Octalios Review by professional Forex trading experts the “ForexSQ” FX trading team, Finding out everything you need to know about the broker is in this Octalios Review.
Octalios Review
Octalios offers four account types, depending on the client’s initial deposit. All accounts are commission-free and offer micro lots for trade on the MetaTrader 4 platform.
The Company. Security of Funds
Company
Country
Regulation
Maxiflex Global Investments Corp Limited
Cyprus
CySEC
Octalios offers trading in over wide range of instruements, including currency pairs, CFDs on commodities, stocks and indices, as well as cryptocurrencies through the popular MetaTrader 4. The brand is operated by Maxiflex Global Investments Corp Limited, which is licensed by Cyprus Securities and Exchange Commission (CySEC) since 2014. The company also offers trading services via EuropeFX.
However, when we downloaded the broker’s MT4, it turned out to be provided by another company – Panda Trading Applications Ltd. We find this a bit confusing, to say the least.
Cypriot Investment Firms are required to hold at least €730 000 and maintain it. Client funds must be held in segregated accounts and regulated brokers are required to report to the Commission on a regular basis.
Furthermore, CySEC applies a compensation scheme as an additional guarantee to clients’ funds. All licensed brokers are members of the Investor Compensation Fund, which may cover a maximum of 20,000 EUR per person in the event of broker insolvency.
Besides, as Cyprus is subject to the EU MiFID regulations, all CySEC-licensed brokers are free to operate in all Member States of the European Union (and of the EEA).
Trading Conditions
Minimum Initial Deposit
The minimum deposit required to open an account with Octalios is $250, which is average.
Spreads & Commissions
On its website, the broker claims to provide solely variable spreads, and has indicated that ECN spreads start from 0.1 pips on EUR/USD and that a commission of $4.5 is charged per lot (per side). When we tried out Octalios’ MT4 in demo mode, we found several price feeds for each instrument. For the EUR/USD there is indeed a price feed with average spread of 0.2 pips and NO COMMISSION FEES, which is practically impossible. There is also another price feed for this currency pair where the spread is fixed at 3 pips, which is too high. Most fixed-spread brokers provide spreads of 2 pips for this pair and others – even better. easyMarkets, for example, offers fixed spreads averaged spread of 1.0 pips on EUR/USD and charges no commission.
Nonetheless, we find the mismatch between the trading conditions announced on the broker’s website and the ones available at the the demo MT4 platform more disturbing. Either Octalios lies about its real trading conditions, or has not set its platform right. Either way, a serious and reliable brokerage would not allow such a thing.
Leverage
The maximum leverage level offered by Octalios is 1:200, which is average. In order to protect traders from the risk associated with using higher leverage levels, CySEC has proposed the default leverage to be set at 1:50.
Still, many Cyprus-based brokers offer considerably higher leverage levels: for example, easyMarkets offers leverage up to 1:400.
Trading Platforms
Octalios supports the most widely used forex trading platform MetaTrader4 (MT4), available as desktop, web and mobile versions.
MT4 remains the preferred choice of most traders (and brokers) worldwide, as it provides a full range of trading tools and features: many built-in technical indicators, advanced charting package, automated strategies (EAs) and extensive back-testing environment.
Methods of Payment
Octalios supports the following payment methods: bank wire transfer, credit/debit cards and e-wallets Skrill & Neteller.
Octalios is a CySEC-regulated FX and CFD brokerage that supports the MT4 trading platforms. The main problem with this broker is that we cannot tell what are their real trading conditions, as the company’s website claims one thing, while their demo MT4 reveals a different situation.
Instead of the forex broker you can use Plus500, XM, eToro, Fxpro or AvaTrade forex brokers.
Octalios Review Conclusion
For more information about currency trading brokers visit TopForexBrokers.com forex brokers comparison website, Tip ForexSQ.com foreign exchange trading experts please by share this article about Octalios Review.