Currently, there are close to 10 million forex traders globally. Trading in tradeable instruments has gained immensely in the last decade, as more people appreciate the role of forex income as passive income. However, it's important for you to only trade with brokers with a reputation of trustworthiness in their dealings.  OctaFX is among the few brokers who can be trusted with your investments. If you are a greenhorn in forex trading, you will find this information useful as you venture into the trade. This article reviews OctaFX Indonesia and tells you whether it's a good broker in 2023. Read on to learn more about this forex broker.

OctaFX Indonesia Pros and Cons

👍 Pros

•Offers Margins on Leverage

•No Fees Charged on Deposits

•Has a Proprietary Platform

•Multiple accounts options for Traders

•A wide array of payment and withdrawal options

👎 Cons

•Limited cryptocurrency coverage

•Lacks VPS

•Limited education resources for users

When considering a brokerage firm to deal with, it's important to be deliberate about the pros and cons they present. For Octa FX Indonesia, a trader can enjoy several pros when trading on this platform.

Pros of OctaFX

Leverage

Octa FX, unlike many other forex brokers, engages in CFD. This means that you can trade on margins that include leverage as a trader. For most traders, leveraging increases gains. You only need to ensure that you don't exceed the initial deposit amount to minimize losses.

Accounts

Compared to other forex brokers, Octa FX offers traders multiple accounts options. You have the choice between 3 main account types. Octa FX charges different fees depending on the account type the trainer chooses.

Micro Account

The micro account is an entry-level account which often good together with the meta-trader four as its trading platform. You won't be charged any Commission for this account, and you also don't need to pay any markup.

Pro Accountt

Traders who opt for the pro account benefit from using the more advanced MetaTrader5. You also have the advantage of access to spreads that start from 0.2 pips. However, when using this option, you need a recommended deposit of $500. Your leverage climbs up to almost 1:200 on FX and 1:2 on crypto.

ECN Account

The ECN account on the OctaFX platform uses the CTrader. If you are looking for an option that offers provision for the STP together with the lowest execution latency, then OctaFX offers you this advantage. You also get a floating spread, which starts from 0 pips. When using this platform, there's no markup. However, there's a commission charge.

Variety of Trading Instruments

OctaFX offers several instruments to traders. However, the number of instruments on offer depends on the trader's account. You have the choices between three of the most popular FX pairs EUR/USD, GBP/CAD, and AUD/CHF. Others include stock indices, cryptocurrency, and metals.

Lower Spreads

Compared to other brokers, OctaFX has the lowest spreads. Commissions on FX are almost zero. There's also no slippage or even requotes. For most traders who opt for the micro-account, the spread is only 0.9 pips for the EUR/USD. Most brokers have a higher spread; OctaFX can be a reliable option.

Trading Across Proprietary Platforms

Few brokers offer you the choice to trade on the more advanced MT4 and MT5 platforms. But with OctaFX, you also get the chance to utilize desktop, web, and mobile platforms. This makes trading easy.

No Fees on Deposit or Withdrawal

Did you know that OctaFX doesn't charge any fees for deposit or withdrawal? You have the liberty to make deposits and withdrawals using various payment providers. However, you need to know the minimum withdrawal fee set when claiming your funds.

Variety of Payment Providers

With OctaFX, you have the choice between four leading payment providers. They include Visa, Bitcoin, Skrill, and Neteller. You don't have to feel limited when making deposits or withdrawing your funds from the platform.

Cons of OctaFX

Low Crypto Coverage

OctaFX has a low crypto coverage even though trading in cryptocurrency has been on a growth trajectory in the last five years. The low coverage is a letdown for many crypto traders.

Lacks VPS

Forex VPS helps keep traders connected within a safe and secure context. This critical automation tool is missing on the OctaFX platform, which may affect the broker's ability to ensure trader security.

Lacks comprehensive Education Tools

The modern forex trading platforms offer comprehensive trading education for traders. The information includes tips on market patterns and how to trade. But this is missing on the OctaFX website.

Lacks Clear Communication Platform

The broker doesn't have a reliable communication channel. The telephone number available on the platform is not available on a 24/7 basis, which affects their relationship with clients.

OctaFX Indonesia Review

Along with credible registration status from CySec, OctaFX also holds a license with the SVG registration. The reputation around the broker has been on an upward spiral considering that it offers a negative balance protection guarantee for its users. The broker manages this by maintaining a segregated account to keep funds safe. This means that OctaFX traders have Investment Protection and Compensation schemes. The broker is also constantly reviewed by the relevant authorities to ensure it keeps up with all safety compliance standards.

OctaFX Indonesia – Fees

OctaFX Indonesia currently has some of the best fees schemes in the forex market. The best part is that spreads spread across some of the best trading pairs.

Micro Account

• EUR/USD spread is 0.9 pips
• USD/JPY spread is 1.3 pips,
• EUR/CHF spread is 2.2 pips,

Pro-Account

• EUR/USD spread is 0.8 pips
• USD/JPY spread is 1.1 pips
• EUR/CHF spread is 1.4 pips

ECN Account

• EUR/USD spread is 0.8 pips.
• USD/JPY spread is 0.8 pips
• EUR/CHF spread is 1.2 pips

OctaFX Indonesia Trading Assets

Most traders ask about the trading assets a broker can offer before engaging with them. OctaFX handles the following trading assets.

• FX Pairs
• Stock Indices
• Cryptocurrencies
• Metals
• Energies

Does OctaFX have an Islamic account?

OctaFX has an Islamic account to cater to Muslim traders. The broker got an award for being the best Islamic FX broker in 2020. The Islamic banking law has special stipulations for forex trading, which OctaFX has met over the years.Is Forex trading Halal?

Is OctaFX Indonesia Regulated? Is This Company Safe?

OctaFX is an umbrella brand representing two independent brokerage firms in terms of regulations. Cyprus Securities and Exchange Commission regulates one of the independent brokerages. The other independent broker is best in Saint Vincent and the Grenadines. According to the broker, this helps traders enjoy higher bonuses while leveraging ratios. Have you been wondering if Octa FX is a good broker in 2023? Then it's important to note that Octa Fx is fully regulated by CySec.

According to the Cyprus Securities and Exchange Commission website, Octa market Cypress limited is a licensed broker with 372/18. The license number was issued on 10th December 2018. Currently, Octa FX houses cross-border brokerage approval to multiple countries, most of which are in Asia and Europe.

OctaFX Indonesia Alternatives

While there are some commendable aspects about OctaFX, it's worth noting that the broker is far from being the best in the market. The fact that the broker has an average trust score raises pertinent questions about reliability. A reliable alternative would be Exness. This is because Exness has won numerous awards over the last five years as a top forex broker. The broker offers stable and reliable services to traders with many unique features.

Currently, Exness has certified regulatory approval and regulation by CySEC, FSCE, BVI financial services commission, and the Central Bank of Curacao. The broker has a 4.9/5 rating and is among the forerunners in the forex market. The broker sets a minimum deposit of $10 and has a well-developed segregated account mechanism to protect your funds in case of bankruptcy.