OctaFX Review – Scam or Legit?
OctaFX.com, a relative newcomer in the burgeoning forex broker industry scene, has already made a name for themselves in three short years. Formed in 2011, OctaFX is registered in Saint Vincent and the Grenadines under license number 19776 IBC 2011, but its operating center is run out of Jakarta, Indonesia. For this reason, it has focused on Asia as its primary market, although it services customers in over 100 countries around the globe. Licensing and regulation comes from its island’s regulatory authority, the Financial Services Authority (FSA). International regulation is in process, but the firm complies with global standards to gain your trust. U.S. clients, unfortunately, are not accepted at this time.
When trying to choose from the plethora of available forex brokers, the prudent path is to review regulatory compliance and to note any significant awards or favorable reviews that your prospective firm has earned. From the standpoint of awards, OctaFX has been exemplary. 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. A separate page on the firm’s website is details no less than six awards garnered from 2012 through 2014.
The management team also elected to operate as a STP (Straight Through Processing) ECN broker, thereby permitting tight spreads, fast execution, no slippage, and no re-quotes for its clients. Trading options include major currency pairs, along with gold and silver. Their trading platforms begin with the highly popular Metatrader4 downloadable series, including mobile apps. They also offer a “cTrader” series of platforms that supports additional capabilities not found in MT4 modules. Promotional programs and contests abound on an ever-changing calendar to spark interest. From the CEO down to everyone on staff, “Perfectionism in its best sense, professionalism and goal-orientation is what distinguishes the OctaFX team.”
Why trade with OctaFX.com? The firm lists these reasons:
- Founded in 2011 and headquartered in Saint Vincent and the Grenadines;
- Local FSA regulation and licensing body;
- Six major industry awards received for services in 2012 through 2014;
- STP/ECN format ensures no slippage, no re-quotes, tight spreads, and fast execution;
- No trading room or dealing desk in ECN environment trading against you;
- Four account types are offered, ranging from Micro to Mini for beginners, and to ECN for advanced traders;
- Customer service reps work “24X5” on market days to fulfill your every need for assistance;
- Metatrader4 versions available, together with a “cTrader” platform containing additional enhancements;
- State of the Art Network ensures stability, great execution, reliability, and deep liquidity from global banking providers;
- ECN fixed spreads begin as low as 0.2 pips;
- Up to 1:500 leverage with micro-lots (0.01 size) available for everyone;
- Client deposits are always held in safe and secure accounts, segregated from the firm’s operating capital;
- Scalping, hedging, trading on the news, and EAs are permitted at OctaFX.
- The firm is always conducting a contest or a new promotion for the benefit of its clients.
Spreads and Leverage
As a non-dealing desk STP/ECN broker, OctaFX can guarantee very tight spreads from 0.2 pips, no slippage, and no re-quotes. Leverage up to 500:1 is also offered, even on small micro lot positions.
OctaFX offers two different trading platforms for your use, each allowing for unlimited access from your desktop, laptop, or mobile device. First, OctaFX grants access to the highly popular MetaTrader series of forex trading platforms. The MT4 set will support your android, iphone, or any WinMobile OS compliant device. Secondly, the firm also provides “cTrader”, what the company states as the new standard in forex trading. Access is similar to MT4, including Apple compatibility, but there are a few additional bells and whistles that make it worth your wile to test out on their free demo system. The latest technology in 128-bit SSL protection routines are utilized to encrypt all trading session and personal data, providing peace of mind from any unexpected compromise from the hacking community.
Deposits and Withdrawals
Deposit and withdrawals can be made through normal channels, like Bank Wire Transfers, Visa / MasterCard, Skrill (Moneybookers), and CashU, but other domestic payment methods are also supported with new ones being added monthly. Your deposit may be in USD or EUR, and the minimum deposit is $5 for a Micro account balance. A typical withdrawal request will be processed immediately with a confirming email following, as long as personal ID information is on file and in order. International anti-money laundering legislation requires that every global forex broker follow specific rules before any withdrawal request can be approved.
Beginner’s and Customer Support
Customer service representatives in Jakarta, Indonesia are eager to provide support in several languages. They can be accessed “24X5”, each and every business day. OctaFX notes that these reps handle over 2,000 inquiries each day and resolve queries in five minutes on average, a testament to their professional ability to respond in a timely fashion. Email, live chat, and toll-free phone lines provide access. The company also supplies market news, research, and a convenient economic calendar.
OctaFX has already garnered a number of prestigious industry awards and favorable testimonials, a good basis for choosing this relatively new entrant in the forex broker arena. They are also one of the few brokers willing to share volume data online. For example, on average, 500 new clients, 50,000 profitable trades, and $4 billion in value traded happen on a daily basis. OctaFX also acts in full compliance with international legislation and regulatory standards, in addition to local oversight. 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.”