RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
OctaFX is an international award-winning Forex brokerage with close to 10 years of experience in the market. It previously acted through a UK brand but has now chosen Cyprus for its business destination. OctaFX provides clients with very attractive trading conditions, as well as a wide range of trading products which include Forex pairs, CFDs on commodities, indices, precious metals and energies. Clients have at their disposal two of the most popular trading platforms – the MetaTrader 5 and cTrader – and many enticing bonuses and promotions.
Regulation & Safety
The European brand of OctaFX operates via the website – octafx.eu – and abides by the highest regulatory standards. It is owned by the Cyprus-based company Octa Markets Cyprus Ltd which is regulated by the Cyprus Securities and Exchange Commission with a registration number HE359992.
CySEC is among the foremost financial regulators in the world and all brokerages licensed by it have to follow strict rules and are subjected to intensive regulatory oversight. This removes any unwanted risk in trading and guarantees that the client’s funds are safe and their interests protected by the respective laws. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by CySEC entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The compensation goes up to 20 000 euro per person.
Besides the European Brand, OctaFX group also includes Octa Markets Incorporated which operates via octafx.com website and is registered in Saint Vincent and the Grenadines. It offers a generous leverage up to 1:500, as well as the option of three account types and three different trading terminals.
Negative Balance Protection (NBP)
An immense advantage in trading with OctaFX is the fact that both companies of OctaFX group provide their clients with Negative Balance Protection. This means that if your balance becomes negative due to Stop Out, the brokerage will compensate the amount and bring your account balance back to zero. We always recommend that readers invest only with brokers who provide NBP, so that there is assurance they many not lose more money that their initial deposit.
The trading conditions offered by OctaFX are very attractive and much more favorable that the standard for the industry. Here are some of the highlights:
- the minimum initial deposit is only $100, more than twice as low as the standard $250;
- extremely low floating spreads;
- flexible leverage with maximum levels which vary according to the regulation in each country the broker operates;
- Negative Balance Protection removes the risk of losses exceeding the initial deposit;
- low-risk trading in micro lots available on all account types.
Readers have to keep in mind that trading conditions vary a bit according to the broker brand of OctaFX and the country where it operates. This is, again, a sign of OctaFX’s commitment to comply with regulatory standards.
OctaFX.eu trading accounts
|Trading account||Recommended deposit||Max. leverage*||Spread (+ commission)||Platform|
|Conservative Trader||€100||1:30||0.5 pips||MT5|
|Progressive trader||€100||1:30||0.3 pips + $6 /lot||cTrader|
OctaFX.com trading accounts
|Account type||Minimum deposit||Minimum trade size||Maximum leverage*||Spreads|
|Novice||$100||0.01||1:500||from 0.4 pip on EUR/USD|
|Experienced||$500||0.01||1:200||from 0.2 pip on EUR/USD|
|Progressive||$100||0.01||1:500||from 0 pip pips on EUR/USD|
Octa FX provides clients with two popular trading terminals that are sure to meet their expectations: MetaTrader 5 (MT5) and cTrader. The fact that the MetaTrader 5 trading platform is supported is something we always consider an advantage since the MT5 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).
On the other hand, the multi-asset trading terminal cTrader provides pure ECN execution and a wide selection of advanced tools. Among them are fast order entry and execution speeds, direct order entry via charts and Level II pricing which all contribute to render the platform highly valued among the Forex trading community.
Another advantage is Virtual Private Server (VPS) which is offered to both new and existing clients for only $15 per month. VPS hosting allows the execution of orders 24 hours, 5 days a week.
The SVG-based company Octa Markets Incorporated which operates via octafx.com website, besides the MT5 and cTrader, also provides clients with the MetaTrader 4 so that clients of OctaFX may have a wider pick of their preferred trading platform, as well as a copytrading app which we always view favorably.
By the time of writing this review, OctaFX provides clients with the following promotions:
- CopyTrading app which allows clients to automatically copy leading traders;
- 50 percent bonus on each deposit;
- Free Forex trading signals: AutoChartist which allows clients to follow automated alerts to open and close trades;
- Status program; allows clients access to new benefits such as accelerated transfers, lower spreads, personal manager and many more at every new level
Keep in mind that Trading bonus, CopyTrading app and other promotions may not be eligible for clients of Octa Markets Cyprus Ltd.
Methods of Payment
OctaFX supports the standard payment methods of Forex, as well as a popular e-wallet. Clients of the brokerage may deposit or withdraw via Visa, MasterCard, bankwire, as well as Skrill.
Furthermore, the brokerage does not charge any withdrawal or deposit fees which lower the cost of trading and only requires the formal 5 euro minim withdrawal amount for withdrawals via Skrill.
OctaFX is a reliable award-winning FX and CFDs broker that offers pretty good trading conditions and has air-tight regulation. To sum up the above, here are the advantages and drawbacks with regards to this broker:
Solid regulation No significant disadvantages
Negative Balance Protection
Competitive spreads, low initial deposit
MT5 & cTrader both available
Attractive Bonuses & Promotions
Fast execution speed