Offshore forex broker OctaFX said on Friday it has completely revamped its trading accounts offering with new conditions. The broker still offers MetaTrader 4 (MT4) Micro accounts, MetaTrader 5 (MT5) Pro accounts and cTrader ECN accounts, but now under new conditions. New MT4 ECN accounts are no longer available but existing users of old account types (MT4 or cTrader) can continue to use their old accounts for trading.
Most of the new trading conditions of the trading accounts were not clear, since the broker has still not updated them on its website.
The broker said, however that he best features of the old Micro and ECN accounts have been combined to form a newly enhanced MT4 Micro account. Its new features include spreads starting from 0.4 pips, a minimal volume of 0.01 lot, a minimum deposit of $50 and a maximum leverage of 500:1. The number of trading instruments available with the MT4 Micro account has been increased to 28 currency pairs and gold and silver.
The upgraded CTrader ECN account, offering direct market access, features raw spreads from 0.0 pips, competitive commissions and 35 currency pairs along with gold and silver and level II quotes. No additional information was provided.
The MT5 Pro account, which was launched last week, offers numerous new features including an enhanced new user interface, hedging capabilities, and the ability to place Buy Stop Limit and Sell Stop Limit orders. Holders of this type of account are offered low spreads starting from 0.2 pips, no swaps, no commissions, minimal volume limit of 0.01 lot, and leverage of 200:1. The MT5 Pro account provides access to 44 instruments, including currencies, indices (Nikkei 225, Nasdaq 100 S&P 500 Dow Jones 30), precious metals, crude oil and shares.
The broker said it decided to take on the move and enhance its trading conditions in response to customer requests.
“We have listened attentively to our customers and developed a suite of accounts designed not only to cater to almost all our traders’ needs, but also to provide industry-leading trading conditions,” said an OctaFX spokesperson. “We have built a reputation of putting our customers first and we are thrilled to be able to once again delight traders on OctaFX.com with unrivalled trading conditions,” the spokesperson added.
According to the broker, the new account conditions are welcomed by clients.
“I love the spreads. I do notice there is platinum and palladium on there and 1:200 is good leverage, I think it is safe… This pro account has indices, OctaFX has never offered those before. I’m very happy,” said OctaFX trader Maxim Ferberov, as cited by the company.
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.