Octa Review 2024

Octa Logo

Our Verdict on Octa

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.  My experience with Octa copy trading, it was very intuitive and efficient, in my opinion.

BestOnlineForexBroker.com™ experts rated Octa broker with Quality Score of 8.7 out of 10 as the Best Forex Broker in ASIA 2024.

EXPERT 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 Rating: 8,7 out of 10

8.7out of 10

Trading Fees & Spreads8
Trading Platforms10
Customer Support Quality9
Education9
Range of Financial Instruments7
Trust & Regulation9

Octa Pros & Cons

Pros
  • Low Minimum initial deposit $25
  • 70+ fx currency pairs available
  • User Friendly OctaTrader Platform
  • All Accounts are SWAP free
  • Spreads are floating (variable)
  • MT4 / MT5 Metatrader platforms
  • 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 ?

Yes Octa broker is safe and regulated by 3 regulators.

Here is the full list of Octa licenses:

  1. Octa Markets Cyprus Ltd. is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 372/18.
  2. Octa Markets Ltd. is authorized and regulated by the Mwali International Services Authority (MISA) with license number HY00623410,  and international brokerage and clearing house license number: T2023320.
  3. Orinoco Capital (Pty) Ltd. holds a Financial Service Provider (FSP) license number 51913 from the Financial Sector Conduct Authority (FSCA) in South Africa.

 

octafx cysec license

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

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

Security of your funds

Octa prioritises strict client funds security rules.

  • Online data is protected with 128-SSL encryption, which is a protocol that uses a key of 128 bits in length and is considered very hard to crack.
  • AML/KYC. Octa follows international regulation standards on Anti Money Laundering  and Know Your Customer procedures to verify the identity of its clients and prevent illicit activities. All global brokers must adhere to these policies.
  • Money transfers. Even if unauthorised access occurs, such as losing your device, withdrawals are restricted to the methods used for deposits. While this might seem inconvenient at times, it’s essential for ensuring security of your money.
  • Verification. Traders may find the verification process inconvenient, but it plays a crucial role in ensuring their safety. It serves to prevent money laundering through KYC/AML policies and safeguards against anonymous withdrawals, protecting traders from potential theft. Verification doesn’t have to be done immediately upon registration, and traders can initiate it at their convenience.

Fast Account Opening

Account opening with Octa 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.

Octa 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.

High Leverage up to 1:1000

  • Up to 1:500 for currency pairs, 1:1000 in the period of special promotions and contests
  • Up to 1:200 for commodities
  • Up to 1:50 for indices
  • Up to 1:20 for CFDs on stocks
  • Up to 1:25 for cryptocurrencies

Commisions and fees in a nutshell

  • No commissions on deposits and withdrawals.
  • No trading commissions. Octa profits from markup included in spreads, still keeping spreads among the lowest worldwide.
  • All accounts on Octa are swap-free—there is no overnight fee.

Octa 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.

 

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 Octa 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.

Octa offers trading options through:

  1. OctaTrader is their own proprietary trading platform
  2. MT4/MT5  Metatrader platforms

OctaTrader proprietary platform

Simple and powerful trading platform created with your comfort in mind.

The intuitive, lightning-quick app provides a seamless trading experience—no need to lose focus switching between apps. Trading is no place for distractions, and Octa knows it. So just open one app and trade.

Tight spreads from 0.6 pips, 80 trading instruments, including currencies, metals, energies, indices, and cryptocurrencies. No overnight charges and no commissions.

🚀 Space—a wow feature of OctaTrader

 

  • Space is a built-in smart feed of trading ideas and market analysis. Designed to help you make the best decisions at any moment, it is also an ultimate source of control over your profits.
  • Adjust its content to your needs, creating your own feed and following only your favourite assets and types of analysis. Space is ready to be tailored to your individual trading preferences.
  • Every trading idea in Space is clear. It features a clear explanation of why now is a good opportunity, identified Stop Loss and Take Profit levels, and a visual analysis on the chart.
  • Open orders directly from Space. No need to switch between tabs and waste time.

What’s also special about OctaTrader?

  • Instant notifications about everything happening to your account
  • Price alerts on any instruments
  • Draw, analyse, and manage trades directly on the chart
  • Up to 50% deposit bonus

Octa MT4 and MT5 trading platforms

These two are known by every trader. MT4 is simple and popular, while MT5 is technically advanced. Spreads on both start from 0.6 pips, but the number of assets differs: you can trade 76 of them on MT4 and 273 of them on MT5. Octa offers trading both on mobile and on desktop MetaTrader.

Unique benefits you get with Octa

🚀 Space:

 

  • Space is the only trading partner you will ever need. This is a smart feed with timely analysis of your favourite trading instruments. What asset to trade now? Where to set Stop Loss and Take Profit? It helps you make informed decisions and control your profits.
  • No more anxiety when deciding what asset to trade. Compare trading ideas, read explanations, and open orders directly on the chart. Use global experience even if you’re a beginner.
  • With Space, you’ll never miss good ideas. All you need is integrated into one screen. Multiply your trading skills and potential profits, saving time on your own analysis.

 

MT4 Metatrader platform

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:

  • 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 platform

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

Octa Mobile Apps

Octa trading app is quick, offering low spreads, fast withdrawals, and a 0% commission. A clear and user-friendly interface is perfect for every trader who values comfort. Exclusive content in Space, a smart feed, will help you make the best decision at any given moment—it features deep market analysis and relevant trading ideas you can use instantly as they are integrated into the trading terminal. The app features three trading platforms: OctaTrader, MT4, and MT5. Also, Octa has one of the best no-slippage levels in the market—97.5% of the executed orders.

🤖Download for Android, Google Play: https://play.google.com/store/apps/details?id=com.octa8

🍏Download for iOS, App Store: https://apps.apple.com/my/app/octa-trading-app/id1552179961

Trading Tools

Octa 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.

Octa Copytrading

Single app and web service, integrated into the Octa ecosystem, that lets you earn like an experienced trader without any specific knowledge. You simply start following some pro trader you’ve picked, and Octa CopyTrading app automatically copies their trades.

It is perfect for beginners and those who want to profit without devoting much time to managing their portfolios.

To start, you only need to pick a Master Trader based on several criteria: their overall profit, number of copiers, and risk score. Every Master Trader sets up the percentage of commission they take. Some of them offer a free 7-day trial, so you can test as many Master Traders as you want.

🤖Download for Android: https://play.google.com/store/apps/details?id=com.octafx.copytrade

Charity

The company is involved in a comprehensive network of charitable and humanitarian initiatives, supplying several schools and colleges in Tamil Nadu, Uttar Pradesh, and other Indian states with computers, textbooks and other school supplies.

See for further reference:

Monitoring of Best Traders

The monitoring feature is another excellent tool to find the best traders using Octa. 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 Octa.

Live Quotes

Live Quotes is a common trading tool offered by almost every online broker. Octa 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

Octa 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

Octa 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 Octa, 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

Octa 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 Octa.

  • 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 Octa 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.

Education

Octa has good educational and training tools for beginners as well as expert traders. According to our data, traders using Octa’s educational content tend to make a larger profit. The broker’s focus on providing comprehensive education, assuring its client’s best understanding of the market, has resulted in two ‘Best Education Broker 2023’ awards from Forexing.com and Holiston Media.

  • Forex Basic Course—short videos about Forex basics. Good for beginners.
  • Weekly webinars and live trading sessions are published here https://www.octafx.com/webinars/.

Contests and Bonuses

  • Deposit bonus. You can get from 10% to 50% bonus on every deposit. In times of special offers, traders usually get a 100% deposit bonus.
  • Trade and Win program. You collect prize lots for trading with Octa and spend them on iPhones, other gadgets, and merch packs in the Octa Trade and Win gift collection.
  • Champion Demo Contest. Trade on a demo account, get in the top 5 with the highest balance by the end of the contest round and win up to $500.

Customer Support Quality

Octa 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 Octa include:

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

Along with the Copy trading and Monitoring tools offered by Octa, 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 Octa customer support team through one of these available options.

Restricted countries

Octa does not accept the clients from the following countries: Russia, Cyprus, Belarus, Kazakhstan, Ukraine, Puerto Rico, United States, U.S. Virgin Islands, U.S. Outlying Islands, American Samoa, North Mariana Island, Guam

Compare Octa with competitors

Octa 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 Octa Pepperstone XM Trading
Type of Trading CFD CFD CFD
Currency Pairs (CFD) 35 60+ 54
Stock CFDs 150 660 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, MISA, FSCA FCA, ASIC, DFSA, BaFin, CMA, SCB CySEC, ASIC, FSCA, DFSA
Trading Platforms MT4 and MT5

OctaTrader

 

TradingView, cTrader

MT4, MT5

XM Webtrader, MT4, MT5,

 

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