Forex Brokers

OCTA FX

 

Tried by Chartreaderpro: Yes – Demo Account

Rate: 8/10

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General Information:

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).

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.

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.

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Pros & Cons

Pros

  • Regulated by FCA
  • Low minimum deposit requirement
  • ECN Trading available
  • Low spreads
  • Responsive customer support

Cons

  • Limited payment options

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