These include restrictions on bonuses etc. Advertising Rules: There are a number of restrictions on how these firms can advertise their services.This fund will protect all of those accounts that have over €20,000 in them in the event that a broker is to under. Investor Compensation: CySEC mandates that all regulated entities are to contribute to a shared investor protection fund.Background Checks: If a broker is applying for a CySEC licence then the company that is involved in the application as well as all of the directors will have to undergo rigorous background checks.They are also monitored on an ongoing basis to make sure they are in compliance of these: In order to get a CySec licence there are a number of tests and checks that the broker must pass. Essentially, licence's in one region can work throughout the Union. This is because of the European "passporting" laws that form part of the MiFID directive. Given that this is a European licence it means that they are allowed to offer their services to clients across the EU. The CySEC licence for Octa Markets Cyprus Ltd This means that they will fall under the jurisdiction of this authority. This has been regulated by the Cyprus Securities and Exchange Commission (CySec) with licence Number 372/18.
You need to make sure that you are trading with a broker that has all the right protections in place in case of unforeseen circumstances.Īs mentioned above, OctaFX has a subsidiary entity that is based in Cyprus. This is one of the most important questions for any trader. There are also some jurisdictions where they cannot accept clients and these include the likes of the USA etc. Leverage on the broker can be as high as 500:1 on some of the Forex pairs and they make a market in a number of different assets.Īlthough they are a global broker that is able to accept clients from over 100 countries, the bulk of their traders come from Asia. Moreover, given that they are using the STP technology, their execution is well known in the industry and they have some of the lowest rates of slippage on the market. This means that they do not operate a dealing desk and can therefore give you some of the lowest fees. They are well known for being one of the best STP (Straight Trough Processing) ECN brokers on the market. This is the entity that holds their CySec regulatory licence (more on this below). They also have a subsidiary company that is based in Cyprus and is called Octa Markets Cyprus Ltd. The holding company that controls the broker is called Octa Markets Ltd and their offices are at suite 305, Griffith Corporate Centre, Kingston. OctaFX was established in 2011 and they are based in St Vincent & The Grenadines. We will also give you some top tips in order to make the most of your experience on their platforms. In this OctaFX review we will take an in-depth look into this broker by delving into their tech, fees, regulation and reputation. While this is impressive, can they really be trusted? They have opened up to 300,000 accounts and achieve $4bn in daily volume. Through a combination of low fees, advanced technology and efficient customer support, OctaFX has managed to expand into over 100 countries. OctaFX is a well established CFD and Forex broker that has grown considerably over the past few years.
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