OctaFX – Broker Review
OctaFXis a regulated Forex broker which operated under an ECN business model. This company offers the possibility to trade with dozens of currency pairs in the Forex spot market and gold and silver spot.The customer can use any trading strategy including scalping and hedging. In addition, OctaFX provides many extra services to its clients, including various types of trading accounts and platforms, trading contests, regular bonuses for new and regular customers and other.
Another advantage of this broker is that you can open an account and trade the market with a very low deposit.
Type of broker
OctaFX is a ECN/STP/NDD Forex broker.
Regulation
At the moment the company does not have regulation from an important regulatory agency of financial services.
Country of origin
The headquarters of OctaFX are located in St. Vincent and the Grenadines.
Trading Instruments
- Forex market:48 different currency pairs in the Forex spot market, including the most important as the EUR/USD, GBP/USD, USD/JPY and USD/CHH and other more exotic and less known such as the EUR/TRY, SGD/JPY and USD/SEK among other.
- Precious metals:Gold and silver in the spot market, two of the most important and trade assets in the commodity market.
Trading Accounts
OctaFX offers the following types of trading accounts for clients with different profiles:
| Trading account | Metatrader 4 Micro | Metatrader 4 ECN | cTrader ECN |
|---|---|---|---|
| Minimum deposit | 5 USD | 50 USD | 5 USD |
| Trading orders volume | Minimum 0.01 lots, maximum 10 lots, step of 0.01 lots | Minimum 0.1 lotes, maximum unlimited, step of 0.1 lots | Minimum 0.01 lots, maximum unlimited, step of 0.01 lots |
| Maximum leverage | Up to1:500 | ||
| Spreads | Floating spreads, from 0.2 pips | ||
| Quotes precision | 5 digits | ||
| Trading instruments | 12 currency pairs plus gold and silver | 28 currency pairs plus gold and silver | 48 currency pairs plus gold and silver |
| Trading platforms | Metatrader 4 Micro | Metatrader 4 ECN | cTrader ECN |
| Funds deposit/withdrawal options | Bank wire transfer, Visa/MasterCard, UnionPay, Skrill y Neteller | ||
| Swap free account | Allowed | No swap | |
| Execution type | Market Execution of less than 1 seconds | ||
| Niveles de Margin Call / Stop Out | When the account margin levels reaches 25%/15% | ||
| Scalping strategies | Yes | Yes | Yes |
| Expert Advisors are allowed | Yes | Yes | Yes |
| Hedging strategies | Yes | Yes | Yes |
Demo Accounts
Yes, with no limit of time.
Trading Platforms
- Regular Metatrader 4:The standard trading platform of OctaFX, which is based on Metatrader 4 and is characterized byits multiple market analysistolos such as advanced price charts and dozens of technical indicators.It allows the creation, evaluation and implementation of automated trading systems known as Expert Advisors.It is a robust and reliable application that allows execution of all kinds of trading strategies.
- MT4 WebTrader:This is a web based tradingapplication (No download or installation is required) which allows to access the client account and trade in the market from anyplace with Internet connection. It isfully synchronized to the downloadable version of the MT4 platform. This application offers updated pricequotes, complete charting optionsand multi-language support.
- cTrader:An innovative ECN trading platform (it opérate directly through an ECN network) designed totrade in the Forex market, which offers direct market access (DMA), an extremely fast execution of orders and an advanced graphics package.This application provides market depth with transparent pricing through a Level II system connectedto a network of liquidity providers which includes major banks.This allows the trader to obtain the best possible prices with the lowest spreads as tight as possible without re-quotes.Besides this, cTrader includes one click trading, the possibility of trade from the charts, automated trading through cAlgo application, an intuitive anduser-friendly interface, advanced price graphics and multiple technical indicators incorporated.
- cTrader Web:It is a trading platform based on cTrader which requires no download or installation and can be accessed from anywhere with an Internet connection throughOctaFXwebsite.This application has the most important functions of cTrader includinga ECN trade execution as this platform is directly connected to a network of liquidity providers (ECN network).
- cAlgo:An algorithmic ECN trading platform which provides direct market access with extremely fast execution of trades.cAlgo allows the trader to build their own automated trading systems and trader with their own automated scripts and custom technical indicators.It also has an advanced system of back testing (evaluation of strategies) and can be easily integrated into cTrader platform.
Payment Options
The clients of this company can deposit and withdrawl funds using the following methods: Bank Wire Transfer, Credit Card (the most important like VISA y Mastercard), Skrill, Neteller y Fasapay.
The deposits can be made in EUR and USD.
Main Advantages of OctaFX
- OctaFX is a Non Dealing Desk broker that offers ECN trading conditionsin two of itstrading accounts.
- The company offers regular promotions to their customers, including deposit bonuses on every deposit made by the trader.
- This bróker allows the creation and execution of automated trading systems known as Expert Advisors, through the Metatrader platform 4. These systems provide the ability to operate in the market 24 hours a day without human supervision.
- OctaFX regularly organizes trading competitions for both demo accounts and real accounts, which offer attractive prizes to the winners.
- There are two versions of Metatrader 4, one for regular trading accounts and one for ECN trading accounts.
- Several options oftrading accounts for clients with different characteristics.
- Forex Education free through the website of the company, including Forex articles, a complete tutorial on theForex market, a glossary, trading tipsand more.
- The broker does not charge direct commisions on th client transactions.
- It has a good customer service that offers various means of contact.
- Reviews and free daily market analysis for major currency pairs on the website of the company.
- Free market analysis tools, as an economic calendar, economic news with the most important events related to the Forex market and price charts.
- An affiliate program which allows to earn additional benefits bypromoting the services of this company.
Main Offers of OctaFX
-This broker offers a 50% bonus on every deposit made by the clients in their trading accounts.
-A weekly trading contest for traders who use the trading platform cTrader.
-A trading contest for demo accounts with cash prize for the winners.
Other Categories of this broker
- Gold Broker
- Silver Broker
| Company | Octa Markets Incorporated |
|---|---|
| Minimum account size | $5 |
| Minimum lot size | 0.01 lot |
| MaximumLeverage | 1:500 |
| Spreads | Floatingand tight spreads from 0.2 pips for EUR/USD. |
| Link to the website | |
| Open an account |  |
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