OctaFX

Editor's Score
Pros
  • Generous Promotions and Bonuses
  • Several Account Types
  • Demo and Islamic Accounts
Cons
  • Limited payment options
  • Apps not very user-friendly
  • Slightly Geared Towards Clients in Southeast Asia
Min Deposit
$5
Max Leverage
1:1000
Mini Account
Bonus
50%
Platforms
  • cTrader
  • MT4
  • MT5
Withdrawal Options
  • Credit cards
  • Debit cards
  • Skrill

Review

Introduction

OcatFX is one of the most well-known CFDs and Forex brokers in the world at present. Started in 2011, this company has been incorporated in the financial markets of the Grenadine islands and Sy Vincent. Keeping the Asian financial markets as its main service area, OcataFX has based in Jakarta, Indonesia. This platform has clients originating from over 100 nations around the world. It is important to note that the UK’s Financial Conduct Authority considers OctaFX as a legitimate and regulated brokerage.

Trading Conditions

Discover the Lowest Spreads in the Entire Industry

OctaFX traders are able to executive lightning trades at visible prices without any slippage.

Negative Balance Risk Mitigation

OctaFX does not charge any commission on services including making deposits or withdrawals. It also does not change a transaction fee for currency exchanges.

Types of Accounts on OctaFX

OctaFX offers three different types of accounts:

MICRO

This account type is meant for traders who wish to have the maximum leveraging options with the least monetary investment. The minimum deposit required to start this type of account is $50.

PRO

This account is meant for those with a good understanding of Forex and a willingness to invest for larger profits. This account offers the lowest spreads which allow for the maximum length of trade options. You can also engage in CFD trading from this account.

ECN

This account type is for professional traders who can make prudent investment decisions. It offers a great deal of mobility as it requires no markup and provides ample liquidity access. For traders looking to earn big, ECN is the right option.

Products

OctaFX basically offers two types of trading options – spot market trading and contract for difference or CFD trading. Traders can invest in a range of options on OctaFX including currency pairs, cryptocurrencies, stocks, market indices, precious metals, and other commodities. This combination of financial investment options allows for great profit potential. Investors can benefit from trading on the most popular market indices such as NASDAQ, Eurostoxx 50, Dow Jones etc.

At present, OctaFX can support three primary cryptocurrencies – Bitcoin, Ethereum and Litecoin.

Traders on OctaFX can also use CFDs to access trading on stock indexes.

Regulation

As stated earlier, OctaFX is under the regulatory oversight of the Financial Conduct Authority of the UK. This is one of the most stringent regulatory models in the Forex industry. The company was established in 2011 under Saint Vincent and the Grenadines IBC 2011 and granted the license number 19776. The company is in full compliance with international financial regulatory standards.

Platforms

MetaTrader4

OctaFX allows traders to select from a number of platforms for the biggest cross-section of trading preferences and levels. This platform has a very easy to understand setup and offers inbuilt expert advisors as well as customizable indicators.

MetaTrader 5

An increasingly popular platform on OctaFX, MT5 has been considered by many as a potential replacement for MT4. In addition to the MT4 features, it provides a far more customizable interface, stop limit orders and native economic calendar.

cTrader

cTrader is the top-level trading platform for ECN brokers. Naturally, it provides Level II quotes, server trailing stops, single-click trading and sophisticated charting options. It utilizes cloud servers to back up accounts and keep a centralized tab on all of them.

Mobile Trading

OctaFX is also available on mobile and has dedicated apps for both iOS and Android. There is virtually no performance difference between these mobile apps and desktop apps. Traders can easily use them to make trades while on the move.

The OctaFX Trading App is an officially acknowledged Forex trading software. It permits all financial transactions available through conventional desktop apps. Users can access the in-app settings to control their OctaFX trader profile and all activities related to that account.The apps provided fulfill the needs of traders, but we have seem apps from other brokerages that have been easier to use.

Pricing

OctaFX has a commission model based on trading. The actual commission charge is based on a mixture of standard prices and markup spreads. For ECN accounts, the charge is 3 cents per 0.01 lot. The table below provides a general idea of the spreads typically seen across OctaFX’s platforms.

Instrument

Spreads (in pips)

EUR/USD

1.1

USD/JPY

0.9

USD/CHF

1.2

LTC/USD

29.8

ETH/USD

15.2


Deposits & Withdrawals

OctaFX offers multiple channels for investment including credit/debit cards, bank wires, Skrill, Neteller etc. Traders from specific countries can also opt for local bank transfers. OctaFX is constantly adding new payment methods. The deposits must be in USD or EUR and must be at least $5 or equivalent for micro account balances.

For withdrawal requests, the processing time is almost instantaneous and validated through an email. However, this will only happen provided personal information about the withdrawer in available and verified. As per the international anti-money laundering laws, Forex brokers need to follow specific rules and OctaFX complies to them all.

In addition, OctaFX also keeps user funds distinct from that of the company. Thus, it is in compliance with international Forex trading standards. Further, it uses an authentication model through 3D secure technology for extra protection to online payments.

Customer Support

OctaFX offers customer service round the clock on all workdays i.e. 24/5. Customers can choose between email, direct change and free calling options. The company will also provide a range of market new along with research and economic calendar.

Research & Education

OctaFX offers several trader tools such as an economic calendar, market insights, forex news, profit calculator, trading calculator, monitoring, live quotes, interest rates, and national holidays. More tools include:

Signals: These tools include MQL5 community settings, signal settings, signal subscribers, and signal providers.

EAS: EAS tools include tester parameters, Code BaseToolbox, Experts Tab, Experts Advisors Launch, Expert Advisors Setup, Expert Advisors Shutdown, and Autochartist installation manual.

Noteworthy Points

· OctaFXCopytrading provides traders the chance to directly mimic the investment patterns of successful traders. This strategy is a failsafe against customized trading practices and ensures a reasonable degree of success.

· OctaFXhas been a supporter of the Bali Sports Foundation which takes care of disabled sportsmen in Bali and East Indonesia.

· OctaFX supported Rip Curl Cup Padang-Padang event in Bali, Indonesia.

· From July 1st, 2015 to 30th June 2016 OctaFX sponsored of Southampton FC, a top-level football club in the UK.

Awards won by them:

· Best Trades Execution 2017

· From Forex-Awards.Com

· Best Trading Conditions 2017

· From European CEO Magazine

· Best Forex ECN Broker 2017

· From UK Forex Awards

· Most Transparent Broker 2017

· From European CEO Magazine

· Best Trading Conditions 2016

Conclusion

OctaFX has a truly impressive array of features and options to offer to traders. Their personal support is also genuine and customer care executives seem to eagerly resolve client queries and problems.

Additionally, their competitions and trading bonuses add an edge to their brokerage. Most other Forex brokers do not offer such benefits. For novice and even experienced brokers, OctaFX offers a wide range of educational materials.

Novice traders also have the option of honing their skills with demo accounts which perfectly mimic live trade conditions.All in all, OctaFX is a very viable Forex brokerage that offers a good experience and can be used profitably by smart traders.

Comparison

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