- Client Funds Security
- Lowest Spreads
- ECN Execution
- Free Forex Education
- Trade Now!
Looking for a broker with an array of contests? Read our OctaFX Review.
What are you looking for in a Forex broker? Do you want to have a wide choice of instruments? Are you looking for one that will help you to increase your trading knowledge? Is it simply a case of the tightest possible spreads? Or are you hoping to find a broker with more to offer than just an online trading service? Today’s modern trader seems to be looking for a little more, and many are turning to ways of making online trading more competitive. Rather than just competing against the markets, traders are enjoying competing against each other in the range of contests that are now available. We’ve found one particular broker with plenty to offer those of you looking for a more competitive edge. Here we present our OctaFX review.
- Max Leverage: 1:500
- Spread: starts from 0.2 pips
- Forex Licence: FCA
A brief introduction to OctaFX
If you’re a football fan you’ll be pleased to learn that OctaFX is the current sponsor of Southampton Football Club in the UK. Those amongst you who aren’t lovers of the game or impressed with any sporting connection will still be pleased to know that OctaFX is licensed and regulated to provide financial services in many countries around the world. Its main headquarters are in St Vincent and the Grenadines, which has meant that its service has been aimed more at the Asian market, but it is becoming an increasingly popular broker right around the world.
OctaFX is a relative newcomer to the world of Forex trading, but it has already managed to pick up some significant industry awards. At the Forex Awards 2015 it was named as the Best Forex Broker in Europe, as well as receiving an award for offering the Best Islamic Account. The European CEO Magazine also named it the Best STP Broker of 2015.
OctaFX is currently offering a generous 50% deposit bonus.
We always like to make mention of the available bonuses when writing our reviews. Those of you interested in signing up with OctaFX will be pleased to learn that there is up to 50% being offered on every deposit made. It does, of course, come with terms and conditions, but these are clearly explained in the offer.
Those of you who are interested in taking part in trading competitions will find plenty to choose from aside from the OctaFX bonus. For both real and demo account holders, these include the following features:
- OctaFX Supreme Game demo contest with an unlimited prize fund
- cTrader weekly demo contest
- FaceBook weekly prediction contest
- OctaFX Champion demo contest
As well as the above, plenty more competitions and contests are added on a regular basis.
Trading platforms aplenty with OctaFX
You won’t be surprised to learn that OctaFX offers the popular MetaTrader 4 as one of its platforms. However, you might be pleased to learn it has also chosen to offer MetaQuotes’ newest multifunctional trading platform MT5 as well. And if you’re willing to try something a little different you’ll be pleased to learn that cTrader is another option. cTrader is comparatively new, but has so far managed to gain quite a following. It has a little more to offer than MT4 and has a new and exciting feel about it, and the good news is that it is available to be used in a demo account, so there are plenty of opportunities to try it in the virtual world first. Both platforms are available for desktop, laptop, and mobile devices.
OctaFX offers accounts with low minimum deposit requirements.
There are three different real-money accounts to choose from, and all are available in OctaFX demo versions. The first is a MetaTrader 4 Micro account with a minimum deposit requirement of just $5. Leverage is up to 500:1, and there are 28 currency pairs, as well as gold and silver, for trading. Next up is the MetaTrader 5 Pro account, for those with a little more money to invest. The minimum deposit is $500 and leverage is up to 200:1. 28 currency pairs, 4 metals, 10 indices, and 2 energies are the trading instruments available. This is a swap-free account. The third option is to open a cTrader ECN account, which has a minimum deposit requirement of just $5. This has 43 currency pairs, as well as gold and silver for trading, and leverage is 500:1.
A number of payment methods are supported, and OctaFX promises instant execution and no commission. The number of methods supported is a little more limited than with many other top-rated brokers, but this shouldn’t be too much of a problem as Visa/Mastercard, Skrill, Neteller, and internal transfers are permitted. There is a minimum payment amount of $50 that you will need to take into consideration.
OctaFX provides plenty of helpful information.
We like to see Forex brokers taking on responsibility for educating their clients, rather than just taking their money. OctaFX provides a lot of useful information for all levels of skill. It can help you if you are a complete beginner with the Forex basics. There is a good selection of “How to…” articles along with introductions to trading strategies, technical analysis, and risk management. As well as the above there is a very comprehensive glossary where all the jargon is clearly explained, and it is also possible to read a selection of manuals covering everything from setting up Expert Advisers to registering a virtual server.
If you need to get in touch with customer support you can do it via live chat, by email or by telephoning direct to one of its offices. The customer care department operates 24 hours a day, 5 days a week, so you never need to feel you have to struggle on your own.
So what do we think about OctaFX? For a broker that has only been operating for 5 years, it has already gained quite a reputation and a loyal following. If you’re looking for a fresh face, but one that is reliable and efficient, you aren’t going to go far wrong if you choose OctaFX. And with the choice of three different demo accounts to pick from, you won’t lose anything either if you open an OctaFX demo account today.
|Company||Octa Markets Incorporated|
|Headquarters||St. Vincent and the Grenadines|
|Languages||English, Chinese, Malay, Portuguese, Spanish, Thai, German, Bengali, Hindi.|
|Deposit Methods||Visa, MasterCard, Neteller, Bank Wire, Skrill and more|