OctaFX Review
Introduction and Background information
Established: 2011
Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines
Account types
OctaFX allows different minimum deposits for different account types. The minimum deposit spectrum is:
Micro account on MT4 is $100
Pro account on MT5 is $500
ECN account on cTrader is $100
Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Instruments
The broker provides 28 forex pairs, 42 CFDs.
Education
OctaFX provides a range of research content under its Traders’ Tools section, including an economic calendar, market insights, and daily analysis posts, as well as trading signals from AutoChartist.
Regulation
OctaFX is regulated in Cyprus and Saint Vincent And Grenadines. Their regulatory licenses are:
CySEC (Cyprus Securities and Exchange Commission): 372/18
Saint Vincent And Grenadines FSA(Financial Service Authority): 19776
Trading platforms: MT4, MT5, cTrader
OctaFX is primarily a MetaTrader broker, offering the suite of platforms from MetaQuotes Software Corporation, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
OctaFx also launched cTrader and the related suite of retail trading platforms from Spotware Systems, including the cAlgo platform.
OctaFX offers mobile trading iOS and Android mobile trading applications for Metatrader and cTrader platforms, available directly from the respective developers on the iTunes store and Google Play.
Deposit and Withdrawals
Deposit Methods: VISA, awepay, Bitcoin, FasaPay, Local Bank Deposits, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay
Withdrawal Methods: VISA, awepay, Bitcoin, FasaPay, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay
Fees (spreads/commission)
OctaFX’s commission and fees vary depending on one of the three available account types chosen: MT4 Micro, MT5 Pro, or the cTrader ECN account.
Comparably, spreads are highest in the MT4 Micro account where the broker offers only 37 tradeable instruments; the EUR/USD typical spread is listed as 1.1 pips, whereas the MT5 Pro account provides the full range of tradeable products, and spreads drop slightly to 0.9 pips.
Compared to its other account types, the cTrader ECN account at OctaFX is more limited in product range with only 28 forex pairs and two metals, and uses a $6 per round-turn standard lot ($3 per side) commission-based fee structure, which is added to typical spreads of 0.3 pips, bringing the all-in cost to 0.9 pips. Therefore, the MT5 Pro account stands out as it similarly priced as the cTrader ECN account, but nearly double the range of tradeable instruments.
Execution
Customer Support
+44 20 3322 1059
Promotion
Conclusion
