Offshore forex broker OctaFX has launched live trading via the MetaTrader 5 (MT5) trading platform, the broker said earlier this week. The broker started offering demo trading on the MT5 in August and now has launched a MT5 Pro live trading account for advanced investors.
The broker said it is working on some other enhancements to its account types and conditions, but it provided no details.
Traders can open MT5 Pro trading accounts with a minimum deposit of $500. It seems with this type of account the broker targets more experienced investors since the rest of the accounts available have a minimum deposit requirement as low as $5. The maximum leverage offered to MT5 Pro account holders is 200:1, which is lower than for the rest of the accounts, but it makes sense due to the difference in the deposit size. Meanwhile, the spreads are the standard for the broker, starting as low as 0.2 pips, and traders are charged no commission.
OctaFX clients can trade via the MT5 in 28 сurrency pairs, four metals, two energies and 10 indices. The broker supports all available versions of the MT5 – desktop, mobile and web-based.
In addition to MT5, OctaFX also supports trading via the MetaTrader 4 (MT4) and cTrader platforms. Following is a comparison of the broker’s trading accounts on the different platforms it supports.
In addition to the above-said accounts, OctaFX also offers Islamic accounts.
MT5 is one of the most widely-used trading platforms for forex, contracts for difference (CFDs), options, futures, and equities trading instruments. It allows, through a single trading account, the execution of orders in several financial markets and stock exchanges. The platform is based on the MQL5 programming language and has options for automated trading strategies (Expert Advisors, Eas). It is available for desktop and mobile devices, and via the web after earlier this year MetaQuotes released a web-based version.
OctaFX is a straight through processing (STP) forex broker, a brand of Octa Markets Incorporated, registered and licensed in St. Vincent and the Grenadines. It has a UK-licensed sister company.
The broker offers a full range of forex solutions in more than 100 countries across the globe.