OctaFX Broker Introduction
OctaFX is the leading brand for Straight Through Processing (STP) brokers worldwide. As a CFD and forex trading brokerage firm, OctaFX nabbed several accolades for offering the best trading conditions to its clients that are from over a hundred countries worldwide.
Know the best offerings and trading features OctaFX offers by gleaning through this forex broker review.
OctaFX Background and Safety
Octa Markets Incorporated, more commonly known as OctaFX, was founded in 2011. Its headquarter is in St. Vincent and The Grenadines. OctaFX offers 47 trading instruments along with the MetaTrader and cTrader platforms.
Each year since it started offering brokerage services, OctaFX continues to feature a new feature to its trading services to improve trading conditions and provide its client with a positive trading experience. On record, OctaFX has over 1.5 million forex trading account opened since it started operation for almost a decade. It also takes pride in its award list that has now reached 28 (and still counting).
In terms of legality of the brokerage firm, OctaFX is governed by the Financial Conduct Authority (FCA) of the United Kingdom. This means that OctaFX is a safe go-to trading brokerage site since it complies with British authorities’ regulatory standards.
OctaFX Features and Fees
OctaFX offers twenty-eight forex pairs, 3 currency Contracts For Difference (CFD), and four CFDs for metals, two energies, and ten indices. It has a total of 42 CFD offerings, which include cryptocurrency trading.
Offering three trading account types, OctaFX allows its clients to choose the trading platform relative to the account type.
The MT4 Micro Account is for the standard MetaTrader platform recommended for novice traders. Its spreads may be floating or fixed, depending on the trader’s choice. When it is fixed, the rate is at 2 pips, while the floating spread has 0.4 pips. It requires a minimum deposit amounting to $100. More so, this account type introduces the trader to 28 currency pairs, gold and silver metals, 4 indices, and 3 cryptocurrencies. Maximum Leverage is set as follows: Forex – 1:500, Metals – 1:200, Indices – 1:50, Crypto – 1:2
The MT5 Pro Account is pegged to an experienced trader as it features a more complex set of trading conditions. It includes a floating spread along with 0.2 pips, a $500 minimum deposit, and a set of trading instruments, which include 28 currency pairs, 2 metals, 2 energies, 10 indices, and 3 cryptocurrencies. The leverage level is up to 1:200 for forex, 1:100 for both metals and energies, 1:50 for indices, and 1:2 for crypto.
Other trading conditions feature the minimum lot, which is set at 0.01 lot, market execution to 0.1 seconds, 5 digits precision, hedging, scalping, expert advisors, 45% margin calls, and 30% stop out level.
There is also the cTrader ECN account type, which is recommended for progressive traders who wish to see more transparency in pricing. It features only a floating spread with o pips and a minimum deposit amount worth $100. It has limited trading instruments that feature 28 forex pairs and 2 metals in gold and silver. For currencies, leverage is up to 1:500 and 1:200 for metals.
Deposit & Withdrawal
Payment methods for OctaFX can be through Visa, Bitcoin, and Skrill. The good news is that there is no deposit fee or commission charged to clients during transactions. Surprisingly, the withdrawal execution time for all the methods is from 1 to 3 hours.
OctaFX motivates its clients to deposit more often to their trading accounts as they give a 50% deposit bonus for each deposit amount. The deposit bonus can be withdrawn by multiples of ten percent, such as 10%, 20%, 50%, and so on.
OctaFX Trading Platforms and Tools
OctaFX is a MetaTrader broker at large, with MT4 and MT5 as their primary offers to traders. It also features the cTrader platform for ECN brokers.
OctaFX’s MT4 platform comes in Web, Desktop, Android, and iOS versions. This platform utilizes high-security standards that match its user-friendly interface for novice traders. It also features all three execution modes with efficiency. The platform has a free demo account for first-time users to navigate the platform with zero financial risks.
The MetaTrader 5 platform offered by OctaFX is nothing short of the standard MT5. It is also available in Android, iOS, Web, and Desktop devices. All order types are supported in this platform, plus the offering of the lowest spreads in the industry. It also gives traders a better trading experience with the integration of the Depth of Market tool and One-Click Trading.
This trading platform is intended for traders focusing on the forex and CFD trading. It has 26 built-in cTrader charting tools, a customizable interface, and 50 savable chart templates for trading strategies. cTrader is also compatible with Android, iOS, web, and desktop devices. Most notably, traders are introduced to level 2 pricing, fast order executions, and advanced order types.
OctaFX has a solid platform offering in the MetaTrader suites and the cTrader. This is complemented well with the lowest spreads offering in the industry. With the account types intended for specific kinds of traders (based on experience), OctaFX is a good choice for any trader within the 100 countries it offers brokerage services to.