Are you looking for a best ECN broker to start trading? Then OctaFX can be the best option for you. In fact, two well-known online portals have named the broker as best ECN broker. The broker is legit and offers an easy to use trading platform. In this OctaFX review, you will get to know some major things about broker so that you can decide whether you should choose the broker or not.
- OctaFX review
- Is a broker a scam?
- Registration and authorization
- Starting the registration process
- Enter all the details
- Confirm the account
- Fill up the personal information
- Selection of the trading platform
- Deposit your amount or complete the verification
- OctaFX trading platform
- Demo account
- Deposit and commission
- OctaFX spread
- Reviews of traders
Talking about OctaFX, it came into existence in the year 2011, and it is controlled by Octa Markets Ltd. Registered in the Grenadines and Saint Vincent, it is operated with a license number of 19776 IBC 2011.
Two major online portals that are popular for offering banking and finance news, the Forex Report Magazine, and Global Banking & Finance Review have recognized the broker as the “Best ECN Broker 2017” and “Best Trading Conditions in 2016”. CySEC- Cyprus Securities and Exchange Commission regulates the broker.
They are also a good STP- Straight Through Processing ECN broker. That means the broker doesn’t have a dealing desk and give the traders the lowest fees. Exploring more about OctaFX, they have more than 1.5 forex trading account, and till now they have successfully completed 288m trades.
The platform’s trading options cover all most all the major currency pair, silver as well as gold. The trading platform offers a MetaTrader 4 trading platform which is available for both desktop and smartphone users. Besides, it also offers cTrader platform.
Speaking about server OctaFX, the trading servers are located in London. On the other hand, OctaFX UK limited has a massive number of networks as well as data centres across Asia and Europe to offer stable connection 24×7.
Is a broker a scam?
Most of the traders have a common question, i.e., whether broker OctaFX safe or not. During the OctaFX review, the expert found the broker highly trustable. As discussed above, the broker is regulated by CySEC and trade license number is 372/18. They are allowed to do their business across the EU. This also proves that they comply with different factors, such as proper background checks, advertising rules, investor compensation, minimum capital requirements and more.
Moreover, it is also regulated by the FCA- British Financial Conduct Authority. To protect the traders, OctaFX comes with segregated funds. This enables the traders to keep their funds in the bank account instead of the broker’s trading account. So, OctaFX is not a scam, and you can trust them for forex trading.
Registration and authorization
Opening an OctaFX trading account involves an easy process and will take just a few minutes. Here the steps that you need to follow to open an account.
Starting the registration process
Visit the official site of OctaFX and click on the “Open Account” option. The option can be found on the top right corner of the home page. Besides, you can start the registration process at any page.
Enter all the details
You will see a pop-up window, and there you will have to give your full name, email ID and password. Always enter accurate information to prevent any issues in the future.
Confirm the account
After that, you need to visit your inbox. There you will find an email from OctaFX, click on that. Now, you need to click on Confirm email address. It will verify the email, and you will move to the next step.
Fill up the personal information
After email verification, now you will have to provide your personal information, like your DOB, contact number, address, country and more. Make sure that you are under the legal age limit for doing forex trading.
Selection of the trading platform
Now you need to select the account type and trading platform. In terms of the account, you can choose Damo (Demo) or real account. On the other hand, under the trading platform option, you will get three options, such as MetaTrader 4, MetaTrader 5 and cTrader.
Deposit your amount or complete the verification
You need to submit all the required document for information verification in order to start using the account. Once done, you can deposit your first amount and start trading.
OctaFX trading platform
The broker provides the traders with three types of trading platforms which can be easily accessed through mobile devices, tablets and desktops. The first platform is MT4, and the second one is the cTrader. The last one is the MT5. As per the company, cTrader platform comes with more features than the MT4. All the platforms support 128-bit SSL site protection. They are easy to use, and you will find all the required information on the screen.
Like other reputed brokers, OctaFX also offers a demo account to both new and experienced traders. It calls it OctaFX unlimited demo account. There is no doubt that the forex market offers a lot of attractive trading opportunities, but it also includes risks. So, before doing real trading, OctaFX lets its users learn and try out their trading strategies using its demo account. It has all the features that you will get in the real account. Using this account, you can practice octa forex trading through both MetaTrader 4 and 5.
The thing that makes its demo account different from others is the OctaFX’s Champion Demo Contest. While practicing their trading, the traders can now earn real money for trading. Every year it organizes Damo Competition for one month, and the participants can win up to USD 1000. The first, second and third places will get USD 500, USD 300 and USD 100 respectively.
Besides, there is also a cTrader Weekly Damo Contest. The trader can take part in the contest with a cTrader Damo account and can win up to USD 4000. It starts on Monday and ends on Friday. Well, these are some factors that make OctaFX so popular.
Deposit and commission
As per the OctaFX review, the broker accepts payments through various international platforms, such as Neteller, Skrill, Bank Wire, Visa and Master card. In Indonesia, the broker supports local bank transfers. However, every month the platform adds new deposit methods. You can make your deposit in EUR or USD and USD 5 is the minimum deposit balance.
Speaking about its commission, the broker doesn’t charge any fees and commissions on fund withdrawals or deposits. However, the trading commission on Micro and PRO accounts have been added in the OctaFX spread.
The broker says they charge a round-term trading commission on OctaFX ecn. On the other hand, a three-day fee will be charged on MT5.
While trading at Octa FX with the leverage, the most crucial element that you need to consider is the OctaFX spread along with other fees. If you compare, you will find the spreads at OctaFX is quite low. In fact, the spreads are near zero and low for OctaFX ecn accounts. There is no re-quotes or slippage. To understand this, let’s have a look at some major spreads.
- AUD/CAD- for micro, pro and ecn, the spreads are 2.7, 1.5, and 1.7 respectively.
- USD/EUR- for micro it is 0.9, and for pro and ECN it is 0.8.
The withdrawal process of OctaFX is also very simple. All you need to just fill up the withdrawal form and submit it. It will take 2 to 3 business days to get processed. There are certain rules that you will have to follow for this. Well, this is very common, and the broker follows International anti-money laundering rules.
Contact number: +622131106972
Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Reviews of traders
- An excellent broker. What it like the most about the broker OctaFX is the broker’s fast response to the queries. I have not faced any major issues with OctaFX until now. Another best thing is the broker offers multiple despite and withdrawals option. My withdrawal application got processed in just two days. They are also good at their commission and spread. However, keep close look when the trading market closed and opens or else the spread can lead to a huge loss. Otherwise, the broker is good and highly recommendable. – Habibi Osman
- My trading experience with OctaFX became quite productive after a few months of using its demo trading account. Thanks for offering such easy to use a demo account. With time and practice, I have managed to increase my chances of getting successful transactions. Besides, the withdrawal process is fast and secure. My overall experience with OctaFX is good. – Andrew
- This is a highly reliable broker, and I have been using the platform for around the last four years. The OctaFX spread is good, but you need to be very careful while trading. They maintain the swaps and spreads in normal limit even though you have a minimum deposit. I would recommend this broker to others. At the initial stage, you may not get good results, but with the time you will earn a better profit. – Francis