OctaFX was formed in 2011 and it was registered at first in Saint Vincent and the Grenadines. However, users found it weird that the main operations were run from Jakarta. It did get a lot of support from users in Asia but many believed that it was a scam since there weren’t too many information about this broker.
OctaFX reportedly has a huge management team that is elected to operate as a STP (straight through processing) which is supposed to conduct fast executions and tight spreads but the users on almost all major review websites were trashing the management team and the support team of being unqualified. The platform uses the ‘’CTrader’’ platform that supports additional capabilities which are not found in the MT4 modules.
OctaFX has received multiple awards when it was initially launched which is supposed to be a good basis to enter the world of brokers. They were one of the brokers that are willing to share the volume data online but as the number of brokers and competition increased, this broker also dropped in quality.
The broker offers an ECN account for about $5 for the initial deposit and this qualifies as an MT4 Micro account. CTrader offers advanced trading features mainly for institutional traders but very few actually use it. The CTrader platform is also considered better than the ECN platform which lowers the spreads to the OctaFX platform to 0 pips. The third type of account is the MT4 ECN account with a very high initial deposit. The platform also has massive leverage which is 1:500 which is extremely high for trading the currency markets if you invest a small amount. The higher leverage is very risky since the minimum deposit is 1K. Even a small 10 pips loss can have a devastating effect on the account.
The broker didn’t receive too many positive comments and it seems as it is not so popular as they claim to be on their website.