Overview OctaFX : Honest OctaFX Review
A warm welcome to my review of OctaFX. OctaFX is a brokerage firm that is named under the brand name of Octa Markets Incorporated. This has been operating since 2011. OctaFX is one of the biggest and fastest-growing Forex Brokers in Asia. OctaFX carries FSA Saint Vincent and the Grenadines License. Their License number is 19776 IBC.
They also possess a subsidiary company that is founded in Cyprus and is called Octa Markets Cyprus Ltd. This is the entity that brandishes its Cysec regulatory License.
OctaFX has been providing Forex and CFD services to clients in over 100 countries around the world. However, as we commented earlier, the company is the most popular in Asia. OctaFX has been well known for its customer-oriented approach which leads to the highest level of service standards. Indeed in July 201,7, OctaFX became the first non-EU regulated broker to receive the prestigious A to Z Forex Approval Title.
Furthermore, the company has also won many other awards including best traditions conditions 2016, and best STP broker award from FX report Awards 2016, the Most Transparent Broker 2016 Award from the European CEO Awards 201,6, and Best Forex Broker Europe Award from Forex Awards 2016.
Although OctaFX is not an EU Forex Broker, the OctaFX website is updated with all the GDPR and cybersecurity regulations. They also have very fast execution, a good list of trading instruments with competitive spreads.
OctaFX facilitates traders a mostly vanilla MetaTrader and cTrader trading platforms experience. Over its European license in Cyprus, OctaFX lacks legislation in leading jurisdictions, which lays it at a severe drawback compared to other trusted forex brokers.
|Headquarters||Broker located in SVG and Cyprus|
|Regulation||CySEC, FSA SVG|
|Instruments||CFDs on Commodities, Forex, Metals, Indices, and Energies|
|EUR/USD Spread||0.5 pips|
|Base currencies||USD, EUR|
|Education||Available only through the international entity|
The winner of numerous industry awards for its trading conditions and more, OctaFX is a perfect destination for traders seeking a feature-rich environment that is competitively priced with more than 900000 active clients and 200 countries. OctaFX delivers a serious blend of functionality and affordability designed for traders of all levels. The accessibility of OctaFX begins with a low starting deposit of just $100. There are no commissions for deposits or withdrawals and you can even deposit.
They are well known for being one of the best STP (Straight Through Processing) ECN brokers on the market. This implies that they do not regulate a dealing desk and can accordingly give you some of the lowest fees.
Moreover, given that they are using the STP technology, their execution is well known in the industry and they have some of the lowest rates of slippages on the market. Leverage on the broker can be as high as 500:1 on some of the Forex pairs and they make a market in several different assets.
Although they are a global broker that can accept clients from over 200 countries, the bulk of their traders come from Asia. There are also some jurisdictions where they cannot accept client’s and these include the likes of the USA, etc.
Is OctaFX safe?
This is one of the most serious concerns for any trader. You need to make sure that you are marketing with a broker that has all the rights protections in place in case of unexpected occurrences.
OctaFX is regarded as high-risk, with an across-the-board Trust Score of 63 out of 99. OctaFX is not publicly marketed and does not regulate a bank.
|Publicly Traded (Listed)||No|
So how does OctaFX stack up?
As mentioned above, OctaFX has acquired a subsidiary entity that is based in Cyprus. This has been administered by the Cyprus Securities and Exchange Commission (Cysec) with license number 372/18. This implies that they will subside under the jurisdiction of this authority.
Pros of OctaFX
- Forex and CFDs offered
- Great trading tools
- MT5 and cTrader platforms offered
- Fast account opening and free Demo account
- No commission deposits and withdrawal options
And Cons of OctaFX
- Phone support not available 24/7
- No Forex education