Abstract:Founded in 2011, OCTAFX is a forex and CFD broker operating out of Saint Vincent and the Grenadines. While OCTAFX operates without a regulator, it remains a duly registered international business company (IBC) in Saint Vincent and the Grenadines with registration number 19776 IBC 2011. It does not segregate client deposits from corporate funds and offers negative balance protection.
General Information & Regulation
Founded in 2011, OCTAFX is a forex and CFD broker operating out of Saint Vincent and the Grenadines. While OCTAFX operates without a regulator, it remains a duly registered international business company (IBC) in Saint Vincent and the Grenadines with registration number 19776 IBC 2011. It does not segregate client deposits from corporate funds and offers negative balance protection.
Market Instruments
OctaFX maintains 35 currency pairs, five cryptocurrency pairs, five commodities and ten index CFDs.
Minimum Deposit
OctaFX offers traders one MT4 and one MT5 trading account, with minimum deposit for both is $100. Although this requirement sounds encouraging, given the fact that OctaFX is unregulated, traders are not advised to register real trading accounts here.
Leverage
Trading leverage vary depending on particular instruments. The maximum leverage at OctaFX is 1:500 for Forex traders and 1:25 for cryptocurrency traders. Since leverage can amplify gains as well as losses, it is essential for traders to choose the proper amount.
Spreads & Commissions
OctaFX claims that it offers a commission-free pricing environment. The spread on the EUR/USD pair start from 0.6 pips or $6 per standard lot. Although trading conditions seem attractive, given the fact that this broker is unregulated, traders are not advised to trade with this broker.
Trading Platform Available
In terms of trading platform available, what OctaFX offers is the white label MT4 trading platform.
Deposit & Withdrawal
Payment methods working with OctaFX include Credit/ Debit card (Visa, Mastercard), Bank Transfer, as well as some online payment processors like Skrill and Neteller.
Although OctaFX claims that it charges no fees for deposit and withdrawal, given the fact this broker lack credibility, traders are advised to choose other legit brokers.
Customer Service
OctaFX offers 24/7 customer support, primarily via live chat, with fast response times. Email support is also available, and the FAQ section answers many of the most common questions.