OctaFX Review
OctaFX is a leading CFDs and FX broker that was established in 2011. The company was incorporated in the islands of St Vincent and the Grenadines. Nevertheless, with the Asian markets as its primary focus, OctaFX operates out of Jakarta Indonesia and serves clients from more than 100 different countries around the world. It should be noted that OctaFX is actually a regulated broker under the purview of the UK’s Financial Conduct Authority (FCA).
OctaFX Video Review
VIDEO
Regulations
In terms of regulatory oversight, OctaFX is regulated by two different regulatory bodies. Firstly by virtue of the fact that it was incorporated on the islands of St Vincent and the Grenadines, it comes under the jurisdiction of the International Business Companies (Amendment and Consolidation) Act 2007 and the International Business Companies Regulations 2008. In addition, OctaFX since 2015 is also under the jurisdiction of the FCA. Both these regulatory bodies help to ensure that OctaFX is in compliance with international regulatory requirements.
Reliability
In terms of reliability, OctaFX has won numerous awards from several international reviewers testifying to its reliability. It has won recognition from leading financial reviewers such as Forex Awards.com, European CEO magazine, UK Forex awards, Forex Report Magazine and us here at FXEmpire. Some of the awards won by the OctaFX include “Best ECN Broker ”, “Best Trading Condition”, “Best Forex ECN Broker” and “Most Transparent Broker”. All these awards signify the conditions which traders can expect from dealing with OctaFX.
Trading Platforms
For trading platforms, OctaFX offers a choice of 3 different types of trading platforms. They include the MetaTrader 4, the MetaTrader 5 and the cTrader.
MetaTrader 4
The MetaTrader 4 or MT4 platform has been deemed as the most popular online trading platform for forex and CFD traders. It is a robust trading platform offering numerous trading tools to enhance the trading abilities of its users. However, the most notable feature of the MT4 trading platform is the fact that it also supports automated trading through the use of Expert Advisors (EAs). The MT4 platform despite its sophistication is user-friendly and highly customizable. It comes with a complete charting package as well as a wide array of technical indicators which can be overlaid on to the charts for more in-depth analysis.
MetaTrader 5
Apart from the MT4 platform, OctaFX has also provided its clients with the MetaTrader 5 (MT5) trading platform. The MT5 platform while often regarded as an updated version of the MT4 is in fact designed to accommodate different financial markets apart from forex. With the MT 5 platform, you can also trade in commodities and stocks. In essence, the MT5 allows for better integration with a centralized exchange. The forex market is basically a decentralized market, while stocks and commodities are traded on exchanges.
CTrader
For traders that wish to trade with raw spreads, they can utilize the cTrader trading platform to access the interbank rates. It allows for fast execution of trades as well as transparency in pricing.
OctaFX Mobile Trading
For OctaFX’s clients who are constantly on the move, OctaFX offer mobile trading apps which can be downloaded from Google Play store or Apple app store. These mobile apps offer the same powerful features as their desktop counterparts and allow you to trade the markets directly from your smartphone.
OctaFX Copytrading
OctaFX Copytrading offers an opportunity to automatically copy leading traders and forget about long hours of building your own trading strategy. Choose from the best Masters of Forex and diversify your trading portfolio.
How it works:
Surf through the ratings of our Master Traders and select the best ones for you. Invest money, choose your desired income rate, estimate tolerable risks, and that’s it—sit back and watch your balance grow.
A brief summary of what you’ll get with OctaFX Copytrading:
Huge return rate: more than 20% monthly gain No advanced knowledge required – the best traders work for you No restrictions on the minimum deposit – you can start earning with even 5 USD No complicated software or downloads required – on tuning is done on the website or through Mobile App.
Trade Types/Instruments
In terms of trade types, OctaFX offers spot market trading and contract for difference (CFDs) trading. Assets covered by OctaFX include currency pairs, cryptocurrencies, precious metals, market indices, stocks, and commodities.
Account Types
The trading accounts at OctaFX are categorized into 3 different types according to the trading platforms preferred by the traders.
MT4 Micro Account
For beginner traders
Commission-free trading
Fixed and Floating spreads
Maximum leverage of 1:500
Minimum deposit requirement of $100
MT 5 Pro Account
For experienced traders
Floating spreads
Market execution
Commission-free trading
Maximum leverage of 1:200
Minimum deposit requirement of $500
cTrader ECN Account
For traders wishing to trade with raw spreads
Floating spreads
Maximum leverage of 1:500
Minimum deposit requirement of $100
Commissions & Spreads
For trading costs, OctaFX charges its clients a mix of commission and markup spreads on the trades ECN account is 3 cents per 0.01 lot. To give beginner trades an idea of the spreads which they can expect from OctaFX, below is a table showing the typical spreads offered by OctaFX on various frequently traded instruments.
Instrument Spreads (in pips)
EUR/USD
1.1
USD/JPY
0.9
USD/CHF
1.2
LTC/USD
29.8
ETH/USD
15.2
BTC/USD
11.5
EUR/JPY
1.1
Gold
3.1
Silver
3.0
Dow Jones
3.9
Deposits & Withdrawals Options
Unlike most brokers in the industry, OctaFX offers only 3 payment options , Bitcoin deposit and withdrawal, Neteller and Skrill. Funds deposited through these methods are accessible immediately. Withdrawals are also done through these methods with a minimum withdrawal amount of $25 for Bitcoin withdrawals, $5 Skrill and Neteller.
For traders in Malaysia and Indonesia, local deposits are also available.
Bonus & Promotions
For promotions, OctaFX offers a deposit bonus of up to 50% on all deposits for all verified account holders. In addition, you can also participate in trading contests offered by OctaFX on a weekly and monthly basis and win attractive cash prizes. Prizes up for grabs range from $25 to $500.
Customer Support
The customer support service at OctaFX is available 24 hours a day from Monday to Friday. It is provided in 4 different languages namely, English, Indonesian, Spanish and Polish. To access the support service, you can reach out to the support team through email, live chat, telephone and inquiry form.
Pros & Cons
Pros
Regulated by FCA
Low minimum deposit requirement
ECN Trading available
Low spreads
Responsive customer support
Cons
OctaFX Q&A
Yes, OctaFX is regulated by the UK’s Financial Conduct Authority.
OctaFX is based on the islands of St Vincent and the Grenadines and its registered office is located at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.
How does OctaFX make money?
OctaFX makes its money by charging its traders a small commission or spreads on the trades executed on its trading platforms.
How do I deposit in OctaFX account?
You can deposit funds into your OctaFX account using bitcoins or e-wallets such as Skill and Neteller.
How do I withdraw money from OctaFX?
Withdrawal of funds at OctaFX can also be executed through bitcoins, Skrill and Neteller.
How do I open an account with OctaFX?
To open an account with OctaFX, you are required to fill up the registration form and submit all the necessary documentation.
Does OctaFX use MetaTrader?
Yes, OctaFX has provided its traders with both the MetaTrader 4 and MetaTrader 5 trading platforms.
The maximum leverage offered by OctaFX is 1:500.
No, OctaFX is not a scam. The broker has been operational since 2011.
OctaFX is a safe broker and operates in compliance with all international standards.
Conclusion
Although OctaFX is relatively new in the industry, the fact that it has won so many awards shows that the broker is well liked by traders. It is also interesting to note that this broker is of the handful of brokers in the industry that is willing to be transparent with its trading volume data. In addition, OctaFX operates in compliance with international standards and is regulated by the FCA. In terms of reliability, this broker has proven its worth.
