FOREX BROKER REVIEW - OctaFX

 
  1. The foreign exchange market or Forex is a global decentralized market for trading currencies.

     
    OCTAFX
    Regulation: FSA Accepts US Clients: No
    Min. deposit: $5 Leverage: 500:1 Platforms: Metatrader 4 for PC, Metatrader 4 for iOS, Metatrader 4 for Android, Metatrader 4 Mobile Overall Rating:4.1 / 5 (Based on 12 User Reviews) 
    Overall Rating:4.3 / 5 (Based on 13 User Reviews) 

    A new breed of online Forex broker, OctaFX is an award winning ECN/STP broker that is based in Saint Vincent and the Grenadines. This broker was acknowledged by Global Banking and Finance Review, an online portal dedicated to covering development in the international financial community, as the fastest growing micro broker in 2012. No doubt, the rapid growth of this broker could be attributed to the high quality services which the broker is providing its clients with. OctaFX recognizes that its clients is it most valuable asset and hence strive for perfection. “Perfectionism in its best sense, professionalism and goal-orientation is what distinguishes the OctaFX team”, said the CEO of the parent company, Octa Markets Incorporated.

    Trading PlatformsOctaFX main trading platform is the industry standard MetaTrader 4 (MT4). Highly customizable and stable, the trading platform is fully equipped with various technical tools designed to make the trader’s job in analyzing the market easier. The MT4 trading platform is also available for mobiles devices like iPhones, Android and Window Powered mobile devices.

    All features of the standard version of MT4 trading platform is also available on the mobile version.

    Account Types
    There are two main types of trading account provided by OctaFX, Micro and ECN trading accounts.

    Micro Trading Accounts:

    •    12 currency pairs + Gold and Silver
    •    5 Digits Quotes
    •    Expert Advisors 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%

    ECN Trading Accounts:

    •    Require a minimum deposit of $50
    •    28 currency pairs + Gold and Silver
    •    5 Digits Quotes
    •    Expert Advisors 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%

    Commission & Spreads
    The spreads that OctaFX charges are floating and they all start from 0.2 pips regardless of the type of trading account.  

    Customer Support
    OctaFX have always pride itself with a high quality support team that is always within the reach of traders 24/5. To get in touch with the support team, traders can either do it through:

    •    Live Chat
    •    Filling in the online Contact form
    •    Email at support@OctaFX.com
    •    Phone:  4001-200970 (China)
    1-800-815-304 (Malaysia)
    +17844574224 (St. Vincent and the Grenadines)

    As OctaFX is main clientele base is from China and South East Asia, multi-lingual support is available in the following languages:

    •    Bahasa Indonesia/Malaysia
    •    Mandarin

    Reliability
    In terms of reliability, OctaFX have always made this one of its priority. Some of the measures that they have in place include:

    Accounts Segregation
    OctaFX keeps its corporate funds separate from the clients’ trading funds. This is in accordance to international regulations and accounting standard.

    SSL Data Encryption
    Personal Data and online financial transactions are protection by encryption with SSL encryption technology.

    Account Verification Protocols
    All trading accounts have to go through a stringent verification process.

    Secured withdrawal
    All withdrawal requires an email confirmation thus preventing unauthorized withdrawal by a third party.

    3D Secure Technology For Credit/Debit Card Transaction
    3D secure technology is used to process all transaction from Visa and MasterCard to ensure the integrity of the transaction.

    Security Engineer Team
    The backoffice of OctaFX technical environment is monitored 24/7 by a team of security engineers to ensure top level protection.

    Pros
    The advantages of dealing with OctaFX are numerous. They include:

    •    Attractive Promo Offers
    •    Demo Account
    •    Fast Reliable Executions
    •    Free Market Analysis
    •    High Quality Customer Support
    •    Low Minimum Deposit Requirement
    •    Provide Ecn Trading Facility
    •    Stable And Reliable Trading Platform
    •    True ECN/STP Services

    Cons
    Although just a micro broker, OctaFX have managed to cover practically every aspect of their clients’ needs. So far, I can’t seem to find anything wrong with this broker.

    Conclusion
    To conclude, the award that OctaFX is well deserved. Despite being a new broker on the Forex trading scene, they have managed the hearts and minds of many of their clients with the effort and dedication that they put into providing top notch services to their clients. For those who are in the market for a reliable and efficient forex broker, OctaFX certainly come highly recommended.