REVIEWS

OctaFX Review 2022

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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)
⚖️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  
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.

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.

OctaFX is considered a safe broker since it is regulated by the Cyprus Securities and Exchange Commission (CySEC).

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 Cons
 No withdrawal fees  Overnight fees required
 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.

Octafx has a typically average level of fees compared to other brokers.

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 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 with 30 currency pairs, 4 metals, 2 energies, 10 indices, and 30 cryptocurrencies.

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.

OctaFX Opening an Account

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

OctaFX Opening an Account -2

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

The account opening process at OctaFX is fast, fully digital and user friendly.

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  
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 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.

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.

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.

MetaTrader4 is available as a web trading platform, desktop trading platform, and mobile application.

OctaFX MetaTrader4

 
 

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  

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 orders.

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 are 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 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  
There are three trading platforms that you can use.

Markets & 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 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.

OctaFX provides a range of trading instruments for clients to select from, however the selection is limited, compared to the average broker.

Markets Research & 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 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.  
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.

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 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
  • 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 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.

The customer service support is available through multiple methods.

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 Learn OctaFX, under the Forex basics section, you can read several articles on the basic how-to with Forex.

Learn OctaFX Forex Basics

 
With Learn OctaFX, Instructions are how-to guide that specifically explain how to use OctaFX as a trading service provider.

Learn OctaFX Instructions

 
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.
 

Learn OctaFX Video Tutorials

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.

2022 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

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.