Winner of Best ECN/STP Broker at the 2019 Forex Awards, OctaFX is an established broker offering all majors as well as CFDs, cryptocurrencies, commodities and stocks. OctaFX is well regarded in the forex world, having been decorated with a number of major industry awards. This, along with the competitive spreads and high leverage rates offered, all combine to make OctaFX a broker worth contemplating in 2019.
- Award-winning broker
- Wide range of platforms offered
- Self-styled ‘lowest spreads in the industry’
- No recognised regulatory authority
- USD $100 minimum deposit
As is the industry standard with the more established brokers, OctaFX provides varying levels of leverage dependent upon the asset class in question. As might be expected, more volatile assets like cryptocurrencies are set at a much lower leverage ratio. With a minimum deposit of $100, rates offered on the Micro account represent the highest leverage available and are as follows:
- Currencies — 1:500
- Metals — 1:200
- Indices — 1:50
- Crypto — 1:2
The ECN account, which targets more progressively-minded traders, also entails leverage rates up to 1:500 on currency pairs and metals capping out at 1:200. However, a useful feature is that clients are able to alter the parameters of the standard leverage on each account offering — providing you have no open positions or pending orders.
Another notable service from OctaFX lies in the fact that the broker offers Negative Balance Protection, which ensures that clients have a safeguard against extreme economic turbulence and will only ever lose the total investment in any given trade.
WHAT DID OUR TRADERS THINK AFTER REVIEWING THE KEY CRITERIA?
Summary and spreads
OctaFX caters to the majority of investors through a wide array of platform options, which include MetaTrader 4, MetaTrader 5 and cTrader, all of which are available through web, desktop and smart devices on iOS and Android. A free demo account allows potential clients to acclimatise to the trading environment. All three different paid account offerings — Micro, Pro and ECN — entail differing features all curated to appeal to varying levels of trader expertise. Fast execution speeds and no commission charges on deposits and withdrawals apply across the board.
OctaFX makes a bold claim to offer the “lowest spreads in the industry”, according to its website. While exploring the veracity of that claim is outside the remit of this analysis, in our evaluation, OctaFX offers ultra-tight spreads, particularly when focusing on USD/JPY and EUR/USD pairings. Spreads begin as low as 0 pips on the ECN account and are quoted all the way up to five decimal places.
The bottom line
In summary, OctaFX is an online forex broker with a lot to recommend it. Its trustworthiness and reliability is proven by scores of forex awards earned over the eight years it has been in business. OctaFX’s sheer number of options in terms of platforms means it can be accessed by almost anyone, regardless of your preference. The trading arena itself is user-friendly and intuitive, while its website is a trove of trading information that could be well utilised by any up-and-coming trader. OctaFX can also boast of high leverage options as well as some of the tightest spreads seen on the market. All that remains for interested investors to do is to test out the platform with the free demo account option and see if it is the right fit.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.