OctaFX Broker Review


Minimum Deposit
$5
Regulators
CySEC, FCA
EURUSD Spread
.2 Pips
US Traders
No
Platforms
Founded
2011

OctaFX Corporate History

If your preference is to go with a <a>forex broker</a> that has received a number of prestigious awards, then OctaFX.com, a relative newcomer in the forex brokerage arena, may be right up your alley. Since 2012, no less than six awards have adorned this firm, but more on that later. Formed in 2011, OctaFX is registered in Saint Vincent and the Grenadines under license number 19776 IBC 2011. It operates from its outpost in Jakarta, Indonesia, apparently the reason that its clientele predominantly comes from Asia, although its customer base spans some 100 countries across the globe. Its Caribbean home has a history of banking services, whereby licensing and regulation comes from the island’s Financial Services Authority (FSA). U.S. clients, unfortunately, are not accepted at this time.

When looking for a new broker, prudent counsel suggests that the best approach is to confirm that regulatory compliance is in place and to determine if any significant awards or favorable reviews have been earned over time. From the standpoint of awards, OctaFX has definitely excelled. The Global Banking and Finance Review and the Forex Report Magazine, two online portals that provide informative and independent news for the global banking and finance industry, recently recognized OctaFX as the “Best ECN Broker in Asia – 2014” and the “Best Broker Central Asia – 2014”, respectively. Links and details can be reviewed for several rewards over the past three years on the OctaFX website.

If you prefer tight spreads, fast execution, no slippage, and no re-quotes, then the firm’s STP/ECN interface will entice your patronage. By eliminating the dealing desk present at most other brokers, OctaFX has removed any doubts about their true back-office intentions. You may trade major currency pairs, along with gold and silver, with the highly popular Metatrader4 platform series, or you can try your hand at their separate “cTrader” series of platforms that supports additional capabilities not found in MT4 modules. Both systems come with mobile applications and support. There are always new contests and promotions to amuse, but, as the CEO states in his letter to all customers about his staff’s intentions, “Perfectionism in its best sense, professionalism and goal-orientation is what distinguishes the OctaFX team.”

Broker Features

Why trade with OctaFX.com? The firm lists these reasons:

Founded in 2011 and centered in Saint Vincent and the Grenadines, a financial center in the Caribbean and a former British colony;
Local FSA regulation and licensing body;
Six major industry awards received for services in 2012 through 2014;
STP/ECN protocols prevents slippage and re-quotes, while ensuring tight spreads and fast execution;
No trading room or dealing desk trading against you;
Customer service representatives accessible “24X5” on business days to assist in several languages;
Metatrader4 versions available, but “cTrader” platforms contain additional features and enhancements;
State of the Art Network ensures stability, great execution, reliability, and deep liquidity from global banking providers;
ECN fixed spreads begin as low as 0.2 pips;
Client deposits are always segregated from operating capital, in compliance with regulatory standards;
Scalping, hedging, trading on the news, and EAs are also permitted;
New contests or promotions are a plus for all clients.
Trader Accounts

Four account types are offered for all levels of trader, including professional and affiliate accounts;
Your deposit may be in USD or EUR, and the minimum deposit is $5 for a Micro account balance.
U.S. clients, unfortunately, are not accepted at this time.
Transactions

Dealing Transactions

Up to 1:500 leverage, even with small micro-lots (0.01 size);
Deposits

Deposit and withdrawals can be made through normal channels, like Bank Wire Transfers, Credit/Debit Cards, Skrill (Moneybookers), and CashU, but other domestic payment methods are also available with more alternatives in the works.
Withdrawals

A typical withdrawal request will be processed within an hour with a confirming email following, as long as personal ID information is on file and in order.
International anti-money laundering legislation requires that every global forex broker follow specific rules before any withdrawal request can be approved.
Trading Platform

You do not have to part with your beloved MT4 trading platform, since OctaFX will support it from the get go, but for those traders that like a challenge, the “cTrader” series awaits you. This unique suite of platforms has been enhanced to offer additional features in areas where MetaTrader may be deficient. The firm is proud of “cTrader” and believes that it will set a new standard of excellence in the industry. Mobile apps are available for both platforms, such that you can have unlimited access from your desktop, laptop, or mobile device. If you can access the Internet, then you can trade with OctaFX.

Educational

The company also supplies market news, research, and a convenient economic calendar.

Customer Support

Customer service representatives work out of Jakarta, Indonesia. Each is professionally trained and eager to provide support in several languages. These reps are able to field over 2,000 inquiries each day and satisfactorily resolve each one in five minutes, on average, a tough statistic to register when dealing with many cultures and with complex information. Customer service is quickly available in seconds via live chat, but email and toll-free phone lines work just as well.

Safety

Customer deposits are segregated in separate accounts, apart from the firm’s operating capital, as per strict compliance with international regulatory standards. The latest 128-bit SSL technology is used to encrypt all trading session and personal data, providing peace of mind from any unexpected intervention by a hacker.

Conclusion

Is OctaFX a new startup? On a daily basis, they are adding 500 new clients, supporting 50,000 profitable trades, and conducting $4 billion in gross trading volume, each and every day. OctaFX is no startup – They are already a huge success story. Plentiful awards over the past three years are further testament that this management team has the right formula for winning in this industry. Likewise, FXEmpire, a reputable forex site in London, is in agreement and offered these words of praise, “OctaFX have managed to conquer the hearts and minds of many of their clients with the effort and dedication that they put into providing top notch services to their clients. For those who are in the market for a reliable and efficient forex broker, OctaFX certainly comes highly recommended.”