OctaFX Review

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Company Information A Forex broker with a worldwide reputation, OctaFX is nowadays providing broker services to customers based in over 100 countries across the wide globe. Armed with the most… more

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Website URLhttp://www.octafx.com/
HeadquartersKingstown, St. Vincent and the Grenadines
Support Number+44 20 3322 1059
Support Emailsupport@octafx.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Indonesian, Chinese, Malay, Portuguese, Spanish, Thai, German, Bengali, Hindi
Minimum 1st Deposit$50
Minimum Trade Amount0.01 lots
Maximum Trade Amount10 lots (MT4 Micro); Unlimited (ECN)
BonusUp to 50%
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationThe Financial Services Authority of St. Vincent and the Grenadines
Account TypesMicro, ECN
Deposit MethodsBank Wire, Visa, MasterCard, China UnionPay, Indonesia Local Banks, Neteller, Skrill
Withdrawal MethodsBank Wire, Visa, MasterCard, China UnionPay, Indonesia Local Banks, Neteller, Skrill
Types of AssetsForex, Metals
Account CurrencyUSD, EUR
ECN Broker Yes
Scalping Allowed Yes
Managed No
Lowspread Yes
Forex Demo Contests Yes
Forex Live Contests No
US Traders Allowed No

Full Review

Company Information

A Forex broker with a worldwide reputation, OctaFX is nowadays providing broker services to customers based in over 100 countries across the wide globe.

Armed with the most up-to-date knowledge and cutting-edge technology, the Forex company brings that extra level of convenience to your Forex trading atmosphere. Its top priority revolves around the satisfaction and trust of each and every customer’s requirements and needs. Having set the highest standards of providing services, OctaFX as well maintains them and persistently develops new services, bonuses, and promotions.

Acting in complete compliance with regulation standards and international legislation, Octa Markets Incorporated was incepted on the island of Saint Vincent and the Grenadines in 2011. OctaFX UK Limited is registered in England and Wales and it is the Financial Conduct Authority that strictly regulates and authorises the brokerage.

The trading servers of OctaFX are nestled in London while it possesses a large network of data centres and servers scattered around Asia and Europe, guaranteeing stable connection and low latency. The company’s best policy is its honesty – traders might review customer documents and other essential legal documents. What really makes OctaFX stand out from its competitors are its close attention to detail, perfection, and stability.


Trading Information

OctaFX offers three (3) different trading accounts for each of its trading platforms. The most common option, especially appropriate for novice investors, is the Micro account available for MetaTrader 4 (MT4). With it, the floating starts at 0.4 pips, there is no commission but there is a markup. The recommended deposit for an OctaFX Micro account is $100. 28 currency pairs, together with silver and gold, are accessible for trade. Micro account’s leverage is up to 200:1 for metals and 500:1 for currencies. The Stop Out/Margin Call level for this account is 15% and 25%.

Experienced traders are welcome to open a PRO account (MetaTrader 5) whose floating starts at 0.2 pips. The minimum deposit is $500, there is no commission but a markup. 28 currency pairs, 10 indices, 2 energies, and 4 metals are the available instruments for investments. PRO account’s leverage is up to 50:1 for indices, 100:1 for energies and metals, and up to 200:1 for currencies.

Progressive traders are invited to launch an ECN account at the cTrader trading platform of OctaFX. The floating of the ECN account starts at 0 pips. There are no markups, but there is a commission. The minimum deposit that is recommended for this account is $100. Currencies have a leverage of 500:1 while that for metals is up to 200:1. Investors can engage in trading of Gold, Silver, and 35 currency pairs.

A 100% Sharia-compliant Islamic account is a unique opportunity at OctaFX, which is accessible for all account types.

The minimum volume for all OctaFX’s accounts is 0.01 lot, there is no maximum volume, and the market execution is done in less than 0.1 seconds. In addition, all accounts derive benefit from hedging, scalping, expert advisors, and 5-digit precision.


Trading Platforms

OctaFX packs a mighty punch of three diverse trading platforms, including cTrader, MT4, and MT5.

MetaTrader 4’s characteristics include the trustworthy service of a virtual private server, easy to navigate and simplistic interface, customisable interactive charts, and built-in market for custom indicators and expert advisors. MT4 is wonderful for those who have just commenced online trading, as well as for a bit more knowledgeable traders, seeking a minimalistic yet classy platform.

What makes MetaTrader 5 amazing are its highly customisable interface, Stop Limit orders, cutting-edge one-click tools for trading, integrated development environment for EAs, as well as a built-in economic calendar. MT5 unites the simplistic MT4 interface with a host of new-fangled options which address the needs of fundamental and technical traders, offering them a huge array of graphical objects, indicators, and chart timeframes for a deeper technical analysis.

OctaFX’s cTrader shines with FIX API, server trailing stop, level II quotes, trading through advanced charts, and a convenient cloud service, maintaining in one place all templates and accounts. cTrader is characterised by convenient features and a rich environment that allow more flexibility when placing trades. The highly customisable platform is capable of living up to any trader’s fastidious needs.


Security and Customer Services at OctaFX

OctaFX provides for the utmost security of client funds by taking measures to ensure their protection, including segregated accounts, account verification, 3-D secure authorisation of MasterCard and VISA, secure withdrawal rules, and SSL-protected personal space.

OctaFX drives its trading vehicle in line with international regulation standards by maintaining customer cash in segregated accounts. Utilising top-notch secure technology, the Forex enterprise shields trader’s financial transactions and personal data against any fraudulent activities, embezzlements, and any third party access.

In an effort to provide even more security, OctaFX necessitates an address proof and a scanned personal ID for every investor. What further brings relaxed sleep at night is the 24/7 monitoring by a devoted team of technical specialists and professional security engineers.

Another level of high professionalism is OctaFX’s superb customer service. A testament for this is the 96% overall satisfaction rate of its customers and the supersonic response users get. The first one is in less than 7 seconds. The usual case resolution is within 3 minutes.

OctaFX’s website is crafted in English, Portuguese, Malay, Thai, Bengali, Hindi, German, Spanish, Chinese, and Indonesian.

Besides the data centres in London, the Forex broker possesses branches in Indonesia and Hong Kong.


Deposits and Withdrawals of OctaFX

OctaFX utilises a trailblazing online banking technology, charging no commissions and making use of the best exchange rates possible.

All payment systems that the company uses – Skrill, Neteller, VISA, and MasterCard – place credit in the trader’s account instantaneously. In addition, the minimum deposit amount with all those options is $50 while the minimum sum for withdrawals is set to $5. No commissions apply neither for depositing nor for withdrawing.

Don’t forget that presenting a valid ID and an address proof is obligatory before proceeding to any payments.

OctaFX’s trading accounts can only be launched in EUR and USD.


Deposit Bonus and Loyalty Programmes

The innovative Forex broker of OctaFX supplies each deposit with a further 50% bonus (a minimum $50 is required for deposits). The larger the volume you trade, the grander the profits.

There are conditions for receiving a bonus, though. Only verified accounts that are using MT4 and MT5 qualify for a bonus. The amount of bonus is 10%, 30%, or 50% and you cannot claim 11% or 27%, for instance. The bonuses for each deposit are considered separate bonuses. There is no IB commission for trading with bonus funds.

Another marvellous way to obtain extra cash is joining OctaFX’s demo contests. The Champion demo contest’s prize fund is $1,000 while $400 is the prize fund for the cTrader weekly demo contest.

See also: Forex.com Review

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