One of the most profitable markets in the world is Forex. The most important currencies in the world, but of course also the currencies of less important nations, are traded here around the clock. While for a long time this was a segment in which the large institutions and professional players were active, private traders have also had the opportunity to invest in this segment for several years. Various providers have established themselves, giving private players access to this market segment. One of these providers is the online broker OctaFX, which specializes in foreign exchange trading on favorable terms. In concrete terms, this means that a selection of the most important currencies and some other currencies can be traded in the form of combinations. OctaFX claims to offer the most favorable trading conditions in the industry.
|⭐Rating||4.0 / 5.0|
|📈 Underlyings||35 currency pairs, 10 indices|
|💻 Software|| |70||MetaTrader 4, MetaTrader 5 Pro, cTrader|
|🏆 OctaFX||Bet now!|| |86|
Neben Währungspaaren stehen auch noch einige Rohstoffe sowie Indizes für den Handel zur Verfügung. Dabei wird, wie in diesem Segment üblich, nicht mit den eigentlichen Basiswerten getradet, sondern mit Derivaten, bei denen die Kurse in einem bestimmten Verhältnis gehebelt werden. Die Anleger haben also die Möglichkeit, bereits bei sehr kleinen Kursveränderungen hohe Renditen zu erwirtschaften. Dem gegenüber stehen natürlich auch Verlustrisiken, die deutlich über die Risiken hinausgehen, die etwa im klassischen Aktienhandel bestehen. Aus diesem Grund ist es eine zentrale Voraussetzung für einen erfolgreichen Handel, dass der Trader das Produkt und den Handel damit genau versteht. Neben einem umfangreichen Angebot an Basiswerten kommt es nach unserer Erfahrung also auch darauf an, dass ausreichende Inhalte in der Kategorie Information und Weiterbildung zur Verfügung gestellt werden. Und noch ein Gesichtspunkt ist aus unserer Sicht sehr wichtig: die Trader sollen sicher davon ausgehen können, dass sie bei einem Online Broker nicht mit Betrug oder Abzocke konfrontiert werden. Wir haben OctaFX getestet, um den genannten sowie weiteren Kriterien auf den Grund zu gehen.
Our experiences at a glance
It is a finding that is not only for the online broker sector is applicable. A beautiful and interesting shell is one thing, the concrete implementation of services is another. But especially in the field of online brokers, when comparing the various offers of online brokers, one can get the impression that there are only "very best" representatives. An objective comparison is therefore rather difficult on this basis. The decisive factor is rather how the trade and the additional offers related to trade are implemented in everyday practice. However, this usually only becomes apparent to the trader after a certain period of time. For this reason we would like to present our most important experiences with OctaFX to give the reader a first orientation. Later we will go into more detail about the individual aspects. In general, however, we have had very good experiences. The first impression that the trader gets when he takes a look at the offer on the website is that of a very powerful online broker who provides a technically superior trading environment for trading currency pairs, indices and commodities.
|Unternehmen||Octa Markets Incorporated|
|Address||Cedar Hill Crest, PO Box 1825, Villa, St. Vincent and the Grenadines|
|Telephone||Tel:+44 20 3322 1059|
|via contact form|
Unlike many other online brokers, OctaFX does not use it on the widest possible range of underlyings, but concentrates on what he considers the most important combinations as well as a few other values. However, the aim is to offer traders the most favorable conditions. And beyond trading, OctaFX claims to support its customers as optimally as possible. First of all, a comprehensive range of further training and information can be accessed. In addition, OctaFX customers also have effective, competent and friendly support available. It should also be mentioned that although this support is offered in various languages, Canadian is not among the languages available for selection.
In order to be able to make full use of the offers, at least a basic knowledge of English is an elementary requirement. When asked how to start trading, the trader first has to choose which platform to trade with. In addition to MetaTrader 4 and MetaTrader 5, cTrader is also available. With a deposit of 100 euros, you can also start trading very moderately. Furthermore, there are no differences in terms of access to support options and support offers between the individual accounts.
Is OctaFX a reputable provider?
As announced, we also want to do this as part of our review deal with the question of the extent to which OctaFX is a reputable provider. In this regard, it should first be pointed out that OctaFX currently does not have a classic regulation. The servers used to trade are located outside of Europe, so they are not subject to any regulation. Although the broker itself has a branch in London, the main office is in St. Vincent and the Grenadines, an island state in the Caribbean. For the company itself, such a company headquarters naturally has the advantage of lower taxes and lower costs, since an expensive licensing process does not have to be carried out. The customers themselves can then benefit from favorable conditions.
For the assessment of seriousness, this means that only the impression that we gained during our test must be trusted. At least we didn't have any experiences that indicate that fraud or rip-offs have to be expected. On the contrary: the commissioned transactions are carried out reliably and at the announced favorable conditions. If you also ask around in the scene for online brokers, you will quickly find that there are no other experiences with this broker. Against this background, it can also be assumed that this is an absolutely reputable provider. On this basis, we would now like to take a closer look at what OctaFX has to offer.
To the offer: Underlyings with a focus on currency pairs
As already mentioned, OctaFX is an online broker who does not rely on the very wide range of underlying assets. For the selection of tradable values, this means that only the categories of currency pairs, commodities and indices are available. However, the trader has a choice when it comes to the question of which platform to trade with. Initially, the MetaTrader is available in versions four and five. Furthermore, the cTrader can also be used for trading. Whilein a direct comparison with other forex brokers different account types are made available for trading, the difference with OctaFX lies solely in the respective platforms. We would now like to go into both categories, i.e. account type and underlying assets, separately.
One account type for each platform
The offer is structured at OctaFX along the account models. There are three different account types available, each tailored to a specific platform. Nonetheless, there are a number of other differences, ranging from the deposit required, to the spreads that apply, to the choice of underlying assets available for trading. In addition, none of the customers require fees or surcharges in the context of trading. In addition, the broker with the three account models is also aimed at different customer groups with different levels of experience. The micro account model is intended for beginners, which, according to OctaFX, does not require any previous experience.
Accordingly, you can start trading with a very small amount. It is possible to open this account from as little as 100 euros. Alternatively, the account can also be managed in US dollars. The Pro account model has a minimum deposit of 500 euros, and the third account model, which is called ECN and is particularly recommended for advanced traders, has a minimum deposit of 100 euros. It may be added that this is only a recommended minimum deposit, so the trader is free to start trading with even smaller amounts. However, certain restrictions with regard to the required trade sizes and margins can then be expected.
In addition to the trading platform that can be used within the framework of the respective account model, the models also differ in terms of spreads. The fourth version of MetaTrader is used for the micro account and the sliding spreads start at 0.4 points. With the Pro account, trading is carried out via MetaTrader 5 and it can be traded with sliding spreads from just 0.2 points. In the case of the ECN account, which is traded with the cTrader, sliding spreads also apply, with spreads of as little as 0.0 points being possible for the highly liquid currency pairs. However, the widest trading range is available with the Pro account, in which the category of indices can also be traded, as well as commodities are available for trading.
On the Miko account, only currency pairs and gold and silver can be traded , just like the ECN account. The stop out levels are between 15 and 25 percent for the micro account and the ECN account and 30 to 45 percent for the pro account. Another special feature of the Pro account is that trading robots can be used. Finally, a word about the leverages available to traders at OctaFX: The strongest leverages can be used on the Mirko and ECN account models, where it reaches up to 1:500 on currencies. With a pro account, on the other hand, you can only trade with leverage of up to 1:200 in the currency area and 1:50 in the indices. Energy and Metal are available for trading with a leverage of 1:100. Overall, a very manageable fee model is offered, which should actually be one of the cheapest in the industry.
Underlyings in three categories
As I said: the question of which underlyings can be traded specifically, can only be answered in connection with the question of which account model was selected. The largest is the selection for the Pro account, to which we want to refer first when describing the trading offer. Specifically, 28 currency pairs are available, with the most traded majors naturally playing an important role. The four currencies US dollar, euro, Japanese yen and British pound are available for trading in all possible combinations.
In addition, various other currencies can also be traded in various combinations. These include the Swiss franc, the Canadian dollar and the New Zealand dollar. The ECN account, which has the widest range of currency combinations, can also be traded with combinations that include the Norwegian Krone and the Swedish Krona. Only with the Pro account can you also trade with a selection of ten indices. The Canadian stock index Dax, the leading French index CAC, the Japanese Nikkei and the Eurostoxx are available, among others. The Australian leading index AUS200 and the American Nasdaq are also available. Commodity offerings include gold and silver as well as oil and gas. The energy values are only available with the Pro account. The two additional metals palladium and platinum can also be traded here.
All in all, according to our experience, the strength of OctaFX lies above all in a very favorable cost and fee structure as well as a technically outstanding execution of the trade. With a view to the selection of underlying assets, however, traders should check carefully whether the stocks and combinations are on offer that they want to focus on in trading. Stocks or bonds, on the other hand, are not offered by OctaFX. Finally, we would like to mention in this section that it is also possible to open a demo account with the broker, even if it is not offered directly on the homepage. For this it is necessary to contact OctaFX support by email. On this basis, it is then very possible to test the offer risk-free.
50 percent deposit bonus not only for new customers
According to our experience in the industry, it has been common for many years to that customers should be made tempted to join a certain online broker with bonus offers. And the online broker OctaFX also offers a corresponding discount for its customers. Additional trading capital can already be acquired from a deposit of 50 euros, which is granted in the amount of a maximum of 50 percent of the deposit amount. Optionally, it is also possible to receive a bonus of 30 percent or just 10 percent. This makes perfect sense when you consider that lower bonus payments also mean lower requirements for the payment of corresponding amounts. Because in the case of the full bonus of 50 percent, it is a prerequisite that sales of 25 standard lots have been achieved in order to have at least 100 euros paid out. With lower bonus payments, the payout conditions are also more moderate.
|Deposit bonus:||50 percent|
|Bonus conditions:||Spend 25 standard lots for a 100 euro bonus|
Deposit and withdrawal without fees
We have very good conditions about it also found in the Deposits and Withdrawals section. This is mainly because OctaFX does not charge any fees for deposits or withdrawals. You can choose between the credit card method and some e-wallets. When paying by credit card, Visa and MasterCard services are accepted. In the category of Internet-based payment service providers, the providers Neteller and Skrill are available. With all available methods, you can expect a very quick processing. Just a few seconds after completing the transaction in the online account, the money is available on the trading account and can be used in trading.
|Overview of the deposit and withdrawal methods|
|Payment options:|| |232||MasterCard, Visa, Skrill, Neteller|
|Minimum deposit:||100 Euro|
|Account management possible in:||EUR, USD|
|Payout options:||MasterCard, Visa, Skrill, Neteller|
OctaFX has not regulated
Another topic that we would like to address in our test is the question of security, and in particular regulation. Unfortunately, traders have to make some compromises here, since there is no classic regulation, as prescribed for providers based in the EU. Of course, this does not automatically mean that it is a dubious provider where the deposits are constantly at risk and where the traders are treated unfairly. In fact, some industry insiders believe the opposite is true, because unregulated providers need to be extra careful not to compromise their reputation. Be that as it may, in our test we got the impression that it is a reputable provider. However, traders should be aware of the risk that their deposits could actually be at risk in the event of the provider's insolvency. The amount of the deposits on the trading account should therefore be adjusted accordingly.
Support and customer service at the top level
We got to know a very high level in the area of support. This service is not available in Canadian. For customers who can imagine the exchange with the support staff in English, there are the best conditions. According to the company, it only takes an average of seven seconds for an initial response to an inquiry. On average, problems are solved or clarified after just three minutes. The support can be contacted around the clock from Monday to Friday, telephone, online chat and e-mail are available for this. These values testify to a high level of competence, which was also confirmed in our test.
Website leaves a very good impression
We also found a very customer-friendly offer on the website, which offers the traders quite extensive added value. Customers have the opportunity to find out in detail about the trading options and the conditions within the framework of the individual account models, and there are numerous offers such as a glossary or an FAQ for questions about trading. The range of further training and market information is also convincing.
Of course, mobile trading is also possible at OctaFX. A mobile version is also available for all available platforms, which can be downloaded via app and installed on the respective device. The mobile versions also offer an extensive range of instruments and analysis options and of course all underlying assets can be accessed.
Conclusion - OctaFX offers cheap and effective trading on Forex
OctaFX is a broker that focuses entirely on trading foreign exchange and only offers a few other underlying assets from the other categories. In addition, the range of underlying assets also differs depending on the account selected. However, traders can rest assured that they are trading at the best spreads currently available in the industry. However, additional costs do not have to be taken into account. Deposits and withdrawals are also not associated with any fees from OctaFX. The standard offered in the area of support is also of above-average quality. This applies not only to direct support for direct trade, but also to offers in the area of further education. However, in contrast to the actual website, at least some offers are not available in Canadian. In addition, we got to know a reputable provider who respects the interests of traders and does not expect fraud or rip-off.