Independent Broker Review Octafx
Contents
A Quick Look at Octafx
Website: https://www.octafx.com/
Octafx is a regulated forex brokers advertising the lowest spreads and costs in the business. The broker offers a variety of account types for trading Forex, CFDs, precious metals, and other assets attractive to today's traders.
Introduction
Octafx is a group of companies operating regulated forex brokers globally. The parent company is Arlear Inc. OU with headquarters in Estonia. Trading services are provided by Octa Markets, headquartered and regulated in St. Vincent and the Grenadines.
Arlear Inc OU – address is Valukoja tn 8/1-110, 11415, Tallinn, Harju Maakond, Eesti Vabariik Estonia
Octa Markets - Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Regulations & Licenses
- Estonia – Registration #1445985
- St. Vincent and the Grenadines – Registration #19776 IBC 2011
Account types
Octafx offers five types of accounts for trading including an Islamic and Demo account. All accounts come with a 0.01 minimum lot size, no maximum trade sizes, market execution in less than a second, five-digit precision, all strategies allowed, and EA capability.
- Micro Account – The micro account is for smaller or novice traders. It uses the MT4 platform and may have floating or fixed spreads. There is no commission for trades but there is a markup. Floating spreads start at 0.4 pips, fixed spreads at 2 pips. The minimum deposit is only $100 and comes with up to 1:500 leverage on FX trades. Assets include 28 FX pairs, 2 metals, 4 indexes and 3 cryptocurrencies.
- Pro Accounts – The pro account is for experienced traders and used the MT5 platform. Pro accounts come with floating spreads starting at 0.2 pips and have no commissions. The minimum deposit is $500 and grants access to the full line of assets; 28 FX pairs, four metals, 10 indices and 3 cryptocurrencies.
- ECN Accounts – ECN accounts have the tightest spreads and are intended for high-volume, active traders. These accounts are powered by the more powerful cTrader platform and have floating spreads as low as 0 pips. There is no markup on trades, but clients will pay a small commission per trade. The minimum deposit is only $100, available assets include 28 FX pairs and two metals, gold and silver.
Fees, Costs & Spreads
Octafx fees, costs and spreads vary by account type but are among the lowest in the industry in all cases.
- Spreads – Spreads in micro accounts can be floating or fixed starting at 0.4 and 2 pips. Spreads in Pro accounts are also floating but start at a much lower 0.2 pips. Spreads in ECN accounts are the lowest possible and start at 0 pips for heavily traded major pairs.
- Fees – There is no commission on deposits or withdrawals, and no commissions on trading except in the ECN accounts. Commissions on the ECN accounts runs in the range of 0.02 to 0.03 pips per 0.01 lot.
- Swaps – There are no swaps in the ECN or Pro accounts, but they will pay a small overnight/weekend fee when applicable. There may be a small swap fee in Classic accounts depending on the client’s choice of fixed/floating spreads.
- Margin/Negative Balance Protection – Octafx has variable margin/stop out requirements bases on account type. Classic accounts and ECN will get a margin call at 30% and be stopped out at 15% while Pro accounts have stricter 45% and 30% levels. Octafx has negative balance protection, if a client account goes negative due to stop-out it is readjusted to 0.
Deposits & Withdrawals
- Deposits – There is no commission on deposits charged by Octafx.com. Deposits can be made in over 20 currencies and converted to one of two account currencies. Accounts are denominated in USD or EUR, there is no exchange fee. Deposits can be made by wire, bank/credit card, bank transfers, and Bitcoin.
- Withdrawals – Withdrawals can be made back to the same wallet/purse/accounts as deposits. There is no commission for withdrawals and, in some cases (like Bitcoin), withdrawals will process and appear in client account within 24 hours. In most cases withdrawals will take 7-10 business to appear in client accounts.
Trading Platforms
Octafx.com has three available platforms depending on client needs and experience. The Classic Account uses MT4 while the Pro and ECN accounts use MT5 and cTrader. Regardless of which platform is used, all are available in Desktop, Webtrader, and Mobile versions.
- MT4 – The simplest to use, MT4 allows clients to trade FX and CFDs using a handful of timeframes, indicators, and trading tools. There is a built-in Marketplace where clients can connect with EA's and other custom indicators.
- MT5 – A more advanced version of MT4. MT5 allows for complex stop and limit orders including trailing stops. MT5 clients enjoy one-click trading, a fully customizable interface, and EA development tools.
- CTrader - cTrader is the most advanced of the three charting packages. It supports a wider range of tools and order varieties. Clients enjoy Level II quotes, one-click trading, and FIX API interface.
Assets Available
- Forex – The platform supports trading in 28 major and minor pairs.
- Precious Metals – Clients can trade spot contract on gold, silver, platinum and palladium paired against the USD.
- Indices – Octafx supports trading in 10 global indices including the major North American and EU equity indices.
- Oil – Clients can trade CFD contracts on WTI and Brent Crude.
- Cryptocurrencies – CFD contracts on three cryptocurrencies paired with the USD. Litecoin, Bitcoin, and Ethereum.
Order Types
- MT4 – Clients using MT4 can use simple stop-losses and take-profit orders.
- MT5 – Clients using MT5 can use more advance stops and limits including trailing stops. Client accounts must be open for the trailing stop to work.
- cTrader – Clients using cTrader have access to the most advanced stop and limit orders including one-cancels-other. Client accounts do not have to remain open for orders to trigger.
Notification and Alerts
Clients using any of the three platforms supported by Octafx.com enjoy a diverse array of conditional orders and the use of EA's and other custom indicators to trigger alerts. Alerts can be delivered by email, text, audible sound, screen alerts, or to trigger executable files like EA trading tools.
Risk Management, Trading Tools, and Analysis
- Conditional Orders – all clients have access to conditional orders like stop-losses to help mitigate risks and lock in profits.
- Trade Calculator – clients can use the trade calculator to figure the costs, risks, and potential reward of their trades.
- Live Quotes – clients enjoy timely, live quotes for best market execution of their trades.
- Autochartist – Technical analysis tool is available for Pro account holders.
Education and Training
Octafx.com has an adequate education and training center geared to help novice traders prepare for FX and CFD trading. The Education Center includes a library of articles and videos covering topics on trading, how to use the platform, and analysis.
FX Basics – Over 20 articles on the basics of FX trading, types of analysis, strategies, and risk management.
Videos – Four videos including two on the Octafx platform and one on copy trading.
Tutorials – Over 75 video tutorials on how to use, set up, and customize the MT4, MT5, and cTrader platforms.
Copy Trading
Octafx.com offers copytrading for clients. Clients can copy or become a Master and earn commissions from their follower’s trades. Octafx.com Copy trading is unique in that it allows the Masters to set their own commission rates in either a dollar amount or percentage of profits. Followers can choose which Master to follow based on the Master's performance and cost.
Bonuses and Promotions
- Contests – Octafx offers two contests on a weekly basis for Demo account holders. Demo Account holders who win withdrawable prizes including cash and other considerations.
- Promotions – Octafx clients earning promotional Prize Lots based on their trading volumes. The Prize Lots can be redeemed for items like watches, smart phones, and laptops.
- 50% Bonus – Clients can opt for a 50% bonus on all deposits. Bonuses are withdrawable after trading volumes have been met. Trading volume is based on Bonus size. If the bonus is $200 divide that in half for the number of lots that must be traded (100) to release the bonus. Bonuses can not be withdrawn before the volume lots are traded. If account equity falls below the bonus amount before the minimum lots are traded the bonus will be cancelled and the account set to zero.
Customer Support
Customer support is available 24/5 via Live Chart, Phone Call, or email. The company has customer support offices in three major world cities providing ample coverage.
- UK – Phone 44 20 3322 1059
- Hong Kong – Phone 852 5808 8865
- Indonesia – Phone 62 3110 6972
- WhatsApp – Text Only – 34 691 370 613
Partners and B2B
Octafx.com offers two attractive programs for partners and clients. One is a Refer a Friend program, the most progress version in the industry, and a program for affiliates and IB's.
- Refer a Friend – clients can refer their friends using a personal link code without joining the IB program. Clients will earn a commission on all their friends trading volume, not a set payment like most other programs.
- Introducing Broker/IB/Affiliate – The Octafx IB program is for businesses and individuals with clients or web traffic interested in FX trading. IB's enjoy a full set of marketing tools and up to $12 commission per lot traded.
Summary
Company Information
Cyprus: CySEC
Account Options
STP
Funding
Bonuses
Customer Service
Trading Software
Trading
Information Services
Instruments / Contracts
Also Available
OctaFX Special Forexlive Offer:
Free 50% bonus with your every deposit. Withdraw it once volume requirements are met. No hidden terms, no commissions.
