Introduction to OctaFX
OctaFX is a leading forex brokerage which has been operating since 2011. This 8-year-old company has collected a solid reputation over the years. While OctaFX is an offshore brokerage incorporated in St. Vincent and Grenadines, their ability to sustain the business for so many years is a testament to how they operate. Our research shows that the company has never been suspected of fraud by any official authority. The advantage of OctaFX’s jurisdiction choice is that they can offer advantages which a lot of other brokers in Europe cannot. They first added cTrader in October 2014. Unlike a lot of other brokers, OctaFX cTrader is promoted very well on the website.
The company mainly focuses on South East Asia but in particular Indonesia. Besides their Southampton football sponsorship, OctaFX has sponsored the Rip Curl Cup which is a surfing event held in Bali. In addition, the company donates to the Bali sports foundation. It’s clear where the broker’s interests are.
A few key factors that help OctaFX stand out from other brokers are;
- They do not charge Swaps on most currency pairs. This is standard, not just for Muslim traders.
- A proven track record with cTrader and their other platforms.
- Has invested the time and resources into building their own Android app for clients to manage their trading accounts on the go.
The company focuses on giving a good experience to traders when trading forex. So let’s go deeper and see if they are achieving this.
|Year Started Offering cTrader:||2014|
|Regulation:||None – Incorporated in St. Vincent|
|Number of Employees:||100+|
|Active Sponsorships:||None Active|
OctaFX cTrader Trading Conditions
Most things about the OctaFX cTrader offering look really attractive. In particular the fees, which are very competitive. One area where they fall short against other brokers is the low number of trading pairs. Especially on cTrader, where only 30 pairs are offered.
|Asset Classes||Forex, Indices, Metals, Energies, Cryptocurrencies|
|Total Number of Trading Pairs||47 (30 on cTrader)|
|Trading Commissions||No Commission|
|Account Currencies||USD, EUR|
|Minimum Deposit||50 USD|
|Spreads||From zero, depending on conditions|
|Stop Out Level||15%|
Accessibility to OctaFX Services
We have not seen a list of restricted countries mentioned on the website, this gives the impression that the company is accepting clients from around the world. Of course with the exception of the United States which is normally avoided by brokers due to the Dodd-Frank Act. The deposit options are limited to other brokers, but the most widely used ones are available, thus catering to most traders.
|Deposit Options||Credit Cards, Skrill, Neteller, Bitcoin|
|Social Trading||Yes, but not on cTrader Copy.|
OctaFX cTrader Demo Contest
This is one of our favourite features of OctaFX. In total, the company offers three different competitions. So far, we have not found another cTrader broker who offers trading competitions on the platform. For the cTrader demo competition, the first price is $150 and in total there is a prize fund of $400. The event lasts for one week and is held a couple of times each month. We look forward to joining the competition in the upcoming weeks and we will publish our experience. Find out more about the OctaFX cTrader demo contest.
Offers and Bonuses
OctaFX gives a 50% bonus on every deposit that you make. If you meet the grading criteria, you can withdraw it too. If you deposit $200, you can get a $100 bonus. To withdraw this, you will need to trade 50 Lots. The bonus is a great trading utility. You should not fixate on trading more than you should simply to convert it. Ultimately your trading interests are not making money from the bonus, but from the market, you are trading. Learn more about the OctaFX bonus.
OctaFX CySEC Regulation
There is a company registered with CySEC called Octa Market Cyprus Ltd. This company is obviously linked to OctaFX. However, it seems that the group hasn’t launched its European operations yet. When trying to access octafx.com from Cyprus you will be redirected to octafx.eu. When you land on the redirected page you will see a blank screen which only states “Under Construction”. You can see from the SSL certificate information that the certificate is indeed registered to Octa Markets Cyprus Ltd [CY]. For some reason, the company blocks Cyprus IP addresses from access to their website. Presumably, this is linked to their CySEC license in some way.
Having seen first hand the OctaFX website evolve over the past five years or so, we can say that a lot of improvements have been made. Today, OctaFX has one of the best forex broker websites we have seen recently. Everything you need to know is easily found. All of the information is clearly described. A lot of time and effort has gone into creating a site that works for their clients. The FAQ section is impressively detailed.
cTrader Broker Index
We rate OctaFX an 8 out of 10. This is a higher score than we award most brokers. The main reason for this is because OctaFX doesn’t exclude cTrader from their initiatives. Other brokers have a tendency to do this. OctaFX has a demo contest specifically for cTrader, bonuses are offered on cTrader and the product is very well described on the website. We recommend trying OctaFX cTrader.