Lovers of football will be pleased to know that OctaFX is currently the sponsor of Southampton Football Club. For those who aren’t swayed by a sporting connection you’ll be happy to learn it is licensed and regulated to offer its financial services in many countries around the globe. OctaFX is the brand name of Octa Markets Incorporated, and the company was first registered in 2011. Headquarters are in St Vincent and the Grenadines, and OctaFX acts in compliance with international regulations and legislation.
OctafX may be a newcomer, but it has already received some significant awards. The Global Banking and Finance Review, and the Forex Report Magazine have both awarded OctaFX a high level of recognition. In 2014, it was awarded Best ECN Broker in Asia, as well as the Best Broker Central Asia.
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A brief introduction to OctaFX
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OctaFX operates as an STP (straight through processing), and ECN (Electronic Communication Network) Forex broker. Tight spreads are permitted, execution of orders is swift, there is no slippage or requotes. All the major currency pairs can be traded, as well as gold and silver. MT4, and the new cTrader, are the choice offered for a trading platform. There are a number of different OctaFX Forex bonuses, as well as a range of promotions, contests, and promotional programs.
OctaFX has an extensive education center with a great FAQs page, as well as manuals, a glossary, and some helpful Forex trading articles.
OctaFX offers a choice of trading platforms
OctaFX offers traders two trading platforms to choose from. Both platforms can be used on a desktop, laptop and mobile device. MT4 is the name that will be most recognizable, but there is also a relatively new option called cTrader.
- MetaTrader 4 (MT4) – This user-friendly platform has become a favorite for many traders and brokers. Over the years it has been available, it has shown itself to be very reliable and capable for a wide variety of traders. There are a range of useful tools and techniques available such as market indicators, charting tools, advanced risk management, scripts, and real time market execution.
- cTrader – This software solution is a relative newcomer, but is already gaining a lot of interested traders. It is amazingly customizable and the interface is new and exciting. There are a few more bells and whistles than MT4, so this option is one that is definitely worth trying, especially as there is the option of a free demo account.
Different types of trading account offered by OctaFX
OctaFX offers a few options with regards trading accounts.
- MetaTrader 4 Micro Account – The Micro Account requires a minimum deposit of only $5, which is great for any beginner, or those with a very limited budget. Minimum order volume is 0.01 lot, with the maximum 10 lots. Leverage is up to 1:500, which is the same for all three accounts. With a Micro Account, traders can trade 12 currency pairs, as well as gold and silver.
- MetaTrader 4 ECN – A MT4 ECN Account with OctaFx, requires a minimum deposit of $50. Order volume has the same minimum, but the maximum is unlimited. Once again the leverage is 1:500, but this account offers 28 currency pairs for trading, as well as gold and silver.
- cTrader ECN – Things change a little with a cTrader ECN Account as it is a no swap type of account. Minimum deposit is only $5. Minimum trading volume is 1K of base currency, but the maximum is unlimited. Trading tools include 48 currency pairs, and gold and silver.
Spreads are the same for all three accounts and are floating, starting at 0.2 pips. All three accounts also have a demo version, which is great news for traders who prefer to ‘try before they buy’.
Payment methods supported by OctaFX
All the normal payment channels are supported by OctaFX, including bank wire transfers, Skrill, major debit and credit cards, as well as UnionPay. Traders can choose to make deposits either in USD, or EUR, with the minimum deposit being only $5. Withdrawals have extra security protection, as an email is sent to confirm the request before the withdrawal can be made.
OctaFX has a very interesting contest that traders can choose to participate in for an opportunity to win some great prizes, including an iPhone every month. It is called the SuperCharged real contest and all a trader has to do to take part is open a real account, make the minimum deposit, and tick in a box to take part. Scores are based on pip points and gain points. There are also some rewarding OctaFX Forex bonuses to make trading a little more interesting.
Based solely on the number of industry awards OctaFX has won, we’d rate them as a Forex broker that is definitely worth trying. But there are other great qualities that warrant a look, so why not try it on for size, by opening a new demo account?