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OctaFX Review
- 30+ Pairs
- A+ Mobile App
- Fast Payouts
- Low Deposit
Editors Summary
OctaFX is relatively well established in relation to some of the other Forex brokers; however, they don't hold any licensing and regulation from recognised sources. This doesn't appear to have done them any harm, and they have over 100,000 traders with new members signing up regularly. They state that they are committed to providing excellent customer service and there doesn't seem to be any reason not to trust them.
Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Introduction
OctaFX or Octa Markets Inc. was established in 2011 in St. Vincent and the Grenadines. Since then, they have grown to provide their Forex trading services in over 100 countries worldwide and claim to offer the lowest spreads in the industry. They use the most up-to-date technology to provide a "convenient" trading experience for their many clients.
With convenience and high standards being two of their core values, they are continually striving to improve the user experience and make sure they stay at the forefront of the Forex market. Their team of experts are always working to provide new services and new promotions while retaining their commitment to the customer experience.
While you may like the look of OctaFX, how can you be sure that they are the broker for you? Do they offer the right trading experience and how much do you need to invest to open an account? These are all of the things that we research on your behalf so that you can make an informed decision based on our findings.
Account Types
While some brokers offer one or two accounts and other brokers as many as eight, OctaFX seems to fall somewhere in the middle with an offering of three main accounts plus a demo. We take a look at each of these accounts and their trading features:
Micro Account
The Micro Account is designed for the novice trader and is perfect for those just starting. It is built for the MT4 platform and requires a deposit of $100. The spreads available start from 0.4 pips and leverage of up to 1:500 can be achieved.
Pro Account
For the slightly more experienced trader, the Pro Account requires a recommended deposit of $500. For this, you can enjoy spreads from 0.2 pips and up to 1:200 leverage. The account holder then has access to the MT5 platform with various charts and data analysis.
ECN Account
Built on the cTrader platform, the ECN Account is for the progressive trader. With a $100 deposit, you can enjoy spreads of 0 pips and up to 1:500 leverage. The cTrader platforms mean that you can customise your experience.
Demo Account
It wasn't easy to access the demo account as there were no apparent links or promotion of it, however after some searching we discovered the link in the practice area. You can open as many demo accounts as you want to practise and test your strategy.
Trade Features And Payouts
What can you expect from trading with OctaFX in terms of payouts, leverage and other trading features?
Leverage
The amount of leverage you can use depends on the account type you open. Leverage is another way of describing how you can multiply your funds. Using leverage of up to 1:500 you can increase your trading capital but remember, the more you leverage, the more of your investment you risk.
Spreads
OctaFX claims to offer the lowest spreads available. They certainly seem very low when you look at what can be achieved ranging from 0-0.4 pips for the various account types.
Stop Loss
To limit your loss on a position, you can exercise the Stop Loss feature. Often this is coupled with a Take Profit option as well. It allows you to trigger an exit from the trade when a specific price is reached. It doesn't require you to be online; you activate it when you have executed the trade.
Platform Types
Many brokers use the MetaTrader platforms unless they have their proprietary software, and OctaFX is no exception. They offer three types of platform all with their own associated accounts:
- MT4 - The MetaTrader4 platform is ideal for those who want a more simple trading platform. It is minimalistic while sophisticated and perfect for the new trader who needs to get to grips with Forex trading
- MT5 - The MetaTrader5 platform has everything the MT4 offers, but it has the addition of more analytical data such as charts. This is more suitable for the advanced trader who has some experience and wants to see more data
- cTrader - The cTrader platform is very rich in features and information and allows you to customise your experience. This is better suited to the progressive trader with a lot of experience
Bonuses And Promotions
There is a standard bonus offer that is available when you open an account with OctaFX and when you continue to make deposits. Open an account with a minimum deposit of $50 and get 50% bonus. That's a $75 bonus available to trade with straight away. Every time you make a further deposit you continue to receive the bonus.
In addition to the bonus, there are also two contests available; the Champion Demo Contest with cash prizes of up to $500 and the cTrader weekly contest that offers cash prizes up to a value of $150.
Mobile Trading
With OctaFX you can choose your mobile trading experience. If you are new to trading, then you may prefer the Micro Account on the MT4 platform which gives you a much more minimalistic view of the platform. If you are feeling a little more confident or have a bit more experience, the charts available with MT5 may be more what you are looking for.
You can download an app for iOS and Android with whichever version you choose, and the apps are suitable for mobile phones and tablets. This is the perfect portfolio of options for those who have varying degrees of experience and like to trade on the move.
OctaFX is fairly well established in relation to some of the other Forex brokers.
Deposits And Withdrawals
Right at the top of the website is a link to "Deposit and Withdrawal". Click on this and takes you to a page where you can find all of the information that you need. There are no fees charged on deposits and withdrawals, and there are various methods of making a deposit. If you are using a credit card you will need to deposit a minimum of $5. With Skrill and Neteller it is $50.
Once you are ready to make a withdrawal request the amount you want to withdraw and the funds will be returned to the method of withdrawal. The minimum amount you can withdraw is limited to $5 with Neteller and Skrill.
Special Features
Often certain features make a broker stand out or that give them an edge. Sometimes there are offered by other brokers because it is hard to be unique, but even so, there are those things that draw you to a particular broker. Trading with OctaFX offers the following:
- Forex Basics; a range of educational links to help you get to grips with trading
- A Champion Demo Contest offering new and experienced traders the chance to win money from a new demo account
- Trading and profit calculators to help you work out how much money you will earn
- A live ticker that shows the latest spreads in an easy to digest format
Customer Support
A good test of a broker is how visible they are and what sort of customer support they offer. If you are a new trader, you want to know that you can get answers to your questions and queries. OctaFX provides many methods to get hold of support including a live chat box in the bottom of the screen, telephone numbers and even a What's App number for texts.
In addition to this there is an address for correspondence and email addresses for the various departments. There are telephone numbers for different countries as well. If you want to make your queries a little more public, they also offer links to their social media pages.
We want to help our readers in any way we can, but sometimes it's better to talk directly with your investing site to get the answers you need. For example if you have a specific query about your account you'll need to contact them in person due to security.
Alternatively, if you find that contacting your investing partner isn't working, you can contact us and we will be more than happy to try on your behalf. We have excellent working relationships with many of the sites we list and recommend.
OctaFX
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Email:
[email protected]
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Phone:
+44 0203 322 1059
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Address:
OctaFX, Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Conclusion
OctaFX is fairly well established in relation to some of the other Forex brokers however they don't hold any licensing and regulation from recognised sources like CySEC and the FCA. They do state that they act following international legislation and regulation standards. This doesn't appear to have done them any harm, and they have over 100,000 traders with new members signing up regularly. They state that they are committed to providing good customer service, and there doesn't seem to be any reason to believe that they aren't a broker that you should trust.
Their technology and trading platforms offer everything for the new to the more experienced trader, and they are continually looking at ways to improve and update their platforms. With competitive spreads, robust trading features and regular bonuses, OctaFX seems to offer what many of you are looking for.
Our Review Rating System (More Info)
Frequently Asked Questions
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Is OctaFX legit, will they scam me?
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OctaFX has been trading since 2011 and is present in many countries around the world. We see no reason to believe that your money will not be safe with this broker.
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Do they have a decent mobile or tablet app?
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You can choose your mobile trading experience, depending on your experience and confidence. For those trading on the go there is something for every device.
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What bonus do they offer for new traders?
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The bonus is 50% of the deposit amount. Every time you make a further deposit, you will receive 50% again as long as the minimum deposit is made.
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Can I start trading on a free demo account?
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Not only can you start trading on a free demo account, but you can also win money on one. OctaFX offers a demo contest for those that trade on a new demo account.
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What's the min. deposit and ideal trade amount?
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There is a minimum deposit of $50; you need $100 to open a Micro Account. For different accounts, there are various deposit requirements. There is no minimum trade amount.
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Risk Warning: The products offered by the companies listed on this website carry a high level of risk and can result in the loss of all your funds. You should never risk money that you cannot afford to lose.
Ad Disclosure: Some of the links that you will find on this website are advertisements for which we do receive financial gain for referring new customers.
Contributing to the website since 2012 we are one of many consultancy projects Samuel works on. With 38 years of experience in finance, insurance and foreign exchange his combined knowledge makes him an effective operator.
