Office Contact NumberNone
🤳 Social Media Platforms• Facebook
• Twitter
• YouTube
• Instagram
• Telegram
• LinkedIn
⚖️ RegulationCySEC, SVG FSA
🪪 License Number• Cyprus – 372/18
• Saint Vincent and the Grenadines – 19776
⚖️ CMA Uganda RegulationNo
🚫 Regional RestrictionsThe United States
☪️ Islamic AccountYes
💻 Demo AccountYes
🛍 Retail Investor Accounts2
📊 PAMM AccountsNo
🤝 Liquidity ProvidersUnknown
💸 Affiliate ProgramYes
📲 Order ExecutionMarket
📊 Average spreadFrom 0.6 pips
📞 Margin Call25%
🛑 Stop-Out15%
✅ Crypto trading offered?Yes
💰 Offers a UGX Account?No
👨‍💻 Dedicated Uganda Account Manager?No
📊 Maximum Leverage1:500
🚫 Leverage Restrictions for Uganda?No
💰 Minimum Deposit 360,000 Ugandan Shilling or an equivalent to $100
✅ Ugandan Shilling Deposits Allowed?No
📊 Active Uganda Trader Stats100,000+
👥 Active Uganda-based OctaFX customersUnknown
💳 Uganda Daily Forex TurnoverUnknown, overall Forex Daily Trading Volume is over $6.6 Trillion
💵 Deposit and Withdrawal Options• Bank Wire Transfer
• Debit Card
• Credit Card
• Bitcoin (BTC)
• Ethereum (ETH)
• Dogecoin (DOGE)
• Litecoin (LTC)
• Tether TRC-20 (USDTT)
• Tether ERC-20 (USDTE)
• Skrill
• Neteller
⏰ Minimum Withdrawal TimeNo
💵 Instant Deposits and Instant Withdrawals?Yes
🏦 Segregated Accounts with Uganda Banks?No
🕐 Maximum Estimated Withdrawal TimeUp to 5 Working Days
📊 Trading Platforms• MetaTrader 4
• MetaTrader 5
• OctaFX App
✔️ Tradable Assets• Forex
• Index CFDs
• Commodities
• Cryptocurrencies
• Energies
• Precious Metals
💸 Offers USD/UGX currency pair?No
📈 USD/UGX Average SpreadN/A
📉 Offers Uganda Stocks and CFDsNone
🗣 Languages supported on WebsiteEnglish, Malaysian, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified)
📞 Customer Support LanguagesMultilingual
⏰ Customer Service Hours24/5
👥 Customer Support LanguagesMultilingual
✅ Bonuses and Promotions for Uganda tradersYes
📚 Education for Uganda beginner tradersYes
📱 Proprietary trading softwareYes
💰 Most Successful Ugandan TraderUnknown
✅ Is OctaFX a safe broker for Ugandan traders?Yes
📊 Rating for OctaFX Uganda7/10
🤝 Trust score for OctaFX Uganda67%
👉 Open an account👉 Open Account

Overall Rating

Min Deposit

USD 5 / 360,000 Ugandan Shilling

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

OctaFX Regulation and Safety of Funds

OctaFX Review Regulation And Safety Uganda

 

OctaFX Regulation in Uganda

👉 OctaFX is an international broker that is based in Saint Vincent and the Grenadines, with no regulations or licenses in Uganda with local market regulators.

 

OctaFX Global Regulations

👉 OctaFX has been given authorization by the Financial Services Authority of SVG (FSA SVG), which will allow OctaFX to undertake financial services operations. CySEC is the regulatory body that oversees Octa Markets Cyprus Ltd., which has its headquarters in Cyprus.

 

👉 Because of Brexit, OctaFX had no choice but to shut its operations in the United Kingdom and switch from being licensed by the Financial Conduct Authority to being licensed by the Cyprus Securities and Exchange Commission.

 

OctaFX Client Fund Security and Safety Features

👉 The safety of any deposits that Ugandan traders make is guaranteed by the broker OctaFX, as stated on the website that is officially associated with OctaFX. The money belonging to traders is kept in separate accounts with top tier banking institutions, as is mandated by several international legislation.

 

👉 For this reason, the balance sheets of the broker and those of its customers are maintained completely distinct from one another.

 

👉 Because OctaFX uses some of the most innovative technology, your confidential information, as well as your financial transactions, are completely protected and safe. This is achieved by using a designated Personal Area that is encrypted with 128-bit SSL.

 

👉 OctaFX’s extensive “Know Your Customer” (KYC) procedures ensure that all new traders’ identities and address proof are validated, therefore authorizing all transactions, and ensuring their safety.

 

👉 In addition, OctaFX mandates that all withdrawal requests from traders be followed up with an email confirmation. Because of the use of 3D Secure technology, financial transactions involving Visa and Mastercard are not only secure but also open to public scrutiny.

 

👉 The negative balance protection offered by OctaFX ensures that a trading account’s balance will be brought back up to a positive number if it drops below zero. The risk management system restricts the amount of money that traders may lose to the amount of money that traders have put into the account. This is done to safeguard clients from experiencing financial hardship.

 OctaFX Account Types and Features

OctaFX Review Account Types Uganda

 

👉 OctaFX offers two dynamic and customizable trading accounts to traders in Uganda, and they may select whichever one best suits their needs. According to the trading approach, level of experience and level of knowledge, as well as trading style, each of these two types of trading accounts is best suited for a different kind of trader.

 

👉 Uganda traders can choose between:

➡️ MetaTrader 4 Habitual Trader Account

➡️ MetaTrader 5 Smart Trader Account

 

OctaFX Live Trading Accounts

MetaTrader 4 Habitual Trader Account

👉 Because of the one-of-a-kind trading circumstances, it offers and the reduced level of risk it entails, this account type might be beneficial to novice forex traders. An entry-level trading option is provided for each of the following assets inside this kind of account:

Account FeatureValue
💰 Minimum Deposit Requirement360,000 UGX or an equivalent to 100 USD
📊 Average SpreadsFloating, from 0.6 pips
💸 Commissions chargedNone, the mark-up is added to the spread
🔧 Instruments offered on account• 35 Forex Pairs
• Gold and Silver
• 3 Energies
• 10 Indices
• 30 Cryptocurrencies
📊 Leverage Ratios• Forex – up to 1:500 (1:100 for ZAR/JPY)
• Precious Metals – up to 1:200
• Energies – up to 1:100
• Indices – up to 1:50
• Crypto – up to 1:25
💵 Minimum Trading Volume0.01 lots
📈 Maximum Trading Volume200 lots on MT4, 500 lots on MT5
📞 Margin Call25%
🛑 Stop-Out15%
📲 Trade Execution TypeMarket
📊 Trade Execution Average SpeedUnder 0.1 seconds
💳 Base Account Currency OptionsUSD or EUR
✔️ Trading Strategies AllowedHedging, Scalping, Expert Advisors
☪️ Islamic Account Offered?Yes

 

MetaTrader 5 Smart Trader Account

👉 This account is best suited for experienced traders who are active participants in a diverse variety of financial markets and assets. It offers these traders the most advantageous trading circumstances and innovative technology, including the following sophisticated features:

Account FeatureValue
💰 Minimum Deposit Requirement360,000 UGX or an equivalent to 100 USD
📊 Average SpreadsFloating, from 0.6 pips
💸 Commissions chargedNone, the mark-up is added to the spread
🔧 Instruments offered on account• 35 Forex Pairs
• Gold and Silver
• 3 Energies
• 10 Indices
• 30 Cryptocurrencies
📊 Leverage Ratios• Forex – up to 1:500 (1:100 for ZAR/JPY)
• Precious Metals – up to 1:200
• Energies – up to 1:100
• Indices – up to 1:50
• Crypto – up to 1:25
💵 Minimum Trading Volume0.01 lots
📈 Maximum Trading Volume200 lots on MT4, 500 lots on MT5
📞 Margin Call25%
🛑 Stop-Out15%
📲 Trade Execution TypeMarket
📊 Trade Execution Average SpeedUnder 0.1 seconds
💳 Base Account Currency OptionsUSD or EUR
✔️ Trading Strategies AllowedHedging, Scalping, Expert Advisors
☪️ Islamic Account Offered?Yes

 

OctaFX Base Account Currencies

👉 OctaFX is very restrictive for traders because accounts can only be set up in EUR and USD. This is a big problem for Ugandans who have bank accounts denominated in UGX.

 

OctaFX Demo Account

OctaFX Review Demo Account Uganda

 

👉 A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital. 

 

👉 There is a certain degree of risk involved when trading financial markets and OctaFX offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.

 

👉 The OctaFX Demo Account replicates the performance of a genuine account, providing a realistic representation of forex trading. Traders, on the other hand, practice their skills using fictitious money in a practice account rather than actual cash.

 

👉 The OctaFX Forex Demo Account is a learning tool, and for traders to begin using it, all they need to do is sign up for an account on the OctaFX website and build a profile there.

 

👉 Consequently, Ugandan traders will have the opportunity to get acquainted with the functionalities of the platform as well as the dynamics of the Forex market.

 

👉 Traders get access to this helpful tool for an infinite amount of time, and they can use it to better comprehend forex and CFD trading as well as estimate their risk exposure. The functionality of the demo account is identical to that of the actual account, except for the use of virtual funds.

 

👉 In addition, traders in Uganda can:

➡️ Carry out risk-free trades an unlimited number of times to validate scalping trading strategies and algorithms.

➡️ Take some time to investigate the trading platform and get familiar with its features.

➡️ Learn the fundamentals of reading charts, including how to identify levels and Fibonacci retracements

➡️ Experiment with a variety of order types.

 

OctaFX Islamic Account

OctaFX Review Islamic Account Uganda

 

👉 Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.

 

👉 This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.

 

👉 OctaFX’s Islamic Account is a service that has won several awards and makes it possible for Muslim traders to make a profit from trading strategies that include medium- to long-term investments without having to deal with any complications.

 

👉 The absence of overnight fees is one of the aspects that sets OctaFX apart from its competitors. Traders who practise Islam and utilize the Islamic Account do not have to pay any additional fees because of this.

How to open an Account with OctaFX in Uganda

OctaFX Review Account Registration Uganda

 

👉 To register an account with OctaFX, Ugandan traders can follow these steps:

➡️ To register an account, you will first need to fill out a brief online form, and then you will be required to validate your email address.

➡️ After that, you will be required to provide the accounts team with documents to verify your identity and residential address, such as a scanned copy of your passport and a recent utility bill. This is a typical KYC process that is required by most modern forex brokers to protect clients.

➡️ You can begin trading and depositing funds into your account once OctaFX’s accounts team has finished verifying your data.

 

How to Register Your OctaFX Account 

👉 Step 1 – Go to the Official Website 

➡️ Go to the OctaFX website (www.octafx.com/)  and click on “Open Account”. 

OctaFX Review Account Registration How to Register Your OctaFX Account Step 1

 

👉 Step 2 – Fill Out Your Details

➡️ Fill out your first and last name, your email address and create a password for your account. Now click on “Open Account”.

OctaFX Review Account Registration How to Register Your OctaFX Account Step 2

OctaFX vs AvaTrade Vs Exness – Broker Comparison

OctaFXAvaTradeExness
⚖️ RegulationCySEC, SVG FSACentral Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISAFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA
📱 Trading PlatformMetaTrader 4
MetaTrader 5
OctaFX App
CopyTrade App
AvaTradeGO
AvaOptions
AvaSocial
MetaTrader 4
MetaTrader 5
DupliTrade
ZuluTrade
MetaTrader 4
MetaTrader 5
💰 Withdrawal FeeNoNoNo
📊 Demo AccountYesYesYes
📈 Minimum Deposit360,000 UGX399,251 UGX39,295 UGX
📈 Leverage1:5001:400Unlimited
📊 Spread0.6 pipsFixed, from 0.9 pipsVariable, from 0.0 pips
💰 CommissionsNoneNoneFrom $0.1 per side, per lot
✴️ Margin Call/Stop-Out25%/15%25%/10%60%/0%
✴️ Order ExecutionMarketInstantMarket
💳 No-Deposit BonusYesNoNo
📊 Cent AccountsNoNoYes
📈 Account TypesMetaTrader 4 Habitual Trader
MetaTrader 5 Smart Trader
Standard Live Account
Professional Account Option
Standard Account
Standard Cent Account
Raw Spread Account
Zero Account
Pro Account
⚖️ CMA RegulationNoNoNo
💳 UGX DepositsNoNoYes
📊 Ugandan Shilling AccountNoNoNo
👥 Customer Service Hours24/524/524/7
📊 Retail Investor Accounts515
☪️ Islamic AccountYesYesYes

Overall Rating

Min Deposit

USD 5 / 360,000 Ugandan Shilling

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

OctaFX Trading Platforms

OctaFX Review Trading Platforms Uganda

 

👉 OctaFX offers Ugandan traders a choice between these trading platforms:

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ OctaFX App

➡️ CopyTrading App

 

Desktop Platforms

OctaFX Review Desktop Platforms Uganda

 

➡️ MetaTrader 4

➡️ MetaTrader 5

 

MetaTrader 4 and 5

👉 Traders of all experience levels will find that MT4 is a good option when seeking a platform that is not only simple but also sophisticated and powerful. It has a user-friendly interface that is easy to use and can be adjusted to meet your requirements in a variety of ways.

 

👉 The UI of MT5 has been improved with the addition of new features, which has made it even simpler to use. In addition to new fundamental and technical indicators, 21 different periods, graphical objects, extra order types, and an economic calendar, this platform also provides support for a more extensive selection of order types.

 

WebTrader Platforms

OctaFX Review WebTrader Platforms Uganda

 

➡️ MetaTrader 4

➡️ MetaTrader 5

 

MetaTrader 4 and 5

👉 MT4 has several built-in indicators that may be used for technical analysis, and it also can run automated systems known as expert advisers. You have a total of nine distinct timeframes from which to choose.

 

👉 Real-time market execution and rigorous risk management are just two of the many important tools that are at your disposal. Traders in Uganda will also have unlimited access to a greater variety of markets in addition to the extra features and services made available by MetaTrader 5 Web, a more sophisticated version of MT4.

 

👉 Traders may get access to these WebTrader via the official OctaFX website, where they can log in with their credentials and begin trading. Traders can also use these WebTrader directly from OctaFX’s mobile app.

 

Trading App

OctaFX Review Trading App Platforms Uganda

 

➡️ MetaTrader 4

➡️ MetaTrader 5

➡️ OctaFX App

 

MetaTrader 4 and 5

👉 Traders will find it much simpler to engage in mobile trading thanks to the OctaFX Android and iOS MetaTrader 4 and 5, which combine powerful charting capabilities with a variety of trading tools and other innovative features. The full-function trading interface that OctaFX provides enables traders to access financial markets, do technical analysis, track movement, and execute orders from any location around the globe. OctaFX also enables users to watch the movement of the market.

 

OctaFX App

👉 Traders can make deposits and withdrawals of money in a timely and secure manner thanks to the unique OctaFX Trading App. In addition, the app enables users to monitor their accounts, manage their deposits, and manage accounts. Currently, the proprietary software is only available for use on mobile devices that use the Android operating system.

 

CopyTrading App

👉 You have the flexibility to invest any amount for any length of time with the OctaFX Copytrading program, and you may take out your earnings whenever you choose. You may effortlessly manage your investment no matter where you are in the globe since all the configurations are straightforward to understand.

 

OctaFX Range of Markets

👉 Ugandan traders can expect the following range of markets from OctaFX:

➡️ Forex

➡️ Index CFDs

➡️ Commodities

➡️ Cryptocurrencies

➡️ Energies

➡️ Precious Metals

Broker Comparison for Range of Markets

OctaFXSuperForexGlobal GT
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoYesNo
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksNoYesYes
➡️️​ CryptocurrencyYesYesYes
➡️️​ OptionsNoNoNo
➡️️​ EnergiesYesYesYes
➡️️​ BondsNoNoNo

Overall Rating

Min Deposit

USD 5 / 360,000 Ugandan Shilling

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

OctaFX Trading and Non-Trading Fees

Spreads

OctaFX Review Spreads Uganda

 

👉 OctaFX’s variable spreads are marked up to account for the broker’s service fee, which is incurred in the process of arranging the transaction. OctaFX will determine the spreads for each transaction based on the kind of financial instrument that is being transacted as well as the conditions of the market on that trading day.

 

👉 Some typical spreads that Ugandan traders can expect include:

➡️ EUR/USD – from 0.6 pips

➡️ USD/JPY – from 1 pip

➡️ NAS100 – from 1.2 pips

➡️ BTC/USD – from 2.8 pips

➡️ XBR/USD – from 0.7 pips

➡️ XTI/USD – from 0.7 pips

 

Commissions

👉 OctaFX does not charge any commissions on trades as the broker’s fee for facilitating the trade is already worked into the spread.

 

Overnight Fees, Rollovers, or Swaps

OctaFX Review Overnight Fees Uganda

 

👉 The overnight and swap charges for each financial instrument that may be traded are presented in a manner that is easy to understand in the complete overnight fee schedule that is offered by OctaFX. These expenses are determined by several factors, including the interbank rates, the market conditions, the size of the position, and other variables.

 

👉 Some typical overnight fees that Ugandan traders can expect are as follows:

➡️ EUR/USD – a short swap of -0.64 points and a long swap of -1.03 points

➡️ USD/JPY – a short swap of -0.77 points and a long swap of -0.69 points

➡️ NAS100 – a short swap of -8.00 points and a long swap of -8.00 points

➡️ BTC/USD – a short swap of -2.00 points and a long swap of -2.00 points

➡️ XBR/USD – a short swap of -1.00 points and a long swap of -1.00 points

➡️ XTI/USD – a short swap of -1.00 points and a long swap of -1.00 points

 

Deposit and Withdrawal Fees

👉 OctaFX does not charge any fees on either deposits or withdrawals. Ugandan traders, however, may face processing fees from their payment provider or banking institution.

 

Inactivity Fees

👉 OctaFX does not charge any fees when live trading accounts go dormant.

 

Currency Conversion Fees

👉 Because there are limited base account currencies, Uganda traders could be subject to currency conversion fees when they deposit or withdraw in UGX.

OctaFX Deposits and Withdrawals

OctaFX Review Deposits And Withdrawals Uganda

 

👉 OctaFX offers the following deposit and withdrawal methods:

➡️ Credit Card

➡️ Debit Cards

➡️ Bitcoin (BTC)

➡️ Litecoin (LTC)

➡️ Dogecoin (DOGE)

➡️ Tether ERC-20 (USDTE)

➡️ Tether TRC-20 (USDTT)

➡️ Ethereum (ETH)

➡️ Skrill

➡️ Neteller

➡️ Bank Transfers

 

How to Deposit Funds with OctaFX

OctaFX Review How To Deposit Funds Uganda

 

👉 To deposit funds to an account with OctaFX, Uganda traders can follow these steps:

➡️ Traders may make deposits by logging into their Personal Area accounts and selecting the “Deposit” option from the dashboard menu.

➡️ Traders can choose the trading account that they wish to fund as well as the deposit method that best suits their needs from the available options.

➡️ Traders have the option of making deposits using funds from their bank accounts, debit or credit cards, electronic wallets, or cryptocurrency wallets. Traders need to note that the many payment options that are available to them will vary according to the country in which they are based.

 

OctaFX Fund Withdrawal Process

OctaFX Review How To Withdraw Funds Uganda

 

👉 To withdraw funds from an account with OctaFX, Ugandan traders can follow these steps:

➡️ Traders need to make sure that they have authenticated their trader profile before they can log into their Personal Area on the official OctaFX website.

➡️ Once this step has been completed, traders can access their Personal Area.

➡️ Traders can then check the available withdrawal choices on the right-hand side of the dashboard.

➡️ After making their choice, they can then submit their withdrawal request by entering the amount they want to withdraw along with any other relevant information.

➡️ Traders must also note that there are withdrawal limitations and that the processing time for withdrawals ranges from one to three hours, which means that it may take longer for the cash to be deposited into the trader’s account.

OctaFX Education and Research

OctaFX Review Education And Research Uganda

 

Education

👉 OctaFX offers the following Educational Materials:

➡️ Webinars

➡️ Forex basics articles

➡️ Forex basics video course

➡️ Platform video tutorials

➡️ Platform article tutorials

➡️ Glossary

➡️ Comprehensive Frequently Asked Question section

 

👉 OctaFX offers Ugandan traders the following Research and Trading Tools:

➡️ Trading calculators

➡️ Profit calculators

➡️ Live quotes

➡️ Account monitoring

➡️ AutoChartist Pro

➡️ Market information

➡️ Proprietary economic calendar

➡️ Forex market news

➡️ Interest rate information

➡️ Holiday calendar

➡️ Technical analysis tools

➡️ Fundamental analysis tools

OctaFX Bonuses and Promotions

OctaFX Review Bonuses And Promotions Uganda

 

👉 OctaFX offers Ugandan traders the following bonuses and promotions:

➡️ A demo contest

➡️ Trade and win giveaway

➡️ 50% deposit bonus

➡️ Status program

How to open an Affiliate Account with OctaFX

OctaFX Review Affiliate Program Uganda

 

👉 To register an Affiliate Account, Ugandans can follow these steps:

➡️ Visit the OctaFX website and hover over the “Referral Program” option on the homepage.

➡️ Next, prospective affiliates can select the “IB Program” to get started.

➡️ Prospective affiliates can explore what OctaFX offers and once they are ready to join, they can select “Become IB” from the partner page.

➡️ The IB Account application will load, and prospective affiliates can complete the required fields.

➡️ Before submitting, prospective applicants must read and ensure that they understand the Customer Agreement.

➡️ Once registered, affiliates can access the promotional material and other features that OctaFX provides as part of its comprehensive affiliate program.

 

OctaFX Affiliate Program Features

👉 The following are some of how OctaFX’s strong affiliate program is beneficial to its partners:

➡️ Market circumstances that are competitive for the benefit of customers

➡️ Generous compensation offered to affiliates

➡️ Tailored answers for collaboration partners

➡️ Payments sent to affiliates are simple and uncomplicated

➡️ There is no upper limit on pay-outs

➡️ There are no restrictions placed on the commissions that affiliates can receive

➡️ There is no secrecy or concealment around the program

 

👉 Affiliates have the option of forming individual connections with OctaFX, which enables them to operate with the platform that is most suited to meet their requirements. In addition to that, there is a Master IB program that provides additional training in addition to regular IB contests.

 

👉 Customers with 60 or more referrals can earn up to $12 for each lot that is traded in for partners. Customers can profit from the most advantageous trading conditions and programs, both of which are customizable at this level. This gives customers the ability to optimize their overall earnings.

 

OctaFX Customer Support

👉 OctaFX’s customer support is available 24 hours a day, 7 days a week to help traders in any way that they can. The finance department of OctaFX operates from 6 am to 10 pm (EET) Monday to Friday, while the Account Verification department works from 8 am to 5 pm, Monday to Friday.

 

OctaFX Corporate Social Responsibility

👉 OctaFX takes immense pride in being a socially responsible and ethical business. OctaFX is actively involved in supporting a variety of charitable organizations and causes, making all efforts necessary to assist people who need assistance.

 

👉 OctaFX considers it both a part of their purpose and their obligation to work toward elevating the standard of living enjoyed by handicapped individuals all around the world.

Verdict on OctaFX

👉 OctaFX, a well-established and licensed STP broker, provides trading on fewer financial assets than most other brokers. OctaFX provides two live accounts, each with its own platform, namely MT4 and MT5.

 

👉 Both accounts provide fantastic trading conditions, OctaFX does not charge any charges on deposits or withdrawals, and there are no inactivity penalties.

 

👉 All account types have an Islamic option, and novice traders will benefit from the outstanding analytical section and a variety of handy trading tools, such as AutoChartist, a copy trading platform, and an account monitoring service that enables newbies to learn discreetly from successful traders.

 

👉 OctaFX’s customer support team is accessible 24 hours a day, seven days a week, which is unusual in an industry where the average is typically limited to 24 hours a day, 5 days a week according to the market hours.

OctaFX Current Popularity Trends

👉 According to Google Trends, OctaFX has seen an increase in Google Searches in the past month. 

OctaFX Review Google Trends Uganda

OctaFX Pros and Cons

✔️ Pros❌ Cons
While OctaFX does not have Tier-1 regulation, the broker is well-regulated by CySEC, a strict and reputable market regulatorOctaFX has a limited selection of financial instruments that can be traded
Ugandan traders are given access to either a MetaTrader 4 or MetaTrader 5 trading account, each with unique trading conditionsOctaFX only has two live trading accounts
There are several flexible deposit and withdrawal options to choose fromUgandans cannot select UGX as their base account currency or their deposit/withdrawal currency
OctaFX offers fast deposits and withdrawals across payment methodsThere is a lack of strict regulation through Tier-1 market regulators
There is negative balance protection applied to OctaFX’s retail accounts
All client funds that are deposited to OctaFX are kept in segregated accounts
There are several advanced tools offered to Ugandan traders
There is a range of educational materials offered on the OctaFX website

Overall Rating

Min Deposit

USD 5 / 360,000 Ugandan Shilling

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Frequently Asked Questions

Is OctaFX regulated?

Yes, OctaFX is regulated in Cyprus by the Tier-2 regulator namely the Cyprus Securities and Exchange Commission (372/18) and the Tier-3 Financial Services Authority of Saint Vincent (19776).

 

What is the withdrawal time for OctaFX?

The withdrawal time ranges from 5 minutes up to three hours.

 

Does OctaFX have Nasdaq?

Yes, NAS 100 is a financial instrument that can be traded with OctaFX either through the MetaTrader 4 or MetaTrader 5 account.

 

Can I withdraw all my money from OctaFX?

You can withdraw all your money from OctaFX if you do not have any open positions. You can only withdraw funds that are not being held as margin requirements or maintenance margin for open positions.

 

How long does OctaFX’s deposits take?

Deposits with OctaFX are typically instant but can take up to three hours on certain payment methods.

 

Can I buy Bitcoin with OctaFX?

Yes, you can trade Bitcoin and other cryptocurrencies as CFDs with OctaFX.

 

What is a lot size with OctaFX?

A standard lot with OctaFX is 100,000 units of your account’s base currency.

 

Does OctaFX have Volatility 75?

No, OctaFX does not offer VIX 75 yet.

 

Is OctaFX safe or a scam?

OctaFX is a safe broker. However, OctaFX only has a trust score of 67 out of 100 because of a lack of Tier-1 regulations through popular market regulatory entities such as ASIC, FCA, MAS, and others because OctaFX has not set up offices in these regions yet.

Conclusion

👉 Now it is your turn to participate:

➡️ Do you have any prior experience with OctaFX?

➡️ What was the determining factor in your decision to engage with OctaFX?

➡️ Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?

➡️ Have you experienced any issues with OctaFX such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?

 

👉 Regardless, please share your thoughts in the comments below.

 

Addendum/Disclosure:

👉 No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.

10/10 - (1 vote)