RECOMMENDED FOREX BROKERS
OctatFX has a highly informative and accessible website that aims to promote their services in layman terms. And it achieves that, yet can it can it practice what it preaches?
The broker website is operated by the following companies:
Octa Markets Cyprus Ltd is tightly regulated by the Cyprus Securities and Exchange Commission (CySEC), carrying all necessary investigations in order to ensure fraud-free market operations. As regulated by CySEC, OCTAFX is part of the ICF allowing for a compensation of up to €20 000 to be attributed to clients, if the broker fails or becomes insolvent.
Octa Markets Incorporated is regulated by the FSA SVG in St. Vincent and the Grenadines. This body’s main duties are to ensure that financial institutions are well supervised and that all threats are acted upon with the appropriate force of action. Unlike CySEC, this license issuer has no reimbursement scheme to speak of. Another significant drawback is that there is no regulation dedicated to Foreign Exchange (Forex) Trading and Cryptocurrency, nor are there licenses issued for these two assets:
Spreads depend on the account the client has chosen. So for the MICRO account the EUR/USD spread is 1.1 pips, for the PRO it’s 0.8-1.1 pips, and for the ECN account it’s typically 0.7-0.8 pips. We would like to remind readers that in the UK and EU the current imposed maximum spread limit is 1:30. For those outside the jurisdiction of ESMA the spread reaches 1:500.
Currently, OctatFX offers the following assets to trade with: Forex pairs, cryptocurrencies, commodities, stocks. In the bustling, competitive world of Forex today, this number of assets is considered low.
The broker is available in the following languages: English, Spanish, Arabic, Indonesian, Thai, Vietnamese, Chinese, German, Malay, Bengali, Portuguese and Hindi.
OctatFX offers three platform for trade: MT4, MT5 and cTrader. What’s interesting is that each platform acts also as a separate account.
Here we are again with this renowned platform, and for a reason! MT4 stands tall against other trading terminals. Consider using Expert Advisors to set your automated trading while you do other business, or take full advantage of what MT4 has to offer: multiple chart management, trading directly from the chart, customized trading indicators, huge selection of trading options and much more.
The MT4 acts as the MICRO account type. So, the spread for EUR/USD 1.1 pips, while the leverage for the EU/UK is 1:30 (due to ESMA), and reaches 1:500 for those outside these zones.
There are no commissions attached to this account.
MT4 is available on smartphones (iPhone, Android), on any browser and as a standalone desktop version.
MT5 strives to replace MT4 but fails to do so, not because it’s inferior but because most brokers nowadays use MT4 as the default terminal. Nevertheless, MT5 comes with new and handy features that traders will surely find useful. There are auto trading bots, plus VPS (same as MT4).
The MT5 acts as the PRO account type. So, the spread for EUR/USD 0.8-1.1 pips, while the leverage for the EU/UK is 1:30 (due to ESMA), and reaches to 1:500 for those outside these zones.
The are no commissions attached to this account.
MT5 is available on smartphones, on any browser and as a standalone desktop version.
The functional cTrader has been included by OctaFX. This platform handles with ease and possesses a much better visual style than both MT4/5. The interface is highly customizable, giving end users a much needed aesthetic touch of their own. One of the main features of cTrader is the ability for traders to access provider’s liquidity making room for better pricing and lower spreads. There is also automated trading, and great back testing facilities.
cTrader acts as the ECN account type. So, the spread for EUR/USD 0.7-0.8 pips, while the leverage for the EU/UK is 1:30 (due to ESMA), and reaches to 1:500 for those outside these zones.
cTrader has a commission structure attached to it. For one standard lot a round turnof $6 will be feed. So this changes the EUR/USD spread from 0.7-0.8 pips to 1.3-1.4 pips.
cTrader is available: for download as a standalone software for desktop, to mobile users, and can be accessed via a browser.
The broker offers for the opportunity to copy expert traders, automatically, without spending time on building a strategy or being constantly glued to a screen. This is a superb opportunity for those who do not have the time, or have little of it, to dedicate to online trading. To start, just browse through the many expert traders, set your preferences, invest and voila! Note that, even if the trader dealing for you gets a bonus if your investment turns to profit, this system does not guarantee 100% wins all of the time.
OCTAFX MINIMUM DEPOSIT
The minimum deposit is $50, immediately making room for smaller or casual traders. Typically, a higher minimum deposit limit has the ability to intimidate many novice traders.
The methods for depositing are: Neteller, Skrill and Bitcoin. In this day and age of online currency and CFDs trading these options are significantly low than bar. When considering the instruments in circulation by Admiral Markets and, especially, FX Choice, the assortment that this here broker has seems laughable in comparison.
The base currencies are limited to only EUR and USD. The same comment as above can be applied here. A global broker should include more base currencies.
All methods of funding are instant. Here, however, OctaFX shines, as it falls in the niche of swift deposit methods, a niche that grows ever so tighter.
There are no fees attached. Fees commissioned by thirds parties will be covered by OctaFX.
OCTAFX WITHDRAWAL TIME AND FEES
CySEC regulation reassures that no harm will come to clients withdrawals.
The withdrawal methods are: Neteller, Skrill and Bitcoin. Again, significantly fewer withdrawal methods that your standard broker.
Withdrawals are instant. This is a rare sight to see in an industry of long process times, and unexpected delays.
There are no fees attached to withdrawal. Fees commissioned by thirds parties will be covered by OctaFX. This makes us even more agitated at the fact that OctaFX has not included more payment options.
The minimum withdrawal amount is $5.
BONUSES AND PROMOTIONS
Bonuses are solely offered by OctatFX’s offshore entity, due to CySEC banning them in Europe.
There is a 50% bonus with every deposit.
The most active and successful traders will have the opportunity to win smartphones/smartwatches, as well as a 3 luxury cars at the end of the year.
There is the opportunity to win $500 while trading with your DEMO account.
Trade suing a cTrader DEMO account, and finish with the highest profit at the end of the week to get $150.
First and foremost, OctaFX is regulated by one of the best institutes for the job in the world (CySEC), as well as one of the shadier ones where many suspicious brokers get their licenses from- FSA SVG, making things rather ambiguous.
Second, there is a very limited number of payment methods, which in this day and age of online trading is unsatisfactory. However, there are no fees attached to said methods, and to top that the broker offers great and detailed trading platforms.