The Forex business is very lucrative and attractive venture, and many companies try their luck with the market. However, only the most competent ones actually survive.
How to make a name as a new company in this highly competitive market can be seen in the example of OctaFX. This OctaFX review will give you information on how this newly-established company managed to spread across the globe.
Background and Regulation
The company has been in the business only for the past five years and they have already gained a status of a global trader. The company was established in St Vincent and the Grenadines. Since they focus on the Asian market, they run their main operations from Jakarta in Indonesia. They rapidly expanded and have encompassed 100 countries by now. Like every Forex company looking to gain the trust of their clients, the OctaFX Forex broker made sure to be regulated and licensed by the best. Namely, they registered with the British FCA regulatory organization. For you as a trader, this means that this broker guarantees legal rights to customers, protects their investments, and generally behaves according to laws and standards. They have to submit reports, financial statements, etc. to the FCA. If you should have any doubts, you can contact the FCA for specific information about this company, as well as every other FCA-licensed broker. FCA broker companies are required to provide fair market conditions and to keep investments of clients separate from their operational funds. Now we can move on with this OctaFX review and talk about other features the company provides.
OctaFX Trading Platforms
While some brokers offer just one platform, the OctaFX broker company goes a step ahead and offers three trading platforms to meet traders’ needs and demands. The best-known trading platform is the MetaTrader 4 which is mass-used by most brokers. If you have ever read about Forex, you must have heard about this platform. The MT4 includes many features like automated trading, free trading signals, scalping, hedging, etc. These features are usually available with higher ranked accounts. MetaTrader launched a new version as well, the MT5 which you can try out with OctaFX. This MT version contains some sophisticated features (e.g. the OCO option which MT4 lacks). OCO refers to One-cancels-the-other order. It is a combination of Stop Order and Limit Order, whereby the execution of trade automatically cancels the other order from the same pair. OctaFX does not stop there but includes the cTrader trading platform which is relatively new but provides all options traders need. This platform is user-friendly and easy to navigate. All three platforms can be either downloaded or traders can directly log in the browser. The Forex world cannot be imagined without mobile trading anymore, and the broker offers the relevant OctaFX mobile apps for your smartphone devices.
Types of Accounts with OctaFX
The account types are leveled according to the platform.
- Micro account comes with MT4. The minimum deposit is $5, and it is suitable for less experienced traders.
- The MT5 PRO requires a deposit of $500 and is reserved for investors who know the market very well.
- The cTrader ECN account is for both categories, and the minimum deposit is also $5. What is characteristic for ECN is that your broker is neutral given that you do not trade against your broker on ECN, only against a third party.
- A Demo account is also part of the OctaFX package and it is free of charge.
With the MT4 and 5 accounts you can trade in 28 currency pairs, while 48 currency pairs are at your disposal with the cTrader ECN account. The Octa FX broker is known for very low spreads which attract many clients. For example, major currency pairs can be as low as 0.2 pips. The average spreads are also very low, i.e. 0.6 pips. A leverage granted with MT4 and cTrader ECN is 1:200, while it is significantly higher with the MT5 account, i.e. 1:500.
For the MT4 and cTrader accounts, it is possible to gain a 10%, 30% and 50% bonus each time you deposit. They also offer the welcome $8 bonus which comes in handy for newbies.
OctaFX Deposits & Withdrawals
The OctaFX Forex broker does not charge any fees or commissions on deposits or withdrawals. You can deposit and withdraw via Internal Transfer, Visa, MasterCard, and eWallets such as Skrill and Neteller. Processing a withdrawal request takes an hour on average, which means that you do not have to wait too long for your money to arrive.
As a professional company that operates in more than 100 countries, OctaFX has to maintain a professional and competent customer support. The customer support accepts calls, e-mails and live chat. They can also be found on Facebook, Twitter, and Instagram. Additionally, you can even message them via WhatsApp. If you should have, any doubts do not hesitate to contact the support team. They are available from Monday to Friday day and night. We hope that this OctaFX review gave you an idea about this professional company and that we we’ve given you enough reasons to check them out if you are considering entering the Forex market.
More Top Forex Brokers
|Rating||Broker||Bonus||Regulator||Open Account||Read Review|
|xm||$5000||CYSEC||Open Account||Read Review|
|instaforex||250%||FFMS||Open Account||Read Review|
|HYCM||$5000||FSA||Open Account||Read Review|
|eToro||UP TO $1000||CYSEC, FCA||Open Account||Read Review|