What is OctaFX?
OctaFX is a technology based brokerage company that operates since 2011 and offers industry leading platforms such as MetaTrader5 and cTrader with numerous investment opportunities and great capabilities.
At the beginning of its establishment OctaFX walked a path from an offshore brand located in SVG and further on operated in the UK, however since 2017 closed its entity and moved to Cyprus.
So, together with the European CySEC license broker operates also a global offering from its entity, therefore check on carefully under which regulation you will fall as it may propose different trading conditions.
OctaFX Pros and Cons
OctaFx account opening is easy to follow, trading conditions are good for platform selection and rang of instrument types.
From the negative side, there is no good education, also make sure to check the proposal of the particular OctaFX entity as international brand and a Cyprus one offers slightly different conditions. While obviously, OctaFX Cyprus is more trusted the international proposal features more comprehensive tools and conditions along with education and research materials also MT4 availability.
Is OctaFX safe or a scam
OctaFX provides safe trading environment. OctaFX launched since 2011 walked a path with various operation licenses including SVG registration, operating the UK branch, yet suspended this entity back in 2017 and target Cyprus as its next destination of operation.
Is OctaFX legit?
So, the main gap for these years of operation was the fact that OctaFX was a brand of the Octa Markets Incorporated company that is registered, regulated and governed by the Law of Saint-Vincent and the Grenadines. Which is offshore heaven for its tax-management as well as relative ease to establish a company. Now, since OctaFX established its legal entity in Cyprus and respectively got a license from the local CySEC, which also impose regulation according to European ESMA standards.
Therefore, now we can state that OctaFX and its Octa Markets Cyprus Ltd entity shows us a clear state of the compliance to the necessary operation standards.
Since the regulation demands strict follow of Forex business operations management, it is considered safe to open an account either with Cyprus or international OctaFX entity.
How are you protected?
The set of regulatory requirements enables protection to the clients and including – funds segregation, application of negative balance protection while the broker is constantly overseen by the authority in terms of its safety compliance. In addition, there is a security of the traders’ accounts applied by the Investor Protection and Compensation Schemes in case the broker goes bankrupt.
OctaFX broker offers two account types that also define trading conditions and the platform that is used for trading itself. Cyprus entity offers MT5 account offered for a conservative trader as it is suitable for the majority of investors also supporting all trading styles and social trading as well. While cTrader will be more suitable for progressive traders or professionals as offers comprehensive trading conditions with commission based fee structure.
Besides, there is an option to submit for a Demo practice account and use its unlimited sources to polish strategy or get to know platforms and OctaFX conditions better.
Yet, the international proposal includes also ECN and PRO account based on the platforms, besides Micro Account on MetaTrader4 platform is offered too. It is recommended for novice traders and allows micro lot trading with floating spreads starting at 0.4 pips or fixed spread at 2 pips.
Also, OctaFX customer support provides its clients with 24-hour live support available through live chat, email and phone support in various languages. Eventually, AvaTrade offers some of the greatest quality support with fast and reliable answers and a huge range of free of charge lines all around the world.
Overall, OctaFX provides quality trading strategy, flexibility in terms of conditions, platforms and instruments it proposes. Before we had some concerns due to its operation only through offshore entity now OctaFX is regulated by the European CySEC aligned with MiFID directive. Therefore means its operation aligned to the necessary protection level. We admit high-tech access to a range of the instrument and multiple platforms either for manual, algorithmic or social trading. It is definitely great advantage that OctaFX offers both industry popular MetaTrader platform and powerful cTrader which is highly regarded by the professional traders.