Note: 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.

General Information & Regulation

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.

What Type of Broker is OctaFX？

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.

Pros & Cons

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.

Market instruments

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 & Commissions

OctaFX offers a commission-free 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. Overall, the costs and fees of OctaFX are relatively low, and the broker provides transparency and clarity in its pricing structure.

Account Types

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.

Trading Platform

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.

Leverage

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 & Withdrawal

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

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

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.

Frequently asked questions about OctaFX

• Question: What trading platforms does OctaFX offer？

• Answer: MetaTrader 5s.

• Question: What instruments can I trade with OctaFX？

• Answer: 28 currency pairs, 2 metals, 2 energies, and 10 indices.

• Question: Does OctaFX charge any commissions？

• Answer: No, OctaFX does not charge any commissions on trades.

• Question: What is the minimum deposit required to open an account with OctaFX？

• Answer: 100 euro.

• Question: What payment methods are available for deposits and withdrawals？

• Answer: OctaFX accepts VISA, Skrill, Swissquote Bank SA, Rietumu Bank, and BlueOrange Bank.

General Information & Regulation

IFS Markets is an online forex and commodities trader, founded in 2008 and is headquartered in Sydney, Australia. IFS Markets a registered trading name of IFS Markets Pty Ltd, and the company is fully licensed by the Australian Securities and Exchange Commission (ASIC) (regulatory certificate number 323193). IFS Markets doesn't accept traders from United State of America.

Market Instruments of IFS Markets

The company provides investors with mainstream and popular tradable instruments on the global financial market, including forex (providing 45 pairs of various mainstream and cross-currency exchanges), indices (from 14 popular stock indices on the world's largest stock market), commodities (gold, silver, crude oil), etc.

Minimum Deposit of IFS Markets

IFS Markets provides different types of accounts for different traders to meet their investment needs and investment strategies. There are two types of accounts: the Standard Account and the Professional Account. The minimum deposit for Standard Accounts is $100, and the minimum deposit for Professional Accounts is $300.

Leverage of IFS Markets

The maximum leverage available for forex products is from1:1 to 1:400, gold 1:100, silver 1:50. IFS Markets has no restrictions on trading strategies so hedging, expert advisors and scalping strategies are allowed.

Spreads & Commission Fees of IFS Markets

The standard account does not charge commissions, only the spread fee, and the main spread starts at 1.1 pips. The spread of the pro accounts starts at 0 pips, and $7 will be charged per 10,000 contract. Swap rates will be considered as a cost. Wednesday is a 3-day interest day. See the following swap rates table:

Trading Platform of IFS Markets

IFS Markets provides investors with an MT4 trading platform. Traders only need one account and one platform to access the forex, indices, and commodity CFD markets, creating a complete and high-efficiency trading software. Through MT4, traders can also get trading signals, the MetaTrader market, and the global community of fellow traders. The platform is seamlessly used for algorithmic trading, and these robots are directly applied to the chart chosen by the trader. MT4 is available for web versions and can be download at the same time. Besides, the company also provides MAM multi-account fund management, which allows users to access multiple MT4 accounts simultaneously.

Deposit & Withdrawal

The company provides many deposit and withdrawal options. The deposit and withdrawal options include VISA/MASTERCARD credit card debit card (accepting AUD, USD, JPY, EUR, NZD, BGP,CAD SGD, deposit fees are 2%, instant arrival, free withdrawal, 1-2 working days to process ), online banking (accepting RMB, THB, IDR, MYR and VND, no deposit and withdrawal fees, usually 1-2 working days to process withdrawal ), wire transfer (supporting AUD, USD, SGD, BGP, EUR, no deposit and withdrawal fees, 2-5 working days to process), POLI (accepting AUD, no deposit fees, instant arrival), Skrill (accepting AUD, USD, EUR, BGP, SGD , Charge 2% deposit fee, instant arrival, no deposit fee, 1-2 working days to process), NETELLER (accepting AUD, US dollars, EUR, BGP, SGD, 2% deposit fees, instantaneous receipt, no withdrawal fees, 1-2 working days to process), Fasapay (accepting USD, EUR, no deposit and withdrawal fees, instant arrival), DragonPay (free deposit and withdrawal, accepts PHP, instant processing), Bitcoin (a fee of 1.5% is charged for deposits, bitcoin is accepted, and processed instantly).