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Do you want to know which is the better broker between Octa and eXcentral ?
In the table below, you can compare the features of Octa , eXcentral side by side to determine the best fit for your needs.
You can determine the reliability and credibility of a broker by checking four factors:
1.Forex broker introduction。
2.Are the transaction costs and expenses of octafx, excentral lower?
3.Which broker is safer?
4.Which broker provides better trading platform?
Based on these four factors, we can compare which is reliable. We have broken down the reasons as follows:
Registered in | Cyprus |
Regulated by | CYSEC |
Year(s) of establishment | 2-5 years |
Trading instruments | 28 Currency pairs + 2 metals + 2 energies + 10 indices |
Minimum Initial Deposit | 100 euro |
Maximum Leverage | 1:30 |
Minimum spread | 0.3 pips onwards |
Trading platform | MetaTrader 5 |
Deposit and withdrawal method | VISA, skrill, Swissquote Bank SA, Rietumu Bank, BlueOrange Bank. |
Customer Service | Email, address, live chat |
Fraud Complaints Exposure | Yes |
Negative balance protection | Yes |
It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.
Pros:
Wide range of trading instruments available, including 28 currency pairs, 2 metals, 2 energies, and 10 indices.
Competitive spreads, starting from as low as 0.3 pips, with zero commission charges.
Convenient and feasible payment methods, with no extra fees charged by the company.
MetaTrader 5 platform available for trading, with a user-friendly interface and a variety of features.
Back office support available from 9:00 to 18:00 EET Monday to Friday, and live chat service also provided for customers.
Regulated by the CYSEC, ensuring a high level of safety and security for clients' funds.
Straightforward and detailed website, making it easy for clients to navigate and find the information they need.
Cons:
Limited educational resources, with only a few calculators available.
No other account types are offered besides the MetaTrader 5 account.
Maximum leverage is relatively low, only up to 1:30.
Limited customer support options, with only email and live chat available.
No physical office or phone support available, which may be inconvenient for some clients.
Limited bonuses or promotions offered compared to other brokers.
No mobile app available for trading, which may be a disadvantage for clients who prefer to trade on-the-go.
Advantages | Disadvantages |
OctaFX offers tight spreads and fast execution due to its Market Making model. | As a counterparty to its clients' trades, OctaFX has a potential conflict of interest that may lead to decisions that are not in the best interest of its clients. |
OctaFX is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, OctaFX acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered. However, this also means that OctaFX has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with OctaFX or any other MM broker.
OctaFX is a Cyprus-based forex broker regulated by the CYSEC. The company offers trading in 28 currency pairs, 2 metals, 2 energies, and 10 indices with a maximum leverage of up to 1:30. OctaFX has only one MetaTrader 5 account type with zero commission and a minimum deposit requirement of 100 euros. Deposits and withdrawals are feasible through a variety of payment methods, with no extra fees charged by OctaFX. Customer support is available through email and live chat, and the broker's correspondence address is in Limassol, Cyprus.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Advantages | Disadvantages |
Wide range of currency pairs and other instruments available for trading | Limited selection of commodities and cryptocurrencies |
Option to trade indices | No individual stock trading available |
Competitive spreads | Limited selection of exotic currency pairs |
Access to trading gold and silver | No access to other precious metals such as platinum or palladium |
OctaFX offers a diverse range of instruments for traders to choose from, including 28 currency pairs, 2 metals, 2 energies, and 10 indices. Traders can access major currency pairs such as EUR/USD and USD/JPY, as well as less commonly traded pairs like USD/TRY and USD/HKD. In addition, OctaFX offers trading in gold and silver, as well as energies such as Brent crude oil and natural gas. Traders can also access indices such as the FTSE 100 and the Nikkei 225. However, OctaFX's instrument selection does have some limitations, such as a limited selection of cryptocurrencies and no individual stock trading available. Overall, the range of instruments offered by OctaFX is competitive, with a strong focus on forex trading.
Advantages | Disadvantages |
No commission fees | Limited account types |
Low spreads for major currency pairs | Higher spreads for minor and exotic pairs |
Detailed information on spreads, SWAPs, and stop levels | No variable spreads |
No hidden fees or charges | Limited transparency on rollover costs |
OctaFX offers a no-commission fee trading model with a single account type, which can be an advantage for traders who prefer simplicity and transparency. The broker offers competitive spreads for major currency pairs, with spreads for EURUSD ranging from 0.4 to 0.5 pips. In addition, OctaFX provides detailed information on spreads, SWAPs, and stop levels for each trading instrument, which can help traders make informed decisions. However, there are some disadvantages to consider, such as higher spreads for minor and exotic currency pairs, limited transparency on rollover costs, and the lack of variable spreads, which may not suit some traders' needs. Overall, the costs and fees of OctaFX are relatively low, and the broker provides transparency and clarity in its pricing structure.
Advantages | Disadvantages |
Only one account type makes it simple and easy to choose and use | Limited options for traders who may want more customization |
Zero commission allows for more cost-effective trading | Potentially limited profit margins for the broker, which could affect service quality |
Low minimum deposit of 100 euro makes trading accessible to more individuals | Some traders may prefer higher deposit requirements for increased credibility and access to more features |
Competitive spreads from 0.3 pips can result in better trading conditions | Spread may widen during news releases and other market events, resulting in increased trading costs |
Regarding the account types dimension, OctaFX offers a single account type using the popular MetaTrader 5 trading platform. This simplicity may appeal to traders looking for an uncomplicated trading experience. Additionally, the absence of commissions and competitive spreads starting from 0.3 pips may result in more cost-effective trading for clients. However, the single account type may not be ideal for traders looking for more customization, and some may prefer higher minimum deposit requirements for increased credibility and access to additional features. It's worth noting that spreads may widen during news releases and other market events, which could result in increased trading costs.
Advantages | Disadvantages |
Advanced Trading Tools | May be overwhelming for beginner traders |
Flexible Trading Options | No mobile or web-based platforms available |
Customizable Interface | Limited access to third-party plugins and add-ons |
Supports Automated Trading | Limited educational resources for platform-specific features |
Access to Market Depth Information | Limited charting tools and technical indicators |
OctaFX offers the popular MetaTrader 5 (MT5) platform as their sole trading platform. MetaTrader 5 is well-known in the forex industry for its advanced trading tools, customizable interface, and support for automated trading. With MetaTrader 5, traders can access flexible trading options, including access to market depth information, as well as a wide range of trading instruments. However, the platform may be overwhelming for beginner traders and it currently lacks mobile or web-based platforms. Additionally, while MetaTrader 5 does offer some charting tools and technical indicators, it may be limited compared to other trading platforms. Finally, there is also a limited number of third-party plugins and add-ons available for the platform, and there are limited educational resources for platform-specific features.
Advantages | Disadvantages |
Allows for potentially larger profits with smaller account balances | Can increase the risk of large losses for inexperienced traders |
Provides flexibility in trading strategies | May lead to overleveraging and margin calls |
Enables traders to take larger positions in the market | Can amplify market volatility and increase the likelihood of slippage |
Can be useful for hedging or risk management purposes |
OctaFX offers a maximum leverage of 1:30, which can provide traders with the opportunity to potentially increase profits with smaller account balances and take larger positions in the market. However, it is important to note that high leverage can also significantly increase the risk of large losses, especially for inexperienced traders who may be more susceptible to overleveraging and margin calls. It is crucial for traders to use leverage wisely and implement proper risk management strategies to mitigate these risks. Additionally, not all trading instruments or account types may offer the maximum leverage, so traders should be aware of the limitations and requirements for each instrument and account type.
Advantages | Disadvantages |
Various payment methods available | Limited payment options |
Detailed information on deposit and withdrawal | No local payment options |
No extra fees charged | Long processing times for some payment methods |
Quick and efficient processing times | High minimum deposit amount of €50 |
Secure payment options | No cryptocurrency payment options |
OctaFX provides a wide range of payment methods, making it convenient for traders to deposit and withdraw funds. They also provide detailed information on the deposit and withdrawal process, which makes it easy for traders to understand the process. Another advantage is that there are no extra fees charged by OctaFX for any payment method. Additionally, the processing times are quick and efficient. However, the payment options are limited, with no local payment options available. Some payment methods may also have long processing times. The minimum deposit amount of €50 is also relatively high compared to some other brokers. Finally, OctaFX doesn't accept cryptocurrency payments, which might be a disadvantage for some traders.
Advantages | Disadvantages |
Basic calculators | Limited educational resources |
Easy to use | No webinars or tutorials available |
Helpful for beginners | No market analysis or trading ideas provided |
OctaFX has a limited selection of educational resources available for its customers, with only basic calculators provided to help with trading. While these tools may be helpful for beginners, the lack of other educational resources such as webinars, tutorials, market analysis, and trading ideas may make it challenging for more experienced traders to improve their skills and stay up-to-date with market trends. The absence of educational articles or eBooks may also be a disadvantage for traders looking to expand their knowledge and gain a deeper understanding of the market. Overall, OctaFX's educational resources are limited and may not be suitable for traders seeking a more comprehensive learning experience.
However, if you're not limited to their website, you can see more educational resources on their official YouTube channel. Here is a video of a market analysis.
Advantages | Disadvantages |
Multiple ways to contact customer support including email and live chat | No 24/7 customer support |
Back office service available during regular business hours | No phone support |
Physical correspondence address provided for customer inquiries | Limited availability on weekends |
OctaFX provides a range of customer care options for its clients, including email support and live chat. They also offer a back office service during regular business hours for additional assistance. A physical correspondence address is also provided for clients to send inquiries. However, OctaFX does not offer 24/7 customer support and phone support is not available. Additionally, their customer support availability is limited on weekends.
In conclusion, OctaFX is a reputable forex broker that provides traders with access to a wide range of trading instruments, including currency pairs, metals, energies, and indices. The company offers a user-friendly MetaTrader 5 platform, low spreads, and no commissions, which makes it an attractive choice for traders. OctaFX also provides a detailed deposit and withdrawal process with a range of feasible payment methods. However, the company's educational resources are limited, and the maximum leverage offered is relatively low compared to some other brokers. Overall, OctaFX is a reliable option for traders who value a simple and straightforward trading experience, with efficient customer support available via email and live chat.
What is OctaFX?
OctaFX is a forex broker that offers online trading services to customers around the world. It is a Cyprus registered company regulated by the CYSEC.
What trading platforms does OctaFX offer?
OctaFX offers the popular MetaTrader 5 trading platform, which is available for desktop and mobile devices.
What instruments can I trade with OctaFX?
OctaFX offers a range of trading instruments, including 28 currency pairs, 2 metals, 2 energies, and 10 indices.
Does OctaFX charge any commissions?
No, OctaFX does not charge any commissions on trades.
What is the minimum deposit required to open an account with OctaFX?
The minimum deposit required to open an account with OctaFX is 100 euro.
What payment methods are available for deposits and withdrawals?
OctaFX accepts a variety of payment methods, including VISA, Skrill, Swissquote Bank SA, Rietumu Bank, and BlueOrange Bank.
What customer support options are available at OctaFX?
OctaFX offers customer support via email at clientsupport@octafx.eu, live chat, and a back office service available from 9:00 to 18:00 EET Monday to Friday.
Aspect | Information |
Company Name | eXcentral |
Registered Country/Area | South Africa |
Founded Year | 2018 |
Regulation | Revoked |
Minimum Deposit | $1,000 |
Market Instruments | Forex,Commodities,Indices |
Account Types | Classic,VIP,Gold |
Leverage | Up to 1:30 |
Spreads&commissions | Spreads:0.06-2.5pip,no commissions |
Trading Platforms | MT4,MT5 platform |
Demo Account | Available |
Customer Support | Email:inquiriesaexcentral-int.com,Phone:+278 71 951005 |
Deposit & Withdrawal | Bank transfer,debit/credit card,third party payment |
eXcentral, founded in 2018 and based in South Africa, is a financial services company that has had its regulation revoked. The firm requires a minimum deposit of $1,000 and offers trading in Forex, commodities, and indices.
eXcentral provides various account types including Classic, VIP, and Gold, catering to different levels of traders. The company offers leverage of up to 1:30 and boasts competitive trading conditions with spreads ranging from 0.06 to 0.1 pip, without charging commissions.
Traders have access to both MT4 and MT5 platforms, popular choices for their robust features and user-friendliness. A demo account is also available for practice trading. Customer support can be reached via email at inquiriesaexcentral-int.com or by phone at +278 71 951005.
For deposits and withdrawals, eXcentral accepts bank transfers, debit/credit cards, and third-party payments. However, the revocation of its regulation takes about its credibility and the safety of client funds.
eXcentral, operating under the licensed institution OM BRIDGE (PTY) LTD, had its regulatory status revoked by the Financial Sector Conduct Authority in South Africa.
The company, which held the license number 48296 since June 6, 2017, was categorized as a Financial Service Corporate. The revocation of its license raises significant concerns regarding its compliance with financial regulatory standards and the overall safety and legitimacy of its operations.
The licensed institution is located at UNIT 6C3, 159 Rivonia Road Sinosteel Plaza, Morningside Ext 39 Sandton, and can be contacted at the phone number 27072 216 2542. However, given the revocation of its regulatory status, caution is advised when considering any engagement with eXcentral.
The reason for the revocation and the current operational status of the company would require further investigation for anyone considering their services.
Pros | Cons |
Diverse Market Instruments | Regulation Revoked |
Multiple Account Types | High Minimum Deposit |
Competitive Spreads | Uncertain Operational Status |
Access to MT4 and MT5 Platforms | Limited Information on Licensed Institution |
Demo Account Availability | Potential Risk to Investors |
Pros:
Diverse Market Instruments: Offers trading in Forex, commodities, and indices, providing a range of options for traders.
Multiple Account Types: Availability of Classic, VIP, and Gold accounts caters to different levels of traders, offering flexibility and tailored trading experiences.
Competitive Spreads: Claims to offer low spreads ranging from 0.06 to 0.1 pip, which can be beneficial for cost-effective trading.
Access to MT4 and MT5 Platforms: Both platforms are well-regarded in the trading community for their advanced features and user-friendly interfaces.
Demo Account Availability: Provides a demo account, allowing new traders to practice and get acquainted with the platforms without financial risk.
Cons:
Regulation Revoked: The revocation of its regulatory status by the Financial Sector Conduct Authority in South Africa is a major red flag, indicating potential issues with compliance and reliability.
High Minimum Deposit: A minimum deposit of $1,000 might be relatively high for beginner traders or those looking to test the waters with smaller investments.
Uncertain Operational Status: The revocation of its license raises questions about the current operational status and the safety of client funds.
Limited Information on Licensed Institution: Lack of detailed information about the licensed institution OM BRIDGE (PTY) LTD, including its website and email address, hinders transparency.
Potential Risk to Investors: Given regulatory concerns, there is a heightened risk for anyone considering investing or trading with eXcentral.
eXcentral offers trading in a range of market instruments, which include:
Forex: This includes a variety of currency pairs, allowing traders to speculate on the changing values of currencies against each other.
Commodities: These typically involve trading in natural resources such as gold, silver, oil, and agricultural products. Commodities trading can be a way to diversify a trading portfolio beyond forex and indices.
Indices: Trading in indices involves speculating on the price movements of index funds, which represent the aggregated performance of a selection of stocks. Indices usually reflect the performance of a particular sector or the broader market.
Classic Trading Account:
The Classic Trading Account at eXcentral is designed for entry-level traders, offering leverage up to 1:30. It features a 2.5 spread on EUR/USD and a $0.10 spread on Crude Oil, catering to those who prefer trading in major forex pairs and commodities.
This account includes negative balance protection, which can be a safety net for traders against going into debt. Additionally, it comes with free trading education, providing resources for beginners to learn and develop their trading skills.
VIP Account:
eXcentral's VIP Account is tailored for more advanced traders, maintaining the same leverage of up to 1:30. It offers narrower spreads, with 0.9 on EUR/USD and $0.06 on Crude Oil, which can be appealing for more frequent or experienced traders.
This account enhances the trading experience with added features like educational webinars, SMS MTE trading signals for timely market insights, and weekly account overviews for a regular summary of trading performance.
The VIP Account is a step up for those seeking more in-depth market analysis and educational support.
Gold Account:
The Gold Account at eXcentral is geared towards serious, committed traders, providing leverage up to 1:30. It offers competitive spreads of 1.8 on EUR/USD and $0.08 on Crude Oil.
Alongside the benefits found in the VIP Account, the Gold Account introduces a monthly account overview for comprehensive performance tracking and the services of a dedicated senior account manager for personalized trading support.
Exclusive one-on-one sessions are a standout feature, offering bespoke guidance and strategy discussion, making this account suitable for those seeking a highly tailored trading experience.
Account Type | Leverage | EUR/USD Spread | Crude Oil Spread |
Classic | Up to 1:30 | 2.5 | $0.10 |
VIP | Up to 1:30 | 0.9 | $0.06 |
Gold | Up to 1:30 | 1.8 | $0.08 |
Opening an account with eXcentral typically involves the following four steps:
Account Selection:
Begin by choosing the type of trading account that best suits your trading needs and experience level. eXcentral offers Classic, VIP, and Gold accounts, each with different features and spreads.
Registration Process:
Complete the registration form on eXcentrals website. This process usually requires providing personal information such as your name, address, contact details, and possibly some financial information to assess your trading experience and risk tolerance.
Verification (KYC Process):
As part of the Know Your Customer (KYC) process, submit the necessary documents for identity verification. This typically includes a government-issued ID (like a passport or drivers license), proof of residence (such as a utility bill or bank statement), and possibly additional financial documents.
Fund Your Account:
Once your account is verified, deposit funds to meet the minimum deposit requirement, which is $1,000 for eXcentral. Choose a suitable deposit method from the options available, such as bank transfer, debit/credit card, or third-party payment methods.
After completing these steps, youll be able to access the trading platform (MT4 or MT5) provided by eXcentral and start trading with the chosen account type.
eXcentral offers leverage of up to 1:30 across its trading accounts, which includes the Classic, VIP, and Gold account types. This level of leverage allows traders to control a larger position with a relatively smaller amount of capital.
For example, with a leverage of 1:30, a trader can hold a position worth up to 30 times their account balance. While this can amplify potential profits, it also significantly increases the risk of losses, especially in volatile market conditions.
Therefore, it's important for traders to use leverage cautiously and understand its implications fully. Leverage is a powerful tool in trading, but it requires a good understanding of risk management to use effectively, particularly for less experienced traders.
eXcentral offers trading conditions with competitive spreads and no commission fees. The specifics of their spreads and commissions are as follows:
Spreads
eXcentral advertises spreads as low as 0.06 to 2.5 pip, which is quite tight and can be beneficial for traders looking to minimize their trading costs.
For example, the spread for EUR/USD ranges from 0.06 pip in the VIP account to 2.5 pips in the Classic account. Similarly, the spread for Crude Oil varies from $0.06 in the VIP account to $0.10 in the Classic account.
Such low spreads are particularly advantageous for high-frequency traders or those who trade large volumes.
Commissions:
The company states that it charges no commissions on trades. This means that traders don't have to pay a separate fee for each trade they execute, which is a cost-effective feature for active traders.
While these trading conditions appear attractive, especially for those looking to keep their trading costs low, it is crucial for traders to consider the overall context of the brokerage, including its regulatory status and reliability.
Account Type | Spread from | Commission ($) |
Raw | 0.2 | 7 |
Real 1.0 | 1.5 | No |
Real 2.0 | 2.5 | No |
eXcentral offers its clients two well-regarded trading platforms: MetaTrader 4 (MT4) and MetaTrader 5 (MT5).
MT4 Platform: MT4 is one of the most popular trading platforms in the forex and CFD trading community. It is known for its user-friendly interface, robust technical analysis tools, a wide array of charting options, and support for automated trading through Expert Advisors (EAs).
MT5 Platform: As the successor to MT4, the MT5 platform offers extended features and capabilities. It supports more types of trading orders and has additional timeframes for analysis. MT5 also provides access to more indicators and analytical tools, along with enhanced charting capabilities.
Both platforms offer mobile versions, allowing traders to manage their accounts and trade from anywhere. The choice between MT4 and MT5 typically depends on the trader's preference, trading style, and the specific instruments they wish to trade.
eXcentral offers various options for deposit and withdrawal, including a specific minimum deposit requirement:
Minimum Deposit: The minimum amount required to open an account with eXcentral is $1,000. This sets a relatively high entry barrier, especially for novice traders or those who prefer to start with a smaller capital investment.
Payment Methods:
Bank Transfer: Allows for direct transfer of funds from a trader's bank account to their trading account. This method is typically secure but may take several days to process.
Debit/Credit Card: Offers a quick and convenient way to deposit funds using widely accepted cards like Visa and MasterCard.
Third-Party Payment: Accepts deposits via various third-party payment systems, which could include digital wallets or online payment services. These methods often provide quick and easy transactions.
eXcentral provides customer support through multiple channels, aiming to assist clients with their queries and issues. Customers can reach out via email at inquiriesaexcentral-int.com, offering a direct line of communication for support, queries, or feedback.
Additionally, they provide phone support at +278 71 951005, which can be beneficial for immediate assistance or for discussing more complex issues. The availability of these support options suggests a commitment to maintaining accessible customer service.
In summary, eXcentral, based in South Africa and founded in 2018, offers Forex, commodities, and indices trading on both the MT4 and MT5 platforms, with account options including Classic, VIP, and Gold. They provide leverage up to 1:30 and competitive spreads with no commission fees.
However, a significant concern is their revoked regulatory status, which poses serious questions about the firm's credibility and the safety of client investments.
While they offer a minimum deposit of $1,000 and multiple channels for customer support, potential clients should approach with caution and thoroughly evaluate the risks due to the regulatory concerns.
Q:What trading platforms does eXcentral offer?
A:eXcentral provides the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) platforms for trading.
Q:What is the minimum deposit required to open an account with eXcentral?
A:The minimum deposit required to open an account with eXcentral is $1,000.
Q:What types of trading accounts does eXcentral offer?
A:eXcentral offers three types of accounts: Classic, VIP, and Gold, each with different features and spreads.
Q:What leverage does eXcentral offer?
A:eXcentral offers leverage up to 1:30 across all its trading accounts.
Q:How can I deposit or withdraw funds from eXcentral?
A:Deposits and withdrawals can be made via bank transfer, debit/credit card, or third-party payment methods.
Q:How can I contact eXcentral's customer support?
A:Customer support can be reached via email at inquiriesaexcentral-int.com or by phone at +278 71 951005.
To compare transaction costs across different brokers, our experts analyze the transaction-specific fees (such as spreads) and non-trading fees (such as inactivity fees and payment costs).
To get a comprehensive understanding of how cheap or expensive octafx and excentral are, we first considered common fees for standard accounts. On octafx, the average spread for the EUR/USD currency pair is from 0.3 pips, while on excentral the spread is EUR/USD 2.5, GBP/USD 2.8, USD/JPY 2.8, Crude Oil $0.14.
To determine the safety of our top brokers, our experts will consider many factors. This includes which licenses the broker holds and the credibility of these licenses. We also consider the history of brokers, because long-term brokers are usually more reliable and trustworthy than new brokers.
octafx is regulated by CYSEC. excentral is regulated by FSCA.
When our experts review brokers, they will open their own accounts and trade through the broker's trading platform. This enables them to comprehensively evaluate the quality, ease of use, and function of the platform.
octafx provides trading platform including MT5 account and trading variety including 28 Currency pairs + 2 metals + 2 energies + 10 indices. excentral provides trading platform including Classic,Silver,Gold,VIP and trading variety including --.