My Honest Review of OctaFX

Octa Logo

Expert Verdict on Octa Broker

Having personally traded with Octa (formerly known as OctaFX), I’ve found their low forex spread and also non-trading fees to be a major plus.  The advanced MT4 and MT5 platforms are industry golden standard, generally useful for those of you who plan to use automated trading systems.  For me personally, if I chose to trade with Octa I would definitely trade with their proprietary platform instead of Metatrader. When we talk about my experience with OctaFX copy trading, it was very intuitive and efficient, in my opinion.

Overall, my trading experience with Octa was seamless.

Broker offers a comprehensive array of educational materials to noobs.  I think it is invaluable, especially for refining of my advanced trading strategies. While I was trading with Octa I had contacted their  customer support several times. Average waiting time for an agent was approx. 5 minutes. Customer service is available through live chat, phone, and email.

On the downside, Octa’s services are confined to CFD trading, which might be limiting for some traders. The lack of regulation by top-tier authorities like the FCA and the absence of a banking license might be points of concern for someone, however not for me. Moreover, the range of financial assets offered is quite narrow, missing out on major assets such as ETFs, Bonds, and Mutual Funds, which limits the diversification options.

Visit Octa

Overall Octa Quality Score: 3,5 out of 5 (Average)

  • Range of Financial Assets: 3/5 ( Average)
  • Trading Fees: 4/5 ( Above Average)
  • Trading Platforms: 4/5 ( Above Average )
  • Customer Support: 3/5 ( Average)

Octa Pros & Cons

Pros
  • Low Minimum initial deposit $25
  • 70+ fx currency pairs available
  • All Accounts are SWAP free
  • Spreads are floating (variable)
  • MT4 / MT5,  Webtrader
  • Account currencies: USD, EUR
  • Negative Balance Protection for European clients 
Cons
  • regulated by one top-tier regulator Cysec
  • no banking license.
  • financial assets collection is fairly small.
  • only offers CFDs trading for all financial assets. 

Is Octa Broker Safe ?

OctaFX is regulated under Octa Markets limited in St. Vincent and the Grenadines (SVG)and Octa Markets Cyprus Limited in Cyprus.

European clients will choose the broker’s EU entity, whereas international clients are served from OctaFX’s offshore entity in Saint Vincent and The Grenadines (SVG).

OctaFX is authorized to offer its services in most EU countries, South Asia, the Asia Pacific region, and some Middle Eastern countries as well. However, currently, it is not authorized to offer services in the UK, US to name a few major absentees.

In Cyprus, it is duly recognized and licensed by the Cyprus Securities and Exchange Commission (CySEC) with license number 372/18 and registration number HE359992.

octafx cysec license

Besides Cyprus based Cysec,  OctaFX is not regulated by any other top-tier regulator.

So, if you are accessing OctaFX as an EU resident, you’ll be protected legally under the CySEC regulatory cover.

Account Opening

Account opening with OctaFX is simple and takes a few steps.

  1. You can register with an email address or sign-up with Facebook or Google account.
  2. Provide your personal details and set a password.
  3. You must provide a personal identification document like a utility bill or a bank statement confirming your personal information.

Once your sign-up process is completed, you can now open a demo or live trading account. If you want to open your live account later, you can start experimenting with the demo account right away.

OctaFX allows its customers to open multiple trading accounts as well. You can navigate through different trading accounts and choose the one that fits your needs.

You can download the MT5 trading platform directly or through the account settings after confirming your account activation.

Financial Leverage

Most forex pairs available at OctaFX come with a fixed minimum margin requirement of 3.33%. The leverage allowed for these pairs is 30:1.

Commodities have fixed leverage of 10:1 and a minimum margin requirement of 10%. The margin call comes with an alert at 50% and one of your trading positions closes at a margin call of 60%.

Trading Fees

OctaFX offers limited CFD and forex trading products. However, its trading cost through a tight spread is competitive. It does not charge significant non-trading charges like withdrawal or deposit transactions as well.

Since June 2022 are all OctaFX trading accounts swap-free!

 

octa logo 960x540

Major currency pairs and typical spreads

Let’s  take a look at the major currency pairs to understand their trading costs.

Trading Platforms

One of the weaknesses of OctaFX is having no built-in trading platform. It is a young online broker with a service history of around 11 years only. So, we can expect the company builds its own trading platform in the future.

Moreover, traders in the EU zone have access to only the trading platform MT5. Traders from other jurisdictions can use MT4 and MT5.

OctaFX offers trading options through:

  • Web browser
  • MT4/MT5 downloaded platforms
  • IOS, Mac, and Android Mobile Apps

You cannot access MT4/MT5 through mobile internet browsers like Opera or Safari though.

MT4 Metatrader

MT4 is the household name for most online brokers. It is widely used by traders and is more suitable for novice/beginner traders.

Some key features of the MT4 trading platform:

  • 30+ built-in trading indicators to help traders.
  • Expert advisor functionality.
  • It supports 9 timeframes, 3 types of charts, and 4 pending order types.
  • Micro lots to help beginners/novice traders.
  • Allows hedging (depends on the online broker policy too).

MT5 Metatrader

MT5 is another improved version of MT4. Many traders still prefer the older MT4 version for its simplicity and tools. However, MT5 offers robust trading tools for advanced traders.

MT5 offers all features of MT4 plus:

  • 38 built-in indicators and 12 timeframes
  • 37 graphical objects
  • 6 pending order types
  • Trading history information with guaranteed data backup

Trading Tools

OctaFX offers several basic and advanced trading tools for its users. You can find an easy profit calculator or trade calculator before placing a trade on the home page.

Then, there are several other types of trading tools apart from the flagship MT4/MT5 built-in tools.

Copy Trading

Copy trading is a popular method of following the trading style of leading traders in a community. OctaFX allows copy trading for its users on its global platform.

It is a great trading tool for novice traders. You can join the copier area by logging in to your OctaFX account. All you have to do is to find the Master traders and copy their trading moves.

If you are an expert trader, you can join the copier area as a Master trader as well. Master traders earn additional commission on top of their trading profits for up to 50% of copiers’ profit.

Monitoring of best traders

The monitoring feature is another excellent tool to find the best traders using OctaFX. From there on, you can follow their trading strategies through copy trading.

Also, you have the option of showcasing your account performance through a demo or real account. You can choose to show your account financial details or hide them as you like.

This tool gives you an easy option to monitor your trading accounts, particularly if you have more than one account with OctaFX.

Live Quotes

Live Quotes is a common trading tool offered by almost every online broker. OctaFX also supports the live quotes coming from the leading stock markets for all financial assets available on its platform.

It helps traders to follow price changes and place an order conveniently.

AutoChartist Pro

OctaFX offers autoChartist pro for its users to automate forex signals. It offers a claimed signal accuracy of up to 83%.

You can close up to 50% more forex trades using an automated signal provider like the AutoChartist pro. It is compatible with both MT4 and MT5 trading platforms.

Deposit and Withdrawal Options

OctaFX users in the EU region can deposit and withdraw funds through banks and digital wallets as well as major credit cards. It does not charge any commission for these transactions.

Your funds deposit and withdrawal options in the EU region include:

  • Visa/Mastercard
  • Swissquote Bank SA
  • Rietumu Bank
  • BlueOrange Bank
  • Skrill

The minimum deposit for all methods is €50 and the minimum withdrawal amounts are €0.01, €5, and €50 for credit cards, Skrill, and banks respectively.

For Non-EU traders using OctaFX, the withdrawal and deposit options with the minimum withdrawal/deposit amounts include:

There are Wire transfers for users in Malaysia!

Method Min. Deposit Min. Withdrawal
Bitcoin 0.00037000 BTC 0.00009000 BTC
Skrill 50.00 USD 5 USD
NETELLER 50.00 USD 5 USD
Visa

 

 

 

25 USD/EUR 20 USD
Perfect Money

 

 

 

25 USD 5 USD
Instant bank transfer ~25 USD (in local currency) N/A
Local Banks ~25 USD (in local currency) N/A
E-wallets ~25 USD (in local currency) N/А
Mastercard 50.00 EUR N/A
Tether TRC-20 50.00000000 USDTT 20.00000000 USDTT
Tether ERC-20 50.00000000 USDTE 20.00000000 USDTE
Dogecoin 230.00000000 DOGE 75.00000000 DOGE
Litecoin 0.30000000 LTC 0.11000000 LTC

Financial Assets Available

OctaFX is a CFD broker and it offers a limited range of financial assets for its customers. Although you can trade forex, stocks, and cryptocurrencies here, all of these options come in the form of CFDs.

Here is a list of important financial assets available at OctaFX.

  • Forex
    • EURUSD, GBPUSD, GBPJPY, USDJPY, USDCHF, AUD/USD.
  • Stock Indices
    • AUS200, UK100, FRA40, JPN 225
    • GER30, ESP35, EUSTX50, US30
    • NAS100
    • SPX500
  • Cryptocurrencies
    • Bitcoin, Bitcoin Cash, Binance, Ethereum, Ethereum Classic, Polkadot, Litecoin, Solana, Dogecoin.
  • Metals/Commodities
    • Gold XAGUSD, Silver XAUUSD
  • Energy
    • XBRUSD, XTIUSD, XNGUSD

One of the shortcomings of the OctaFX trading platform is the unavailability of stocks, bonds, and indices in real terms. You can only trade through CFDs in the EU as well as non-EU zones.

Customer Support and Education

OctaFX provides several educational and training tools for beginners as well as expert traders. You can always use the option of starting with a demo account to test all features available.

Some analytical tools available at OctaFX include:

  • Market information
  • Market Insights
  • Economic Calendar
  • Forex News
  • Interest Rate
  • Holiday Calendar

Along with the Copy trading and Monitoring tools offered by OctaFX, you can go through these educational resources online available on its website as well:

  • Forex Trading Articles and Videos (basic guides)
  • Platform tutorials (Articles and Videos)
  • Webinars
  • A collection of Glossary terms and FAQs

Further, you can contact the OctaFX customer support team through one of these available options.

  • Customer support number: +357 25 251 973 (Cyprus)
  • Social media accounts
  • Facebook, Twitter, YouTube, and Instagram.
  • Email: clientsupport@octafx.eu
  • Live Chat option 24/7 (Monday to Thursday)
  • Office Correspondence at:
  • Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent, and the Grenadines. Or
  • 1, Agias Zonis and Thessalonikis Corner, Nicolaou Pentadromos Center, Block: B’, Office: 201, 3026, Limassol, Cyprus

Compare Octa with competitors

OctaFX is a CFD forex broker. We can compare it with some of the other forex CFD brokers like Capital.com and Activtrades in the market.

Here is a summary of some key features for these three brokers.

Features OctaFX Pepperstone XM Trading
Type of Trading CFD CFD CFD
Currency Pairs (CFD) 70+ 60+ 54
Stock CFDs 0 660 1200
Stock Indices (CFD) 10 27 26
ETFs (CFD) 0 0 150
Deposit/

Withdrawal Fee

$0 $0 $0
Account Fee $0 $0 $0
Regulated By CySEC FCA, ASIC, DFSA, BaFin, CMA, SCB CySEC, ASIC, FSCA, DFSA
Trading Platforms MT4 and MT5

 

TradingView, cTrader

MT4, MT5

XM Webtrader, MT4, MT5,

 

About Author

Scroll to Top