OctaFX Overview |
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| Founded | 2011 |
| Platform | MetaTrader 4 for PC, MetaTrader 4 for iOS, MetaTrader 4 for Android, MT4 Web-platform, cT Desktop, cT iOS, cT Android, cT Web-based client |
| Minimum account size | $5 |
| Minimum lot size | 0.01 |
| Tradable assets | 50 |
| Maximum margin | 1:500 |
| Spread on EUR/USD | 0.2 pips |
| Payment methods | Credit Cards, Bank Wire, UnionPay, Neteller, MoneyBookers |
| Demo account | Yes |
| Accepts Indonesian traders | Yes |
| Regulated | FSA (Saint Vincent and the Grenadines), FCA (UK) |
| Support | Phone, E-mail, Live Chat, Whatsapp |
| Website | www.idnoctafx.com |
OctaFX is a brokerage service that was founded in 2011. Based in St. Vincent and the Grenadines, they provide a set of platforms that are targeted for different types of traders.
Trading Platform
They offer two platform technologies courtesy of MetaTrader 4 and cTrader which both have user-friendly interfaces. Both can be used on desktops, iOS and Android mobile devices and even on web browsers. They also offer a demo account so if you’d like to do practice trading then it is possible.
Minimum Deposit
They accept a minimum deposit of $5 which is comparatively lower than its competitors. This is an advantage especially if you have a very low capital to start with.
Minimum Lot Size
They also follow the standard minimum lot size of 0.01 so there is an opportunity to manage the trade risks.
Tradable Assets
Around 50+ assets can be traded and this is composed of currency pairs and commodities like gold and silver but this might not be ideal for those who are planning to have a more diversified trading portfolio
Payouts
They have floating spreads which start from 0.2 pips. This case was true for the EUR/USD currency pair but for other major pairs, it was a little higher. Overall, these spreads are still good
Withdrawal Time
Typically, the processing of withdrawals may take around an hour on the condition that the request have been submitted within business hours.
Deposit and Withdrawal Methods
Among the banking methods that they accept include Bank Wire, credit cards (Visa and MasterCard), UnionPay, Neteller and MoneyBookers. Basically these are common payment systems.
Customer Support
We were expecting to be able to get immediate customer service since they have a phone, email, live chat and even Whatsapp support but we only got disappointed. There were no responses from their Whatsapp and live chat channels so we decided to call them and it nearly took half an hour for us to be able to talk to them. This is something that needs to improve because we weren’t really satisfied
Pros
- Tight spreads
- $5 minimum deposit
Cons
- Limited number of assets
- Trade volume requirement is confusing
- Long waiting time to contact phone support
- Whatsapp support can only be contacted via text
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