OctaFX Review

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Company Information OCTA FX is a Forex trading broker property of Octa Markets Incorporated. The company was established in 2011 and is regulated by the IFSA in the St. Vincent… more

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Website URLhttp://www.octafx.com/
HeadquartersKingstown, St. Vincent and the Grenadines
Support Number+44 20 3322 1059
Support Emailsupport@octafx.com
Support TypesPhone, Live Chat, E-mail
LanguagesEnglish, Indonesian, Chinese, Malay, Portuguese, Spanish, Thai, German, Bengali, Hindi
Minimum 1st Deposit$5
Minimum Trade Amount0.01 lots
Maximum Trade Amount10 lots (MT4 Micro); Unlimited (ECN)
BonusUp to 50%
PayoutUp to 500:1
Free Demo AccountYes
Regulated Yes
RegulationThe Financial Services Authority of St. Vincent and the Grenadines
Account TypesMicro, ECN
Deposit MethodsBank Wire, Visa, MasterCard, China UnionPay, Indonesia Local Banks, Neteller, Skrill
Withdrawal MethodsBank Wire, Visa, MasterCard, China UnionPay, Indonesia Local Banks, Neteller, Skrill
Types of AssetsForex, Metals
Account CurrencyUSD, EUR
US Traders Allowed No
Mobile Trading Yes
Tablet Trading Yes

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Company Information

OCTA FX is a Forex trading broker property of Octa Markets Incorporated. The company was established in 2011 and is regulated by the IFSA in the St. Vincent and Grenadines, and the FCA in the UK. The company has offices in London and the St. Vincent and Grenadines. Since their foundation, they have established a presence in more than 100 countries around the world. Despite the fact that it’s a UK based company OctaFX is mostly aiming to win customers from South East Asia. Although their history is brief, the company has already won several awards. In 2012 it was recognized as the fastest micro Forex broker and in 2013 it won the award for “Best Customer Services in Asia.” In 2015 they won the prestigious award for being “Best Forex Broker in Europe”. Currently, they’re the official sponsors of Southampton FC. With their high trading conditions and excellent trading tools, OctaFX is a very tempting choice for every trader.


Trading Information

There are three different types of accounts offered at OctaFX. The first one is the Metatrader4 Micro account. It has a $5 minimum deposit requirement and offers Floating spreads starting from 0.2 pips. The minimum order volume is 0.01 lots, and the maximum is ten lots. Leverage is set to 1:500. Trading instruments here are 12 currency pairs, gold, and silver. Next is the Metatrader4 ECN account. It has almost the same conditions as the Micro but offers some benefits. There is no maximum order volume, and it has 28 currency pairs. The minimum deposit is $50. Last is the cTrader ECN account. While the minimum deposit requirement here is the same as in the Micro one ($5), it’s a bit different. Order volumes are as follows: minimum – 1k of the base currency, maximum- unlimited, order step – 1k of the base currency. The MT4 accounts have swap-free variants, but the cTrader doesn’t allow such an option. Scalping and hedging are allowed in all three accounts. Market executions are instant, and there are expert advisors in all of them.


Trading Platforms

We’ve already mentioned both of the platforms that OctaFX offers, but let’s discuss them in details. The Metatrader4 is the leading platform for Forex online trading around the world. Many traders are already familiar with it and always prefer it as their first option. It’s highly customizable and works hassle free on any desktop or mobile device. In fact, it has a Webtrader version where you can just log in and start trading without the need for downloading additional apps. It has chart trading, one-click trading, signals trading and volume calculation in lots. The cTrader, however, has all of the mentioned above features (except for signals trading) and offers even more. It’s part of the innovative Direct Market Access trend and offers a wide variety of brokerage capabilities. It has mobile browser trading, Level II market depth, close and open positions with a single click, scaling out of positions, double position in one click and much more. It’s pretty easy to use, but somehow all of these options are useful for an expert trader and not beginners.


Security and Customer Services

Safety is top of the industry at OctaFX, and you can be sure your personal details and funds are safe. There is an SSL encryption on the open account page which protect personal data. Also, there is a segregated account feature where you funds are deposited into a separate fund. We’ve already mentioned a couple of awards that OctaFX has in its history, but there is one for customer support as well. In 2013 they won the award for “Best Customer Service Broker”. And it’s not a surprise because they put a lot of effort in making their clients happy. The client care team has 24/5 coverage, and there are plenty of ways to contact them. There is a live chat option, several phone numbers for different countries and emails. You can also text them on Whatsapp or contact them through their social media profiles on Twitter, Facebook, YouTube and Instagram. There is a ton of educational materials on their dedicated page where you can learn all about Forex trading and find all sorts of manuals.


Deposits and Withdraws

Depositing money at OctaFX is easy and doesn’t take too much time. Despite the fact that there aren’t many deposit methods available the most used ones are present. Processing times are fast and usually instant. There are no deposit fees whatsoever. You can deposit all sorts of currencies, but they will be converted in Euro or Dollars. Now, to withdraw the money you always have to use the same method you deposited them. This is a strict anti-money laundering rule that OctaFX has established. Otherwise, the withdrawal process is very easy to follow. After submitting your withdrawal request your transfer will be processed within an hour (06:00 – 15:00 (EET) on a business day) or the next day (when outside the mentioned working hours). There are no fees or charges when withdrawing funds from your account except for the ones that your bank might take.

Deposit Bonus and Loyalty Programs

The current bonus offer from OctaFX is the 50% on each deposit. There are a lot of rules and regulations about this bonus, but you have to trade a certain volume before you can withdraw it. Other promotions at OctaFX are the many contests they hold every week or on major sporting events (Euro Football Championship, World Cup Championship, etc.). They also have a weekly trading contest where you can win $150 from a demo cTrader account.

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