Trading forex is a global phenomenon. People in all markets are taking part in the action, and the brokerage community has expanded greatly to support this demand. OctaFX.com, although relatively new on the scene, has already been operating for three years. Formed in 2011, OctaFX is registered in Saint Vincent and the Grenadines under license number 19776 IBC 2011, but it has operations in Jakarta, Indonesia, and provides services to its clients in over 100 countries around the world. Its Caribbean heritage has been British rule and common law with banking and financial services a highlight of this small island community. OctaFX is regulated by FCA UK.
With so many new forex brokers on the market, how does one separate the good from the bad? One way is to find those that have received awards from recognized global bodies in the industry. The Global Banking and Finance Review and the Forex Report Magazine, two online portals that provide informative and independent news for the global banking and finance industry, recently recognized OctaFX as the “Best ECN Broker in Asia – 2014” and the “Best Broker Central Asia – 2014”, respectively. Awards like these come after the hard work has been done to garner support from high quality delivery of all manner of services. A page on the firm’s website is devoted to presenting no less than six awards achieved over the 2012 through 2014 time period.
OctaFX is an STP (Straight Through Processing) ECN broker. This set up permits tight spreads, fast execution, no slippage, and no re-quotes. The firm focuses on major currency pairs, but gold and silver may also be traded. They offer an array of account options, and their trading platform is the highly popular Metatrader4 downloadable version, supplemented with mobile capabilities. They also have a “cTrader” set of platforms that offer more flexibility and broader access possibilities. There are several promotional programs and contests designed to attract your patronage, one being a 50% introductory bonus. From the CEO down to everyone on staff, “Perfectionism in its best sense, professionalism and goal-orientation is what distinguishes the OctaFX team.” U.S. clients, unfortunately, are not accepted at this time.
Features at OctaFX
Why trade with OctaFX.com? The firm lists these reasons:
- Founded in 2011 in Saint Vincent and the Grenadines (Local FSA regulation and licensing body);
- FCA UK Regulated
- Six major industry awards received for services in 2012 through 2014;
- No re-quotes – fast execution for this ECN is their trademark;
- ECN Broker – No trading room in the background is trading against you;
- Many Account Types – Four account types are offered, ranging from Micro to Mini for beginners, and to ECN for advanced traders and investors. A special IB (Introducing Broker) account is available for agent and reselling relationships;
- Client Orientation – Customer service representatives work “24X5” to answer your queries and assist you with your every need;
- Trading Platform – Metatrader4 and its mobile extensions available, along with a “cTrader” platform variety that offers more flexibility;
- State of the Art Network – As a newer broker, OctaFX is not bound by legacy software and hardware. Their server network is based on the latest technology and highly trained technicians ensure that performance is both highly reliable and conducted in a secure fashion;
- OctaFX offers low spreads from 0.2 pips and up to 1:500 leverage with micro-lots (0.01 size) available for everyone;
- Segregated Accounts – Client deposits are always held in safe and secure accounts, segregated from the firm’s operating capital;
- No Strategy Restrictions — Scalping, hedging, trading on the news, and EAs are permitted at OctaFX. Trade as you want, when you want;
- Promotions – The firm is always conducting a contest or a new promotion for the benefit of its clients.
Whether you want to trade from your desktop, laptop, or mobile device, OctaFX accommodates your needs with the latest technology from MetaTrader. Metatrader4 and now MetaTrader 5 will also support your android, iphone, or any WinMobile OS compliant device. The firm also offers “cTrader”, the new standard in forex trading. The latest in SSL protection routines, combined with 128-bit encryption, is used to keep your trading sessions secure and your personal information safe from the hacking community.
Deposits and Withdrawals
Deposit options include Bank Wire, Visa / MasterCard, Skrill (Moneybookers), and CashU. Other domestic payment methods are being added from time to time. Your deposit may be in USD or EUR, and the minimum deposit is $5 for a Micro account balance. A typical withdrawal request takes one hour to process, and is followed by an email confirmation to ensure that no erroneous withdrawal requests can be deducted from your account. International anti-money laundering legislation requires that complete documentation must exist and that the recipient’s name matches the name on the account.
Customer service representatives are very professional and located in Jakarta, Indonesia where they provide support “24X5”, each and every business day. Over 2,000 inquiries are handled daily. Email, direct chat, and toll-free phone lines provide access. The company also supplies market news, research, and a convenient economic calendar.
OctaFX – Conclusion
New forex brokers appear every week, but OctaFX, based on industry awards and favorable testimonials, looks like a cut above from the rest of the pack. They are also willing to post daily system statistics: 500 new clients, 50,000 profitable trades, and $4 billion in value traded. Their operation is not small by any means. OctaFX acts in full compliance with international legislation and regulation standards. As for further confirmation of their worthiness, FXEmpire, a reputable forex site in London offered these words of praise, “OctaFX have managed to conquer the hearts and minds of many of their clients with the effort and dedication that they put into providing top notch services to their clients. For those who are in the market for a reliable and efficient forex broker, OctaFX certainly comes highly recommended.”