OctaFX one way: Forex.
To open a live account, you’ll need a minimum deposit of at least $5. Alternatively, OctaFX offer a demo account that you can use to practice and familiarise yourself with their platform.
Regulated by . OctaFX puts all client funds in a segregated bank account and uses tier-1 banks for this. OctaFX have been established since 2011, and have a head office in St. Vincent and the Grenadines.
Before we dive into some of the more detailed aspects of OctaFX’s spreads, fees, platforms and trading features, you may want to open OctaFX‘s website in a new tab by clicking the button below in order to see the latest information directly from OctaFX.
Full disclosure: We may receive a commission if you sign up with a broker using one of our links. Your capital is at risk. CFDs are leveraged products & 73% of traders lose money when trading CFDs.
Like most brokers, OctaFX take a fee from the spread, which is the difference between the buy and sell price of an instrument.
The spreads displayed below are based on the minimum fixed 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.
The average spread for EUR/USD across all brokers on BrokerNotes is 0.82 pips. See popular brokers for trading EUR/USD
The average spread for USD/JPY across all brokers on BrokerNotes is 0.91 pips. See popular brokers for trading USD/JPY
The average spread for GBP/USD across all brokers on BrokerNotes is 1.18 pips. See popular brokers for trading GBP/USD
The average spread for Bitcoin across all brokers on BrokerNotes is 41.15 pips. See popular brokers for trading Bitcoin
The average spread for gold across all brokers on BrokerNotes is 8.62 pips. See popular brokers for trading gold
The average spread for DAX30 across all brokers on BrokerNotes is 14.95 pips. See popular brokers for trading DAX30
Spreads are dynamic and are for informational purposes only. Last updated: June 06, 2018.
As you can see, OctaFX's minimum spread for trading EUR/USD is pips - which is relatively low compared to average EUR/USD spread of 0.82 pips. Below is a breakdown of how much it would cost you to trade one lot of EUR/USD with OctaFX vs. similar brokers.
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 $N/A. Here’s a rough breakdown of the fees and how this compares against XTB & City Index.
|Typical overnight fee:||N/A||$7.94||$20.60|
|Total cost of a 100k trade:||N/A||$9.94||$25.6|
|Visit OctaFX||Visit XTB||Visit City Index|
All fees/prices are for informational purposes and are subject to change. Last updated: 09/03/2018. Your capital is at risk.
|FX / Currencies||OctaFX||XTB||City Index|
|# of forex pairs offered||50||84|
|Major forex pairs||Yes||Yes||Yes|
|Minor forex pairs||Yes||Yes|
|Exotic forex pairs||Yes||Yes|
|Commodity CFDs||OctaFX||XTB||City Index|
|# of commodities offered||0||26|
|Index & Stock CFDs||OctaFX||XTB||City Index|
|# of Stocks offered||1500||4500|
|See OctaFX's Instruments||See XTB's Instruments||See City Index'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 Your capital is at risk.
OctaFX allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. OctaFX allow 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 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 on the right.
OctaFX support a limited number including English
OctaFX have a BrokerNotes triple AAA support rating because they offer a wide range of languages and support options.
As OctaFX is regulated by Unregulated, 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 August 23, 2018.