OctaFX is a trading name of Octa Markets Incorporated – a forex broker founded in 2011 and registered in Saint Vincent and the Grenadines. OctaFX UK Limited is regulated by the Financial Conduct Authority (FCA). It claims to have clients in over 100 countries around the world.
The broker offers the most-traded currency pairs and contracts for difference (CFDs) on indices and commodities.
The broker offers the well-known platform Metatrader 4 and 5 (MT4, MT5) and increasingly popular cTrader. Both can be launched from PC or smartphone. MetaTrader platforms offer some powerful tools such as Autochrtist that scans markets pattern and offers trading analysis and signals for different assets.
OctaFX divides its platforms and accounts for:
- ‘novice trader’ (MT4 with floating spreads, starting from 0.4 pips, USD100 minimum deposit, 28 currency pairs, gold and silver and maximum leverage of 1:500);
- ‘experienced trader’ (MT5 with floating spreads, starting from 0.2 pips, minimum deposit of USD500, all types of instruments and maximum leverage of 1:200);
- ‘progressive trader’ (cTrader with floating spreads, starting from 0.0 pips, 35 currency pairs, gold and silver and maximum leverage of 1:500).
Traders should consider that higher leverage leads to a greater risk of loss. However, OctaFX has a risk management system that ensures clients cannot lose more than they invested (negative balance protection).
The company claims to be a non-dealing deskВ (NDD) broker and have no re-quotes. However, the Client Agreement shows that although the company applies ECN/STP model to execution of orders, under certain circumstances slippage can occur and market orders can be executed at a different than shown price or can be rejected. Stop loss orders are executed at the first available price that means they are non-guaranteed.
Broker’s website provides some useful tools such as economic calendar, forex news, trading and profit calculators.