OctaFX is a legally registered forex broker located in Saint Vincent and the Grenadines, but not regulated by any government agency.
OctaFX accepts clients from all over the world, excluding USA.
Forex broker offers the following underlying assets for trading.
|25+ Currency Pairs||Based on major and minor world currencies.|
|3 Crypto Pairs||Based on Bitcoin, Ethereum and Litecoin.|
|10 Indice CFDs||Based on baskets of different blue-chip stocks.|
|4 Metal Spot CFDs||Based on Gold, Silver, Platinum and Palladium.|
|2 Energy Spot CFDs||Based on Crude Oil (WTI, Brent).|
Headquartered in St. Vincent and the Grenadines, OctaFX is an online forex and CFD broker established in 2011. In terms of order processing, it follows the STP (Straight Through Processing) and ECN (Electronic Communications Network) model, and offers significant leverage on trading of up to 1:500. They are also known for winning the Best Trades Execution award in 2017 from forex awards.
The company is not regulated by any financial regulator, but has proven itself as a reliable player in the industry with 7+ years of experience. The broker has today opened more than 1 million accounts with clients from over 100 countries around the world.
Clients are free to trade forex, and CFDs based on cryptocurrencies, commodities and stocks. The broker’s website also includes live quotes for the most popular currency pairs and CFDs – the latest bid and ask prices, as well as live spreads for each pair.
OctaFX has a total of 3 trading platforms for clients to choose from: MetaTrader 4, MetaTrader 5, and cTrader. Although MetaTrader 4 remains the most popular platform because of its widespread availability and the familiar interface for traders, cTrader has also been gaining popularity recently. Further, the broker has its own mobile trading app for clients to access trading platforms on the go.
In addition to an Islamic account for Muslim traders, the broker offers 4 types of accounts for 3 different types of trading platforms:
– MT4 micro account
– MT5 pro account
– cTrader ECN account
The MT4 micro account is recommended for first-time traders and others without much experience. It has fixed spreads starting at 2 pips. It also has a minimum deposit amount of USD 5, which is certainly one the more affordable options among online brokers today.
The MT5 pro account is for professional traders, with floating spreads starting from 0.2 pips. With this account, traders can also trade some of the rarer currency pairs not available elsewhere.
The cTrader ECN account is for traders who want more transparency in pricing, but only needs to trade forex and precious metals. All these accounts have a minimum volume of 0.01 lot, and market executions are at a fast 0.1 second to make sure the trader always stays on top of his game.
OctaFX does not charge any fees on withdrawals and deposits, which is something we certainly appreciate. For deposits, the minimum amount ranges from 5 to 50 USD, and 5 USD for withdrawals. Both deposits and withdrawals are processed within one business day by the broker, but the actual time it takes for a transaction to go through depends on the payment method chosen.
The broker currently has a promotion whereby after depositing a minimum of $50 into any account, clients will receive an additional 50% deposit bonus on each deposit. This is to boost the capital of their clients to enable them to trade more. Bonus funds are also withdrawable, which makes this a nice opportunity to trade with risk-free money.
Customer service is available 24/5, which is a pity compared to some other brokers who offer fast service even on weekends. They have live chats with technical support assistants, and local hotlines in 3 countries – UK, Hong Kong and Indonesia. Clients can also request a callback after filling in an online form on the broker’s website.
As of 2016, OctaFX added an education section on its website with materials to teach novice more about the markets, risk management, technical analysis, and trading strategies, and the broker they now has it pretty much all covered.