Best Forex Brokers :OctaFX Review
OctaFX, founded in 2011, is an online Forex broker that is based in London, United Kingdom. OctaFX was acknowledged by Global Banking and Finance Review as the fastest growing micro broker in 2012 based on the high quality services which it provides to its clients. It is also the recipient of the Best Broker in Eastern Europe and Asia Award for 2014.
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Accounts
There are three types of trading accounts provided by OctaFX--the MetaTrader4 Micro, the MetaTrader4 ECN and ctrader ECN accounts. In the MetaTrader4 Micro account, there are 12 currency pairs to choose from as well as Gold and Silver. A minimum deposit of $5 is required to open this account.
A minimum deposit of $50 is required for the MetaTrader4 ECN trading account. There is a choice of 28 currency pairs and Gold and Silver and all the features of the Micro account are available.
The cTrader ECN account also requires only $5 to open and offers trading in 48 different currency pairs + Gold and Silver.
Leverage of 1:500 is offered for all accounts and Expert Advisors, hedging and scalping are allowed.
OctaFX Account Types
The OctaFX demo account can be set up using any of the three accounts. An Islamic account for those who abide by the Shariya laws is also available using the MetatTraer4 Micro and MetaTrader4 ECN accounts. Floating spreads on these accounts are as low as 0.2pips and there is a 50% bonus on first deposits. All account holders can participate in the many other promotions and bonus programs.
It was nice to see a separate spread listing for each of the different accounts.
Bonuses/Promotions
OctaFX has more bonuses and promotions going on at one time than any other broker I have ever reviewed.
In addition to receiving the 50% deposit bonus offered when opening a new trading account, traders at OctaFX can enter the "OctaFX Supercharged" contest held by Octa Markets Incorporated which runs until 13/05/2016. Each round of the competition consists of a four week span. Points are awarded according to account volume and the owner of the account with the highest points by the end of the contest will be proclaimed the winner. The runner-ups (2nd to 10th positions) will be qualified for secondary prizes. The top three prizes are a Tesla Model S, Smart Fortwo and Renault Twizy. Additional prizes consist of Mac and Apple products and a monthly prize of an iPhone 6 worth $400 is also awarded.
OctaFX Contest Leader Board
There are two demo contests. The main aim of the cTrader Weekly Demo Contest remains the same while environment changes: Anyone trading with the cTrader demo account that ends the week with the highest profit receives the prize from OctaFX-- $400 is distributed between five lucky traders. A contest round lasts one week – from Monday Market opening to Friday Market closing.
With the OctaFX Champion Demo Contest offers a total prize fund of $1,000 a month for trading in a demo account using any possible trading techniques such as EAs, scalping, or hedging
When doing this OctaFX review, a Facebook Weekly Prediction Contest with a weekly bonus of $10 - $50 bonus was being offered.
Education
I found the detailed explanation of ECN trading to be extremely clear and informative. The fact that this page was posted as a totally separate topic and not part of any other section of the website is an indication of the broker’s interest in providing the necessary tools for successful trading.
ECN Trading Diagram
OctaFX offers daily Forex news, financial prognosis and other related data on the state of global markets from several informative and reliable sources. An interesting feature offered by OctaFX is the ability to filter the news according to topic and currency pair.
There is also a listing of real-time live quotes and interest rates from various banks around the world.
The OctaFX currency calculator calculates the required margin, pips price and many other parameters for each Forex pair and two types of calendars are posted on the OctaFX site: An economic calendar list all the important news releases for the coming week and the values are updated after the news is released.
The holiday calendar lists the central bank and the national holidays of most countries across the globe.
Deposits/Withdrawals
Funds can be deposited into OctaFX accounts via bank transfers, credit cards, Neteller, Skrill, Easypay and other online payment systems. There is no commission for any deposit.
Withdrawals are made in the same way the deposit was made. A usual withdrawal request takes about 1 hour to be processed.
Customer Support
Customer service is provided 24/5 by Chat, email and phone to Hong Kong and other locations in Southeast Asia in English, Bahasa Indonesia and Chinese. The Jakarta support center can be contacted by SMS to smartphones or to blackberries. An online form can also be filled out and a representative will respond to any questions and concerns.
OctaFX points out that their support reps handle over 2,000 inquiries each day and resolve queries in five minutes on average, a testament to their professional ability to respond in a timely fashion.
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Conclusion
OctaFX seems to have it covered in most areas. There is a choice of different account types, several platforms including the popular MT4 platform and several unique trading tools. For those who are in the market for a reliable and efficient Forex broker, OctaFX is recommended.
