Platform: Metatrader 4, cTrader
Payment Method: Visa, MasterCard, Skrill, Neteller
Interesting promotions and contests
Tight dealing spreads
Does not accept US traders
Primarily focus on currencies and metals
OctaFX is a quite recently formed Straight Through Processing (STP) ECN forex broker, which has been operating since 2011 out of its main center in Jakarta, Indonesia. The company is also registered in Saint Vincent and the Grenadines with license number 19776 IBC 2011 issued by the Caribbean’s Financial Services Authority or FSA. In 2015, the company announced it would be opening a London office, and it is now regulated by the UK-based Financial Conduct Authority (FCA) in Britain.
Its official website is located at www.octafx.com and a screenshot of its welcome page appears below:
OctaFX focuses primarily on the Asian retail market and has won several notable industry awards, primarily for its service to that sector. In addition to Asia, the company has customers in more than 100 countries worldwide, but it does not presently accept U.S. based clients.
OctaFX offers a professional quality execution service in all of the major currency pairs, plus precious metals like gold and silver. Furthermore, OctaFX’s decision to act as a STP ECN broker has allowed it to offer customers very tight dealing spreads, quick execution times, no slippage on orders and no re-quotes. Those key features — plus the numerous interesting promotions and contests the broker offers — makes theirs a notably attractive package for most retail traders, especially those that wish to trade more actively.
Furthermore, the broker’s very modern dealing network offers state of the art connectivity to the markets. This helps give its clients greater assurance about stability, execution, reliability and excellent liquidity from international banks. In addition, the broker conscientiously segregates its operating capital from client deposits, thereby complying with regulatory requirements and giving customers great financial security. With respect to data security, the broker uses 128-bit SSL protection when encrypting trading and personal information.
The company also offers demo accounts, as well as three different live account types that include Micro and ECN for MetaTrader 4 and ECN for cTrader. All account types can trade silver and gold, but the number of currency pairs allowed for each live account type differs, with 12 currency pairs allowed for the Micro MT4 accounts, 28 pairs for the ECN MT4 accounts and 48 pairs for the ECN cTrader accounts. In addition, swap free accounts are allowed for both of the Metatrader 4 account types, while cTrader accounts are swap free unless a trader leaves their position open over a weekend, in which case they are charged a rollover fee.
In terms of the amount of leverage available to traders, OctaFX offers leverage ratios of up to 500:1, and this ratio applies even to micro lot positions. Last, but certainly not least, those traders who wish to use strategies like scalping, hedging, news trading and Expert Advisers will not be disappointed in OctaFX, since all of those are permitted.
Supported Trading Platforms
OctaFX will greatly please many forex traders since it offers support for the very popular MetaTrader4 online trading platform and its mobile apps. In addition to trade execution and order placement, this platform offers extensive charting, technical analysis and portfolio management features. It also allows traders to use or write Expert Advisers that can automate dealing activities.
The screenshot shown below illustrates the basic functions of the OctaFX installation of MetaTrader 4, which includes market monitoring, charts and technical analysis, on screen trade execution, trade history and account management features.
The broker also supports the increasingly popular series of desktop and mobile app trading platforms offered by cTrader, which has interesting features that MetaTrader does not offer.
Deposits and Withdrawals
OctaFX allows deposits and withdrawals to be made through standard methods without fees. These methods include: bank wire transfers, credit cards like Visa and MasterCard, and electronic payment services like Skrill and Neteller. An increasing number of additional domestic payment methods are supported too. Account deposits can be made either in U.S. Dollars or in Euros. The minimum deposit amount for a Micro account is $5
Most withdrawal requests are processed promptly within an hour and are confirmed by e-mail, provided that the client has placed suitable images of their personal identification on file. Such identification could be a valid driver’s license, a passport or another government ID. OctaFX also requires a recent utility bill with your name and address, as well as images of the front and rear of any debit or credit card being used to credit an account with (you can cover up the card number other than the last four digits).
OctaFX offers 24/5 customer service that includes a live chat feature with a selection of three departments, in addition to support via e-mail and phone. The company also uses social networking sites like Facebook, Twitter, YouTube and Instagram to communicate with its clients.
With respect to educational materials, OctaFX offers various manuals to assist clients in using the two main trading platforms supported by the broker, which are MetaTrader 4 and cTrader. These manuals cover such things as: basic trading platform functionality; ways to navigate around the platform’s interface; and tips on making successful trades. The company also offers a glossary and various tutorials for new traders on their website.
Although a relatively new broker on the scene, OctaFX has received several industry awards and overall good reviews from its clients, making it seem like a decent choice for a forex broker. This favorable perspective is further strengthened by their decision to offer an ECN/STP broker service, making their dealing spreads and order execution top notch.
Another positive factor for OctaFX is its support for the popular MetaTrader 4 trading platform and its newer competitor cTrader that offers some exciting and innovative features. Also, the broker’s strong regulatory status under the FCA and its commitment to client fund segregation make it appear like a safe place to hold your trading account.
On the downside, this broker is very focused on currencies and precious metals, so those traders who also wish to trade stocks, other commodities and indexes will probably have to find another outlet for trading those asset classes.