OctaFX

OctaFX Overview

Founded2011
PlatformMetaTrader 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 size0.01
Tradable assets50
Maximum margin1:500
Spread on EUR/USD0.2 pips
Payment methodsCredit Cards, Bank Wire, UnionPay, Neteller, MoneyBookers
Demo accountYes
Accepts Indonesian tradersYes
RegulatedFSA (Saint Vincent and the Grenadines), FCA (UK)
SupportPhone, E-mail, Live Chat, Whatsapp
Websitewww.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.

Any trader would choose to be with a broker that is reputable and has a good market credibility which is why it was disappointing to learn that this broker doesn’t have a strong backing

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.

Although the platform design is similar to other forex brokers, it would have been more visually interesting to see some uniqueness since we are already getting bored with the same kind of layout.

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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