It is coming close to two years since the COVID-19 pandemic started and while there have been numerous challenges on both the work and home fronts, there has also been plenty of opportunities for people to take up... especially in the area of investment.
Because to start planning for our retirement and even our children's future education, one needs to find ways to grow wealth steadily and like it or not, the paltry bank interest that your savings account earns monthly just doesn't cut it. To grow wealth, one has to invest but before that, understanding your portfolio and managing the risk of investing according to your risk tolerance is extremely important.
So if you have been investing in unit tusts and/or stocks and wish to diversify your portfolio, you may wish to consider the forex market. Apart from the traditional banking system, the forex market tends to be one of the largest and the most influential, having the most liquid assets worldwide. And because of the internet, one can facilitate trades at any time of the day, anywhere in the world, right from your mobile device or computer.
Well, that's the easy part.
The not so easy part is figuring which forex trading platform to use because in order to trade forex, you need an account with a brokerage that offers forex trading access. Some of the best online brokers for forex offer more benefits and trading tools specifically tailored to understand volatile currencies, especially for newbies like me.
Yes, I am a noob when it comes to forex trading. In fact, I have to admit I know close to nothing when I first began researching for this blog post. So I was at a loss initially... until OctaFX came to the rescue.
Winner of Best Forex Broker Asia 2021, OctaFX is a Forex Broker that allows people the opportunity to earn more by trading on Forex both for professional traders and for novices. Yes, that last part was what attracted me to give their trading platform a go.
So what makes OctaFX stands out from the rest of its competitors?
1. One of the lowest spreads in the industry
The spread is the difference between the buy and sell price of an instrument. And like most brokers, OctaFX takes a fee from that spread. And OctaFX has one of the lowest spreads in the industry.
As you can see, OctaFX’s minimum spread for trading is 0.4 pips - which is relatively low compared to the other 2.5 pips spread that other forex brokers have.
2. No commissions on deposits and withdrawals
Compared to some forex brokers, OctaFX does not charge a fee when you make a deposit or perform a withdrawal of your money from the account - something that is very important in my opinion because every little bit helps when it comes to building up my retirement nest egg!
3. Ease of use
OctaFX offers forex trading via both via browser and mobile apps, making it easier to keep an eye on and execute my trades while I am on the move.
The dashboard and platform is clean-cut and intuitive to use. Especially for a newbie like me, I like how the whole thing is set up to be as fuss-free and easy to view and use.
4. Funds Security
Of course, the top-most question on most traders' minds when it comes to online trading is, "Is my money safe?"
OctaFX has taken steps to ensure that your deposits are secured in every possible way:
In accordance with international regulation standards, OctaFX uses separate accounts to keep protected customers' funds segregated from the company's balance sheets. This keeps your funds secure and untouched.
SSL-protected personal area
OctaFX uses highly secure technology to protect your personal data and financial transactions. SSL-secured Personal Area is protected with 128-bit encryption, which makes your browsing safe and your data inaccessible to any third parties.
OctaFX recommends you to verify your account by submitting your personal ID scan and an address proof. This simple measure will make sure your transactions are authorized and secured.
Secure withdrawal rules
Since a withdrawal from a live account requires an email confirmation, no one can ever access your account but yourself. It is also required that you use the same payment details for deposits and withdrawals. Thus, under no circumstances can OctaFX transfer your withdrawal to an unauthorized third party.
3D secure Visa authorization
OctaFX applies 3D secure technology when processing credit and debit cards. This technology makes all Visa transactions transparent and safe.
5. Tons of education tools and hand-holding until you're ready
This is my FAVOURITE part of OctaFX.
One aspect of OctaFX's vision is to educate as many people as they can about forex trading... even if this means letting everyone use their trading platform for free.
And this is exactly what OctaFX has done.
If you are like me who is unsure about plonking down REAL money to start forex trading - because well, the fear of losing money is real 😅 - OctaFX is your best bet to start learning all about the the forex market by trading with fictitious money!
All you have to do is to open an account with OctaFX and perform your trades using a DEMO account. All your trades are real-time, as with your profits and losses. Only difference is you can't realise your gains or worry about your losses because everything is on 'PRACTICE' mode. It's the best way to get myself familiarise with the world of forex trading if you ask me!
Oh, and there's more. OctaFX really walks the talk when it says it wants their clients to prosper with together with them since they see the relationship more of a partnership than a customer-based one. As such, they are big on suporting customers with the latest news and tips every day through emails as well as hosting various educational content like webinars live trading sessions, tutorials and market insights. All these are definitely welcome for a newbie like me.
One pleasant surprise for me is when I first signed up for the account, I had indicated I do not have much experience in forex trading. So what happened in the next few days was I started to receive emails from OctaFX with various useful tips on how to get started.
But the hand-holding doesn't end there. When you feel confident enough to perform your first live trade but still wish to tap on the expertise of the more experienced traders, you can utilise OctaFX's CopyTrading. OctaFX Copytrading offers an opportunity to automatically copy leading traders and forget about long hours of building your own trading strategy. All you have to do is to choose from the best Masters of Forex and diversify your trading portfolio.
What this means that you can potentially earn money even without trading by yourself! Simply create an account, perform a deposit, choose a Master Trader to follow, learn from them by watching their strategies and watch your portfolio grow in the process.
But don't take my word for it. TRY IT FOR YOURSELF by signing up for an OctaFX account.
Signing up is fuss-free and FREE! Not only that, you get a 50% bonus on the amount you deposit in your account!
I've been using the OctaFX platform for a few weeks now and I have got to say the experience is not as daunting as it initially sounds. A huge part of that has got to be the educational tools that OctaFX provides to its customers, which are extremely helpful to new forex traders like me.
And that's the thing about investing for our kids' and own future, isn't it? We must always be open to other investment instruments so as not to miss out on various opportunities. Forex trading through OctaFX acts as an complementary investment tool for parents who are looking to diversify their posrtfolio. In fact, all my past weeks of using OctaFX has piqued the interest of my eldest teen, Ash, who has asked more than a few questions about forex trading. So if you have teens like me, OctaFX is a great educational tool for older kids as well, to expose them to the world of forex trading. 😊
To find out more and/or to sign up for your free OctaFX account, visit HERE.