OctaFX

Categories: Broker review | Published by: admin

11/05/2021

OctaFX, a broker in operation since 2011 out of St. Vincent and the Grenadines, serves over 1,500,000 traders from more than 100 countries; they report that order execution exceeded 288,000,000.

Pros / Cons

Easy account setup and low minimum opening balance
Access leverage up to 500:1 with negative balance protection
No registration fees or commissions

Some assets and currency pairs are not available to trade
Limited deposit options
Lost UK Financial Conduct Authority coverage in 2017

Regulation and Security

OctaFX operates out of St. Vincent and the Grenadines, where registration of Octa Markets Incorporated exists with the Financial Services Authority (SVGFSA).

OctaFX Pricing

With no commissions and no fixed fees, OctaFX derives its revenue from the spread on the various asset types it offers. Even with this ECN/STP broker model, the spreads on currencies and other assets are extremely competitive and are on par with many online trading platforms.

Trading Instruments

The CFD trading section is the centerpiece of the OctaFX offer. In this respect, the broker offers 1:50 maximum leverage, no commissions, no swaps and low spreads. Seems like a good recipe for bigger profits indeed.

Platforms

As already made clear above, OctaFX features three trading platform options: MT4, MT5, and cTrader.

Deposits/Withdrawals

Interestingly, in addition to credit cards such as VISA and MasterCard, and ewallets such as Neteller and Skrill, OctaFX accept bitcoin deposits too. No commissions are charged on any of these deposit methods.