Top Options
80/ 100
Regulated: Regulated by authorities in Saint Vincent and Grenadines
Min Deposit: $5
Min Trade Amount: 0.01 Lots
US Clients:
Max Trade Amount: Unlimited
Bonus: 10-50% Deposit Bonus for New Traders!
Leverage: 500:1
Free Demo Account:
Trading Platform: MT4, MT4 Mobile
Payment METHOD NAME Charge Time

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Full Review

About OctaFX

OctaFX is the forex trading brand of Octa Markets. The company was incorporated in 2011 in Saint Vincent and the Grenadines under license number 19776 IBC 2011. OctaFX activity is supervised and regulated by the authorities of Saint Vincent and the Grenadines under the International Business Companies (Amendment and Consolidation) Act, chapter 149 of the revised laws of Saint Vincent and the Grenadines, 2009, section 5(1).

 

Special Offers and Bonuses

Traders who use OctaFX can expect to receive several bonuses and participate in promotions on OctaFX. These are:

a)    There is a general deposit bonus of at least 10% and up to 50% of the account deposit. This goes out to new traders. Terms and conditions apply.

b)    The OctaFX Demo Champion contest is also available on OctaFX. The play is to get the largest profits on a demo account and partake of the $1000 prize shared out to the first 4 traders ($500, $300, $100 and $100 respectively paid out to the top 4 winners). This is a monthly contest.

c)     The King of the Road Real Contest gives out gift items to the top traders in this contest, which features the use of real money for trading. Gift items range from iPads, iPhones, computers and even a Porsche Panamera car!

d)    The Word It Out Review contest allows traders to post a 1,500-word review on the OctaFX forum and get a chance at winning the star prize. This is a monthly contest.

 

Types of Trading Accounts

What account types are available on OctaFX? Account types can be broadly classified into two types:

a)    Micro Account: The minimum deposit is $5, with a maximum leverage of 500:1. The minimum lot size is 0.01 lots, while the maximum lot size is 10 lots. Hedging and the use of EAs is allowed with this account type. Spreads are floating in nature. Only 12 currency pairs are available for trading.

b)    ECN Account: The minimum deposit is $50, with a maximum leverage of 500:1. The minimum lot size is 0.1 lots, while the and unlimited maximum lot size. Hedging and the use of EAs is allowed with this account type. Spreads are floating in nature, and 28 currency pairs are available for trading.

Accounts can be denominated in Euros and USD. There are also IB accounts for traders who want to work for OctaFX as introducing brokers, with commission payable set at a maximum of $15 per lot.

 

Trading Platform Features

OctaFX traders can choose to trade on any of these MT4 platforms:

a)    MetaTrader4 for PC: OctaFX offers its clients the downloadable version of the MT4 platform.

b)    Mobile Platforms: Trading can also be done on the MT4 built for the various mobile devices. iPhone/iPad, and Android devices.

 

Commissions and Spreads

The commissions and spreads obtainable on OctaFX are spelt out below.

a)    Micro Account

Symbol Description Minimal spread Typical spread Current spread
EURUSD Euro vs. US Dollar 0.2 0.6 0.6
GBPUSD British Pound vs. US Dollar 0.3 0.6 0.8
USDJPY US Dollar vs. Japanese Yen 0.3 0.5 0.4
AUDUSD Australian Dollar vs. US Dollar 0.5 1.1 1.0
USDCAD US Dollar vs. Canadian Dollar 0.4 0.9 1.0 ↑
USDCHF US Dollar vs. Swiss Franc 0.3 0.6 0.8
NZDUSD New Zealand Dollar vs. US Dollar 0.5 1.2 1.2 ↓
EURGBP Euro vs. British Pound 0.4 1.0 1.2
EURJPY Euro vs. Japanese Yen 0.4 1.2 1.0
EURCHF Euro vs. Swiss Franc 0.6 1.0 1.3
GBPJPY British Pound vs. Japanese Yen 0.8 1.8 1.6
GBPCHF British Pound vs. Swiss Franc 0.6 1.8 2.0
XAGUSD Silver on Spot 3.0 4.0 4.2
XAUUSD Gold on Spot 2.3 4.5 3.7 ↑

 

b)    ECN Account

Symbol Description Minimal spread Typical spread Current spread
EURUSD Euro vs. US Dollar 0.2 0.6 0.8 ↑
GBPUSD British Pound vs. US Dollar 0.3 0.6 0.7
USDJPY US Dollar vs. Japanese Yen 0.3 0.5 0.5
AUDUSD Australian Dollar vs. US Dollar 0.5 1.1 1.0
USDCAD US Dollar vs. Canadian Dollar 0.4 0.9 0.8
USDCHF US Dollar vs. Swiss Franc 0.3 0.6 0.7 ↑
NZDUSD New Zealand Dollar vs. US Dollar 0.5 1.2 1.4 ↑
EURGBP Euro vs. British Pound 0.4 1.0 1.2
EURJPY Euro vs. Japanese Yen 0.4 1.2 1.3 ↑
EURAUD Euro vs. Australian Dollar 0.6 1.3 1.5
EURCAD Euro vs. Canadian Dollar 0.7 1.7 1.8
EURCHF Euro vs. Swiss Franc 0.6 1.0 1.3
EURNZD Euro vs. New Zealand Dollar 1.1 3.2 3.0
GBPJPY British Pound vs. Japanese Yen 0.8 1.8 1.8
GBPAUD British Pound vs. Australian Dollar 0.7 1.7 1.8
GBPCAD British Pound vs. Canadian Dollar 0.7 1.8 2.0 ↓
GBPCHF British Pound vs. Swiss Franc 0.6 1.8 2.0 ↓
GBPNZD British Pound vs. New Zealand Dollar 1.3 3.4 3.2
AUDJPY Australian Dollar vs. Japanese Yen 0.6 1.2 1.1
CADJPY Canadian Dollar vs. Japanese Yen 0.6 1.5 1.2
CHFJPY Swiss Franc vs. Japanese Yen 0.6 1.6 1.6
NZDJPY New Zealand Dollar vs. Japanese Yen 0.7 1.7 1.9
AUDCAD Australian Dollar vs. Canadian Dollar 0.7 1.5 1.7
AUDCHF Australian Dollar vs. Swiss Franc 0.8 1.6 1.9 ↑
AUDNZD Australian Dollar vs. New Zealand Dollar 0.8 1.8 1.6
CADCHF Canadian Dollar vs. Swiss Franc 0.8 1.5 1.6
NZDCAD New Zealand Dollar vs. Canadian Dollar 1.2 2.1 1.9
NZDCHF New Zealand Dollar vs. Swiss Franc 1.2 1.9 1.8
XAGUSD Silver on Spot 3.0 4.0 4.2
XAUUSD Gold on Spot 2.3 4.5 3.1 ↓

 

Charting Packages

Charts on OctaFX are available on the respective MT4 platforms.

 

Education and Demo Accounts

OctaFX does not have an education suite, but traders can access some tools such as the Economic Calendar, a forex calculator and a little expose on what ECN trading is all about.

 

Customer Service

OctaFX customer support is available via the following means of communication:

  • Phone / SMS Center :           0838.0838.5555
  • Blackberry Center :   2874a6b8
  • Yahoo Messenger :  [email protected]
  • Live chat support service
  • Online email form

 

Deposits and Withdrawals

Deposits can be made on OctaFX as follows:

a)    Internal transfers can be made from one OctaFX account to another.

b)    Electronic payments can also be made using Skrill (Moneybookers), FasaPay (Indonesia only), Neteller and CashU.

c)     Credit Cards: UnionPay (China only), VISA and MasterCard are methods of conducting credit/debit transactions.

d)    Bank wires are also used for depositing and withdrawing funds. A minimum of $100 can be transferred at any time.

 

Deposit Limits

The minimum deposit requirement differs from one account type to another. Micro accounts get a minimum of $5 deposit. This can be deposited with CashU, credit cards and internal transfers. The minimum deposit for ECN accounts is $50, which can be deposited with Skrill and Neteller.

 

Withdrawal Limits

The minimum withdrawal limits are the same as the deposit limits, with the exception of local payments and Neteller which stand at $5 and $4 respectively. There are no maximum withdrawal limits. Skrill, Perfect Money, PayWeb, Neteller and WebMoney come with instant withdrawals.

 

Conclusion

OctaFX caters for all types of traders with their multiple account types, trading platforms and trade conditions. However, a lot more educational content needs to be put up to cater to new traders.