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OctaFX

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Editor's Review

OctaFX Rating
8.67
9 Security
8 Spreads
9 Customer Service

Established in 2011, Octa Markets Incorporated (OctaFX) is based in St. Vincent and The Grenadines and offers the MetaTrader and cTrader platforms. OctaFX provides 28 forex pairs, three cryptocurrencies, 4 metals, two energies, and 10 indices totaling of 47 instruments.

 

Trading Accounts

 

OctaFX offers its clients a choice of three basic account types of Micro account, Pro account and ECN account on three trading platforms, MT4, MT5, and cTrader. All account types offer fast market execution from under 0.1 seconds, micro tradable lots and floating spreads. Keep in mind that signals trading is not available on cTrader account, and CFDs on energies and indices are offerd solely on the Pro account.

 

The Company & Safety of Funds

Behind the brand is Octa Markets Incorporated, an offshore firm registered in Saint-Vincent and the Grenadines. Although we generally advise traders to avoid offshore brokerages, this is not the case with Octa FX. The broker has been in the forex business for more than 5 years now, has won numerous awards, and besides, it has established a UK unit licensed by the FCA since 2015.

 

Commissions & Spreads

Commission on MT4 Micro and MT5 Pro accounts is included in the spread as a markup, with no additional fees applied. cTrader ECN accounts, on the other hand, are charged $3 upon opening and closing a position. The best spreads are on MT5 accounts – the broker quotes as typical 0.5 pips on EUR/USD, while most brokers offer spreads within the range of 1.0 – 1.5 pips.  Trading costs on ECN accounts are also low enough to be attractive, including an average spread of 0.3 pips plus a commission of $6 round turn per standard lot.

 

Leverage

The maximum leverage level provided by OctaFX is quite high, providing up to 1:500. This figure is definitely up there competitively with the market average standard.

 

Platform

OctaFX offers its clients a choice of three trading platforms: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader. Web trading is enabled on all of them, and trading on mobile devices are also available.

 

Deposit & Withdrawal

Clients of OctaFX may choose from a wide range of payment methods: bank wire transfer, credit card, Skrill, and Netteller.

OctaFX charges no fees on deposits and withdrawals. The minimum withdrawal amount is 5 USD

 

Conclusion

Despite its light-touch regulation, OctaFX is a reliable and award-winning broker, that has an FCA-regulated sister company. It offers a safe and comfortable trading environment with a variety of currency pairs and spot metals along with the rest of instruments via 3 robust trading platforms under competitive trading conditions.


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