Reading Time: 5 Minutes
Company Name: Octafx Markets
Head Office Address: Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines
UK +44 20 3322 1059
Hong Kong +852 5808 8865
Indonesia +62 855 74679772
WhatsApp (Texts only) +34 605 122 333
Customer Support: English, Bahasa Indonesia, 中文 中文, Bahasa Melayu, Português, Español, ภาษาไทย, Deutsch, বাংলা ভাষা, हिन्दी हिन्दी
Maximum Leverage: 1:500
Minimum Deposit: No Minimum Deposit
Broker Catagory: Non-Dealing Desk, ECN
Swap free accounts: Available
Demo Account: Unlimited period
Regulated By: FCA (UK)
1. MetaTrader 4
2. MetaTrader 5
Awards: Best Ecn Broker Asia (2014), Best Customer Service Broker Asia (2013), Fastest Growing Micro Forex Broker (2012)
50% Deposit Bonus
1. Market Insights
2. Economic Calendar Forex News
3. Trading Calculator
4. Profit Calculator
5. Live Quotes Monitoring
6. Interest Rates
7. National Holidays
Deposit Methods: Skrill, Neteller, Visa, Mastercard
Withdrawal Methods: Skrill, Neteller, Visa, Mastercard
OctaFX Detail Review
Octa Market company which was commenced in 2011 is registered in the St.Vincent and Grenadines island. Due to the reason of it being an online trading Broker from an Asian country, many Asian Forex Traders trade with the OctaFX. You might be able to see that many of the languages available on their website are Asian languages. Their specialty is that they have also registered under the FCA UK Regulation institute which enables them to extend their services to the European Union as well.
OctaFX has provided their UK clients with an emergency phone number. Therefore, it is possible to dial a local call without paying big money to take an international call. There is also a call-back option in their website. If anyone from any country fills the form, an agent of the OctaFX will make a call to that person.
What are the instances where a Forex Trader needs to contact his Broker? Imagine a situation where an internet or electricity breakdown occurs when you have not yet assigned TP, SL to your opened orders. What can be your next move? You can give a call to the broker and provide the order amend instructions to the broker. To do so, you need to have the order ticket number with you. Professional Forex Traders always maintain a logbook at all times. Therefore, it is best that you should keep one too. And always write down the Telephone numbers of your agents.
OctaFX ECN Module
OctaFX Forex Broker is one of the leading forex brokers, among the ECN forex brokers in the world. This is a Non-Dealing Desk Type Broker (Read our DD vs Non-Dealing Desk Brokers article). Since the beginning, they have provided their traders with the advantages of ECN and STP technologies using modern and expensive systems. This ECN module is the most advanced technology that the forex brokers in the world use. (Read our Advantages of ECN Forex Brokers article) You already know that the prices in the Forex Market are determined according to the Inter-Bank transactions. The prices that the ECN Brokers fill the client orders with, is similar to that of the Inter-bank Market. The ECN system acts as the bridge between the Retail Trader and the Liquidity provider that fills the orders of the Retail Trader. The Liquidity providers are chosen from among the Banks, Hedge Funds or among other Major Brokers. All these liquidity providers assign different prices to the orders at the same time. Since they provide competitive prices, the spread of the ECN brokers is very less.
Advantages of OctaFX ECN Module
1. Very Low Spread
2. Fast Execution
3. No Requotes
4. Scalping Allowed
OctaFX Account Types
OctaFX Offers three different account types for their clients as below.
MICRO – MT4
You might already know that the most popular platform in the world is the MetaTrader 4. Since many traders use the MT4 there are many indicators and EAs in the MT4. You can come across many articles written on the MT4 on the internet.
PRO – MT5
In this account type, OctaFX provides you with the MetaTrader 5 platform. Although it is not as famous as the MT4, there are quite a few advanced features that you can enjoy. Apart from Forex, if you want to trade many instruments, you will have to use this platform.
ECN – cTrader
The cTrader platform, which is newer than the Metatrader platform is becoming popular among the Forex Traders. You will see a modern interface and many advanced features on this platform.
The Financial Conduct Authority is a non-governmental independent institute which regulates the Financial services industry in the UK. A company, registered under this institute, is able to provide services to the entire European Union. You can check the membership of the OCTAFX company in the FCA institute from the following link. (Read our full article about the operation of FCA)
50% Deposit Bonus
You can receive a 50% bonus to the amount that you deposit. You can select the Bonus percentage of your liking from the website. Once you complete the required lots, you will be able to withdraw the bonus. This is very important to someone who is expecting to trade with a smaller capital.
Champion Demo Contest
Every month, the OctaFX holds a competition among the MT4 Demo accounts. If you join the competition and win, you can earn valuable prices. Since you are using Demo accounts, there is no risk involved. This is a good opportunity to receive an experience on Forex Trading.
cTrader Weekly Demo Contest
This competition is held on a weekly basis using the cTrader platform. The price value is less than that of the monthly competition. This is also a good opportunity to experience the cTrader platform.
How to open an OctaFX Demo Account
1. Visit the website OctaFX.com
2. Click “Open a Trading Account”
3. Fill your name, email address, and password. Make sure you provide correct information because if you require to open a Live Account later, it will be difficult to change these details. If you require to change, you will have to make a request from an e-mail.
4. Verify your e-mail.
5. Choose Account Type and Proceed.
6. Congratulation! Now you are an owner of OctaFx Demo Forex Trading account.
How to open an OctaFX Live Account
1. Visit the website OctaFX.com
2. Click “Open Account”
2. Fill your name, email address, and password. Make sure you provide correct information because if you require to open a Live Account later, it will be difficult to change these details. If you require to change, you will have to make a request from an e-mail.
3. Fill your information and click “Continue”
4. Select the Account type, Leverage and click “Continue to Deposit”
5. You can Deposit now or skip later.
6. Then you will direct to “Personal Area”
Congratulation! Now you are an owner of Octa FX Live Trading Account.