This is a new broker that has been steadily gaining popularity. While OctaFX does not have a license,
it is a broker worth taking a look at it should not take your attention since it is unreliable. Continue reading the OctaFX review to find out more.
Leverage: 1:500 Licences: N/A
Min. Deposit: 5 USD Bonus: OctaFX Contest
Spreads: from 1 pip US Clients: No
This is an offshore & unregulated broker. Be careful!
OctaFX Forex Trading Broker at a Glance
OctaFX is a new brokerage service implemented by the dedicated people on a small island called Saint Vincent and the Grenadines. The service includes both foreign exchange and contract for differences (CFD) and the accounts are secured and their anonymity protected by the fact that they are straight to processing (STP) and electronic communications network (ECN).
The advantages that OctaFX has over the competition It tries to get your attentions is with spreads that are floating and generally lower and also a great speed of transaction confirmation. It has an excellent Customer Service and has been awarded with the distinction Best ECN Broker in Asia in 2014.
OctaFX Reviews of Extra Features
The first thing that you see when you open an account on OctaFX is that from the start you get a 50% deposit bonus. Normally these bonuses require a certain volume of transactions to be completed before the client has access to them and also unfriendly spreads that can reduce your profit with every transaction.
This is not the case with this service: first of all, you can get the spreads partially if you didn’t accomplish all of the trading volume conditions and secondly you won’t even realize when you have reached them because of the low spreads and of the friendly interface.
Also OctaFX offers you to participate in a great demo trading contest totally for free.
OctaFX Forex Trading Broker Accounts
There are two different types of accounts: Micro accounts and ECN accounts. The former category lets traders accommodate with the interface, because it offers them a lot of micro trading and the minimum amount is 5 USD that lets them trade with 12 currency pairs and metals. Those who want to take full advantage of the capabilities of OctaFX should get an ECN account that starts at 50 USD, because this account gives them the opportunity to try 28 currency pairs. In both cases the minimum trading volume per position is 0.1 and the leverage is between 1 and 500, big enough to satisfy the preferences of even the most risk-taking traders.
OctaFX Reviews of Trading Platform
OctaFX gives traders the opportunity to work on two different platforms. The first is MetaTrader 4, which is already familiar to most traders and it has proved its usefulness and its capabilities over the years. The new version uses the latest technology and top-notch trading techniques. It includes charting tools, market indicators, scripts, advanced risk management and real time market execution. It is even available for Android and for the iPhone permitting users a lot of mobility while doing their trades.
The second platform is cTrader, a software solution that is new, but nevertheless it has gained widespread appeal in a short period of time, winning users over with its interface and customization. It is also available in desktop and mobile versions. To convince users to try this new platform, OctaFx also offers a weekly demo contest with a prize of 400 USD distributed among 5 participants. To win, it’s not even required to make an account, you just have to trade on the demo account and the top 5 participants with the highest profit get the prizes. OctaFX review of the demo contest can be seenhere.
OctaFX Trading Conditions
advantage marketing feature is the previously mentioned floating spreads. These spreads become smaller during times when there is a lot of trading and can get as low as 0.2 pips in the case of the pair EUR/USD, which is just a third of the typical spread. In the case of other currency pairs it is generally half of the typical spread, but overall the spreads are very competitive if the users trade during the periods of time that have the highest market activity. Make your own OctaFX review on a demo account to check the spreads for your trading pairs.
OctaFX Deposits and Withdrawals
Regarding deposits and withdrawals, there are also a lot of options for both types of accounts. Local bank deposits and withdrawals are available, but at a relatively high rate of 25 USD, while depositing with a card has the advantage of being done instantly and with no charge. Other payment options include: Netletter, UnionPay, PerfectMoney, Moneybookers, FasaPay and CashU.
OctaFX Forex Broker Customer Support
OctaFX is also famous for its customer support that can be reached via e-mail or live chat during the working days. If you are a resident of China or Indonesia there are toll free phone numbers available. Most of the questions are responded to in seconds and even the longest conversations don’t take more than a few minutes.
OctaFX Review Conclusion
The maximum limit of an accounts is not restricted, like in the case of other trading companies, but this is not a surprise for a broker with no licence. There even is a limit to remove requisites at only 5 USD,
thereby guaranteeing that you get the agreed price no matter how the market moves and without placing limit orders. All in all, we have enumerated a lot of advantages and the conclusion is clear regarding our opinion on OctaFX. It has low costs and offers great trading support, thereby earning a recommendation. We would not recommend you OctaFX since it has no regulations and your money will never be safe with this broker.
Open an account with reliable broker instead!