OctaFX, an interesting Forex brokerage founded in 2011, currently based out of the city of Kingstown on the island country of Saint Vincent and the Grenadines has been scouting out the best jurisdiction to become a regulated broker. The broker is currently incorporated as Octa Markets Inc. and based offshore on the tiny North American island country to take advantage of lower costs, but this is soon changing.
The official company statement on the matter has been as follows:
Our lawyers are working now to submit the necessary documents to international regulating agencies. So please stay tuned for the news, OctaFX will become an internationally regulated broker this year, while we are already working de facto in compliance with international regulation standards.
To get to the next level, the brokerage understands that proper regulation in a quality global financial center is what it will take. No matter if firms state that it has segregated accounts, clients like to know they have some sort of government guaranteed backing and standard protocols for best execution.
So where will OctaFX plant it’s regulatory flag?
LeapRate has found out through company sources that the firm is not only seeking the United Kingdom’s FCA license, but that it is currently pending. The fall of some well known London based brokerages due to the Swiss franc shock wave of January has certainly created opportunities for some innovative brokers to capture attention and market share. Traders and institutions will always seek out the global reach of London and FCA regulation to conduct their trading business.
OctaFX has been known as a “micro-broker” with mass appeal to beginning traders, only a $5 opening account requirement. It is unknown whether this policy will change being that the company will have to incur some higher operating costs having a UK based office. With a clean navigational website, MT4 and cTrader platform offerings along with engaging weekly trader competitions, OctaFX will be looking to shake up the London FX brokerage scene.
The firm right now seems to have a foothold on the growing Indonesian and SE Asia market with sponsorship of Persib, a professional Indonesian football club based in Bandung in the Indonesia Super League. Moreover, OctaFX also has a dedicated Indonesian support desk in Jakarta and a Malaysian contact number along with it’s global offshore contact info.
Make sure to stay tuned to LeapRate for more on OctaFX’s pending FCA license and all regulatory information within the retail forex brokerage sector.
To check out OctaFX, visit the website by clicking here.
View below a recent video ad put out on the company YouTube page.