OctaFX REVIEW 2020

$50
Min. Deposit
50%
Bonus
Regulated byCySEC
Leverage1:500
Customer Support24/5
Open Account

OctaFX Summary

Who is OctaFX

OctaFX is an online financial service provider that was created in 2011, with a head office in St. Vincent and the Grenadines. They are also approved and regulated by CySEC, and can fully provide services to clients from the European Union. In this OctaFX review we will mention some of the rich and unique features that cannot be found in most brokers.

OctaFX offers FX spot trading, along with CFDs trading on Cryptocurrencies, Indices, Metals and Commodities.

They support trading platforms such as MetaTrader and cTrader, which are available on Web, Mobile, and Desktop. OctaFX also has their own mobile trading application.

OctaFX has a website that is approved by the Cyprus Securities and Exchange Commission, also known as CySEC that is under the Octa-Markets Cyprus Ltd.

The brokerage firm is headquartered in St. Vincent and the Grenadines, which means it can offer a range of services to clients from around the globe. Because of this license, traders who choose this broker have the benefit of enjoying higher leverage and unrestricted bonus promotions.

The financial services and elements that are part of what OctaFX offers are made available for both novice and expert traders. For that reason, they have three types of accounts that accommodate every level of trading.

New clients who will open a new account with OctaFX are going to face different options because of limitations on promotions and leverage from the recent regulatory requirements of ESMA.

Octa FX Main Features
Established in:
2011
Headquarters:
St. Vincent and the Grenadines
Regulations:
CySEC
Country of regulation:
Cyprus
Minimum Deposit:
$50
Platforms:
MT4, MT5, cTrader
Demo Account Available:
Yes
Leverage:
1:500
Withdrawal fee amount:
$0
Inactivity Fee:
No

Pros

  • Regulated by the Cyprus Securities and Exchanges Commission (CySEC)
  • Provides negative balance protection
  • No deposit and withdrawal fee
  • Fast response from customer support
  • Copy Trading available

Cons

  • Does not hold a banking license
  • Limited options on trading instruments
  • Withdrawal process takes a long time

Safety and Regulation

OctaFX is a trading services provider that is regulated by the Cyprus Securities and Exchange Commission (CySEC). There should be a risk warning on the broker, since it is not publicly traded and they do not hold a banking license.

Pros

  • Regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Maintains a minimum capital of 730,000EUR
  • Reports on traders’ transaction on a regular basis
  • Segregated accounts
  • Provides negative balance protection

Cons

  • Does not hold a banking license
  • Is not publicly traded
OctaFX is registered and owned by Octa-Markets Ltd., which is registered under the Cyprus Securities and Exchange Commission (CySEC). The website itself is held under Octa Markets Incorporated, which is also regulated by CySEC, but they are considered a broker with a risk warning because of the broker is not publicly trader and it does not hold a banking license. However, it contains a business license that is from St. Vincent and the Grenadines, which is also its headquarters.

Despite the fact that the brokerage firm is registered in St. Vincent and the Grenadines, OctaFX is a regulated and approved financial entity within the European Union as well. The regulatory agency that is responsible for supervising the financial services provider is CySEC, a renowned financial regulation watchdog in Cyprus. However, due to the limitations on their regulations, OctaFX is not allowed to accept any resident or client from the United States.

Under the regulations of the CySEC, OctaFX must abide by the policies of storing client funds in segregated accounts away from corporate funds. This trading services provider must also monitor and report traders’ transactions on a regular basis, and report back to CySEC following all anti money laundering protocols.

OctaFX Fees

Octafx has a typically average  level of fees compared to other brokers. There are no deposit and withdrawal fees, however each account has a minimum account requirement.

Pros

  • No deposit fees
  • No withdrawal fees
  • No currency exchange commission
  • No commission required
  • Low minimum amount for withdrawals

Cons

  • Minimum account deposit required
  • Minimum amount for deposits
There are three different types of trading accounts that have different trading fees, and a corresponding trading platform.

The first trading account, supported by the MT4 trading platform, Micro Account, has a required minimum deposit of 100USD.

The second trading account, supported by the MT5 trading platform, Pro Account, has a required minimum deposit of 500USD.

The third account, supported by the MT5 trading platform, ECN Account, has a required minimum deposit of 100USD.  

Deposit Fee 0USD
Withdrawal Fee 0USD
Minimum Withdrawal Limit 50USD
Minimum Deposit 5USD

OctaFX Fees Vs Competitors

With OctaFX, there are no deposit fees and withdrawal fees for traders to worry about. There is a minimum deposit requirement of 5USD, in order to open a live account.

You will also find a minimum withdrawal amount of 50USD to be able to request a withdrawal.

OctaFX XM Group AvaTrade FP Markets
Account Fee No No No No
Inactivity Fee No Yes Yes No
Deposit Fee 0$ 0$ 0$ 0$
Withdrawal Fee 0$ 0$ 0$ 10AUD

OctaFX Trading Bonus

With OctaFX, there are several types of bonuses for traders that reside outside of EU to enjoy. Whether it’s a fifty percent bonus(50%) on deposits or through a trading contest, OctaFX makes sure to take care of their clients well.

There are four types of bonuses on deposits with OctaFX that are offered to traders.

The first type of bonus is the fifty percent bonus on deposits, where the bonus increases the trader’s deposit by half.

The second type of bonus is the Supercharged 2 Real FX Trading Contest; this type of bonus is the most efficient and the majority of traders will be awarded with quality smart-phones and smart-watches per month, along with three quality cars that are luxurious that are the main prizes at the end of the year.

The third type of bonus is the Champion Demo FX Trading Contest, where trades on a Demo Account for a one-thousand prize fund.

The fourth and final type of bonus is the cTrader Weekly Demo FX Trading Contest, where trades on a cTrader Demo Account with the highest profit by the end of the week, will receive a reward from OctaFX.

Account Opening

The account opening process at OctaFX is fast, fully digital and user friendly.  Their multilingual customer support team is always ready to answer any related questions.

Pros

  • Fully Digital Journey
  • Fast Registration

Cons

  • Relatively slow document authentication

OctaFX Demo Account

The Demo Account is available for the three trading platforms: MetaTrader4, MetaTrader5, and cTrader. You can use virtual funds to experiment different order types and try the simulation of using OctaFX. The best thing is that it is free and it is unlimited, which means that there is no time limit for your Demo Account.

Pros

  • Free
  • No time limit
  • Access to all the features of the trading platform
  • Simple and convenient registration
  • Available for all trading platforms
  • Real market conditions

Cons

  • None

OctaFx Micro Account

Micro Account is available in OctaFX, as a preferred target for novice traders. You can use the Micro Account, with the corresponding trading platform of MetaTrader4.

The recommended deposit is 100USD, but there are no commissions. You will be able to trade with 28 currency pairs, gold and silver, 4 indices, and 3 cryptocurrencies in the Micro Account.

Pros

  • No commissions
  • Unlimited maximum volume
  • Hedging and scalping are available
  • No overnight fee
  • Cryptocurrency is available

Cons

  • Only two base currencies (EUR or USD)
  • Deposit of 100USD

OctaFX Pro Account

Pro Account is available at OctaFX, with a target audience for advanced traders. You have the option to use the Pro Account, with the corresponding trading platform of MetaTrader5.

The recommended deposit for the Pro Account is 500USD, but there are no commissions. As a trader, you have the ability to trade with 28 currency pairs, 4 metals, 2 energies, 10 indices, and 3 cryptocurrencies.

Pros

  • No commission
  • CFDs and cryptocurrency available
  • Hedging and scalping available
  • EAs are available for traders

Cons

  • Deposit of 500USD
  • Only two base currencies (USD or EUR)

OctaFX ECN Account

ECN Account is available in OctaFX, with a target of progressive traders. You can use ECN Account, with the corresponding trading platform of cTrader. The recommended deposit for the ECN Account is 100USD, but there are no mark-up. As a trader, you can trade with 28 currency pairs, or gold and silver.

Pros

  • No mark-up
  • Hedging and scalping are available
  • EAs are available for traders
  • No swaps

Cons

  • Weekend fee
  • CFDs and cryptocurrency trading unavailable
  • Deposit of 100USD
  • Only two base currencies

How to Open an OctaFX Account

STEP ONE: Fill in the first step with your email, full name, and create your password.
OctaFX Opening an Account

STEP ONE: Fill in the first step with your email, full name, and create your password.

STEP TWO: Open the email account you provided while signing up and verify your registration
OctaFX Opening an Account -2

STEP TWO: Open the email account you provided while signing up and verify your registration

STEP THREE: Fill in your personal information, which includes your date of birth and country of residence.
OctaFX Opening an Account -3
STEP FOUR: Choose your trading platform (MT4, MT5, or cTrader), your level of leverage, and whether it is a real or demo account.
OctaFX Opening an Account -4
STEP FIVE: Your account is officially live! All you have to do is make your first deposit and upload your KTP and SIM to verify your identity.
OctaFX Opening an Account -5

Deposit and Withdrawal

With OctaFX, there is a range of deposits and withdrawals that are commission-free and they also provide a fifty percent deposit bonus for traders in the Deposit section of the OctaFX Personal Area. Online payment services such as BitCoin, Neteller, and Skrill, with a minimum deposit for 5USD are also available.

As for the withdrawal options, there is a minimum amount of 50USD required. Traders will need to define their accounts by verifying their name and location; this is done effectively and efficiently through the OctaFX Personal Area.

Most online payment services are provided for traders and users of OctaFX, since it is an online financial services provider with no-dealing-desk.

OctaFX does not ask for a deposit fee or a withdrawal fee. All you need is a minimum deposit to be able to open an account and use it to trade. There are various deposit methods, both virtual and manual options, whichever you prefer.

The minimum deposit required is 5USD, which is mostly applied on all online payment options available.

Pros

  • No deposit fee
  • No commission on currency exchanges
  • Multiple deposit options
  • Use the best exchange rate for traders
  • Uses SSL encryption to keep client information inaccessible

Cons

  • Only two base currencies
  • Minimum deposit required

OctaFX Deposit Options

  • Electronic Wallets
  • Credit\Debit Card
  • Bank Transfer

OctaFX Withdrawal Options

  • Electronic Wallets
  • Credit\Debit Card
  • Bank Transfers

With withdrawals, there are many options for traders to withdraw and deposit funds into their accounts. Traders will not have to worry about withdrawal fees or currency exchange commissions, because there are none required from OctaFX.

With OctaFX, since it is a No-Dealing Desk Broker, or NDD for short, it is best to deal with withdrawals through online payment services. It is an easier way of dealing with funds and it is a faster way to get your request processed.

Pros

  • No withdrawal fee
  • No currency exchange fee
  • Multiple withdrawal methods are available
  • No charge for 1 lot

Cons

  • Withdrawal process takes longer
  • Minimum withdrawal required
  • Only provides two base currencies

Trading Platforms

There are three trading platforms that you can use.

The first is the MetaTrader4 platform, which is a corresponding platform that is associated with the Micro Account.

The second trading platform is the MetaTrader5 platform, which is a corresponding platform that is associated with the Pro Account.

The third and final trading platform is the cTrader platform, which is a corresponding platform that is associated with the ECN Account.

MetaTrader4 is available as a web trading platform, desktop trading platform, and a mobile application.
cTrader is a very rare trading platform and OctaFX is the only trading services provider that offers bonuses on cTrader.

OctaFX’s Metatrader4

With OctaFX’s MetaTrader4 trading platform, there are several order types. You can order with either Market Execution, or Pending Order. The Pending Order allows you to specify the preferred entry price.

Through MetaTrader4 as both web trading platforms and mobile applications, there are no two-step login processes. This means that there is slightly more risk when it comes to account verification, but MetaTrader is considered a safe trading platform.

With MetaTrader4 mobile application, you can set alerts and notifications to be able to be notified whenever a price reaches its target that you select. The mobile trading application allows for you to set alerts under the push notifications button in the “Settings” bar.

Overall, the MetaTrader4 trading platform is easy-to-use and very simple, since its target audience is novice traders. The trading platform is self-explained and it allows traders to follow through with their portfolio, both past performances and present. In order to use the MT4 trading platform, you need to open a Micro Account.

Pros

  • Simple to use for novice traders
  • Provides trading in Forex, CFDs and cryptocurrencies
  • Provides Expert Advisors (EAs)
  • Offers CFD trading and cryptocurrency

Cons

  • Not available for MAC or Windows
  • One-step login process
  • No browsing on mobile trading application

OctaFX’s Metatrader5

There are four order types in the MetaTrader5 trading platform, in the web trading platform, and the mobile application. The four order types are:  pending, market, stop, and trailing stop orders. These four order types are very simple and straight forward for traders, despite MT5 having a target audience of experienced traders.

Through MetaTrader5 as both web trading platforms and mobile applications, there are no two-step login processes. This means that there is slightly more risk when it comes to account verification, but MetaTrader is considered a safe trading platform.

With MetaTrader5 mobile application, you can set alerts and notifications to be able to be notified whenever a price reaches its target that you select. The mobile trading application allows for you to set alerts under the push notifications button in the “Settings” bar.

Overall, the MetaTrader5 trading platform is very accommodating for advanced traders who prefer complicated algorithms.  The MetaTrader5 platform is available only if you have opened a Pro Account with OctaFX.

Pros

  • Provides CFDs and cryptocurrencies trading
  • Provides Demo Account with MT5
  • Offers Economic Calendar
  • Multiple languages available

Cons

  • Mobile browsing unavailable
  • Does not provide the option to close all open positions with one click
  • Does not provide scaling out of position

OctaFX’s Ctrader

cTrader is provided by OctaFX, which is rare with trading services providers. There are multiple order types with cTrader that cannot be found in other trading platforms, such as: stop-outs, smart stop-out and fair stop-out. These order types allow you to control margins. There are order types that permit you to manage risks while trading like: take-profit and/or stop-loss, executing pending order.

Regarding security, it is claimed that cTrader does not provide two-step login processes. This means that there is slightly more risk when it comes to account verification, but cTrader users are protected under SSL technology and is considered a secure trading platform.

cTrader provides push notifications and price alerts on the mobile application and on the desktop trading platform. You can find it as a push notification in the Settings of the mobile application, which will alert you of any prices that reach the target.

With cTrader on OctaFX, it is a very rare platform with bonuses, which has yet to be seen in other trading services providers. The bonuses are in the form of trading competitions that you can find on the platform, whether it is through the web or on the mobile application.

Pros

  • Customizable platform
  • Offering Direct Market Access
  • Level II Quotes available
  • Demo Account available

Cons

  • Does not provide trading in CFDs and cryptocurrencies
  • Does not offer economic calendar

Markets and Financial Instruments

OctaFX provides a range of trading instruments for clients to select from, however the selection is limited, compared to the average broker. There are other options that are provided for traders like copy trading and trading platforms.
Trading Instruments of OctaFX
Over 28 Forex currency pairs CFDs
Commodities Shares
Shares 10 Indices
10 Indices Stocks
4 Metals

Market Research and Trading Tools

OctaFX offers different types of resources for traders to keep them updated on financial markets, and give them the information they need to make sound trading decisions that will gain profit from their trading sessions.

OctaFX provides various resources for you, and they are both helpful and different. Under the Analysis and Education bar on their website, you will find a list of all of the available resources. These resources include: Market Information, Market Insights, Interest Rates, Holiday Calendar, Economic Calendar, and Forex News.

Pros

  • Provides market insights and information
  • Offers both economic calendars and holiday calendars
  • Accurate interest rates
  • Forex newsfeed
  • User friendly and simple to use

Cons

  • Daily Forecast for Market Insights is Outdated
Along with the trading resources that are found on the website, OctaFX has launched an online trading academy, known as TradingTiger.Pro. The trading academy is an additional bonus, as a member of OctaFX, and all the courses are free. You will be able to learn about the Forex basics, and you will not need any additional tools, since it is all uploaded via videos and presentations.

Account Monitoring Tool

OctaFX provides many trading tools for clients, to give them the ability to trade thoroughly and accurately. They offer trading tools such as a profit calculator, trading calculator, live quotes, an account monitoring tool, and a copy trading option. OctaFX also provides AutoChartist, the best charting tool in the trading industry.

The Account Monitoring Tool allows traders to search for their live account through a database, by searching with their account number. This tool is another form of copy trading, since it allows traders to monitor other accounts and view their performance, history, orders, and profits. By doing so, they can watch the trading patterns of others and follow their trading strategies.

The Account Monitoring Tool also permits traders to add their account for other traders to monitor their own live accounts and view their successful trading sessions.

Pros

  • Learn from other traders
  • View other traders’ profits and trading strategies
  • Allows traders the option to advertise their trading profile

Cons

  • Demo Accounts are not allowed to hide financial statistics
  • Account data is unconditionally shown in the OctaFX Account Monitoring Tool for Demo accounts

OctaFX Copy Trading

With OctaFX, copy trading is an option and it is a very popular feature with traders. If you do not want to spend long hours creating your own trading strategy, you can always select a trading strategy from the best traders and copy it as your own. This will help you learn the rights and wrongs of trading, and you will be able to diversify your trading account and portfolio.

Pros

  • Diversify your trading portfolio
  • Fast trading strategy without having to create it
  • View the trading solutions of others and learn from it
  • Stop, unsubscribe from a copy trade is possible

Cons

  • Copy trading could lead to mistakes, if not done correctly
  • Copy traders have their account information made public

AutoChartist

AutoChartist is a charting tool that offers traders automated alerts, notifies you on price movements to allow you to adjust accordingly, and provides you with the option to optimize your stop-loss and take-profit levels. With OctaFX, AutoChartist gives you the space to grow as a trader, and to be in full control of your trading strategy.

Pros

  • Automated alerts
  • Notifications on price movements
  • 83% accuracy on price predictions
  • Optimization of stop-loss and take-profit levels.

Cons

  • 17% inaccuracy on price predictions
  • Need to be a Silver Member to get access

Customer Service

The customer service support is available through multiple methods. You can reach them through live chat, phone call, and through WhatsApp.

Their responses are fast, to the point and always polite. You’ll find that there are multiple languages, depending on your place of residence.

Pros

  • Multiple methods of customer support
  • Fast response
  • Office hours are a constant
  • Available in English, Indonesian, Hindi, Malay, Urdy, Vietnamese, Chinese

Cons

  • Not available 24\7

OctaFX Means Of Communication

  • Live Chat
  • Phone Call
  • Whatsapp
According to customer reviews on their OctaFX review experience, OctaFX is a good broker and it is considered a reliable brokerage service. The customer support is available for 245 via live chat, phone call, and via WhatsApp.

The fastest way to reach OctaFX is through the live chat, who state that they have fast response.

Client Education

With OctaFX, there are several forms of educational resources available to all clients. You can read their instructional articles, if you prefer reading your way to learning, or browse their video materials. OctaFX also has articles on the basics of Forex, which are mostly a brief how to guide, Finally, you can learn through video tutorials that will help you understand how things work in OctaFX.
With Learn OctaFX, under the Forex basics section, you can read several articles on the basic how-to with Forex.
With Learn OctaFX, Instructions are how-to guide that specifically explain how to use OctaFX as a trading service provider.
For traders who prefer visual education, OctaFX provides video tutorials on their website for trading platforms, how to use their “client area”, and many others.

Conclusion

OctaFX is a good broker and solid broker to trade with.

They provide traders of all skills three types of accounts: Micro Account, Pro Account, and ECN Account. Each account type corresponds with the trading platforms such as: MT4, MT5, and cTrader. OctaFX also offers an in-house trading application, and a copy-trading application.

OctaFX is a no-dealing-desk brokerage firm, and the payment services of BitCoin, Neteller, and Skrill, as online payment services, are available. You can also deposit and withdraw funds with Wire Transfers and CreditDebit Card. It is up to your preference and whether you choose to deal with OctaFX virtually or manually.

$50
Min. Deposit
50%
Bonus
Regulated byCySEC
Leverage1:500
Customer Support24/5
Open Account
FAQ’s
Frequently Asked Questions
IS OCTAFX RELIABLE?
OctaFX is a very reliable broker since it is regulated under the Cyprus Securities and Exchange Commission (CySEC), where it stores client funds in segregated accounts and provides the financial regulator with regular reports on traders’ transactions.
IS OCTAFX REGULATED?
OctaFX is regulated under the Cyprus Securities and Exchange Commission (CySEC) and abides by the regulations that are enforced by the financial regulator.
HOW DO I DEPOSIT INTO OCTAFX?
As mentioned above, you can deposit via Wire Transfer, CreditDebit Card, Neteller, Skrill, and BitCoin.
HOW DO I WITHDRAW MONEY FROM OCTAFX?
You can withdraw funds from OctaFX through, Neteller, Skrill, BitCoin, Wire Transfer, and CreditDebit Card.
DOES OCTAFX HAVE NASDAQ?
Yes, OctaFX has included Nasdaq as part of indices that you can trade with.
HOW DO YOU TRADE ON OCTAFX?
You can trade on OctaFX using one of the following trading platforms: MetaTrader4, MetaTrader5, and cTrader. These three platforms are available as web trading platforms and as mobile trading platforms.
IS OCTAFX SAFE TO USE?
OctaFX is safe to use because it is regulated under the Cyprus Securities and Exchanges Commission, which means that their client funds’ are stored in segregated accounts and they provide negative balance protection.
CAN I EARN MONEY FROM OCTAFX?
You can earn money from OctaFX by trading with their trading instruments; these trading instruments include: Forex currency pairs, CFDs, Commodities, Shares, Cryptocurrencies, Indices, Energies, Stocks, and Metals.

OctaFX Overall Performance

  • Safety and Regulation 99% 99%
  • Deposit and Withdrawal 99% 99%
  • Market Research and Trading Tools 99% 99%
  • Broker Fees 98% 98%
  • Trading Platforms 98% 98%
  • Customer Service 98% 98%
  • Account Opening 98% 98%
  • Market and Financial Instruments 99% 99%
  • Client Education 99% 99%