octafx review by forexreviewarchive

OCTAFX Review 2017

OctaFX is one of the most famous broker in forex trading industry. They are the most transparent and the best STP broker for their exceptional trading condition and pioneer customer services. In 2016, OctaFX was awarded for:

  • BEST TRADING CONDITIONS 2016
  • MOST TRANSPARENT BROKER 2016
  • BEST STP BROKER 2016
  • BEST FOREX BROKER EUROPE 2016

Since 2012 OctaFX awarded more than 12 times for their exceptional services, products, technology, transparency and so on. OctaFX is very famous in Europe for their transparency and best trading conditions.

Octa Markets is an online Forex trading broker, also known as OctaFX. Founded In 2011. OctaFX is registered in Saint Vincent and the Grenadines. Late 2011 and the beginning of 2012 it has started to expand and opened their new operational office in Jakarta, Indonesia.  OctaFX target market is mainly Asia.

They are award winning best true ECN/STP broker in 2016.

OctaFX is the prime sponsor of Southampton Football Club. Additionally, OctaFX offer incomparable trading conditions for their traders all over the world. which includes a minimum deposit of just $5, floating spreads from just 0.02 pips and trade execution in under 0.1 seconds.

As a real account trader, you can claim bonus by 10% / 30% / 50% on each deposit you make to your OctaFX trading account.

Where is OctaFX regulated?

Octa Markets was registered in Saint Vincent and the Grenadines under license number 19776 IBC 2011. The Company’s legal and correspondence address is Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines.

OctaFX UK Limited is registered in England and Wales, Company Registration Number: 08849391. OctaFX UK Limited’s principal address is Devonshire Square, London, England, EC2M 4UJ.

OctaFX UK Limited is authorised and regulated by the FCA, FRN 67930.

OctaFX Learning Center

At OctaFX education and learning center is designed for everyone who wants to know and learn step by step from basic to advance level of forex trading. I found the detailed explanation of ECN trading to be extremely clear and informative. The fact that this page was posted as a totally separate topic and not part of any other section of the website is an indication of the broker’s interest in providing the necessary educational materials for successful trading.

There is Frequently asked questions (FAQ) section where you will find all the basic questions and answers, that every trader mostly asks to any broker before, during or after registration and trading. Whether you have question how to open an account or maybe you are willing to know how to make deposit or withdrawal from your OctaFX account. You will have all the answers of your questions under FAQ section.

OctaFX designed their glossary section with full of important information relate to forex and OctaFX broker. Also in details of OctaFX products and services.

OctaFX offers daily Forex news, financial prognosis and other related data on the state of global markets from several informative and reliable sources. An interesting feature offered by OctaFX is the ability to filter the news according to topic and currency pair.

There is also a listing of real-time live quotes and interest rates from various banks around the world.

The OctaFX currency calculator calculates the required margin, pips price and many other parameters for each Forex pair and two types of calendars are posted on the OctaFX site. An economic calendar list all the important news releases for the coming week and the values are updated after the news is released.

The holiday calendar lists the central bank and the national holidays of most countries across the globe.

Trading Tools For The OctaFX Trader

As trader, most of the times we search for tools to calculate our broker interest rate, we need to calculate our trading profit, sometimes we need tools for monitoring our trading conditions while we are not in front of our PC. OctaFX has all the necessary tools and important trading features for us in order to make us more efficient and profitable trader in the market. All of those tools are designed and developed by OctaFX in house economist and software developer. Which will help you to get all the real-time trading information, such as: Realtime economic calendar, forex news on real time, trading calculator, profit calculator, live quotes, trade monitoring tools, interest rates and even national holidays up to date information.

Available Trading Platforms for Traders

Three different and pioneer trading platforms OctaFX offers for their demo and live traders. These are;

  1. MetaTrader4
  2. MetaTrader5
  3. cTrader

All of these platforms are highly customizable, stable and fully equipped with various technical tools designed to make your trading easier and profitable. All of three platforms are also available for mobiles devices like iPhones, Android and Window Powered mobile devices.

All features of the standard version of MT4/MT5 trading platform are also available on the mobile version.

MetaTrader 4 Platform

MT4 — perfect for those who have just started trading online and more experienced traders looking for minimalistic yet sophisticated platform.

Features include

  • Simplistic easy to navigate interface
  • Built-in market for Expert Advisors and Custom Indicators
  • Interactive customisable charts
  • Reliable Virtual Private Server service

MetaTrader 5 Platform

MT5 — combines simple interface of its predecessor with a number of new features covering the needs of both technical and fundamental traders; a wide range of chart timeframes, indicators and graphical objects for more profound technical analysis.

MT5 Features Includes

  • Stop Limit orders
  • Built-in economic calendar
  • Advanced one-click trading tools
  • Highly customisable interface
  • Integrated development environment for EAs

cTrader

cTrader — convenient feature rich environment allowing more flexibility in placing trades; highly customisable platform that can cater needs of any trader.

Features Includes for cTrader

  • Level II quotes
  • Server trailing stop
  • Cloud service to keep all accounts and templates in one place
  • One-click-trading and advanced chart trading
  • FIX API

Accounts OctaFX are currently offering for us

OctaFX currently offers 3 different types of trading account for us. Which are:

  • MT4 Micro
  • MT5 PRO
  • cTrader ECN

Each account has its own unique profitable quality and features.

MT4 Micro

MT4 micro account has been customized and designed for the novice trader who wants to start trading with OctaFX and try their products and services.

Benefits you will have from this account:

  • Minimum deposit $100
  • Spreads are floating and starts from 0.4 pips
  • There are no commission or markup on spreads
  • 28 currency pairs + gold and silver for trading.
  • You can enjoy max leverage Up to 1:500 for currencies and 1:200 for metals
  • MARGIN CALL at 25%
  • STOP OUT LEVEL at 15%
  • Hedging, Scalping and Expert advisors are allowed for you
  • Islamic shariah account available

MT5 PRO

Mt5 pro account is not going to be suitable for novice or less experienced trader. Because this account designed for the experienced trader. You have to deposit minimum $500 to be eligible for MT5 trading account.

MT5 Account benefits are:

  • Floating spreads and starts from 0.2pips
  • Need to deposit minimum $500
  • No commission, No markup
  • 28 Currency pairs, 4 metals, 2 energies and 10 indices
  • Leverage Up to 1:200 for currencies, 1:100 for metals and energies and 1:50 for indices
  • Minimum volume 0.01 lot and maximum is unlimited
  • Market execution in under 0.1 second
  • MARGIN CALL at 45% and STOP OUT LEVEL at 30%
  • Hedging, Scalping and Expert Advisers are allowed for you

cTrader ECN Account

cTrader platform is the most advanced and revolutionary platform in forex industry.

ECN trading account is ideal for the progressive trader. Means novice and expert both trader can enjoy the benefits of cTrader ECN account. Well good news is, you can start trading with just $100.

Benefits of cTrader

  • Spreads are floating and start from 0.0 pips.
  • There is no markup on spreads
  • But, there is commission
  • You can start with only $100
  • For trading you will have 35 currency pairs + Gold and Silver
  • You will get Up to 1:500 for currencies and 1:200 for metals
  • MARGIN CALL at 25%
  • STOP OUT LEVEL at 15%
  • Hedging, Scalping and Expert advisors are allowed for you
  • Islamic shariah account available

 

The OctaFX demo account can be set up using any of the three accounts. An Islamic account for those who abide by the Shariya laws is also available using the MetatTraer4 Micro and MetaTrader5 PRO, also cTrader accounts. Floating spreads on these accounts are as low as 0.2pips and there is a up to 50% bonus on first deposits. All account holders can participate in the many other promotions and bonus programs.

 

It was nice to see a separate spread listing for each of the different accounts.

Commission & Spreads

OctaFX included all commission and spreads on MT4 & MT5 Pro accounts as a spreads markup, but there is no additional fees for those accounts.

A certain fee is applied on opening and closing position for cTrader account holders. Find more details of applicable commissions and spreads on spreads and commission page.

Does OctaFX offer any Bonuses or Promotions?

OctaFX always offers something new and special for their new and existing traders. Whether you open a MT4/MT5 account or may be a cTrader account, OctaFX have special promotional bonus or trading contest for you.

At present, they are running 4 types of promotional campaign for traders. Which are:

  • 50% DEPOSIT BONUS.
  • Monthly Demo Contest Championship.
  • Weekly Demo Contest Championship for cTrader.
  • Facebook Weekly Prediction Contest.

50% DEPOSIT BONUS

As a live account trader, you can claim up to 50% deposit bonus on your every deposit. It does not matter are you a cTrader account holder or MT4/MT5 account trade, everyone can claim bonus. Minimum $50 you need to deposit to be eligible for the bonus. Complete the required volume and you can withdraw your bonus at any time you want. Here you can find more details on deposit bonus.

Monthly Demo Contest

It is a monthly demo trading contest organized by OctaFX for everyone. Every month we can join and enjoy the demo trading contest. To be eligible for the demo contest all you need to open a new demo account and contact their support team. After verification, you will have $1000 into your demo contest account to start trading. Registration for the Contest is announced prior to its start. During the registration period, anyone can register for the Contest. Monthly Demo Contest winning prizes are:

  • 1st place gets 500 USD
  • 2nd place gets 300 USD
  • 3rd place gets 100 USD

Weekly Demo Contest

The contest name is cTrader Weekly Demo Contest. Every beginning of the week anyone can join the Weekly cTrader Demo Contest. Every beginning of the week OctaFX announce weekly demo contest registration time. During registration time, anyone can register for the weekly demo contest competitions.

Contest prizes are:

1st place winner is awarded with 150 USD

2nd place winner is awarded with 100 USD

3rd place winner is awarded with 75 USD

4th place winner is awarded with 50 USD

5th place winner is awarded with 25 USD

Facebook Weekly Prediction Contest

It is a task based social contest. Every beginning of the week OctaFX publish a post on their Facebook fan page. All you have to predict the current data and market conditions and tell what you expect from a certain currency pair. OctaFX will reward you for the most precise answer. You can win $10 – $50 based on your answer.

Deposits/Withdrawals

Funds can be deposited into OctaFX accounts via bank transfers, credit cards, Neteller, Skrill, Easypay and other online payment systems. There is no commission for any deposit.

Withdrawals are made in the same way the deposit was made. Most of the time withdrawal request takes about 1 hour to be processed.

Reliability : What Makes OctaFX So Reliable?

Nowadays it is very hard to choose a reliable forex broker. Every month more new brokers appear on the scene, some of which are located in countries that many of us have hardly ever heard of. So it comes as a relief to come across a broker that is an England and Wales company and that indeed falls under the regulatory oversight of one of the tightest regulators, the FCA in the UK. OctaFX is regulated by the FCA UK under license number 679306 and has its principal address at 2 Devonshire Square, London, England, EC2M 4UJ.

So how does a new broker like OctaFX convince new traders to join their ranks? Well getting regulated by the Financial Conduct Authority is a really good start. It is not easy to satisfy the strict requirements of a leading financial authority like the FCA.  Firstly you have to be really well capitalized, secondly you must follow many steps and protocol in order to be approved.

Other aspects of the security OctaFX have put into place on behalf of their clients include:

Segregated client accounts, SSL data encryption, Account verification protocols, secured withdrawals and banking secure technology for credit and debit card transaction. These are massive steps taken to ensure the safety and reliability of their trading services.

Regulatory Environment

All financial services providers in Saint Vincent and the Grenadines are regulated by the island’s Financial Services Authority (FSA) which OctaFx (License number 19776 IBC 2011) is also under. The FSA maintain a strict policy of carefully vetting and regulating properly those under its jurisdiction in order that the country’s financial sector reputation is not tarnished by illegal activities.

Furthermore, OctaFX UK Limited is regulated by the FCA under license number 679306. Hence, traders can rest assured that OctaFx is a legitimate and reliable broker that follows the highest fiduciary standard practiced by both the FSA in Saint Vincent and the Grenadines and the FCA in the UK.

Operational History of OctaFx

OctaFX was established in 2012. Nevertheless, despite being a fairly new broker, OctaFx have still managed to garner many awards from many different media including Global Banking and Finance Review’s “Fastest Growing Micro Broker 2012”. So far, I have yet to hear of another forex broker as young as OctaFx winning so many awards. We are clear that this broker is providing exceptional services to its clients for the broker to be growing so fast. This in addition to the security provided speaks volumes about the reliability of OctaFx as an online Forex Broker.

Accounts Segregation

OctaFx keeps its corporate funds separate from the clients’ trading funds. This is in accordance to international regulations and accounting standard.

SSL Data Encryption

Personal Data and online financial transactions are protection by encryption with SSL encryption technology.

Account Verification Protocols

All trading accounts have to go through a stringent verification process.

Secured withdrawal

All withdrawal requires an email confirmation thus preventing unauthorized withdrawal by a third party.

3D Secure Technology For Credit/Debit Card Transaction

3D secure technology is used to process all transaction from Visa and MasterCard to ensure the integrity of the transaction.

Security Engineer Team

The back office of OctaFx technical environment is monitored 24/7 by a team of security engineers to ensure top level protection.

Customer Support

OctaFx prides itself with a high-quality support team that is always within the reach of traders 24/5. To get in touch with the support team, traders can either do it through:

  • Live Chat
  • Filling in the online Contact form
  • Email at [email protected]
  • Phone: 4001-200970 (China)

1-800-815-304 (Malaysia)

+17844574224 (St. Vincent and the Grenadines)

OctaFX serves clients across 100 countries, however their main client base is across China and South East Asia, so multi-lingual support is available in the following languages:

  • Bahasa Indonesia/Malaysia
  • Mandarin
  • Spanish
  • Portuguese

Pros

  • The advantages of dealing with OctaFx are numerous. They include:
  • Regulated by FCA
  • Demo Accounts Available
  • Great ongoing deposit bonuses
  • Fast Reliable Executions
  • Free Market Analysis
  • High Quality Customer Support
  • Low Minimum Deposit Requirement
  • MT4 and cTrader platforms
  • True ECN/STP Services

Cons

We do not find any bad side of OctaFX. Though there are many unhappy traders for many reasons. As you know that, you cannot make happy everyone. Does not matter what you offer or provide service there will always have some unhappy clients.

Overall, we found OctaFX as a transparent and trusted ECN broker in 2017.

Conclusion

To conclude, the awards that OctaFX has garnered are well deserved. OctaFX is winning hearts and minds of traders across the globe. This company are going from strength to strength through the sheer effort and dedication that they put into providing top notch services to their clients. For those who are in the market for a reliable and efficient forex broker, OctaFx certainly come highly recommended.

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