Octafx Pakistan, registered with CySEC, is a recognized brokerage, established in 2011. It resorts under the supervision of European regulations, whilst its headquarters is located in Saint Vincent.
Octafx Pakistan is offering an avant-garde compatible design for all its accounts via a mobile app usable with only IOS but Neuron Markets provides a compatible design for all of the accounts via a mobile app usable with both IOS & Android devices. We see a lot of fake movements in octa. But we don’t see such problem in Neuron.
However, on 18 May 2022, the SBP (State Bank of Pakistan) declared Octafx Pakistan, an illegal online trading platform. Authorized dealers were barred from rendering their forex trading activity within Pakistan.
This came as a blow to traders in Pakistan who were using the Octafx Pakistan online platform. However, this should not dishearten forex traders, they should try to find the best broker within Pakistan, taking certain legal guidelines into account. After deep research and a number of clients and investors find the neuron markets which is an award-winning forex broker platform.
Important Guidelines to Take Into Account When Selecting a Forex Broker:
It seems to be a difficult task when you have to find a reputable Forex broker like (Neuron Markets) to be able to experience successful online trading. Below we have narrowed down some important guidelines which should be taken into account when choosing a forex broker, to prevent a similar occurrence that got Octafx Pakistan banned.
1. Forex Account Types:
When starting trading forex with the guidance of a broker, you will first have to make a decision about what kind of account you want to open.
However, account types are determined by the amount you have to deposit, and include:
- • Standard account
- • Mini account
- • Micro account
- • VIP account
Each of these accounts carries both a minimum deposit as well as minimum lots requirements. The standard lot, for example, has a lot of 100,000 units. However, owners with micro & mini accounts are permitted to trade with lots that are equivalent to 10,000 or 1,000 units.
There is also a difference as far as the leverage is concerned for every account type, which can vary from 1:1 to 1,000:1. Do an assessment about which types of accounts a broker is offering to find whether it will match your requirements.
Every broker which is featuring forex investments has both advantages & disadvantages. Below are the most essential factors to consider:
- • Regulation
- • Transaction fees
- • The security level these brokerages provide
The security features will differ from one broker to another. Some forex brokers will offer integrated security features such as two-step authentication in order to keep accounts hacker-safe. Octafx Pakistan security feature was not working properly and was mostly hacked in this way people are not trusting on Octafx Forex platform. Alternatively, Neuron markets have strong security features and provide such as two-step authentication in order to keep accounts hacker-safe.
2. Broker Regulation: Octafx Pakistan:
For a forex broker a license, issued by a regulatory body, will be an important accreditation. However, there is no guarantee that trading with such a regulated broker will be without problems, although it can offer some insurance against prospective fraud issues.
Thus, it is advisable to research where the brokerage is based, due to the fact that legislation requirements regarding financial registration differ from country to country, like what happened to Octafx Pakistan. In second place, it is a fact that the economic & political situation can have a great effect on a country’s state of affairs.
The NFA (National Futures Association) and CFTC (Commodity Futures Trading Commission) are regulating brokers within the United States. The under-mentioned countries are also regulating their forex brokers:
- • Germany
- • France
- • Austria
- • Switzerland
- • United Kingdom
- • Canada
However, traders should be aware that not every broker is regulated and be cautious of unregulated firms, as in the case of Octafx Pakistan.
3. Customer Service:
Forex trading is conducted on a 24-hour daily basis and the expectation is that your forex broker should have the ability to offer you customer service on a continuous basis.
You can actually test whether your broker’s customer support team will be able to render great service by contacting them via all their available communications. It is essential to be answered quickly which is especially applicable to its live chat service. Some platforms like Octafx Pakistan, and Exness are banned and working illegally in Pakistan their customer services are very slow and vulnerable.
Sometimes you might experience technical problems and you want prompt service. You should also take into account whether the broker’s customer service is speedy, as well as its quality & politeness before registering your account. Neuron Markets facilitate its customer with quality customer service on time.
4. Forex Broker Types:
Via forex trading you will be able to conduct trading with both the brokers & dealers, actually forming the connection between the individual forex trader & the market makers. Your orders are processed by them via computer systems, which is known as a Non-Dealing Desk.
However, spreads that are offered to forex traders can be either fixed or variable, whilst brokers are earning their commission which is a certain percentage regarding the spread, for instance, 5 dollars per trading lot.
The market makers are the dealers, processing the orders via their Dealing Desk. Another popular option is the ECN model, which provides the forex retail traders with accessibility to a supply of offers that the market makers quoted directly, and that results in rather low spreads.
5. Forex Bonuses:
Bonuses are offered to new clients by the majority of brokers, which poses to be a significant way for increasing a forex trader’s trading capital. For instance, brokers can offer bonuses of up to 30 percent or 50 percent on a new client’s initial deposit. This bonus amount is added to your trading account immediately, with which you can start trading. Pakistan Octafx is not providing proper bonuses to its clients due to non-registration.
Neuron markets brokers may permit you to withdraw this bonus later after you reached an established trading volume. Thus, it is advisable to take notice of the bonus terms & conditions of your broker to understand both the advantages as well as the restrictions which will be applicable when you accept a bonus.
Read more on best forex broker in Pakistan
6. Deposit & Withdrawal Methods:
It is highly important when you use your account for both funding & withdrawing some money. You should make sure which funding methods are offered by the broker.
The majority of brokers will accept the following:
- • Bank wire transfers
- • Credit & Debit cards
- • PayPal
- • Skrill - Moneybookers.
It is advisable that a forex trader should be clued up regarding the funding methods available as well as the fees applicable for each payment method. Also, do your research on whether the broker has requirements regarding a minimum deposit as well as withdrawal.
7. Margin Call & Leverage:
Before a forex trader makes orders with a broker, make sure about their requirements regarding a margin call. Probably you are aware that it remains the forex broker’s right, when your trading account’s margin becomes insufficient, to issue such a margin call. Neuron Markets may send complete details about margin cell and leverage at the time of initial connection.
However, the rules applicable in these situations may vary from brokers who have the preference to either ask the investor to elevate the margin or to close such an investor’s deals. Thus, leverage is important and a trader should opt for the level which suits his / her trading abilities & needs.
It is essential to choose a reputable & reliable broker from the proverbial hundreds out there, who offer the features which suit you. After choosing a broker you will be a step closer to conducting online forex trading more successfully.
We want to encourage you to resume your forex trading business within Pakistan, regardless of what happened to Octafx Pakistan, in your quest to find Pakistan’s best forex broker.