Hi guys welcome here again, I’m Obedfx and in this OctaFX Copy Trading Review, I will be telling you all you need to know about this platform. and if its safe using it. that’s what brought you to this page today right?
I know the answer is YESSSSS… hehe.. leggoo.
OctaFX provides a low-cost, basic MetaTrader platform experience along with its social copy-trading platform.
Although it has made significant progress in pricing options for traders but lacks a wide range of tradeable instruments as well as a variety of educational content, OctaFX is still a poor choice. OctaFX is also a holder of one regulatory license.
What is Copy Trading?
Copy trading allows traders copy trades made by other investors on the financial markets. Copy trading allows traders to copy the positions of the investor they are copying. Copying another trader doesn’t mean that one is able to follow their trades blindly. Mirror trading allows you to copy the strategies of a trader.
Mirror trading was the birthplace of copy trading in 2005. In the beginning, traders copied algorithms developed by automated trading. Trading history was shared by developers, which allowed others to copy their strategies. This created a social trading community. Trades were copied in trading accounts by traders, who then began to use the strategy of a trader.
Copy Trading Step-by-Step
1. Copy trading begins with creating an account on a trusted stock and trading platform. There are many options for traders to follow each other on most trading platforms. There are many criteria that you can use to choose the right trader. You might choose to follow traders who have higher profits or a consistent trading pattern.
2. Next, decide how much you are willing to invest and what financial risk you are prepared to take. Never put all your eggs into one basket. You should start with a small amount of disposable income. Also, remember that investing comes with the risk of losing all of your money.
3. Watch! Trading platforms can automatically trade your stock selections with other investors. There is also a manual method to copy trades by looking at the portfolio selections of your peers.
What are the Pros and Cons of Copy Trading?
Copy trading is an investment method. However, it might not suit everyone. Before you start copy trading, it is important to fully understand the pros and cons.
Pros
- You have the potential to make gradual money.
- Trades are a great way to start trading.
- Allows you to network with experts traders
- You may recall the diversified funds that we mentioned. It’s a great way for passive income.
Cons
- The right copy platform/copy solution. Many platforms will require that you pay for the software. Avoid companies that aren’t backed by BBB.
- It is important to determine if a trader is genuine. Social media requires that people do more than just look at profiles. When looking for a trader to copy, be careful.
- Automated software can be costly so make sure you keep an eye on your losses before your money disappears.
You should now be able to understand what copy trading is, and whether it’s right for you.
Is Copy Trading Good?
Copy trading is one way to leverage the expertise of another trader. Copy trading allows you to use the expertise of another trader. Although copy trading is controversial, many believe it is profitable. Copy trading offers many benefits, including the chance to learn from successful traders and the possibility to find new opportunities. You can also make quick profits. Copy trading comes with risks, so be aware of these before you start copy trading.
Participation does not require any prior knowledge of the financial markets.
OctaFX Copy Trading Review: Is OctaFX Copy Trading Legit?
OctaFX, an experienced international Forex broker, has over ten years’ experience. It is one of the best trading services in the sector and we never engage in any malpractices or interfere with customers’ accounts.
Is OctaFX Safe?
OctaFX, a well-known forex broker, has been in business since 2009. It provides a range of services including CFD trading and foreign exchange. OctaFX has been given an A+ rating by the Financial Industry Regulatory Authority. OctaFX has been registered with the SEC, and is subject to periodic reviews by the agency.
How do I Open a Copy Trading Account at OctaFX
It is easy to open an account with us. Before you can trade, we will provide you with a demo account. You should also be aware of other important factors before you trade.
Follow the steps below to open a trading account.
1. Click the “Open Account” button.
You will find the Open Account button in the upper right corner of this webpage. If you have trouble finding it, you can use the signup link to access the registration form.
2. Fill in your details.
Once you have pressed the Open Account button, a registration form will appear asking you to complete your details. After entering your details, click the Open Account button. Fill in the required information and click Continue if you have chosen to sign up for Facebook or Google.
3. Verify your email address.
After submitting your information, you will receive a confirmation email. After finding and opening the confirmation email, click Confirm.
4. Please fill in your personal information.
After verifying your email, you will be redirected directly to our website where you can fill out your personal details. You must provide accurate, current, relevant and verified information. To trade Forex, you must be at least 18 years old.
5. Choose a trading platform.
Next, choose the trading platform that you wish to use. You will be prompted to choose between a demo or real account.
You can compare OctaFX’s trading platform features with our comparisonof Forex account types to help you decide which account is right for you. The MT4 platform is the most popular choice for clients.
After you have chosen your preferred platform, you will need to decide whether to open a real account or a demo account. You can use virtual currency without any risks in a demo account, while a real account requires you to have real money.
Although you can’t withdraw funds from your demo account, you can practice strategies and get to know the platform quickly.
6. You can choose your account completely.
- Once you have selected a platform, click Continue to complete your account creation
- A summary of your account will be displayed, which includes:
- Account number
- Type of account (demo or actual)
- Currency of your account (EUR, USD)
- Leverage (you have the option to change it later in your account)
- Current balance
7. For withdrawal, make your first deposit.
Then you can make your first deposit or complete the verification process.
Please note that our AML/KYC policies require our clients to verify their accounts by providing required documentation. Our Indonesian clients are only required to provide one document. To submit your Indonesian client, you will need to take a picture of your SIM or KTP. This will confirm that you are the sole owner of your trading account. It also prevents unauthorized access.
You can create a trading account with OctaFX by following the steps. You must initiate the deposit process to start trading. Learn how you can deposit at OctaFX.
This information is important before you open an account.
- Before you open an account, please read the Customer Agreement.
- Margin trading in Forex involves significant risks. The risks involved in Forex trading are something you should be aware of before entering.
- AML policies and KYC policies protect accounts from unauthorized entry. We require documentation verification to ensure transactions are secure.
Is OctaFX a Legit Company and Regulated broker?
OctaFX is an accredited broker. This is what many people seek when looking for an online brokerage. It has been in business for more than ten years, and it has a strong reputation. OctaFX has been registered with the Financial Conduct Authority, which means it meets the standards set by the regulator.
Conclusion
Copy-trading allows you to take advantage of another person’s investment experience and knowledge. To decide which stocks you should buy, sell, or hold, you don’t need to analyse stock market trends or movements. Follow a professional investor. Imagine that you have found someone who has consistently generated high returns on their portfolio. You could theoretically copy them to achieve the same results.
Copy trading is mainly passive. This means that you can leave the difficult work of selecting investments to others. It’s possible to earn returns on your portfolio without spending hours researching the market. Since the pro trader directs investment decisions, diversification and risk management can also be done.