Octa (formerly OctaFX): What You Need to Know in 2024 as a Filipino Trader
Learn about OctaFX, an internationally recognised Forex broker that has become a staple for traders in the Philippines due to its features, legal status, and security measures.
Much like in the rest of the world, Forex trading has become an increasingly popular financial tool in the Philippines, and OctaFX has presented itself as one of the most attractive brokers. Read on to find out more about Octa’s FX platform, the services it provides, and its legality in the Philippines.
If you’re living in the Philippines and are interested in Forex trading, you’ll be aware that the market is saturated with dozens of options. Each option offers various benefits such as cutting-edge trading tools and favourable trading conditions, but few have lived up to such promises.
However, OctaFX, recently rebranded to Octa, has always lived up to its promises. In this article, we will dive deeper into Octa’s stance in the Filipino market, investigating its offerings closely and analysing its legality. Read on to find out more!
What is OctaFX?
OctaFX launched itself into the international Forex market back in 2011, and over a decade, it has gained an impressive userbase of traders across 180 different countries. Whilst many other platforms provide similar trading features to Octa, the broker has retained such a large userbase thanks to its education-first approach, which has included analytic and educative resources such as articles, blogs, webinars and tutorials for beginners, intermediates and experts alike.
Octa has also been critically acclaimed for its bulletproof security infrastructure, protecting not only itself from SEC audits but also the funds and privacy of its user base. The broker has even gone above and beyond to dedicate itself to charitable campaigns, which have included education infrastructure enhancement projects and community support worldwide.
OctaFX: A Trading Overview
Now that you’re familiar with the basics, let’s take a closer look at our Octa trading overview. As traders will expect from a well-established FX broker, OctaFX integrates the two industry-standard FX trading interfaces into its platform: MetaTrader 4 (MT4) and MetaTrader 5 (MT5). MT4 is more suited to intermediate traders whilst MT5 is perfect for pro traders, but Octa hasn’t stopped there; it also provides its own in-house OctaTrader offering.
By integrating with MT4 and MT5, Octa empowers Forex traders to access advanced analytics and financial instruments, all whilst benefitting from the user-friendly interfaces of OctaTrader. Deposits and withdrawals, profile and portfolio management tools, and other features of OctaTrader are all designed to make the FX trading experience as seamless as possible, which complements the benefits of MT4/MT5 perfectly. What’s more, OctaFX’s all-in-one features and MetaTrader integrations are designed so that traders will no longer have to experience the frustrations of switching between fragmented apps across different devices. Everything is in one place and cross-platform, whether a beginner trader is looking for tutorials and simple user experiences, or an experienced Forex pro is seeking a more unified and integrated experience from Octa trading.
Within the FX brokerage industry, Octa has also gained a reputation for its affordability, thanks to its competitively low spreads trading instrument spreads. Any account type with Octa guarantees floating spreads that are as low as 0.6 pips, and the affordability that this brings is augmented further thanks to swaps coming with no commission or service fees.
Within OctaFX, several different leverage options are paired with different trading instruments. With the exception of ZARJPY, all currency pairs have a maximum leverage of 1:500, but in terms of other instruments such as commodities and traditional assets, these are subject to the following leverage options:
- 1:200 for daily stocks
- 1:50 for indices
- 1:25 for cryptocurrencies
- 1:20 for stocks
- 1:200 for metals
- 1:100 for energies
Octa Trading in the Philippines
Throughout its 12 years of operation, Octa hasn’t just been praised for its widespread userbase across 180 countries; it has also received many industry awards, which have included the prestigious ‘Best Global Broker Asia 2022’ from International Business Magazine, and the more recent ‘‘Best Forex Broker In Philippines 2023’ award from Global Business Review Magazine.
However, it’s clear that this critical acclaim is not just due to the competitive pricing of Octa Philippines. The industry has been continuously impressed by Octa’s comprehensive educational suite, its dedication to recognizing the pitfalls of existing competitors, and its ability to design accessible and unified solutions. More recently, OctaFX has also stood out thanks to its impressive bonus offerings, which include lucrative trading offers, a loyalty program, and even competitions to win premium prizes.
Whilst these offerings have all been international, Octa has also taken measures to specifically target and enhance the experience of Filipino traders. For example, Octa launched a major brand campaign called ‘Resolute Trading’ in the Philippines in 2022. This campaign drew a comparison between New Year resolutions and financial market trading, encouraging traders to set clear goals for 2023, to be consistent, and to adhere to an efficient framework for achieving them.
Is Octa legal?
In conclusion, there’s no denying that OctaFX has impressed the world and more specifically, the Phillipines market in recent years, but the question remains; is Octa in Philippines legal?
Thankfully, the answer is a resounding ‘yes’. OctaFX Philippines possesses many internationally recognized Forex trading licenses, including Comoros’ MISA, Cyprus’ CySEC, and South Africa’s FSCA. If you have any doubts remaining, take some time to do some research into OctaFX’s track record; it has been serving millions of clients around the world for over a decade, and trader satisfaction has been made resoundingly clear in online reviews and comparisons.
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