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).
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.
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.
As already made clear above, OctaFX features three trading platform options: MT4, MT5, and cTrader.
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.
They have nice customer support that is available 24/7.
It is one of the best Forex trading brokers, with around 1.5 million users in 100 countries.