OctaFX Review

OctaFX does not accept UK clients anymore.

OctaFX is a quite recently formed Straight Through Processing (STP) ECN forex broker. OctaFX offers both the MetaTrader and cTrader platforms, all major currency pairs and commodities, leverage 1:500, and a minimum deposit of $5. OctaFX 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. OctaFX is regulated by CySEC with the license number 372/18.

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.

Its official website is located at www.octafx.com and a screenshot of its welcome page appears below:

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OctaFX Features

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.

The broker also supports a Demo account, which beginners can use to assess the platforms and the overall trading at the site.

Platforms & Tools

OctaFX will greatly please many forex traders since it offers support for the very popular MetaTrader4 and MetaTrader 5 online trading platform and its mobile apps. In addition to trade execution and order placement, these platforms offer extensive charting, technical analysis and portfolio management features. They also allow 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.

Asset Classes

OctaFX supports an impressive range of tradable asset taxonomies. CFD trading is one, followed by cryptocurrencies, commodities, stocks and currency pairs.

As far as CFDs go, scores of tradable assets are supported, on MT4 as well as MT5. The maximum available leverage on this asset class is 1:50.

The broker currently supports 3 cryptocurrencies (paired with the USD): BTC, ETH and LTC. Be aware that OctaFX does not sell any cryptocurrencies to its traders. Only CFD-based trading is possible on this asset class. The maximum leverage available on crypto CFDs is 1:2.

Commodity-wise, OctaFX offers gold and silver as well as crude oil, among a number of  other tradable assets. The spreads are quite decent, although in some cases they may shoot up above 3 pips.

A total of 4 indices are available on MT4 and 10 on MT5, in addition to an impressive number of individual stocks. The leverage is 1:50 on this category.

Currency pair trading carries the best trading conditions. The maximum available leverage here is 1:500 in most cases. Some 28 currency pairs are available on all account types. Spreads start from 0.4 pips on major pairs but they can go as low as 0 pips on the ECN account.

Commission & Fees

The floating spreads on the Micro Account start from 0.4 pips, while the fixed ones start at 2 pips. On the Pro Account, spreads start from 0.2 pips and on the ECN one, from 0 pips.

Unlike the other two account types, the ECN one does charge a commission. It does not feature a markup however. The ECN account comes with a weekend fee.

Research & Education

Education-wise, the official site of the broker offers a decent selection of video tutorials, as well as access to some basics on FX trading and strategies.

The tutorials section covers every featured trading platform and it goes into details on most of the available functionalities.

Customer Service

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, MetaTrader 5 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.

Mobile Trading

The OctaFX trading app provides access to most of the tradable assets  and it looks great on smaller screens.

It lets traders deposit and withdraw funds, enable swap-free options, modify leverage and edit and restore passwords. In  word, it is a standalone trading solution, which lets traders handle every aspect of their OctaFX trading account on the go.

Conclusion

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.

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 indices will probably have to find another outlet for trading those asset classes.

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