Setting the stage for expansion of MT5 trading accounts, retail FX brokerage OctaFX, which is based out of Saint Vincent and the Grenadines and also has an FCA-regulated subsidiary, has remodelled its set of trading accounts in a bid to enhance conditions on MT4 and cTrader while incorporating the MetaTrader5 trading platform into its live trading infrastructure.
The firm rolled out its Pro Account earlier this week and says that it’s already led to more activity from traders who wish to take advantage of the benefits of the new MT5 platform.
According to OctaFX, the MT5 platform supports a new user interface and enables users to open multiple trades for the same symbol including in opposing directions. In addition, it offers a new built-in economic calendar, two new types of pending orders and more than 80 built-in indicators among many others.
With this in mind, the key components of the MT5 Pro offering include lower floating spreads within a commission-free environment, 44 new instruments and a minimal volume limit of 0.01 lot. Further, the maximum leverage offered to MT5 Pro account holders is 200:1, while the minimum level of investment for interested traders is $500.
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Meanwhile, OctaFX’s Micro and ECN accounts have been retired after their features were transferred to the new MT4 Micro accounts, though they will remain available to existing users of old account types. Moreover, the spreads are the standard for this account type, starting from 0.4 pips, and traders are offered a minimal volume of 0.01 lot and 1:500 leverage. OctaFX clients can trade via MT4 Micro accounts in 28 28 currency pairs as well as gold and silver.
OctaFX’s revamped cTrader ECN account, on the other hand, will be catering to traders who wish to trade through direct market access (DMA) technology. The company will still be offering their clients raw spreads from 0.0 pips, low commissions and 35 currency pairs along with gold and silver and level II quotes.
Commenting on the news, an OctaFX spokesperson said: “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.”
“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,” he added.
OctaFX established itself as a destination for dummy traders with only a $5 deposit required to open a trading account. The company’s regulatory profile shows that its brand Octa Markets was registered in 2011 in Saint Vincent and the Grenadines, but the APAC-focused retail broker obtained the UK FCA license last year. Since July 1st, 2015 OctaFX has been a sponsor of Southampton FC, one of England´s most distinguished Premier League teams.