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OctaFX is a leveraged CFD broker that was established in 2011 and they are based in St Vincent and the Grenadines.
They are an ECN broker with Straight Through Processing capability. They claim that they do not operate a dealing desk which we cannot verify.
OctaFX is regulated in Europe.
OctaFX has a CySEC license that is held by their Cyprus subsidiary. This means that they are technically allowed to take brokers from Europe.
Although Cyprus is an EU country, there have been a number of issues in the past with brokers regulated here.
There are also a number of jurisdictions that they do not take clients from including the USA and Canada.
This is a CFD broker which means that you are trading derivative instruments with leverage.
These levels can go up to a maximum of 500:1 on their forex pairs.
They also offer trading on metals up to 200:1 and indices up to 50:1.
While they do have cryptocurrency CFDs, this is set to a measly 2:1.
OctaFX also does not offer any single stock CFDs. If you are looking for a broker that has got a more extensive asset coverage then you can head on over to the Coin Bureau where we list a number of them.
Given that OctaFX operates as an ECN broker, they tend to have quite low spreads. The exact spreads and fees that you will pay depend on the account that you create and the platform that you trade on.
There are three accounts at OctaFX and these are the micro account, the pro account and the ECN account. These are traded on the MT4, MT5 and cTrader platforms respectively.
You may also be charged a swap fee, a three-day fee or a “lot” commission based on the account.
They also have an Islamic account which is fully shariah compliant
There are no deposit / withdrawal fees at the broker although you may be charged intermediary bank fees if you are sending wires.
If you do want to fund a live account then you can do it in a number of ways. They accept credit cards, crypto, netelller, Skrill and a number of Indonesian banks for local traders.
If you do not want to fund a live account then they also offer a demo account.
Looking at the trading platforms, these are tied to the accounts that you choose.
The MT4 platform is one of the most popular third-party platforms currently on the market. It is used by numerous brokers and was developed by traders, for traders.
The MT5 is as slightly upgraded platform with more features and functionality.
Finally, there is the cTrader platform which is the most advanced. This provides that STP processing technology which gives you the lowest spreads and most market transparency.
OctaFX also has a number of mobile apps for you to use.
Firstly, they have their own proprietary app that allows you to monitor your account and adjust individual settings.
Then, they have all of the third-party apps that come with the three trading platforms.
Looking at customer support, OctaFX has a few options for you to choose from. They have multilingual support staff available through telephone, live chat, email support etc.
We tried all of their telephone numbers and were unable to get through. They did not respond to their whatsapp and their customer support staff were not clued up at all.
There are other features that are included at OctaFX that you may find interesting.
These include a deposit bonus, copy trading and educational material. We would avoid the deposit bonus as these are not allowed by CySEC.
In conclusion, OctaFX has low fees, reasonable leverage and strong platforms. However, this could be overshadowed by their weak asset coverage, opaque corporate structure and substandard customer support.
If you are going to be using OctaFX, be sure that you are practicing adequate risk management and never risk more than you are willing to lose. CFDs at 500:1 Leverage is incredibly risky.
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Disclaimer:
This is for informational purposes only. Coin Bureau does not provide investment advice, nor is it an offer or solicitation of any kind to buy or sell any investment products. Rates and terms set on third-party websites are subject to change without notice.
#Forex #Octafx #trading
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