Establishment and Regulation
Octa Markets Incorporated, the company behind OctaFX, is a globally known business operation. Despite the company’s recent establishment in 2011, it operates in more than 100 countries. The company was founded in St Vincent and the Grenadines, but the head office was transferred to Indonesia with the Asian market as the primary focus.
- Established in 2011
- Founded in St Vincent and the Grenadines, with the head office now in Indonesia
- Licensed and regulated by the UK’s FCA
- OctaFX operates in more than 100 countries
It is licensed by the FCA, the UK ultimate authority on Forex business conduct. The registration with FCA already gives them a good name. The FCA is known for the strictest policies and highest standards imposed upon their subjects of regulation. Regulation of Forex broker companies plays a crucial role in terms of customer protection and fair business conditions in the turbulent and highly decentralized capital market. Forex trading has been expanding rapidly in the last decade, and more and more people want to explore the potentially profitable ground. With OctaFX you can be sure that your funds will be safe and carefully handled. The clients’ funds are kept separate from the company’s operational funds, enabling a transparent working environment. This OctaFX review focuses on the main characteristics of this fast-growing brokerage magnate and the various possibilities it offers to its customers.
OctaFX: Available Trading Platforms
The most popular and highly reliable MetaTrader 4 platform is part of the standard offer at OctaFX. This platform is fully equipped with all the necessary elements for undisrupted trading. This highly-rated technological software comes with an appealing design too. You can opt to try the new version of Meta Trader, MetaTrader 5 if you sign up with OctaFX. The multi-functional software offers a powerful trading system supporting all features relevant for trading.
- Standard MetaTrader 4 trading platform available
- Meta Trader 5 can be used as well for those who like to experiment with new software
- Proprietary OctaFX trading platform, cTrader, is also at clients’ disposal
- OctaFX mobile apps for numerous devices
Since OctaFX is following the new trends and innovations in the business, they also provide a relatively new trading platform called cTrader. It is an innovative platform with numerous features and an easy-to-navigate interface. We see that OctaFX follows the latest inventions in the market and really tries to provide as many options to its customers as possible. They provide both, the downloadable and web-based versions of these platforms. Also, OctaFX mobile apps for the trading platforms are available for iOS and Android devices, including iPhone for MT 5.
Account Types Available at OctaFX
Besides a free Demo account which is the practice account for beginners, three more accounts are offered for the more experienced traders.
- MT4 Micro Account with a minimum deposit of $5. This account suits best the needs of traders in their early phase.
- The MT5 PRO account is for experienced traders with a minimum $500 deposit.
- The cTrader ECN account requires a minimum deposit of only $5 and is suitable for both, beginners and experienced traders.
Accepted deposit currencies are the EURO and USD. All types of accounts support expert advisors (Forex robots), scalping, and hedging, while the MT 4 Micro account includes the swap-free option in contrast to the other two.
Pairs, Spreads and Leverage
Twenty eight currency pairs are available for MT4 and MT5 accounts, while the cTrader ECN displays 48 currency pairs. Spreads can be as low as 0.2 pips for the major USD/EUR pair, while typical spreads usually amount to 0.6 pips. The leverage policy is also reasonable varying from 1:200 (for MT4 and cTrader ECN) to 1:500 (for the MT5 trading account).
Funding Your OctaFX Trading Account
Payment methods are also one of the most crucial elements in this market. It is a money-dealing business, and all focus is on the money. A well-regulated payment system is a part of every professional broker company. Clients have different preferences, and OctaFX tries to cover the favorite payment methods of their customers. The banking options offered by this vibrant company include:
- Internal Transfer where no commission is charged and waiting time does not exceed two hours.
- Visa, MasterCard with the min. deposit of $5 (no commission charged)
- Electronic payment via Skrill and Neteller with a minimum $50 deposit (no commission charged)
These banking options refer to both, depositing and withdrawal. The processing of a withdrawal request takes just 1 hour.
OctaFX Customer Support
Customer Support is the backbone of the business and acts as an intermediary between the clients and the company. Nowadays, customer support is not to be taken lightly, especially when it comes to the Forex market. Every professional business maintains a well-trained, well-equipped, and competent customer support. As a professional company themselves, OctaFX pays a lot of attention to customer support services.The customer support is available 24/5 from Monday to Friday for any questions, inquiries, concerns, and complaints you might have. The kind customer support staff will be there for you at every step of the way guiding you to solutions. They are available via live chat, and they can be found on social networks like Facebook, Twitter, YouTube, and even Instagram.
You can also e-mail OctaFX or give them a call in one of their offices in the UK, Hong Kong, and Indonesia. You can also send them a message via WhatsApp. They maintain a very professional website with all possible details regarding trading, their company details, and other relevant information.