OctaFX Copy Trading Review 2023 – Compare The Best Copy Trading Platforms

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Below you will find a review of the OctaFX Copy trading service. We have reviewed various copy trading services to help you make your informed choice.

OctaFX Copytrading is the copy trading service offered by the online broker OctaFX. The service is available through their mobile app. In this OctaFX Copytrading review, we will monitor the service’s main features, how can you register, the overall customer experience, and the advantages and disadvantages of using this service.

OctaFX Copytrading Overview

OctaFX is an online broker with head offices in St Vincent & The Grenadines and branches in 100 countries worldwide. The broker specialises in CFD and Forex trading. Their copy trading service is available since 2014 as the option of their mobile application.

OctaFX Copytrading Features Review

Launched several years ago, the copy trading service of OctaFX remain in the shadows compared to their main brokerage services.

Let’s start with the fact that the OctaFX Copytrading is available only via their mobile app, which on its own is developed only for users with Android OS. This a major obstacle for customers who’d like to join but have phones and tablets with iOS software.

The service follows the main principles of copy trading where not so experienced traders can save time and potentially money by copying others’ strategies, more experienced traders.

They provide two separate accounts for those who wish to follow and copy and those who want to become signal providers (Masters in the terminology of OctaFX Copytrading).

To start with the platform, you need to register and open your OctaFX account. Regardless of your chosen role, the process includes few steps, including the identity verification process. You can also register with your Google or Facebook account.

If you sign in as a copier, once you open your account, you can head on to the Masterboard and start selecting the traders and their strategies that best suit your goals. They are advertising that they have listed over 3,000 providers.

However, the platform allows the owners of Master profile to create multiple Master accounts for different strategies, so it is hard to establish the exact number of signal providers members.

Once you select suitable strategies for your trading requirements, you can add them to your portfolio. When you do that, the system will activate its automatic mode, and each time the expert trader opens a position, the system will do the same in your account within the next 5 minutes.

A big plus of OctaFX copy trading is that it enables you to monitor the provider’s activities and stop copying them at any time.

Our reviews showed that the minimum deposit for opening your account is 25 USD (all the equivalent in another currency). Still, keep in mind that most of the strategies listed require more capital to copy them.

You can also take advantage of the risk management feature called deposit percentage. You set the parameters before copying, and they can be any percentage from 1% to 100%.

To become a signal provider with OctaFX Copytrading or Master according to its in-house terminology, you need to have already an MT4 account existing. Once you complete the registration process, you can start listing your strategies.

As we mentioned, they allow each master-trader to sign different strategies under different accounts. You can manage settings on each strategy, including selecting the commission fee you will receive from your copiers.

OctaFX Copytrading Customer Experience

If you have already some experience with copy trading, this platform will not surprise you with anything. Overall, the service is easy to comprehend from both copiers and masters. On the positive side, users have the freedom to adjust their settings in multiple ways.

They advertise no subscriptions and no commission fees to them. However, it is unclear how the broker benefits from the offered service, so there might be some hidden fees.

OctaFX copy trading doesn’t have well developed forex social features, which the best copy trading platforms share.

Advantages and Disadvantages

Advantages:

► Minimum deposit of 25 USD

► Copiers can stop copying traders at any time

► Master can adjust their commission rates to each strategy the list

Disadvantages:

► Available only on the Google Play app

► No social interaction features

► Possibility for hidden fees

Is OctaFX a Scam or Legit?

OctaFX has a branch division in Cyprus that has been regulated by the CySEC.

Find this review useful? Click the link to access other in-depth reviews on leading copy trading platforms.