|Leverage||Up to 1:500|
|Minimum Deposit||$5 (Micro)/$50 (ECN)|
|Minimum Lot Size||0.01 Lots (Micro)/0.1 Lots (ECN)|
|Deposit methods||Credit Cards; Moneybookers; Bank Wire, Perfect Money, CashU|
|Fx Pairs||12 Pairs (Micro)/ 28 Pairs (ECN) + Gold/Silver|
|Trading Platform||MT4 (Desktop/Mobile)|
OctaFx, an online forex broker, operated by OctaMarkets was incorporated in 2011 in St. Vincent and Grenadines and offers forex and commodities trading services and is licensed by the St. Vincent and Grenadines, IBC (International Business Companies) with license number 19776 IBC2011. Since its inception, OctaFx has won many awards including the Best Broker, Central Asia and Central & Eastern Europe, at the World Finance Awards 2013 and is renowned for its customer support. OctaFx offers different trading accounts with the standard MetaTrader 4 trading platform. The company is currently in the process for applying for regulation.
OctaFx – Trading Accounts & Conditions
At OctaFx, traders can choose between a ‘Micro‘ and an ‘ECN‘ account with minimum deposits of $5 and $50 respectively. The number of currency pairs available are 12 Fx pairs and Gold/Silver for Micro Account while ECN accounts have 28 Fx pairs and Gold/Silver.
Traders can choose one of the two accounts which also comes with floating spread conditions. Traders can also opt for a ‘Swap Free’ trading account if required and subject to approval. The trading conditions start with a 0.01Lot for Micro Accounts while ECN accounts have a minimum contract size of 0.1Lot. Therefore, traders making a deposit of the $50 for ECN accounts would probably be better off either increasing their leverage or depositing more funds for OctaFx ECN Accounts.
OctaFx – Banking
Deposits to OctaFx can be made either in Euro or US Dollar as the base currency. Traders can deposit/withdraw funds using either Bank Wire, Credit Cards (Visa/Mastercard only), Local bank transfers (Indonesia), Moneybookers (Skrill), CashU, Perfect Money. With the exception of a $25 – $30 transfer fee for Bank Wire, withdrawals using eWallets such as Moneybookers (Skrill)/Perfect Money are free of cost and almost instant.
OctaFx uses segregated bank accounts for customer deposit thus ensuring safety of funds and keeping them seperate from the company’s operating funds.
OctaFx – Promotions & Bonuses
OctaFx offers a very tempting ‘No Deposit Bonus‘ of $8 under a special account called ‘Welcome Account’. After traders make a total volume of 2 Lots, any profits from the free bonus can be converted to real money and available for withdrawal as well. Traders cannot deposit funds to this ‘Welcome Account’ and trading comes with certain restrictions such as no-hedging and a maximum of 3 open positions at any given time.
Besides the Free $8 bonus, OctaFx also offers a 10% – 50% deposit bonus. To withdraw the bonus, traders will have to trade a total volume of Bonus Amount/2. So for example, to complete the bonus restrictions of $50, traders will have to trade a total of 25 standard lots.
OctaFx also offers demo trading contests. OctaFx Champion, is a demo trading contest with cash prizes of up to $1000 and King of the Road contest which is for real trading accounts with prizes including a Porsche Panamera, Macbook Pro, iPad/iPhone.
OctaFx – Conclusion
Overall, OctaFx makes for a fine forex broker that offers something for everyone. The micro/ECN accounts are ideal with the low minimum deposit making it easy for traders to test drive the OctaFx spreads and trading conditions while trading in an ECN environment. As mentioned previously, traders should be especially careful when trading with just the minimum of $50 for the OctaFx ECN account as the minimum contract size is 0.1 Lot. The number of forex currency pairs that are available (28 pairs for ECN Accounts) offer a good starting point, both for beginners to forex as well as experienced traders.