Table of contents:
- 1 Our experience at a glance
- 2 Is OctaFX a serious provider?
- 3 These trading platforms can be used with OctaFX
- 4 Underlying assets in three categories
- 4.1 50 percent deposit bonus not only for new customers
- 4.2 Deposit and withdrawal without fees
- 4.3 Top level support and customer service
- 4.4 The OctaFX Trading App
- 4.5 What training and education opportunities are there at OctaFX?
- 4.6 Conclusion of the OctaFX review:
- 4.7 Is OctaFX a regulated Broker?
- 4.8 Does OctaFX offer a demo account?
- 4.9 What can you trade on OctaFX?
- 4.10 Is OctaFX trustworthy?
OctaFX user-ratings: $100
Asset varierity - 9.5/10
Trading platform - 10/10
Support - 7/10
Fees - 8.5/10
Deposit/Withdrawal - 5/10
Facts about the company:
- Type: Forex, CFD, and Stockbroker
- Regulation: None
- Minimum deposit: 100 Dollars
- Demo account: Free
- Markets: 28+ Forex, CFD, Stocks, Cryptocurrencies, Commodities
- Free and unlimited demo account
- Extensive educational material
- Three trading platforms
- A low minimum deposit of 100 Dollar
- Different available account types
- 50 Percent Deposit Bonus Not Only For New Customers
- Not regulated
- The account type is associated with a specific trading platform
Our experience at a glance
It is an insight that is by no means only valid for the field of online brokers. A beautiful and interesting shell is one thing, the concrete implementation of services is another. But especially in the area of online brokers, a comparison of the various offers of online brokers can give the impression that there are only “very best” representatives. An objective comparison on this basis is therefore rather difficult. The decisive factor is rather how the trading and the additional offers around trading are implemented in everyday practice. However, this usually only reveals itself to the trader after a certain time. For this reason, we would like to present our most important experiences with OctaFX to give the reader a first orientation. Later on, we will go into detail about the individual aspects. In general, however, we have had very good experiences. The first impression that the trader gets when looking at the offer on the website is contrasted by a very powerful online broker, who provides a technically superior trading environment for trading currency pairs, indices, and commodities.
In contrast to many other online brokers, OctaFX does not focus on the widest possible range of underlyings, but concentrates on the most important combinations from his point of view, as well as a few additional values. However, the aim is to offer traders the most favorable conditions. And even beyond trading OctaFX’s claim is to support its clients as best as possible. First of all, a comprehensive offer in the area of further education and information can be accessed. In addition, OctaFX’s customers also have access to effective, competent, and friendly support. It should also be mentioned that although this support is offered in different languages.
In order to be able to use the services comprehensively, at least a basic knowledge of English is an elementary requirement. When it comes to the question of how to start trading, the trader first has the choice of which platform to trade on. Besides MetaTrader 4 and MetaTrader 5, the cTrader is also available. With a deposit of 100 Dollars, you can also start trading very moderately. Furthermore, there are no differences in terms of access to support options and support services between the individual accounts.
Is OctaFX a serious provider?
As announced, we also want to deal with the question to what extent OctaFX is a reputable provider in our review. In this regard, it should first be pointed out that OctaFX currently does not have a classic regulation. The servers through which the trade is processed are located outside of Europe so that they are not subject to regulation. Although the broker itself has a branch in London, its head office is located in St. Vincent and the Grenadines, an island state in the Caribbean. For the company itself, of course, the main advantages of such a head office are lower taxes and also lower costs, as there is no need for an expensive licensing procedure. The customers themselves can then benefit from favorable conditions.
For the assessment of the seriousness, this means that the impression we gained during our test must be trusted alone. At the very least, we have not had to make any experiences that indicate that fraud or rip-offs are to be expected. On the contrary: the transactions we have commissioned are carried out reliably and at the favorable conditions we have announced. Anyone who also takes a look around the scene for online brokers will quickly discover that there are no other experiences with this broker. It can therefore be assumed, also against this background, that this is an absolutely serious provider. On this basis, we would like to take a closer look at what OctaFX has to offer.
What awards does the Online Broker have?
As briefly mentioned above, OctaFX has won several awards since its inception. A list of all awards can be found directly on the OctaFX website. In the following, some of the current achievements will be briefly outlined.
- CFI.co: Capital Finance International: Best CFD Broker for the Asia-Pacific region 2020
- Fxexplained.co.uk: Best broker for cryptocurrencies 2020
- World Finance Magazine: Best ECN Broker 2020
OctaFX has no regulation
Another topic that we would like to address in our test is the question of safety or more specific regulation. Unfortunately, traders have to make some concessions here, as there is no classic regulation as is required for providers based in the EU. This does not automatically mean, of course, that they are dubious providers, where deposits are constantly at risk and where traders are treated unfairly. Some industry insiders even believe the opposite to be true because unregulated providers need to be particularly careful that their reputation is not put at risk. Be that as it may, in our test we got the impression that this is a reputable provider. However, traders should be aware of the danger that in the event of the provider’s insolvency, their deposits could indeed be put at risk. The number of deposits on the trading account should therefore be adjusted accordingly.
How secure is OctaFX?
OctaFX assigns a high priority to the security of customer deposits. As part of this, a number of measures are in place to help ensure that investors and traders trading through the online broker have an appropriately high level of security.
This includes, on the one hand, separate account management. The Online Broker keeps the deposited customer funds in segregated accounts and thus separate from the company capital so that they cannot be used by the company.
On the other hand, the provider uses modern security software to protect personal data and financial transactions. The SSL-protected Personal Area ensures that important data is protected from external access. In addition, OctaFX cooperates with the company 3D Secure, through which technology payment orders can be processed transparently and securely.
To the offer: Underlyings with focus on currency pairs
As already mentioned, OctaFX is an online broker that does not rely on the very wide range of underlying assets. For the selection of tradable values, this means that only the categories currency pairs, commodities, and indices are available. The trader has a choice, however, when it comes to the question of which platform to trade with. Initially, the MetaTrader is available in versions four and five. Furthermore, cTrader can also be used for trading. While in direct comparison with other Forex brokers, different account types are available for trading, the difference with OctaFX lies exclusively in the respective platforms. Both categories, account type and underlying assets, should be discussed separately.
The main part of the trading offer at OctaFX concerns forex trading. Trading with currencies represents the most liquid market with a daily trading volume of more than 5 trillion US dollars. Customers of the online broker can choose from 28 different currency pairs for trading in the Forex market.
As an Online Broker, which is not subject to the legal requirements of ESMA (European Securities and Markets Authority), OctaFX can offer trading with a leverage of up to 1:500.
Also included in the OctaFX offer is the trading of contracts for difference (CFDs). Customers can trade CFDs on ten of the most popular indices – including the Dow Jones, NASDAQ, Nikkei and Eurostoxx 50. All CFDs can also be traded with a leverage of up to 1:50. The different indices can be traded both long and short.
More and more investors and traders are interested in trading with highly volatile, digital currencies, the so-called cryptocurrencies. In 2017 alone, Bitcoin was able to record growth of over 1600%. Via OctaFX, the three well-known cryptocurrencies Bitcoin, Ethereum and Litecoin can now also be traded as a currency pair with the US dollar.
These trading platforms can be used with OctaFX
As can be seen, the corresponding trading platform also depends on the selected account type.
MICRO: MetaTrader 4
PRO: MetaTrader 5
Each platform is adapted to the functions and requirements of the respective account types. In the following, the features and advantages of these software will be briefly introduced.
The MetaTrader 4 trading platform is one of the most popular trading platforms worldwide and not without reason. MT4 is ideal for both beginners in trading and professionals.
- Clear, intuitive user interface
- The integrated market for trading robots and indicators
- Interactive, customizable charts
- VPS Services
- Trading with CFDs possible
- Trade with cryptocurrencies
The trading platform MetaTrader 5 is the successor version of MetaTrader 4, and accordingly the software offers comparatively more possibilities and functions. Modern tools have been added to the user interface of its predecessor, which allow for both technical and fundamental analysis.
- Integrated economic calendar
- One-Click trading tools
- Customizable user interface
- Expert Advisors
- Trading with CFDs possible
- Stop Limit Orders
- Trade with cryptocurrencies possible
Users of the ECN account trade with OctaFX via the cTrader platform. The trading software offers its traders an intuitive trading environment as well as a wide range of functions, which allow a higher degree of flexibility in trade placement.
- Level II Data
- Trailing Stop per server
- Cloud services consolidate all accounts and templates in one place
- One-click trading and advanced chart trading
- FIX API
One account type for each platform
At OctaFX, the offer is structured along with the account models. Three different account types are available, each of which is tailored to a specific platform. Nevertheless, there are a number of other differences, starting with the required deposit, the applicable spreads, and the selection of the underlying instruments available for trading. None of the clients are subject to any additional fees or surcharges in connection with trading. In addition, with the three account models, the broker also addresses different customer groups with different levels of experience. The Micro account model is intended for beginners, which according to OctaFX does not require any previous experience.
Accordingly, it is also possible to start trading with an extremely low amount. It is possible to open this account for as little as 100 Dollars. Alternatively, the account can also be held in Euros. The Pro account-model requires a minimum deposit of 500 Dollars and the third account model, which is called ECN and is recommended especially for advanced traders, requires a minimum deposit of 100 Dollars. It can be added that this is only a recommended minimum deposit, so the trader is free to start trading with even lower amounts. However, certain restrictions must then be expected with regard to the required trading sizes and margins.
In addition to the trading platform, which can be used within the framework of the respective account model, the models also differ in terms of spreads.
- For the micro account the MetaTrader is used in the fourth version and the sliding spreads start at 0.4 points.
- For the Pro Account, trading is done through MetaTrader 5 and you can trade with sliding spreads starting from as low as 0.2 points.
- In the case of the ECN account, where trading is done through cTrader, there are also floating spreads, with the highly liquid currency pairs being able to trade with spreads as low as 0.0 points.
However, the widest trading range is available with the Pro Account, where the category of indices can also be traded, as well as commodities are available for trading.
Only currency pairs, gold, and silver can be traded on the Miko account, just like the ECN account. The Stop Out Levels range from 15 and 25 percent for the Micro Account and ECN Account and 30 to 45 percent for the Pro Account. Another special feature of the Pro Account is that trading robots can be used. Finally, a word about the levers that are available to traders at OctaFX: The strongest levers can be used with the account models Micro and ECN, where it can reach up to 1:500 for currencies. On the other hand, with the Per Account, you can only trade with levers of up to 1:200 in currencies and 1:50 in indices. Energy and metal are available for trading with a leverage of 1:100. All in all, a very manageable fee model is offered, which should actually be one of the cheapest in the industry.
Does OctaFX offer a demo account?
Yes, OctaFX offers traders the opportunity to test the MT4 and MT5 platforms free of charge and without obligation by opening a demo account. Thus, trading strategies can be tried out with a virtual credit balance without having to take a financial risk. For this purpose, users of the demo version have all tools and functions such as graphic objects, price markers, Fibonacci retracements, and more at their disposal.
The creation of a demo account is free of charge and the duration is unlimited.
Underlying assets in three categories
As already mentioned, the question of which underlying can actually be traded can only be answered in connection with the question of which account-model was chosen. The greatest choice is the Pro Account, which we will refer to first in the description of the trading offer. Specifically, 28 currency pairs are available, whereby the most traded majors naturally play an important role. The four currencies US Dollar, Euro, Japanese Yen, and British Pound are available for trading in all possible combinations.
In addition, several other currencies can be traded in various combinations. These include
- the Swiss Franc
- the Canadian Dollar
- and the New Zealand Dollar.
With the ECN account, which has the widest selection of currency combinations, you can also trade with combinations that include the Norwegian Crown and the Swedish Crown. Only the Pro account can also be traded with a selection of ten indices. Among others,
- the German stock index Dax
- the French leading index CAC
- the Japanese Nikkei
- or the Eurostoxx
are available. The Australian leading index AUS200 and the American Nasdaq are also available. The range of commodities includes gold and silver as well as oil and gas. The energy stocks are only available in the Pro account. The two additional metals palladium and platinum can also be traded here.
All in all, in our experience the strength of OctaFX lies in a very favorable cost and fee structure as well as a technically superior execution of the trade. With regard to the selection of underlying, however, traders should check carefully whether the stocks and combinations on offer are those on which they want to focus their trading. Stocks, or even bonds, on the other hand, are not in OctaFX’s offering at all. Finally, we would like to mention in this section that it is also possible to open a demo account with the broker, even if it is not offered directly from the start page. To do this, it is necessary to contact OctaFX support by e-mail. On this basis, it is then very well possible to test the offer risk-free.
50 percent deposit bonus not only for new customers
For many years now, our experience in the industry has been that it has been common practice for customers to make it palatable for them to join a particular online broker with bonus offers. And the online broker OctaFX also offers a corresponding discount for its customers. Already from a deposit of 59 Dollars, additional trading capital can be acquired, which is paid out in the amount of a maximum of 50 percent of the deposit amount. Optionally, it is also possible to receive a bonus of 30 percent or even only 10 percent. This seems to make perfect sense, considering that lower bonus payments also place lower demands on the payment of corresponding amounts. Because in the case of the full bonus of 50 percent, it is a prerequisite that sales of 25 standard lots have first been achieved in order to be paid out at least 118 Dollars. In the case of lower bonus payments, the conditions for a payout are also more moderate.
|Deposit bonus:||50 percent|
|Bonus conditions:||Turnover of 25 standard lots for a 118 Dollars bonus|
Deposit and withdrawal without fees
We also found very good conditions in the area of deposits and withdrawals. This is mainly due to the fact that no fees are charged for either deposits or withdrawals by OctaFX. You can choose between the credit card method as well as some e-wallets. When paying by credit card, the services of Visa and MasterCard are accepted. In the category of internet-based payment service providers, the providers Neteller and Skrill are available. With all available methods, very fast processing can be expected. Just a few seconds after completing the transaction in the online account, the money is available in the trading account and can be used in the trade.
|Payment options:||MasterCard, Visa, Skrill, Neteller, Bitcoin, Perfect Money|
|Minimum deposit:||100 Dollars|
|Account management possible in:||EUR, USD|
|Withdrawal options:||MasterCard, Visa, Skrill, Neteller, Bitcoin, Perfect Money|
Top level support and customer service
We have come to know a very high level in the area of support. Although this service is not available in for example the German language. However, for customers who can imagine the exchange with the support staff in English, the best conditions are offered. According to the company, it takes an average of only seven seconds to receive an initial response to a request. After only three minutes, problems are solved or clarified on average. Support can be contacted 24 hours a day from Monday to Friday, using
- Online live chat
These values testify to a high level of competence, which has also been confirmed in our tests.
The Website leaves a very good impression. We have also found a very customer-friendly offer on the website, which offers the traders quite a lot of added value. Customers have the opportunity to obtain detailed information about the trading opportunities and conditions within the framework of the individual account models, and for questions about trading, there are numerous offers such as a glossary or FAQ. The range of further training and market information is also impressive.
|Telephone:||+44 20 3322 1059|
The OctaFX Trading App
For all traders who prefer to trade from the road and for whom it is generally important to be able to trade flexibly, there is a trading app. The OctaFX trading app was developed by the online broker to provide traders with a helpful tool that can be used to trade at any time. In addition to the possibility to trade, deposits and withdrawals can also be made at any time. The design of the app convinces with an intuitive and simple user interface, which is also easy to use for first time users.
By using the mobile applications, traders can stay up to date regardless of location and never miss important activities within the different markets.
The trading app allows a variety of administrative actions, including the following:
- Creation of forex trading accounts
- Adjusting the lever
- Selection of swap-free options
- Edit or reset the password
- Topping up the demo account
- Making deposits and withdrawals
So far, the mobile application can only be downloaded from Google Play, an application for iOS devices is unfortunately not yet available at this time of viewing.
After successfully downloading the app, the desired trading platform (MT4, MT5, cTrader) can be selected.
What training and education opportunities are there at OctaFX?
For many investors and traders, the offer of training and further education always plays an important role when it comes to choosing an online broker.
OctaFX is relatively broadly positioned in this area. In addition to numerous tools such as profit calculators, trading calculators, and economic calendars, the online broker also offers an extensive range of further training. This includes articles on the topic of Forex Trading & Co. as well as a series of video tutorials, which are intended to provide useful know-how for both trading beginners and advanced traders.
In the video tutorials, the basics of how to use the trading platforms as well as the functionality of Copytrading – which OctaFX makes possible for its customers – are taught.
Conclusion of the OctaFX review:
OctaFX offers cheap and effective trading on Forex. It is a broker that focuses entirely on trading in foreign exchange and offers only a few other underlying assets from the other categories. In addition, the range of underlying also differs depending on the account selected. In return, traders can rest assured that they are trading at the best spreads currently available in the industry. No additional costs need to be taken into account. OctaFX does not charge any fees for deposits and withdrawals. The standard of support offered is also of above-average quality. This applies not only to direct support for direct trading but also to offers in the area of further education. However, at least some offers are not available for example in German, in contrast to the actual website. In addition, we have got to know a reputable provider who respects the interests of traders and who does not let you expect any fraud or rip-offs.
Most asked questions:
Is OctaFX a regulated Broker?
The headquarters of this online broker is located in St. Vincent and the Grenadines, an island state in the Caribbean, although OctaFX also has a branch in London. Therefore it is not regulated by any official financial institution.
Does OctaFX offer a demo account?
Yes, this online broker allows you to open a free demo account to use for an unlimited amount of time. To use this service, it is necessary to contact the support staff via e-mail though.
What can you trade on OctaFX?
There is a variety of options in trading with the services of this Forex and CFD broker. One is able to, among other things, crypto currencies, commodities and stocks.
Is OctaFX trustworthy?
A missing regulation by an official institution does not necessarily mean that this online broker does not offer a professional service as an unregulated trader. Still, traders have to be aware of the fast that in the event of the provider’s insolvency, their deposits could be at risk.