OctaFX is an online broker providing market-leading STP execution for forex trading. Offering a range of financial instruments through CFDs, OctaFX combines the MT4 and cTrader prowess to provide convenient trading platforms across all devices for trading.
Discover OctaFX’s advantages and strong points in some of the most important aspects of brokerage services by leafing through this broker review.
OctaFX Background & Safety
In 2011, Octa Markets Incorporated brandished the OctaFX brand in the brokerage industry. Since then, over 1.5 million trading accounts have been opened with OctaFX, accounting for the 288 million executed trades in its trading system. The broker covers a hundred countries across the globe.
The firm is headquartered in Saint Vincent and the Grenadines, a popular destination for offshore brokers. OctaFX is licensed and regulated by the Financial Services Authority St. Vincent and the Grenadines. Meanwhile, OctaFX EU is affiliated with the Cyprus Securities and Exchange Commission (CySEC), replacing its old ties with the Financial Conduct Authority in the U.K. as Brexit happened and took its toll on EU-bound business entities there.
One good thing to highlight with the broker’s background is its tight client fund security measures. OctaFX is pretty serious in complying with the international regulation standards by having a separate account for its client funds. The broker also features an SSL-protected personal area with 128-bit encryption for enables safe browsing for its clients. This is coupled with a 3D secure VISA authorization when processing debit/credit card transactions. Ultimately, the broker claims to have a dedicated team of professional engineers and technical specialists to monitor OctaFX’s trading environment 24/7.
Painting the picture of the broker’s proven track record, let us brush through some of OctaFX’s international multiple recognitions and awards. First on our list is the “Best Forex Broker Nigeria 2020” citation by the Global Banking and Finance. Another is “Best CFD Broker Asia Pacific 2020” by the cfi.co. OctaFX was also hailed as “Best Cryptocurrency Broker 2020” by FXexplained.co.uk. World Finance also named OctaFX as “Best ECN Broker 2020”. The list goes on and is proof of the broker’s excellence in providing brokerage services.
OctaFX Features & Fees
OctaFX provides traders access to several financial markets including forex, CFDs, cryptocurrencies, commodities, and stocks.
Account types propped up by OctaFX are anchored to the trading platform preference of its traders. Having three platform offerings, OctaFX also has three account types to choose from.
MT4 Micro Account – recommended for novice traders, the account has varying spreads (floating or fixed), allowing the trader to choose. Fixed spreads start from 2 pips while floating spreads start from 0.4 pips. The account requires a $100 minimum deposit, providing access to 28 currency pairs, gold and silver metals, 4 indices, and 3 cryptocurrencies. The maximum leverage is set as follows: Forex – 1:500, Metals – 1:200, Indices – 1:50, Crypto – 1:2
MT5 Pro Account – designed for experienced traders, the account features a more complex set of trading conditions. It includes floating spreads from 0.2 pips, a $500 minimum deposit, and a set of trading instruments which include 28 currency pairs, 2 metals, 2 energies, 10 indices, and 3 cryptocurrencies. The leverage level is up to 1:200 for forex, 1:100 for both metals and energies, 1:50 for indices, and 1:2 for crypto. The minimum trade size is 0.01 lots, market execution is 0.1 seconds, 5 digits precision, and allows strategies such as hedging, scalping, and expert advisors. It also has a 45% margin calls and a 30% stop out level.
cTrader ECN Account – recommended for progressive traders who wish to see more transparency in pricing, the account features floating spreads starting from 0 pips and a minimum deposit amount worth $100. It has limited trading instruments that feature 28 forex pairs and 2 metals in gold and silver. For currencies, leverage is up to 1:500 and 1:200 for metals.
OctaFX accepts all the most popular funding methods including VISA/Mastercard, Skrill, Neteller, and Bitcoin. Each method has a minimum deposit/withdrawal amount. The mentioned payment options do not have deposit and withdrawal fees on the broker’s end.
OctaFX gives give a 50% deposit bonus for each deposit amount. The deposit bonus can be withdrawn by multiples of ten percent, such as 10%, 20%, 50%, and so on. The broker also has a status program to boost the trader’s accessed features and services. Trade & Win is another promotional campaign, giving away gadgets to its clients.
OctaFX Trading Platforms & Tools
As mentioned above, the broker offers three platforms: MT4, MT5, and cTrader.
OctaFX’s MT4offering is powered with high-security standards that match its user-friendly interface for novice traders. It also features all three execution modes with efficiency. The platform has a free demo account for first-time users to navigate the platform with zero financial risks.
Sporting the MT5 platform, OctaFX presents it with some style, injecting the lowest spreads in the industry. It also gives traders a better trading experience with the integration of the Depth of Market tool, support to all order types, and one-click trading.
cTrader is intended for traders focusing on forex and CFD trading. It has 26 built-in cTrader charting tools, a customizable interface, and 50 savable chart templates for trading strategies. cTrader is also compatible with Android, iOS, web, and desktop devices. Most notably, traders are introduced to level 2 pricing, fast order executions, and advanced order types.
Here’s a look at the broker’s Market Insight page where traders can feast their eyes on when they do market researches.
OctaFX is among the few brokers sporting a well-organized and superbly designed website. Aside from this, the broker has a solid platform offering in MT4, MT5, and cTrader. It also helps that the broker offers tight spreads and competitive pricing.
All in all, OctaFX is a recommendable online trading site as it is duly regulated and follows international regulation standards.