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 and Cons of OctaFX

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.

What type of broker is OctaFX？

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.

General information and regulation of OctaFX

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.

Market instruments

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.

Spreads and commissions for trading with OctaFX

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.

Trading accounts available in OctaFX

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.

Trading platform(s) that OctaFX offers

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.

Maximum leverage of OctaFX

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.

Deposit and Withdrawal: methods and fees

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.

Educational resources in OctaFX

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.

Customer service of OctaFX

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.

Conclusion

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.

Frequently asked questions about OctaFX

• 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.

ICM Review Summary in 10 Points
Founded	2009
Headquarters	London, UK
Regulation	FCA, FSA, ARIF, FSC, LabuanFSA, QFC and CABs
Market Instruments	Forex, precious metals, stocks, futures, securities, cryptocurrencies CFD
Demo Account	Available
Leverage	1:200
EUR/USD Spread	1.2 pips
Trading Platforms	MT4, MT5, cTrader
Minimum deposit	$200
Customer Support	24/5 live chat, phone, email, WhatsApp or send messages

What is ICM？

ICM, or ICM Capital, is a UK-based online forex and CFD trading provider. It was established in 2009 and is authorized and regulated by the Financial Conduct Authority (FCA) in the United Kingdom. The company offers trading services in a wide range of financial instruments, including forex, indices, commodities, and cryptocurrencies. ICM also provides clients with access to the MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader trading platforms, and offers multiple account types to cater to the needs of different traders.

Pros & Cons

ICM offers several advantages for traders, including the provision of the popular MetaTrader platform and a wide range of tradable instruments across multiple asset classes. The broker is also regulated by reputable authorities.

However, there are some drawbacks, such as limited educational resources and research tools. Additionally, ICM is not available for clients in certain jurisdictions.

Pros	Cons
• Regulated by multiple authorities	• Limited educational resources
• Commission-free trading	• No 24/7 customer support
• Islamic accounts offered	• Limited research tools
• Negative balance protection
• MR4, MT5, cTrader supported

Note: The above table is based on general observations and may not be comprehensive. Pros and cons may vary depending on individual preferences and requirements.

ICM Alternative Brokers

There are many alternative brokers to ICM, each with their own unique features and offerings. Some popular alternatives include:

• eToro: eToro is a well-known broker that offers social trading, allowing traders to follow and copy the trades of other successful traders.

• IG: IG is a broker that offers a wide range of trading instruments, including forex, stocks, commodities, and cryptocurrencies.

• XM: XM is a broker that offers low spreads and competitive pricing, as well as a range of educational resources for traders.

• Plus500: Plus500 is a broker that offers commission-free trading and a range of trading instruments, including forex, stocks, and cryptocurrencies.

• FXTM: FXTM is a broker that offers a range of trading platforms and a variety of trading instruments, including forex, stocks, and commodities.

• It's important to do your own research and compare the features, fees, and offerings of different brokers before choosing one that best fits your trading needs and preferences.

Is ICM Safe or Scam？

ICM is a legitimate forex and CFD broker that is regulated by several reputable financial authorities, including the Financial Conduct Authority (FCA), Financial Services Commission of Mauritius, etc. The company also uses advanced security measures to protect clients' funds and personal information.

However, as with any financial service provider, it is always important to do your own research and due diligence before opening an account and investing your money.

How are you protected？

ICM protect their clients with many different protection measures. Specific details can be found in the table below:

Protection Measures	Description
Regulation	FCA, FSC, LabuanFSA, FSA, ARIF, CABs, QFC
Negative Balance Protection	Clients can not lose more than their account balance in the event of a market downturn
Segregated Accounts	Protect clients in the unlikely event of the broker's insolvency
SSL Encryption	ICM's website and trading platforms use SSL encryption to ensure that all client information and transactions are secure
Two-Factor Authentication	As an additional security measure to protect client accounts from unauthorized access

It's worth noting that while these measures can help protect clients, no security measures can completely eliminate the risk of financial loss in trading. It's important for traders to understand the risks involved in trading and to only trade with funds they can afford to lose.

Our Conclusion on ICM Reliability:

Based on the regulatory oversight, client fund protection, and risk management policies of ICM, it can be considered a relatively reliable broker. It is regulated by several reputable financial authorities, and it implements measures to ensure the security of its clients' funds.

However, like any other broker, there are still risks associated with trading, such as market volatility and price fluctuations, which should be taken into consideration. Though these measures can help protect clients, no security measures can completely eliminate the risk of financial loss in trading. It's important for traders to understand the risks involved in trading and to only trade with funds they can afford to lose

Market Instruments

ICM offers a variety of trading instruments across different asset classes, including:

• Forex: ICM offers over 60 major, minor, and exotic currency pairs, including EUR/USD, GBP/USD, USD/JPY, AUD/USD, and many more.

• Precious metals: ICM provides trading opportunities for precious metals, including gold and silver, which are traded as CFDs.

• Stocks: ICM allows clients to trade stocks from some of the world's most popular stock exchanges, including the NYSE and NASDAQ.

• Futures: ICM provides access to futures contracts from various markets, including indices, commodities, and currencies.

• Securities: ICM offers trading in bonds, bills, and notes issued by governments and corporations.

• Cryptocurrencies CFDs: ICM also offers trading in cryptocurrencies, including Bitcoin, Ethereum, Litecoin, and Ripple, as CFDs.

  It's worth noting that the availability of trading instruments may vary depending on the jurisdiction of the client.

Accounts

ICM offers two account types: ICM Direct (ECN) and ICM ZERO.

The ICM Direct (ECN) account has variable spreads starting from 1.2 pips and requires a minimum deposit of $200. It also offers a maximum leverage of 1:200.

The ICM ZERO account has spreads starting from 0.0 pips with a commission of $7 per lot traded and requires a minimum deposit of $1,000. It also offers a maximum leverage of 1:200. Both accounts offer access to the MT4, MT5 and cTrader trading platforms.

Leverage

ICM offers leverage up to 1:200 for forex trading. However, the maximum leverage available for other instruments such as indices, commodities, and cryptocurrencies may vary depending on the instrument and market conditions.

It is important to note that while leverage can increase potential profits, it also amplifies potential losses, and traders should use it with caution and employ appropriate risk management strategies.

Spreads & Commissions

ICM offers variable spreads, which means that the spread can fluctuate depending on market conditions. The spread for EUR/USD can start from as low as 1.2 pips on the ICM Direct account, while on the ICM ZERO account the spread can be as low as 0.0 pips, but with a commission of $7 per lot.

It's important to note that the spreads and commissions may vary depending on the account type, trading instrument, and market conditions. It's always recommended to check the latest information on the ICM website or trading platform.

Below is a comparison table about spreads and commissions charged by different brokers:

Broker	EUR/USD Spread	Commissions
ICM	1.2 pips	0 ($7 per lot on ICM ZERO account)
eToro	1.0 pips	0
IG	0.75 pips	0
XM	0.9 pips	0
Plus500	0.6 pips	0
FXTM	1.3 pips	0

Note: Spreads and commissions are subject to change and may vary depending on the account type and trading platform used.

Trading Platforms

ICM offers MetaTrader4 (MT4), MetaTrader5 (MT5), and cTrader as trading platforms.

MetaTrader4 is a widely used platform among traders and offers a range of features such as automated trading and advanced charting tools.

MetaTrader5 is the successor to MT4 and includes additional features such as more advanced trading tools and indicators.

cTrader is a popular platform among ECN traders and offers advanced charting tools, level 2 pricing, and other advanced features.

Overall, ICM's trading platforms are well-designed, user-friendly, and offer a range of advanced features suitable for both beginner and experienced traders. See the trading platform comparison table below:

Broker	Trading Platforms
ICM	MT4, MT5, cTrader
eToro	eToro Platform
IG	IG Platform
XM	MT4, MT5
Plus500	Plus500 Platform
FXTM	MT4, MT5

Deposits & Withdrawals

ICM offers several deposit and withdrawal options for its clients.

Deposit methods include bank wire transfer, credit/debit card, Skrill, Neteller, FasaPay, and China Union Pay. Withdrawal methods include bank wire transfer, Skrill, Neteller, FasaPay, and China Union Pay.

ICM does not charge any deposit or withdrawal fees, but fees may be charged by the payment provider. Withdrawals are usually processed within 24 hours, but may take longer depending on the payment method.

The minimum deposit amount for ICM Direct account is $200 and for ICM Zero account is $1,000.

ICM minimum deposit vs other brokers

	ICM	Most other
Minimum Deposit	$200	$100

ICM Money Withdrawal

To withdraw funds from your ICM trading account, you need to follow these steps:

Step 1: Log in to your ICM client portal.

Step 2: Click on the “Withdrawal” button.

Step 3: Select the payment method you want to use.

Step 4: Enter the amount you want to withdraw and fill in any required details.

Step 5: Submit your withdrawal request.

ICM will then process your withdrawal request and send the funds to the payment method you selected. The processing time can vary depending on the payment method and your bank's processing times. It is recommended to check with your payment provider for more information.

Fees

ICM charges various fees that traders should be aware of. Apart from spreads and commissions, there are also some other fees that will be charged.

• Inactivity fee: If an account is inactive for 180 days, ICM charges an inactivity fee of $50 per month.

• Overnight swap fees: ICM charges overnight swap fees on positions held open overnight, which can be either positive or negative, depending on the trading instrument.

• Conversion fees: If traders deposit or withdraw funds in a currency different from their account currency, ICM charges a conversion fee of 2%.

See the fee comparison table below:

Broker	Deposit Fee	Withdrawal Fee	Inactivity Fee
ICM	Free for most methods, bank wire may incur a fee	Free for most methods, bank wire may incur a fee	$5/month after 180 days of inactivity
eToro	Free	$5	$10/month after 12 months of inactivity
IG	Free for most methods, bank wire may incur a fee	$1.20 per withdrawal	£12/month after 24 months of inactivity
XM	Free for most methods, bank wire may incur a fee	Free for most methods, bank wire may incur a fee	$5/month after 90 days of inactivity
Plus500	Free	$1.3 - $39 depending on the withdrawal method used	$10/month after 3 months of inactivity
FXTM	Free for most methods, bank wire may incur a fee	Free for most methods, bank wire may incur a fee	$5/month after 6 months of inactivity

It is important to note that fees may vary depending on the account type, trading instrument, and market conditions. Traders should always check the latest fee schedule on ICM's website before trading.

Customer Service

ICM offers customer support 24/5 via live chat, phone, email, WhatsApp or send messages online to get in touch.

You can also follow some social networks such as LinkedIn, YouTube, Instagram, Facebook and Twitter.

Pros	Cons
• 24/5 customer support via phone, email, and live chat	• No 24/7 customer support
• Personal account managers for certain account types	• No in-person customer support
• Multilingual customer support	• Limited educational resources on customer support page
• Quick response times to customer inquiries

Note: These pros and cons are subjective and may vary depending on the individual's experience with ICM's customer service.

Overall, ICM's customer service is considered reliable and responsive, with various options available for traders to seek assistance.

Conclusion

In conclusion, ICM is a regulated broker that offers a range of trading instruments and account types. The broker has a strong emphasis on customer protection and provides negative balance protection to its clients. Additionally, the broker offers a demo account for traders to practice their trading strategies before investing real money.

ICM offers two account types with different spreads and commissions, and clients can choose between MT4, MT5, and cTrader as their trading platforms. The broker offers multiple deposit and withdrawal options, and fees are relatively competitive compared to other brokers in the industry.

In terms of customer service, ICM has a knowledgeable support team that can be reached through email, phone, or live chat. However, the broker's educational resources could be more extensive to cater to novice traders.

Frequently Asked Questions (FAQs)

Q 1:	Is ICM regulated？
A 1:	Yes. It is regulated by FCA, FSA, ARIF, FSC, LabuanFSA, QFC and CABs.

Q 2:	At ICM, are there any regional restrictions for traders？
A 2:	Yes. ICM does not provide services to residents of the USA, North Korea and a few other countries.

Q 3:	Does ICM offer industry-standard MT4 & MT5？
A 3:	Yes. Both MT4 and MT5 are available. It also supports cTrader.

Q 4:	What is the minimum deposit for ICM？
A 4:	The minimum deposit requirement at ICM is $200.

Q 5:	Is ICM a good broker for beginners？
A 5:	Yes. ICM is a good choice for beginners because it is regulated well and offers various trading instruments with no minimum deposit requirement on the leading MT4 and MT5 platforms.