- OctaFX is a regulated broker. This provides a large degree of customer protection to clients.
- OctaFX offers multiple trading platforms, giving its trading clients the power of choice.
- OctaFX offers competitive spreads and several choices of trading accounts.
- OctaFX offers flexible deposit bonuses requirements.
- OctaFX supports several payment methods.
- OctaFX provides fast execution speed.
- The company supports STP/ECN execution
- The company has limited number of assets (it doesn’t offer indices and stock CFDs)
- Their FAQ page isn’t well detailed.
- OctaFX lost its UK license in mysterious circumstances.
- Customer support services are available only from Mondays to Fridays.
OctaFX is a financial trading services company that serves clients in more than 100 countries. The firm was established in 2011 and is owned and run by Octa Markets Inc., an organization that is registered and regulated on the islands of Saint Vincent and the Grenadines. The company’s registered office address is given as Cedar Hill Crest, P.O.Box 1825, Villa, Saint Vincent and the Grenadines. OctaFX uses cutting-edge technology to deliver quality brokerage services to clients across different continents around the world. Its regulatory standing means that the company operates in full compliance with international regulatory provisions and legislation. As a result, the company does its utmost to satisfy clients by fulfilling their trading needs and meeting their expectations.
While the company can be said of, relatively, as a newcomer in the financial arena, it has already collected awards from various quarters. The firm has received awards from prestigious institutions like the Global Banking and Finance Review as well as the Forex Report Magazine. OctaFX was given the award of the Best ECN Broker in Asia and the Best Broker Central Asia, in 2014. OctaFX works as a straight-through processing (STP) as well as electronic communication network (ECN) broker. They permit tight spreads and provide fast execution orders without slippage or requotes. Also, the company offers an extensive education center as well as an excellent Frequently Asked Questions (FAQs) page. This is in addition to manuals, helpful trading articles, and a glossary. Furthermore, there are some bonuses and promotions that users stand to benefit from using the platform.
OctaFX provides traders with a wide range of trading platforms. These programs are tailored to meet the trading needs of users at all levels. They include:
MetaTrader 4 Trading Platform
OctaFX provides traders with the MetaTrader 4 trading platform due to its popularity and user-friendliness. The platform offers a wide range of useful tools and techniques that traders can take advantage of. These include charting tools, market indicators, scripts, advanced risk management, as well as real-time market execution. Also, the program offers built-in expert advisors (EAs), which allow traders to automate trades. The MetaTrader 4 is available for desktop and as a web trader.
MetaTrader 5 Trading Platform
The MetaTrader 5 is the advanced version of the MetaTrader trading platform developed by MetaQuotes. As such, it is an improvement on the MT4 platform in many ways. The application offers stop limit orders, inbuilt economic calendar, and a highly customizable interface, in addition to many of the features available on the MetaTrader 4 trading platform. Like the MetaTrader 4 trading platform, the MT5 is also available in web trader and desktop versions.
CTrader is an electronic communication network (ECN) trading platform which lets traders obtain direct access to markets. The platform provides deep liquidity, enabling traders to capture the best spreads in the market. OctaFX’s cTrader is available for desktop and as a web trader.
OctaFX offers mobile variants of all of their trading platforms including the MT4, MT5, and cTrader. The platform allows traders to trade on their mobile devices from any location in the world. OctaFX’s mobile trading platform is available for Android and iOS devices and can be downloaded from the respective marketplaces. They offer almost all of the features of the web trader and desktop versions.
OctaFX offers trading in:
- Currency pairs
- Precious metals
OctaFX offers customer support services 24/5, Monday to Friday with high priority immediate response. Traders can contact support by telephone, email, live chat, and social media.
- Telephone: Traders can contact OctaFX’s client support team through country-specific telephone numbers such as the United Kingdom, +44 20 3322 1059; Hong Kong, +852 5808 8865; and Indonesia, +62 855 74679772.
- Social Media: OctaFX’s users can get in touch with the company’s customer support team via their social media profiles such as Facebook, Facebook.com/OctaFX; Twitter, @OctaFX; Instagram, @octafx_official; Google Plus, plus.google.com/+Octafxbroker (OctaFX Official). Traders can also leave a message a WhatsApp on +34 651 769 010.
- Live Chat. Traders who wish to use the live chat feature can contact the company on its website at www.octafx.com.
Security and Fairness
OctaFX is regulated in several jurisdictions. The firm’s parent organization, Octa markets Incorporated, is licensed and regulated in Saint Vincent and the Grenadines, while its sister company, OctaFX UK, is authorized to provide financial trading services by the Financial Conduct Authority (FCA) in the UK. The FCA is one of the most reputable regulators worldwide. As such, OctaFX is subjected to some of the strictest regulatory compliances known to the financial industry. Also, the financial regulations in the United Kingdom involve a compensation scheme, where all FCA-licensed organizations are subscribed to the financial services compensation scheme (FSCS). Therefore, in the event of insolvency, each OctaFX client can receive compensation cover up to a maximum of 50,000 pounds. However, OctaFX’s license was revoked in 2017 for unknown reasons. It is not yet clear whether it will be granted authorization by the financial authority in the immediate future.
While its light-touch regulation is a cause of concern for all of us, OctaFX is a reputable broker with several awards to its name. It offers trading in currency, precious metals, and commodities via several trading platforms. In addition, the company offers competitive trading conditions, which is a thing of delight for most traders.