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Do you want to know which is the better broker between Octa and TriumphFX ?
In the table below, you can compare the features of Octa , TriumphFX side by side to determine the best fit for your needs.
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of octafx, triumphfx lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Registered in | Cyprus |
Regulated by | CYSEC |
Year(s) of establishment | 2-5 years |
Trading instruments | 28 Currency pairs + 2 metals + 2 energies + 10 indices |
Minimum Initial Deposit | 100 euro |
Maximum Leverage | 1:30 |
Minimum spread | 0.3 pips onwards |
Trading platform | MetaTrader 5 |
Deposit and withdrawal method | VISA, skrill, Swissquote Bank SA, Rietumu Bank, BlueOrange Bank. |
Customer Service | Email, address, live chat |
Fraud Complaints Exposure | Yes |
Negative balance protection | Yes |
It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.
Pros:
Wide range of trading instruments available, including 28 currency pairs, 2 metals, 2 energies, and 10 indices.
Competitive spreads, starting from as low as 0.3 pips, with zero commission charges.
Convenient and feasible payment methods, with no extra fees charged by the company.
MetaTrader 5 platform available for trading, with a user-friendly interface and a variety of features.
Back office support available from 9:00 to 18:00 EET Monday to Friday, and live chat service also provided for customers.
Regulated by the CYSEC, ensuring a high level of safety and security for clients' funds.
Straightforward and detailed website, making it easy for clients to navigate and find the information they need.
Cons:
Limited educational resources, with only a few calculators available.
No other account types are offered besides the MetaTrader 5 account.
Maximum leverage is relatively low, only up to 1:30.
Limited customer support options, with only email and live chat available.
No physical office or phone support available, which may be inconvenient for some clients.
Limited bonuses or promotions offered compared to other brokers.
No mobile app available for trading, which may be a disadvantage for clients who prefer to trade on-the-go.
Advantages | Disadvantages |
OctaFX offers tight spreads and fast execution due to its Market Making model. | As a counterparty to its clients' trades, OctaFX has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients. |
OctaFX is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, OctaFX acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that OctaFX has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with OctaFX or any other MM broker.
OctaFX is a Cyprus-based forex broker regulated by the CYSEC. The company offers trading in 28 currency pairs, 2 metals, 2 energies, and 10 indices with a maximum leverage of up to 1:30. OctaFX has only one MetaTrader 5 account type with zero commission and a minimum deposit requirement of 100 euros. Deposits and withdrawals are feasible through a variety of payment methods, with no extra fees charged by OctaFX. Customer support is available through email and live chat, and the broker's correspondence address is in Limassol, Cyprus.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Advantages | Disadvantages |
Wide range of currency pairs and other instruments available for trading | Limited selection of commodities and cryptocurrencies |
Option to trade indices | No individual stock trading available |
Competitive spreads | Limited selection of exotic currency pairs |
Access to trading gold and silver | No access to other precious metals such as platinum or palladium |
OctaFX offers a diverse range of instruments for traders to choose from, including 28 currency pairs, 2 metals, 2 energies, and 10 indices. Traders can access major currency pairs such as EUR/USD and USD/JPY, as well as less commonly traded pairs like USD/TRY and USD/HKD. In addition, OctaFX offers trading in gold and silver, as well as energies such as Brent crude oil and natural gas. Traders can also access indices such as the FTSE 100 and the Nikkei 225. However, OctaFX's instrument selection does have some limitations, such as a limited selection of cryptocurrencies and no individual stock trading available. Overall, the range of instruments offered by OctaFX is competitive, with a strong focus on forex trading.
Advantages | Disadvantages |
No commission fees | Limited account types |
Low spreads for major currency pairs | Higher spreads for minor and exotic pairs |
Detailed information on spreads, SWAPs, and stop levels | No variable spreads |
No hidden fees or charges | Limited transparency on rollover costs |
OctaFX offers a no-commission fee trading model with a single account type, which can be an advantage for traders who prefer simplicity and transparency. The broker offers competitive spreads for major currency pairs, with spreads for EURUSD ranging from 0.4 to 0.5 pips. In addition, OctaFX provides detailed information on spreads, SWAPs, and stop levels for each trading instrument, which can help traders make informed decisions. However, there are some disadvantages to consider, such as higher spreads for minor and exotic currency pairs, limited transparency on rollover costs, and the lack of variable spreads, which may not suit some traders' needs. Overall, the costs and fees of OctaFX are relatively low, and the broker provides transparency and clarity in its pricing structure.
Advantages | Disadvantages |
Only one account type makes it simple and easy to choose and use | Limited options for traders who may want more customization |
Zero commission allows for more cost-effective trading | Potentially limited profit margins for the broker, which could affect service quality |
Low minimum deposit of 100 euro makes trading accessible to more individuals | Some traders may prefer higher deposit requirements for increased credibility and access to more features |
Competitive spreads from 0.3 pips can result in better trading conditions | Spread may widen during news releases and other market events, resulting in increased trading costs |
Regarding the account types dimension, OctaFX offers a single account type using the popular MetaTrader 5 trading platform. This simplicity may appeal to traders looking for an uncomplicated trading experience. Additionally, the absence of commissions and competitive spreads starting from 0.3 pips may result in more cost-effective trading for clients. However, the single account type may not be ideal for traders looking for more customization, and some may prefer higher minimum deposit requirements for increased credibility and access to additional features. It's worth noting that spreads may widen during news releases and other market events, which could result in increased trading costs.
Advantages | Disadvantages |
Advanced Trading Tools | May be overwhelming for beginner traders |
Flexible Trading Options | No mobile or web-based platforms available |
Customizable Interface | Limited access to third-party plugins and add-ons |
Supports Automated Trading | Limited educational resources for platform-specific features |
Access to Market Depth Information | Limited charting tools and technical indicators |
OctaFX offers the popular MetaTrader 5 (MT5) platform as their sole trading platform. MetaTrader 5 is well-known in the forex industry for its advanced trading tools, customizable interface, and support for automated trading. With MetaTrader 5, traders can access flexible trading options, including access to market depth information, as well as a wide range of trading instruments. However, the platform may be overwhelming for beginner traders and it currently lacks mobile or web-based platforms. Additionally, while MetaTrader 5 does offer some charting tools and technical indicators, it may be limited compared to other trading platforms. Finally, there is also a limited number of third-party plugins and add-ons available for the platform, and there are limited educational resources for platform-specific features.
Advantages | Disadvantages |
Allows for potentially larger profits with smaller account balances | Can increase the risk of large losses for inexperienced traders |
Provides flexibility in trading strategies | May lead to overleveraging and margin calls |
Enables traders to take larger positions in the market | Can amplify market volatility and increase the likelihood of slippage |
Can be useful for hedging or risk management purposes |
OctaFX offers a maximum leverage of 1:30, which can provide traders with the opportunity to potentially increase profits with smaller account balances and take larger positions in the market. However, it is important to note that high leverage can also significantly increase the risk of large losses, especially for inexperienced traders who may be more susceptible to overleveraging and margin calls. It is crucial for traders to use leverage wisely and implement proper risk management strategies to mitigate these risks. Additionally, not all trading instruments or account types may offer the maximum leverage, so traders should be aware of the limitations and requirements for each instrument and account type.
Advantages | Disadvantages |
Various payment methods available | Limited payment options |
Detailed information on deposit and withdrawal | No local payment options |
No extra fees charged | Long processing times for some payment methods |
Quick and efficient processing times | High minimum deposit amount of €50 |
Secure payment options | No cryptocurrency payment options |
OctaFX provides a wide range of payment methods, making it convenient for traders to deposit and withdraw funds. They also provide detailed information on the deposit and withdrawal process, which makes it easy for traders to understand the process. Another advantage is that there are no extra fees charged by OctaFX for any payment method. Additionally, the processing times are quick and efficient. However, the payment options are limited, with no local payment options available. Some payment methods may also have long processing times. The minimum deposit amount of €50 is also relatively high compared to some other brokers. Finally, OctaFX doesn't accept cryptocurrency payments, which might be a disadvantage for some traders.
Advantages | Disadvantages |
Basic calculators | Limited educational resources |
Easy to use | No webinars or tutorials available |
Helpful for beginners | No market analysis or trading ideas provided |
OctaFX has a limited selection of educational resources available for its customers, with only basic calculators provided to help with trading. While these tools may be helpful for beginners, the lack of other educational resources such as webinars, tutorials, market analysis, and trading ideas may make it challenging for more experienced traders to improve their skills and stay up-to-date with market trends. The absence of educational articles or eBooks may also be a disadvantage for traders looking to expand their knowledge and gain a deeper understanding of the market. Overall, OctaFX's educational resources are limited and may not be suitable for traders seeking a more comprehensive learning experience.
However, if you're not limited to their website, you can see more educational resources on their official YouTube channel. Here is a video of a market analysis.
Advantages | Disadvantages |
Multiple ways to contact customer support including email and live chat | No 24/7 customer support |
Back office service available during regular business hours | No phone support |
Physical correspondence address provided for customer inquiries | Limited availability on weekends |
OctaFX provides a range of customer care options for its clients, including email support and live chat. They also offer a back office service during regular business hours for additional assistance. A physical correspondence address is also provided for clients to send inquiries. However, OctaFX does not offer 24/7 customer support and phone support is not available. Additionally, their customer support availability is limited on weekends.
In conclusion, OctaFX is a reputable forex broker that provides traders with access to a wide range of trading instruments, including currency pairs, metals, energies, and indices. The company offers a user-friendly MetaTrader 5 platform, low spreads, and no commissions, which makes it an attractive choice for traders. OctaFX also provides a detailed deposit and withdrawal process with a range of feasible payment methods. However, the company's educational resources are limited, and the maximum leverage offered is relatively low compared to some other brokers. Overall, OctaFX is a reliable option for traders who value a simple and straightforward trading experience, with efficient customer support available via email and live chat.
What is OctaFX?
OctaFX is a forex broker that offers online trading services to customers around the world. It is a Cyprus registered company regulated by the CYSEC.
What trading platforms does OctaFX offer?
OctaFX offers the popular MetaTrader 5 trading platform, which is available for desktop and mobile devices.
What instruments can I trade with OctaFX?
OctaFX offers a range of trading instruments, including 28 currency pairs, 2 metals, 2 energies, and 10 indices.
Does OctaFX charge any commissions?
No, OctaFX does not charge any commissions on trades.
What is the minimum deposit required to open an account with OctaFX?
The minimum deposit required to open an account with OctaFX is 100 euro.
What payment methods are available for deposits and withdrawals?
OctaFX accepts a variety of payment methods, including VISA, Skrill, Swissquote Bank SA, Rietumu Bank, and BlueOrange Bank.
What customer support options are available at OctaFX?
OctaFX offers customer support via email at clientsupport@octafx.eu, live chat, and a back office service available from 9:00 to 18:00 EET Monday to Friday.
TriumphFX Review Summary in 10 Points | |
Founded | 2009 |
Headquarters | Cyprus |
Regulation | BaFin, CYSEC |
Market Instruments | Forex, precious metals |
Demo Account | Available |
Leverage | 1:30 for retail/1:500 for professional |
EUR/USD Spread | 0.4 pips |
Trading Platforms | MT4 |
Minimum deposit | $/€/£100 |
Customer Support | phone, email |
TriumphFX was founded in 2009 and is based in Cyprus, providing professional online trading services to investors, traders, and institutional clients through a robust NDD and STP order processing model.
TriumphFX is regulated by Federal Financial Supervisory Authority (BaFin) and Cyprus Securities and Exchange Commission (CySEC). TriumphFX is also registered with Financial Conduct Authority (FCA) and Vanuatu Financial Services Commission (VFSC), but these two licenses have already been revoked.
TriumphFX has been brought into a series of scandals about the inability to withdraw funds, illegal brokers, as well as failing to log in to its official website, etc. Please be aware of the risk.
TriumphFX offers competitive trading conditions with low spreads, multiple account types, and MT4 trading instrument. Additionally, the broker is regulated by reputable authorities and offers negative balance protection. However, too many complaints from users saying that they have difficulty withdrawing. And their educational resources, research and analysis tools are limited compared to other brokers.
Pros | Cons |
• Regulated by BaFin and CYSEC | • Too many complaints from users |
• Offers multiple account types | • Limited range of tradable instruments |
• Competitive trading conditions | • Limited educational resources |
• Wide range of payment methods available | • No 24/7 customer support |
• User-friendly MT4 trading platform | • Limited research and analysis tools |
Note: The above table is based on general information and may not be comprehensive. Pros and cons may vary depending on individual experiences and circumstances. Each trader has unique needs and preferences, so it is important to carefully consider your own trading style and goals when selecting a broker.
There are many alternative brokers to TriumphFX depending on the specific needs and preferences of the trader. Some popular options include:
XM: This is a popular forex broker that is known for its low spreads, multiple trading platforms, and excellent customer service. They are regulated by multiple top-tier authorities, including the ASIC, CySEC, and FCA, which makes them a safe and reliable choice.
Pepperstone: This broker offers a wide range of trading instruments, low spreads, and fast trade execution speeds. They are also regulated by top-tier authorities such as the FCA and ASIC, which ensures that they are a trustworthy option.
IG: This broker offers a variety of trading instruments, competitive pricing, and a user-friendly trading platform. They are also regulated by top-tier authorities such as the FCA, which ensures that they adhere to strict financial regulations and are a safe and reputable broker.
Based on the information provided on TriumphFX's website, as well as their regulatory status, it seems that TriumphFX takes measures to protect its clients' interests and promote a safe trading environment. They are licensed and regulated by reputable authorities, and have implemented several security measures to ensure the safety of its clients' funds, such as segregated accounts and negative balance protection. However, there have been some negative reviews from clients regarding withdrawal issues, which is a red flag.
Protection Measure | Detail |
Regulation | BaFin and CYSEC |
Investor Protection | Segregated client funds are separated from the firm's operational accounts. The clients' funds are kept in leading investment global banks. |
Negative Balance Protection | Your live trading account balance is always protected from dipping into a negative status and TriumphFX will absorb the loss if it does. |
It's important to note that while TriumphFX takes steps to protect its clients, no broker can guarantee complete protection against all risks. Clients should always do their own research and carefully consider the risks involved in trading before making any investment decisions.
TriumphFX offers investors a small range of trading instruments, including over 60 pairs of the most popular major currency pairs in the Forex market, minor currency pairs, exotic currency pairs, as well as precious metals such as gold and silver.
To meet the investment needs and trading experience of different investors, TriumphFX offers three different types of accounts, namely Classic Accounts, Gold Accounts, and Premium Accounts. The minimum deposit requirement is 100. The base currencies of the accounts are EUR, USD, and GBP, and the minimum trade lot size is 0.01. Demo accounts are also available.
TriumphFX, as a Cyprus-regulated broker, offers the maximum trading leverage of up to 1:30 for retail clients. Traders can adjust the leverage according to their knowledge and experience, and professional clients can trade with a maximum leverage of up to 1:500.
It is important to keep in mind that the greater the leverage, the greater the risk of losing your deposited capital. The use of leverage can both work in your favour and against you.
All spreads with IMS FX are a floating type and scaled with the asset class. The minimum spread on the TriumphFX platform is 0.4 pips for EURUSD, 0.1 pips for EURGBP, 1.2 pips for GBPUSD, 0.8 pips for USDJPY, 1.7 pips for XAUUSD, and 1.7 pips for XAGUSD. It seems that there is no commission charged.
Below is a comparison table about spreads and commissions charged by different brokers:
Broker | EUR/USD Spread | Commission |
TriumphFX | 0.4 pips | No |
XM | 0.1 pips | No |
Pepperstone | 0.1 pips | No |
IG | 0.6 pips | No |
Note: Spreads can vary depending on market conditions and volatility.
TriumphFX offers traders the flexibility to choose from the market-leading and widely acclaimed MT4 trading platform, as well as MT4 Windows, MT4 iOS, and MT4 Android. MT4 is known as the ideal forex trading platform with powerful charting and data analysis tools, an intuitive and clear interface, and support for EA intelligence. MT4 can develop suitable trading strategies for traders of different levels, helping traders to trade with ease.
See the trading platform comparison table below:
Broker | Trading Platform |
TriumphFX | MetaTrader4 |
XM | MetaTrader4, 5 |
Pepperstone | MetaTrader4, 5 |
IG | MetaTrader4, ProRealTime, L2 Dealer, IG Trading Platform |
All four brokers offer MetaTrader4 and have mobile, web, and desktop versions available. XM and Pepperstone also offer MetaTrader5, while IG has a wider range of trading platforms including ProRealTime, L2 Dealer, and its own IG Trading Platform.
TriumphFX offers several trading tools designed to help traders stay informed and up-to-date with the latest market trends and developments. The economic calendar provides real-time updates on upcoming economic events and their potential impact on the markets, while the FX analysis and news section offers daily market commentary and analysis from TriumphFX's team of experts. These tools can be especially useful for traders who rely on fundamental analysis to make informed trading decisions.
Additionally, TriumphFX offers access to a variety of technical analysis tools, including charting and indicators, that can be used to identify trading opportunities and potential market trends. Overall, TriumphFX's trading tools can be a valuable resource for traders looking to stay ahead of the markets and make more informed trading decisions.
TriumphFX supports clients by depositing and withdrawing funds to their investment accounts via Visa, MasterCard, Bank Wire, Neteller, and Skrill/Moneybookers.
The minimum deposit amount is $/€/£100.
No commissions are charged on deposits. For any deposit equivalent or above $500, TriumphFX will reimburse the Intermediary Bank Charges. Regardless however, all Local Bank Charges incurred by the sending bank will not be reimbursed. Your deposits will be processed within 2-3 business days from the day your funds are sent from your bank account. After confirmation of your deposits, your funds will be immediately credited into your trading account.
Traders withdrawing funds via NETELLER and Skrill/Moneybookers pay 1% commission and while via VISA & MasterCard, the withdrawal fee is $3/€2/£2. For Bank Wire withdrawals, if your withdrawal amount is less than €1,000, the fees will be $30/€20/£25, and any above will be charge + 0.15%. All withdrawals are subjected to intermediary bank charges ranging from $25 to $75 per transaction. It will take 2-5 business days to process your request.
TriumphFX | Most other | |
Minimum Deposit | $/€/£100 | $/€/£100 |
In order to create a Withdrawal Request please:
Step 1: Login to your trading account ( https://secured.triumphfx.com/login ) .
Step 2: Go to the Withdrawals Section.
Step 3: Click Create Withdrawal and choose the method you want to withdraw your Funds.
Step 4: Fill in all the required fields.
Step 5: Submit the web form.
TriumphFX offers customer support via phone, email, and online messaging. You can also follow this broker on social networks such as Facebook, Instagram and LinkedIn. Overall, the customer service of TriumphFX appears to be satisfactory.
TriumphFX offers a range of educational resources to help traders improve their trading knowledge and skills. These resources include Forex essentials and Forex glossary. Additionally, TriumphFX offers a demo account for traders to practice their trading strategies and get familiar with the platform before trading with real money. Overall, TriumphFX's educational resources can be a valuable asset for both new and experienced traders looking to improve their trading skills.
All in all, TriumphFX seems to be well-regulated, but there are numerous negative reviews from users. Many users have reported difficulties in withdrawing funds, and some have even accused TriumphFX of being an illegal Ponzi scheme. Despite offering attractive trading conditions, the high number of negative reviews and accusations of illegal activity should be a red flag for potential investors. It is important to thoroughly research any broker before investing and to exercise caution when dealing with TriumphFX.
Q 1: | Is TriumphFX regulated? |
A 1: | Yes. It is regulated by BaFin and CYSEC. |
Q 2: | Does TriumphFX offer industry-standard MT4 & MT5? |
A 2: | Yes. TriumphFX supports MT4. |
Q 3: | What is the minimum deposit for TriumphFX? |
A 3: | The minimum initial deposit with TriumphFX is $/€/£100. |
Q 4: | Is TriumphFX a good broker for beginners? |
A 4: | No. It is not a good choice for beginners. There are too many negative reviews from their users saying that they have difficulty withdrawing. |
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive octafx and triumphfx are, we first considered common fees for standard accounts. On octafx, the average spread for the EUR/USD currency pair is from 0.3 pips, while on triumphfx the spread is From 0.1.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
octafx is regulated by CYSEC. triumphfx is regulated by BaFin,CYSEC,FCA,VFSC.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
octafx provides trading platform including MT5 account and trading variety including 28 Currency pairs + 2 metals + 2 energies + 10 indices. triumphfx provides trading platform including Premium Account,Gold Account,Classic Account and trading variety including --.