Losses can exceed deposits
Like most brokers, OctaFX takes a fee from the spread, which is the difference between the buy and sell price of an instrument.
The commisions and spreads displayed below are based on the minimum spreads listed on OctaFX’s website. The colour bars show how competitive OctaFX's spreads are in comparison to other popular brokers featured on BrokerNotes.
|EUR/USD (Average: 0.7 pips)||0.4 pips + $0.00||0.7 pips||0.1 pips|
|GBP/USD (Average: 1.1 pips)||0.5 pips + $0.00||1.7 pips||0.1 pips|
|USD/JPY (Average: 1.1 pips)||0.4 pips + $0.00||0.6 pips||0.1 pips|
|AUD/USD (Average: 0.8 pips)||0.6 pips + $0.00||0.6 pips||0.2 pips|
|USD/CHF (Average: 2.3 pips)||0.4 pips + $0.00||2.3 pips||0.2 pips|
|USD/CAD (Average: 2.9 pips)||0.6 pips + $0.00||0.5 pips||0.3 pips|
|NZD/USD (Average: 3.6 pips)||0.8 pips + $0.00||2.8 pips||0.3 pips|
|EUR/GBP (Average: 2.4 pips)||0.6 pips + $0.00||0.5 pips||0.1 pips|
Spreads are dynamic and are for informational purposes only.
As you can see, OctaFX’s minimum spread for trading EUR/USD is 0.4 pips - which is relatively low compared to average EUR/USD spread of 0.70 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with OctaFX vs. similar brokers.See all Spreads
If you were to buy one standard lot of EUR/USD (100k units) with OctaFX at an exchange rate of 1.1719 and then sell it the next day at the same price you would likely pay $0. Here’s a rough breakdown of the fees and how this compares against IG & XTB .
|Spread from:||$ 0.00||$ 6.00||$ 2.00|
|Total cost of a 100k trade:||$ 0.00||$ 6.00||$ 2.00|
|$6 more||$2 more|
|Visit OctaFX||Visit IG||Visit XTB|
All fees/prices are for informational purposes and are subject to change.
OctaFX offers over 40 different instruments to trade, including over 28 currency pairs. We’ve summarised all of the different types of instruments offered by OctaFX below, along with the instruments offered by IG and XTB for comparison.
|FX / Currency CFDs||OctaFX||IG||XTB|
|# of forex pairs offered||28||90||48|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|# of commodities offered||2||34||21|
|Index & Stock CFDs||OctaFX||IG||XTB|
|# of stocks offered||0||8000||1606|
|See OctaFX's Instruments||See IG's Instruments||See XTB's Instruments|
OctaFX is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here. OctaFX is one of a handful of brokers that offer the cTrader platform developed for traders looking for a STP/ECN solution. For a list of forex brokers that offer the cTrader platform, check out our comparison of cTrader brokers.
OctaFX also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you are on the move.See OctaFX's platforms
OctaFX allows you to execute a minimum trade of 0.01 Lot. This may vary depending on the account you open. OctaFX allows you to execute a maximum trade of 10 Lot. As OctaFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.
As a market maker, OctaFX may have lower entry requirements compared to an ECN broker who benefits from a higher volume of trades and typically has larger capital and minimum trade requirements. Market makers typically have a lower minimum deposit, smaller minimum trade requirements and no commission on trades.
As with most brokers, margin requirements do vary depending on the trader, accounts and instruments. You can see the latest margin requirements on their website.
Finally, we’ve listed some of the popular funding methods that OctaFX offers its traders below.
OctaFX support a limited number including English.
OctaFX has a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.
As OctaFX is regulated by FSA , every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you’ll likely be asked for the following, so it’s good to have these handy:
You’ll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it’s best to put aside at least 10 minutes or so to complete the account opening process.
While you might be able to explore OctaFX’s platform straight away, it’s important to note that you won’t be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.
To start the process of opening an account with OctaFX you can visit their website here.
CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you’re prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.octafx.co.uk/ on 01/03/2021.