OctaFX Review

Regulation : IFSA (St. Vincent and Grenadines)

Accepts US Clients: No

Min. Deposit : $5

Leverage : 1:500

Platforms : MT4 (PC,Mac,iOS,Android,Mobile)

We Like

  • True ECN/STP service
  • Trade execution is one of the best
  • Free market analysis and attractive promotional offers

We Don't Like

  • No automated trading
  • Do not provide charting packages and trading signals
  • Absence of OCO orders
The Verdict :

Trading with an ECN/STP broker with low spread is an opportunity for scalpers. There are many brokers offer STP/ECN trading, but those require higher initial deposit than OctaFX. The execution speed of this broker is just superb. They are also very active in case of customer support.

  • Expert Opinion
  • User reviews
  • Specifications

OctaFx-Review
OctaFX is an award winning ECN/STP broker which is located in Saint Vincent and the Grenadines. This is a new breed of online forex broker which has awarded by Global Banking and Finance Review as Fastest Growing Micro Broker 2012. OctaFX is a rapidly growing broker due to its high quality trading and customer care service. They are regulated by IFSA (St. Vincent and Grenadines), 19776 IBC 2011.

Trading Platform:

Industry leading Meta trader 4 is the main platform of OctaFX broker. Meta trader based platforms are designed to reaching customer satisfaction with faster execution, instant connectivity and advanced charting options. Currently they have 4 different platforms and all of them are Meta trader based. These are,
1. Meta trader 4 for PC
2. Meta trader 4 for iOS
3. Meta trader 4 for Android
4. Meta trader 4 Mobile

Meta trader 4 trading platforms help traders to analyze the market, take trading decisions and then execute his trading decisions in the same platform.

Main Features:

OctaFX offers low spreads starting from 0.2 pips for EUR/USD with STP/ECN trading in Meta trader based platforms. They also offer an attractive leverage ratio of 1:500. They require very small deposit from customers to enjoy their outstanding trading facilities. OctaFX does not have any restriction to scalping, news trading and Expert Advisors (EA); so you can trade using any trading strategy you want.

Types of Trading Accounts:

Currently they are offering 4 different types of trading accounts for their clients. These account types are discussed below with specification,
Micro Account:
Suitable for new comers those have small initial deposit.
• Minimum deposit is $5
• Minimum lot size is 0.1 and maximum lot size is 10
• 12 currency pairs besides Gold and Silver
• 5 Digits Quotes
• Expert Advisors, hedging and Scalping allowed
• Leverage level is up to 1:500
• Margin Call Level is 25%
• Require a minimum of $5 deposit to open
• Stop Out Level is 15%
• Execution time is less than 1 second.
ECN Account:
Suitable for experienced scalpers those require faster execution speed with low initial deposit and high leverage ratio.
• Minimum deposit is $50
• Minimum lot size is 0.1 and maximum lot size is unlimited
• 28 currency pairs besides Gold and Silver
• 5 Digits Quotes
• Expert Advisors, hedging and Scalping allowed
• Leverage level is up to 1:500
• Margin Call Level is 25%
• Require a minimum of $5 deposit to open
• Stop Out Level is 15%
• Execution time is less than 1 second

Swap Free Account:
• Available at Micro accounts
• Available at ECN accounts
• Commission is equal to the swap value
• 5 Digits Quotes
• Expert Advisors, hedging and Scalping allowed
• Leverage level is up to 1:500
• Margin Call Level is 25%
• Require a minimum of $5 deposit to open
• Stop Out Level is 15%

Commissions and Spreads:

Though they have variable spread, the spread is very low. The lowest spread of EUR/USD is as low as 0.2. They do not charge any other commissions for micro and ECN accounts. Here is a table showing the spread and trading conditions. Spread conditions are different for different types of trading accounts.

Customer Service:

OctaFX is growing as a very popular, transparent and dedicated broker to its customers due to high quality customer service. They provide 24/5 active customer support. A trader can get satisfactory customer care service by,
• Live Chat
• Email
• Telephone

What We Liked:

World Banks Interest Rates – OctaFX has a table containing interest rates of different countries which helps traders to know the interest rates difference between various countries.
Forex Calculator – They are dedicated to educating new comers to understand and calculate required margin, pips price and many other parameters.

What We Disliked:

No US Clients – OctaFX does not accept any US clients.

The Bottom Line:

I would say OctaFX is an excellent STP/ECN broker with various offers and features. There are many brokers offer STP/ECN trading, but those require higher initial deposit than OctaFX. The execution speed of this broker is just superb. But they should improve their features by allowing automated trading, charting package and trading signals. They also should provide OCO orders which will be very useful for traders. They should increase trading instruments by adding CFDs and Commodities in their trading instrument list. It would be very helpful for new comers if they provide managed account service. However, I would they still they are very good ECN/STP broker with fast n easy account opening, deposit and withdrawal methods.