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OctaFX Review: Platform, Regulation, Deposit and Withdrawal

OctaFX Review: Regulation, Platform, Deposit and Withdrawal

RATING: 2.3 / 1 REVIEWS OctaFX
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Trading Accounts

 

Account type/Trading platform Minimum deposit  Minimum trade size Maximum leverage Average Spreads (& Commission)
Micro /MT4 $100 0.01 1:500 1.1 pips
Pro /MT5 $500 0.01 1:200 0.5 pips
ECN /cTrader $100 0.01 1:500 0.3 pips + $3 / lot

 

Octa FX offers its clients a choice of three basic account types on three trading platforms: MT4, MT5 and cTrader. All account types offer fast market execution from under 0.1 second, micro tradeable lots and floating spreads.

 

Keep in mind that signals trading is not available on cTrader (ECN) accounts, and CFDs on energies and indices are offerd solely on the Pro account.

 

Swap-free (Islamic) accounts are available for Micro accounts only. Islamic account has no swap applied during a rollover but a fixed fee instead. This fee is not an interest and primarily depends on the direction of your position. It amounts to $1.90 per short position and $2.10 per long.

 

The Company. Security of Funds

 

Company Country Regulation
Octa Markets Incorporated  Saint Vincent and the Grenadines N/A

 

Founded in 2011, Octa FX is an award-winning forex broker that offers trading in more than 20 currency pairs and precious metals under attractive trading conditions on a selection of trading platforms.

 

Behind the brand is Octa Markets Incorporated, an offshore firm registered in Saint-Vincent and the Grenadines. Although we generally advise traders to avoid offshore brokerages, this is not the case with Octa FX. The broker has been in the forex business for more than 5 years now, has won numerous awards, and besides, it has established a UK unit licensed by the FCA since 2015. 

 

Trading Conditions

 

Minimum Initial Deposit

The minimum initial deposit for Octa FX clients is $100, which is average. By comparison Belize-based FxChoice requires the same amount from its clients as a start.

 

Average Spreads & Commissions

Commission on MT4 Micro and MT5 Pro accounts is included in spread as a markup, with no additional fees applied. cTrader ECN accounts, on the other hand, are charged $3 upon opening and closing a position. 

 

The best spreads are on MT5 accounts - the broker quotes as typical 0.5 pips on EUR/USD, while most brokers offer spreads within the range of 1.0 - 1.5 pips.  Trading costs on ECN accounts are also low enough to be attractive, including an average spread of 0.3 pips plus a commission of $6 round turn per standard lot.

 

For further information and comparison, you may look up real-time spreads of 15 leading brokers here.

 

Leverage

The maximum leverage level provided by this broker is high, reaching 1:500. Nonetheless, many forex brokers offer leverage 1:500 and even higher. FxChoice`s leverage, however, is up to 1:200.

 

Traders, however, should bear in mind that operating with higher leverage levels involves greater risk of heavy losses. 

 

Trading Platforms

 

Octa FX offers its clients a choice of three trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. Web trading is enabled on all of them, and mobile apps are also available.

 

cTrader is a multi-asset trading platform offering pure ECN execution and an array of advanced tools. Fast order entry and execution speeds, direct order entry via charts and Level II pricing are just some of the reasons why many traders today choose cTrader as their go-to platform. Easily adjustable proxy servers allow quick connection from any location, overcoming any barriers.

 

As we have already mentioned, Octa FX also supports the popular MT4, which is equipped with an advanced charting package, a number of technical analysis indicators, Expert Advisors (EA) and extensive back-testing environment. Here is a list of more forex brokers offering MT4 platform. It comes in desktop and mobile versions.

 

As most MT4’s indicators and EAs are not supported on the MT5 platform, the latter is still in the shadow of its predecessor. Recently, however, a number of enhancements were made to the MetaTrader 5 and the hedging option was finally added to it and it gains popularity. What is more, software developer MetaQuotes announced it will no longer issue updates to the MT4 and will instead concentrate on the MT5.

 

Promotions

Currently Octa FX Forex offers up to 50% bonus on each deposit and two demo contests.

 

Methods of Payment

 

Clients of Octa FX may choose from a wide range of payment methods: bank wire transfer, credit card, Skrill, and Netteller.

 

The broker charges no fees on deposits and withdrawals. The minimum withdrawal amount is 5 USD.

 

Conclusion

 

Despite its light-touch regulation, Octa FX is a reliable and award-winning broker, that has a FCA-regulated sister company. It offers trade in currency pairs and spot metals via 3 robust trading platforms under competitive trading conditions. To sum up the above, here are the advantages and drawbacks in relation to this broker:

 

Pros   Cons
Tight spreads Light- touch regulation
Choice of trading platforms & accounts No indices and stock CFDs
STP/ECN execution  
Fast execution speed  

 

Latest news about OctaFX
Broker Country Regulation Platform Min Deposit Review
Cyprus, UK, Belize CySec, FCA, IFSC MT4, MT5, Web $5 Review Website
Cyprus, Australia CySec, ASIC MT4, Web,
Mobile app
$100 Review Website
Australia ASIC MT4, MT5,
IRESSTrader
$100 Review Website
UK, Cyprus, Australia FCA, CySec, ASIC MT4, MT5 $5 Review Website
UK, Australia FCA, ASIC MT4, Trading
Station,
NinjaTrader
$50 Review Website
UK, Cyprus, UAE, South Africa FCA, CySEC, DFSA, FSB MT4, MT5, FxPro
Markets,
cTrader
$100 Review Website
Hong Kong SFC MarketSpeed FX,
Trading Station
$1 Review Website
Cyprus CySEC MT4, MT5, Web $1 Review Website
Belize IFSC MT4, MT5 $100 Review Website
Cyprus, UK, South Africa, UAE CySec, FCA, FSCA, DFSA MT4, MT5, Web $5 Review Website
Cyprus CySEC MT4, Web $25 Review Website
Cyprus, UK CySEC, FCA MT4, MT5 $1 Review Website

Traders` reviews for OctaFX

Spread

Pros

Cons

 

 

Slippage

Pros

Cons

 

 

Requotes

Pros

Cons

 

 

Price feed

Pros

Cons

 

 

Platform

Pros

Cons

 

 

Deposit/Withdraw

Pros

Cons

 

 

Customer service

Pros

Cons

 

 

Summary

Okay for scalpers

I'm a scalper myself, and I just wanted to stress that it's not a problem to use a scalping method with octafx. I deliberately looked through their customer agreement to check and eys, they do welcome scalpers.

paul 11/25/2015
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