REVIEWS
OctaFX Review 2023
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Tested
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OctaFX is an online forex broker that was created in 2011 and offers FX spot trading, along with CFDs trading on Cryptocurrencies, Indices, Metals, and Commodities. In this OctaFX review, we will mention some of the rich and unique features the broker offers to more than 1.5 million registered clients around the world.
| OctaFX Main Features | |
|---|---|
| 🗺️Established in: | 2011 |
| 🏢Headquarters: | St. Vincent and the Grenadines |
| ⚖️Regulations: | SVGFSA(OctaFX.Com), FSCA |
| ⚖️Country of regulation: | St. Vincent and the Grenadines |
| 💰Minimum Deposit: | $25 |
| 🖥Platforms: | MT4, MT5 |
| 🎮Demo Account Available: | Yes |
| 💱Leverage: | 1:500 |
| 💰Withdrawal fee amount: | $0 |
| 💰Inactivity Fee: | No |
The broker supports trading platforms such as MetaTrader 4 and Metatrader 5, which are available on the Web, Mobile, and Desktop. It also has its own mobile trading application.
OctaFX is an umbrella brand used by two independent broker entities. Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) using the domain
OctaFX.eu. This enables users to trade with a broker under European regulatory oversight with an enhanced level of security.
The OctaFX.com website is registered under Octa Markets Incorporated, established in St. Vincent and the Grenadines, which permits its clients to take advantage of higher leverage and 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.
| Pros | Cons |
|---|---|
| • Regulated by the SVGFSA | • Does not hold a banking license |
| • Provides negative balance protection | • Limited options on trading instruments |
| • No deposit and withdrawal fee | • Withdrawal process takes a long time |
| • Fast response from customer support | |
| • Copy Trading available |
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Safety & Regulation
Is OctaFX Safe Or A Scam?
OctaFX is considered a safe broker since it operates since 2011 globally and provides advantageous trading conditions.
OctaFX abides by the required policies of storing client funds in segregated accounts away from corporate funds. and follows all anti-money laundering protocols.
| Pros | Cons |
|---|---|
| • Regulated by the SVGFSA | • Does not hold a banking license |
| • Reports on traders’ transactions on a regular basis | • Is not publicly traded |
| • Segregated accounts | |
| • Provides negative balance protection |
Who Is The Owner Of OctaFX?
OctaFX.com is owned and operated by Octa Markets Incorporated, established in St. Vincent and the Grenadines, which permits its clients to take advantage of all the trading advantages the brand has to offer.
Fees
There are no deposit and withdrawal fees, however each account has a minimum account requirement.
| Pros | Cons |
|---|---|
| • No withdrawal fees | • Above Average for specific instruments |
| • No deposit fees | |
| • Minimum withdrawal and deposit amount is very little | |
| • Large payout amounts for both types of accounts |
There are two 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, MT4Account, has a required minimum deposit of 25USD.
The second trading account, supported by the MT5 trading platform, MT5 Account, has a required minimum deposit of 25USD as well.
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 25USD, in order to open a live account.
| OctaFX Fees Compared To Competitors | ||||
|---|---|---|---|---|
| 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 |
Trading Bonus
With OctaFX, there are several types of bonuses for traders that reside outside of the 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.
Account Opening
Their multilingual customer support team is always ready to answer any related questions.
| Pros | Cons |
|---|---|
| • Fully Digital Journey | • Relatively slow document authentication |
| • Fast Registration |
Demo Account
The Demo Account is available for both trading platforms: MetaTrader4, and MetaTrader 5. You can use virtual funds to experiment with 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 | Cons |
|---|---|
| • Free | • None |
| • No time limit | |
| • Access to all the features of the trading platform | |
| • Simple and convenient registration | |
| • Available for all trading platforms | |
| • Real market conditions |
MT4 Account
The MT4 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 35 currency pairs, gold and silver, 4 indices, and 30 cryptocurrencies in the MT4 Account.
| Pros | Cons |
|---|---|
| • No commissions | • Only two base currencies (EUR or USD) |
| • Unlimited maximum volume | • Minimum Deposit of 25USD |
| • Hedging and scalping are available | |
| • No overnight fee | |
| • Cryptocurrency is available |
MT5 Account
MT5 Account is available at OctaFX, with a target audience of advanced traders. You have the option to use the MT5 Account, with the corresponding trading platform of MetaTrader5.
The recommended deposit for the MT5 Account is 25USD, but there are no commissions. As a trader, you have the ability to trade CFDs on stocks available, including Amazon, Tesla, Google, Microsoft, Apple, Netflix etc
| Pros | Cons |
|---|---|
| • No commission | • Deposit of 25USD |
| • CFDs and cryptocurrency available | • Only two base currencies (USD or EUR) |
| • Hedging and scalping available | |
| • EAs are available for traders |
How To Open An OctaFX 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
STEP THREE: Fill in your personal information, which includes your date of birth and country of residence.
STEP FOUR: Choose your trading platform (MT4 or MT5), your level of leverage, and whether it is a real or demo account.
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.
Deposit & Withdrawal
| Pros | Cons |
|---|---|
| • No deposit fee | • Only two base currencies |
| • No commission on currency exchanges | • Minimum deposit required |
| • Multiple deposit options | |
| • Use the best exchange rate for traders | |
| • Uses SSL encryption to keep client information inaccessible |
Online payment services such as BitCoin, Neteller, and Skrill, with a minimum deposit for 25USD 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.
OctaFX Deposit Options
- Electronic Wallets
- Credit\Debit Card
- Bank Transfer
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.
Trading Platforms
There are two trading platforms that you can use. The first is the MetaTrader4 platform, which is a corresponding platform that is associated with the MT4 Account.
The second trading platform is the MetaTrader5 platform, which is a corresponding platform that is associated with the MT5 Account.
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 the MetaTrader4 mobile application, you can set alerts and notifications to be able to be notified whenever a price reaches the target that you select. The mobile trading application allows 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 | Cons |
|---|---|
| • Simple to use for novice traders | • Not available for MAC or Windows |
| • Provides trading in Forex, CFDs and cryptocurrencies | • One-step login process |
| • Provides Expert Advisors (EAs) | • No browsing on mobile trading application |
| • Offers CFD trading and cryptocurrency |
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 | Cons |
|---|---|
| • Provides CFDs and cryptocurrencies trading | • Mobile browsing unavailable |
| • Provides Demo Account with MT5 | • Does not provide the option to close all open positions with one click |
| • Offers Economic Calendar | • Does not provide scaling out of position |
| • Multiple languages available |
| Pros | Cons |
|---|---|
| • Customizable platform | • Does not provide trading in CFDs and cryptocurrencies |
| • Offering Direct Market Access | • Does not offer economic calendar |
| • Level II Quotes available | |
| • Demo Account available |
Markets & Financial Instruments
There are other options that are provided for traders like copy trading and trading platforms.
Offering of Investments
- CFDs on stocks: 150 (Reference)
- Forex Pairs (Total): 35
- Gold and silver
- 3 energies
- 10 indices
- 30 cryptocurrencies
Additional Features
OctaFX also offers copy trading, which is available through the desktop terminal and through their mobile app. The copy trading service allows clients to automatically copy successful traders and earn when they do, based on the equity and leverage of both the Master Trader and the Copier’s accounts.
Markets Research & Trading Tools
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 | Cons |
|---|---|
| • Provides market insights and information | • Daily Forecast for Market Insights is Outdated |
| • Offers both economic calendars and holiday calendars | |
| • Accurate interest rates | |
| • Forex newsfeed | |
| • User friendly and simple to use |
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 accounts for other traders to monitor their own live accounts and view their successful trading sessions.
| Pros | Cons |
|---|---|
| • Learn from other traders | • Demo Accounts are not allowed to hide financial statistics |
| • View other traders’ profits and trading strategies | • Account data is unconditionally shown in the OctaFX Account Monitoring Tool for Demo accounts |
| • Allows traders the option to advertise their trading profile |
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 | Cons |
|---|---|
| • Diversify your trading portfolio | • Copy trading could lead to mistakes, if not done correctly |
| • Fast trading strategy without having to create it | • Copy traders have their account information made public |
| • View the trading solutions of others and learn from it | |
| • Stop, unsubscribe from a copy trade is possible |
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 | Cons |
|---|---|
| • Automated alerts | • 17% inaccuracy on price predictions |
| • Notifications on price movements | • Need to be a Silver Member to get access |
| • 83% accuracy on price predictions | |
| • Optimization of stop-loss and take-profit levels. |
Customer Service
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 | Cons |
|---|---|
| • Multiple methods of customer support | • None |
| • Fast response | |
| • Office hours are a constant | |
| • Available in English, Indonesian, Hindi, Malay, Urdy, Vietnamese, Chinese |
Means Of Communication
- Live Chat
- Phone Call
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 24/7 via live chat, phone call, and WhatsApp.
The fastest way to reach OctaFX is through the live chat, which states that they have a fast response.
Client Education
With OctaFX, there are several forms of educational resources available to all clients.
The FAQ and Insights is a self-help educational resource that will provide you with any potential inquiries you may have. As for the Demo Account, you will be able to be a part of a simulation and hands-on approach on how to learn all about OctaFX and its features.
| Pros | Cons |
|---|---|
| • Step-by step guide on trading platforms | • None |
| • Demo Account available | |
| • Trading Glossary |
Client Education Resources
- Platform tutorial videos
- Educational articles
- Webinars
- Trading Glossary
- Demo Account
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 OctaFX, there are several forms of educational resources available to all clients.
Conclusion
They provide traders of all skills with two types of accounts: MT4 Account and MT5 Account. Each account type corresponds with the trading platforms such as MT4 and MT5 accordingly. 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.
OctaFX is a good broker and solid broker to trade with.
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 registered in St. Vincent and the Grenadines and acts in compliance with SVGFSA authorities and international law.
How do i deposit into OctaFX?
As mentioned above, you can deposit via Wire Transfer, CreditDebit Card, Neteller, Skrill, and BitCoin.
How do i widthdraw 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 and MetaTrader5. These two 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.
Methodology
All brokers listed on our website are regulated by at least one financial regulator and have never been reported as a scam. We analyze more than 3000 data points across 8 key focus areas.
Our reviews are a combination of data research and working alongside the brokers. All information provided by the brokers are double-checked to guarantee 100% accuracy and that we remain unbiased.
2023 Review Methodology
For our 2022 Forex Broker Review, we assessed, rated, and ranked 45 international forex brokers over a three-month time period. Each broker was graded on 108 different variables and, in total, over 100,000 words of research were produced.
While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.
All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 0.1% each year, providing site visitors with quality data they can trust. Learn more about how we test.
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection, and market volatility that may substantially affect the price or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more at Wikipedia.
Chad Smith
Director of Research & Analysis
Chad Smith is the Director of Research & Analysis here at ForexBrokerListing.com.
Chad previously served as an Editor for a number of websites related to finance and trading, where he authored a significant number of published articles about trading and the impact of technology in transforming investing as we know it.
Overall, Chad is an active fintech and crypto industry researcher with more than 15 years of trading experience, and you can find him teaching his dog how to trade in his free time.