Founded in : 2011
Headquarters : St. Vincent and the Grenadines
Regulation : CySEC
Platforms : MT4, MT5, cTrader
Leverage : 1:500
Minimum Deposit : USD$5
OctaFX is an online financial service provider that was created in 2011, with a head office in St. Vincent and the Grenadines. However, since they are approved and registered under the CySEC, their target audience is European clients.
Who is OctaFX?
OctaFX is a brokerage firm that was established in 2011 and provides FX ECN trading, along with CFDs trading on Cryptocurrencies, Indices, and Metals. They have trading platforms such as MetaTrader and cTrader, which is available for Web versions, Mobile versions, and Windows Desktop; OctaFX also has their own trading application.
OctaFX has a website that is approved by the Cyprus Securities and Exchange Commission, also known as CySEC, that is under the Octa-Markets Cyprus Ltd. The brokerage firm is headquartered in St. Vincent and the Grenadines, which means that there are no limitations from any regulators in Europe. Because of this beneficial element, traders have the ability to enable higher leverage and unrestricted bonus promotions.
The financial services and elements that are provided by OctaFX are made for both novice and expert traders, since they have three types of accounts that accommodate every level of trading. New clients who will open a new account with OctaFX are going to face different options because of limitations on promotions and leverage from the recent regulations caused by ESMA.
Is OctaFX Safe or a Scam? Licenses and Regulations
OctaFX is registered and owned by Octa-Markets Ltd., which is registered under the Cyprus Securities and Exchange Commission (CySEC). The website itself is held under Octa Markets Incorporated, which is regulated by the CySEC. However, it contains a business license that is from St. Vincent and the Grenadines, which is also its headquarters.
Despite the fact that the brokerage firm is registered under an unregulated area, St. Vincent and the Grenadines, OctaFX is a regulated and approved financial entity. The regulatory agency that is responsible for supervising the financial services provider is CySEC, a renowned financial regulation watchdog in Cyprus. However, due to the limitations on their regulations, OctaFX is not allowed to accept any resident or client from the United States. European clients and traders are allowed to trade with OctaFX, along with unrestricted trading space all across the continent, thanks to the ESMA.
With OctaFX, they offer three trading platforms for novice and skilled traders, no matter the level. These trading platforms are all available for use through their mobile application and their Desktop version; they also provide traders with a copy trading application.
Traders have the ability to choose whichever trading platform that is to their liking through the Trading section in the OctaFX Personal Area. In order to be transparent and comprehensive, the brokerage website provides a useful element of comparing all three trading platforms. Traders can download the cTrader, MT5, and the MT4 trading platform for iOS and Android users. With MT4, the Mobile Trading application provides an array of order types and operation modes, three different types of charts, and nine different time-frames viewers. Another perk is that the MT4 mobile trading application for OctaFX is very simple to navigate and it is very user-friendly.
As for the MT5 trading platform and mobile application for OctaFX, it provides an array of order functions such as: market depth, hedging account options, useful how-to instructions, and pending and stop-orders. The MT5 trading platform offers trading in CFDs, Indices, and Cryptocurrencies; it also does not have any commission charged to overnight positions. The final trading platform that is offered is cTrader, which is available for iOS and Android users, along with a Desktop version. It also permits for fast operations for FX and Metals markets, along with essential how-to instructions on using the website.
The OctaFX mobile trading applications give novice and expert traders the ability to trade anytime, anywhere. Another element that is useful with OctaFX, is that they have an in-house trading application that permits traders to manage their live accounts and funds.
There are three types of accounts that is provided by the financial services provider, OctaFX; the three types of accounts are Micro Account, Pro Account, and ECN Account. The Micro Account is mostly used for novice traders with small investments who need to understand the inner workings of the financial industry. With the Micro Account, there is a floating spread that starts at 0.4 pips, and a fixed spread that starts at 0.2 pips. It provides twenty six currency pairs, four indices, and three different cryptocurrencies. The Micro Account provides hedging, scalping, and EAs for traders who are new to the industry, with a minimum deposit of 100USD. In order to trade with the Micro Account, traders will have to use MetaTrader4.
As for the Pro Account, it’s for experienced traders with lowest spreads and low trading costs. There is only a floating spread that starts at 0.2 pips, and no fixed spreads. It offers twenty eight currency pairs, four metals, two energies, ten indices, and three cryptocurrencies. The Pro Account also offers hedging, scalping and EAs for traders who know what they are doing. The minimum deposit for the Pro Account in OctaFX is 500USD. In order to trade with the Pro Account, traders will have to use MetaTrader5.
The third and final trading account is the ECN Account, which targets an audience of progressive traders for more transparency in the trading process. There is only a floating spread that starts at 0 pips, with no fixed spreads. It provides twenty eight currency pairs, along with gold and silver. The ECN Account also provides hedging, scalping, EAs, and requires a weekend fee of overnight commission. The minimum deposit for the ECN Account in OctaFX is 100USD. In order to be able to trade with an ECN Account, traders will have to use the cTrader trading platform.
What are the Trading Bonuses?
There are four types of bonuses on deposits with OctaFX that are offered to traders. The first type of bonus is the fifty percent bonus on deposits, where the bonus increases the trader’s deposit by half. The second type of bonus is the Supercharged 2 Real FX Trading Contest; this type of bonus is the most efficient and the majority of traders will be awarded with quality smart-phones and smart-watches per month, along with three quality cars that are luxurious that are the main prizes at the end of the year.
The third type of bonus is the Champion Demo FX Trading Contest, where trades on a Demo Account for a one-thousand prize fund. The final type of bonus is the cTrader Weekly Demo FX Trading Contest, where trades on a cTrader Demo Account with the highest profit by the end of the week, will receive a reward from OctaFX.
What is the Trading Leverage?
With OctaFX, there are different types of trading leverage for different types of trading instruments. For the Micro Account, the maximum leverage level is up to 1:500 for currencies, up to 1:200 for metals, up to 1:50 for indices, and up to 1:2 for cryptocurrencies. For the Pro Account, the maximum leverage level is up to 1:200 for currencies, up to 1:100 for metals and energies, up to 1:50 for indices, and up to 1:2 for cryptocurrencies. For the ECN Account, the maximum leverage level is up to 1:500 for currencies, and up to 1:200 for metals.
Deposits and Withdrawals
With OctaFX, there is a range of deposits and withdrawals that are commission-free and they also provide a fifty percent deposit bonus for traders in the Deposit section of the OctaFX Personal Area. Online payment services such as BitCoin, Neteller, and Skrill, with a minimum deposit for 50USD. With withdrawal options, there is a minimum amount of 5USD where traders will need to define their accounts by verifying their name and location; this is done effectively and efficiently through the OctaFX Personal Area.
Most online payment services are provided for traders and users of OctaFX, since it is an online financial services provider with no-dealing-desk.
Educational Resources and Materials
OctaFX provides an array of Traders Tools on the website such as: economic calendar, profit calculator, Trading Calculator, FX News, Live Quotes Monitoring, National Holidays, Market Insights, and interest rates. These trading tools can be accessed from the Desktop or WebTrader platforms, but it is easy to navigate on the OctaFX.com website.
As for educational materials on trading, OctaFX provides an array of tutorials, videos, and articles for novice traders and advanced traders as well. There is also many pieces of information when traders set up the MetaTrader and\or cTrader trading platforms, on how to utilize the trading platform and its various functions.
Conclusion of OctaFX
OctaFX is an online financial services provider that is established in 2011, with headquarters in St. Vincent and the Grenadines. The broker is approved and regulated by the CySEC, making it available for all European traders.They provide traders of all skills three types of accounts: Micro Account, Pro Account, and ECN Account. Each account type corresponds with the trading platforms such as: MT4, MT5, and cTrader. OctaFX also offers an in-house trading application, and a copy-trading application.
OctaFX is a no-dealing-desk brokerage firm, and the payment services of BitCoin, Neteller, and Skrill; all of these online payment services are available.