OctaFX Review 2023

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OctaFX offers commission-free multi-asset trading on MT4 & MT5 platforms with tight floating spreads. Users can also benefit from a proprietary copy trading service.

Pros

• Full range of investments
• Low minimum deposit
• Highly rated
• MetaTrader 4 and 5
• Copy trading
• Commission-free trading
• Mobile app compatibility
• Negative balance protection (Within EU)
• No deposit & withdrawal fees
• Comprehensive educational content
• Bonuses and contests available (non-EU)
• High Leverage 1:500 (non-EU)
• Demo account with access to unlimited virtual funds
• Offers Islamic accounts

Cons

• Few payment methods
• No global stocks trading
• Zero pip spreads unavailable
• The global entity is regulated offshore
• Small selection of tradeable instrument

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Awards	Most Secure Broker Indonesia 2022- International Business Magazine Best Global Broker Asia 2022- International Business Magazine Best Forex Broker Pakistan 2022- Global Brands Best Forex Broker India 2022- World Finance Best Mobile Trading Platform 2022- FXDailyInfo Best In Class For Social Copy Trading 2022- Forexbrokers.com Best Trading Conditions Asia 2021- World Business Outlook
Bonus	Up to 50% deposit bonus
Instruments	Forex, CFDs, indices, commodities, cryptocurrencies
Demo Account	Yes
Min. Deposit	$100
Payment Methods	Credit Card Debit Card FasaPay Mastercard Neteller Skrill Visa Wire Transfer
Min. Trade	0.01 lots
Regulated By	SVGFSA, CySEC
MetaTrader 4	Yes
MetaTrader 5	Yes
cTrader	No
OmniTrader	No
AlgoTrader	No
TradingView	No
Trading Central	No
Autochartist	Yes
eSignal	No
STP Account	No
ECN Account	Yes
DMA Account	No
MAM Account	No
PAMM Account	No
LAMM Account	No
Demat Account	No
Mobile Apps	Yes (iOS & Android)
Margin Trading	Yes
Volatility Index	No
Spot Trading	Yes
Perpetual Swaps	No
ELWs	No
REITs	No
AI / Machine Learning	No
Robo Advisor	No
P2P Trading	No
Negative Balance Protection	Yes
VPS Hosting	Yes
Tournaments	No
Demo Competitions	Yes
Managed Accounts	No
Market Maker	No
Auto Trading	Yes
Social Trading	Yes
Copy Trading	Yes
Trade Signals	Yes (EAs)
Islamic Account	Yes
Account Currencies	USD EUR
Inactivity Fee	0
Guaranteed Stop Loss	No
Stock Exchanges	Dow Jones FTSE UK Index Nasdaq
Commodities	Gasoline Gold Natural Gas Oil Silver
CFD Trading	Trade CFDs on the financial markets with floating spreads and flexible leverage.
CFD FTSE Spread	1.8
CFD GBPUSD Spread	1.1
CFD Oil Spread	0.7
CFD Stocks Spread	Variable
CFD Leverage	1:500 (Global), 1:30 (EU)
Forex Trading	OctaFX offers leveraged trading on currencies with floating spreads from 0.6 pips.
Forex GBPUSD Spread	1.1
Forex EURUSD Spread	0.7
Forex EURGBP Spread	2.1
Forex Assets	35
Crypto Trading	Trade 30+ popular digital currencies paired with the USD.
Crypto Spread	Variable
Crypto Lending	No
Crypto Staking	No
Crypto Mining	No
Crypto Auto Market Maker	No
Crypto Coins	AAVE ADA ALGO ATOM AVAX BTB BTC DASH DOGE DOT ETH IOTA LINK LTC MANA MATIC NEAR SOL ZEC

Risk Warning – Your capital is at risk

OctaFX is a forex, CFD and copy trading broker offering the MT4 and MT5 platforms. In this 2023 broker review, our experts log in to the personal area and uncover the key features, including leverage, demo accounts, regulation and more. Read on to find out whether OctaFX is a good forex broker. Please note that the answer to this  question might depend on where you live.

Quick Facts

Overview

Overall score

International

 
The overall score might seem lower than what each category’s score indicates. This is due to the fact that OctaFC forex trading is unregulated outside of Europe. We consider it to be very important that a broker is regulated by a regulator who offers strong trader protection. The overall score is therefore adjusted down due to the broker being unregulated. We do not recommend that you use this broker if you live outside the EU. Choose another regulated broker instead.

EU

 
This broker can be a good choice for you if you live within the EU and are satisfied with its limited selection of tradeable assets. It can also be a good choice if you are looking for a company that makes forex copy trading as easy as possible. If you prefer a broker that gives you access to a large selection of tradeable assets, then you are better off choosing another EU-regulated broker.

Score in each category

Pros and Cons

Below you can see the most important benefits and drawbacks of trading with this broker.

How To Place A Trade

Once you have opened and verified your account profile, you can begin trading.

When we used OctaFX’s trading terminals, the new order process was similar and relatively straightforward. First, search for an asset using the navigation bar. You can utilize either market watch or one-click execution.

To open a position, complete the order form by selecting ‘buy’ or ‘sell’ and amend the volume in lots. You can also add stop-loss or take-profit risk management alerts too.

Full editorial review

Tradeable Assets & Markets

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OctaFX offers trade in 80+ instruments:

• Forex – Trade 35 major and minor currency pairs, including EUR/USD and USD/JPY
• Indices – Speculate on 10 popular CFD indices such as US30, NAS100 and FTSE100
• Commodities – Invest in spot Gold and Silver contracts, plus Brent & Crude Oil and Natural Gas
• Cryptocurrencies – Trade 30 well-known digital currencies paired with the USD, including BTC/USD, ETH/USD and LTC/USD

Trading Platforms

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OctaFX offers two trading platforms; MetaTrader 4 (MT4) and MetaTrader 5 (MT5). The award-winning terminals are available to download to Windows and Mac devices or can be used as web-based profiles. Useful download links and user guides are available on the broker’s website.

Both platforms are suitable for beginners, though our experts note that MT5 offers more advanced trading features.

MetaTrader 4

The MT4 platform is a trusted software used by both individual traders and institutions, due to its ease of use and flexibility.The terminal allows users to develop expert advisors (EAs) and technical indicators to suit individual trading styles. In addition to the 30 in-built technical indicators, advanced charting tools allow you to analyze price fluctuations and trends in the market, using three customizable chart and graph types. Additionally, MT4 offers nine timeframes, four pending order types and one-click trading.

MetaTrader 5

MT5 is the next-generation platform that offers all the benefits of its predecessor but with additional speed, accuracy and more advanced features.Users can enjoy eight pending order types, 44 analytical objects including Gann and Fibonacci Retracement, plus additional technical indicators which are unique to MT5, such as Trend Oscillators and Bill Williams’ tools. There is also an integrated economic calendar as well as two major accounting modes for greater flexibility; hedging and netting.

Both platforms are compatible with several languages, including English, Arabic and Hindi.

Spreads & Fees

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Trading fees vary depending on the account type and instrument, though when we used OctaFX, it was good to see no commissions. Instead, costs are integrated into the bid-ask spreads. These are floating rather than a fixed rate spread, therefore they may fluctuate during periods of high liquidity.

The average spread for the EUR/USD currency pair is 0.7 pips, while the USD/CAD is offered at 0.8 pips. Major indices, including the NASQAQ, are offered at an average 0.6 points, which is competitive. Spot gold and silver were offered at an average of 1.8 pips.

In June 2022, OctaFX also removed swap fees. This is a significant advantage for investors using mid-term and long-term strategies as charges will not be applied for any positions held overnight.

There is also no inactivity fee for dormant accounts or commission charges for deposits, withdrawals or currency exchange.

OctaFX Leverage

Score:   (Non-EU)
Score:   (EU)
When using the OctaFX platform, our experts were offered generous leverage limits up to 1:500. This means a $50 deposit would provide $50,000 in purchasing power. Although trading with significant leverage can increase profit prospects, it can also increase losses. Ensure you apply appropriate risk management strategies. The margin call/stop-out level is 25/15%.

Note that EU clients will be subject to ESMA leverage capping introduced in 2018. Investors can access maximum leverage of 1:30.

Mobile Apps

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Both MetaTrader platforms are available as mobile apps, with a free download to iOS and Android (APK) devices. When using the MT4 and MT5 interfaces on mobile, you can be assured of platform stability, with fast execution speeds.

You can access all the tools, features and functionality found on the web terminals including one-click trading, chart customization and full order management.

Additionally, the broker also offers a proprietary mobile app. When we used the OctaFX app, it was easy to integrate an existing MetaTrader profile into the branded app. You can set SMS price alerts and app notifications of market movers. The application also permits full account management including live deposits and withdrawals and copy trading services.

Payment Methods

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Deposits

OctaFX does not have a deposit fee for any payment methods. Additionally, the broker covers any third-party charges that may be incurred from some services. Retail clients can deposit in all currencies, though account denominations are available in EUR and USD only. Live market currency conversion fees apply. Available deposit methods:

• Skrill
• Neteller
• FasaPay
• Bank wire transfer
• Mastercard & Visa debit/credit cards
• Bitcoin, Ethereum, Tether, Dogecoin and Litecoin cryptocurrencies

Note, some local payment methods may also be offered depending on your country of residency. This includes international bank wire transfers for citizens of Thailand, India and Nigeria, for example.

All bank transfers are processed within 1-3 hours of a request. Other payment methods offer instant funding.

There is no maximum deposit limit.

Withdrawals

Our experts were pleased to see no withdrawal fees at OctaFX. There are, however, minimum withdrawal limits for all payment methods, though these are minimal, including $5 for Skrill and Neteller.

All withdrawal requests are processed within 1-3 hours during business hours, though the time taken for funds to clear back to the original payment method may vary.

Demo Account

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A free demo account is available to OctaFX day traders on both MT4 and MT5. Clients can register and switch to a demo profile via the client portal.

When we used the OctaFX demo account, it was good to see emulated live market conditions and real-time prices. Paper trading accounts are a great way to practice investment strategies risk-free and learn platform terminal features and tools. Users can access unlimited virtual equity with flexible leverage.

Our experts were also offered the chance to win real funds by participating in the OctaFX Champion demo contest. Upcoming competitions, duration and rules can be found on the broker’s website.

Note, demo accounts are deactivated after 30 days of inactivity.

OctaFX Deals & Promotions

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OctaFX (non-EU) offers several deposit bonus deals, including a 10, 30 or 50% bonus on each deposit. In addition, there are occasional Trade & Win promotions where traders can win gifts such as OctaFX t-shirts or gadgets. There are also contest opportunities, including the OctaFX 16 Cars contest where traders are entered into a car prize draw every three months, as well as the Champion Demo Contest for MT4 users.

Make sure to check all bonus terms and conditions before participating. When we used OctaFX’s deposit bonus scheme, we were only permitted to withdraw a reward after completing the minimum volume requirement. This is calculated as; bonus amount/2 standard lots. So, if you claim the 50% bonus on a $100 deposit, the minimum volume requirement will be 25 standard lots.

Regulation & Licensing

Score:  (Non-EU)
Score:   (EU)

Octa Markets Incorporated is registered in St Vincent and the Grenadines. The online broker is licensed and regulated by the Financial Services Authority (SVGFSA). Our experts confirmed incorporation on 15th September 2011 and found an active regulatory registration under the trading name. It is important to note that SVGFSA does not regulated Forex trading nor binary options trading.^[1] This means that all Forex trading done through OctaFX.com is unregulated.

Octa Markets Cyprus Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 372/18.^[2] Octafx.eu, octamarkets.eu and their subdomains are regulated to offer forex trading.

OctaFX acts in full compliance with international legislation and regulation standards. With this, the broker guarantees segregated client funds and negative balance protection.

The broker accepts clients in 150+ countries, though it is worth checking which entity you will receive services from.

Additional Features

Traders benefit from a range of additional educational features and trading tools at OctaFX, including video tutorials and webinars, plus regular forex market insights and news. The brokerage also offers profit and margin calculators, as well as a forex signal service with the Autochartist plugin and live quotes.

After using the educational resources offered by OctaFX, we are confident that there is plenty of information for both beginners and experienced investors.

Copy Trading

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OctaFX also offers a copy trading service, available via an Android (APK) compatible mobile app or integrated into the MetaTrader platform. Users can benefit from stable earnings from a diversified portfolio by copying the most profitable traders.

The bespoke software enables users to track master traders and their live performance, control portfolios on the go, view how their funds are invested and manage risk in real-time.

• No commissions are charged by the broker
• Execute orders in less than five minutes after the copy master
• Simple tool to use, click ‘copy’ and use the deposit percentage setting
• Retail traders are permitted to stop copying, unsubscribe, or close a trade anytime
• View detailed trading statistics for master traders including their individual commission fee

How to use OctaFX mobile copy trading

1. Download the OctaFX copy trading app: Download the app for Android from the Google Play Store.
2. Launch the app on your mobile device: You will be prompted to sign up. Important: If you already have an account with OctaFX for manual trading, you can use that for copy trading as well. Simply enter your email and password, or sign in using Google or Facebook.
3. Log in to the start screen; (When you have begun using OctaFX for copy trading, your present and past copy trading subscriptions will be displayed there.)
4. Deposit money to your account:  to begin copy trading for real money, you must have enough money in your copy trading OctaFX account. If you already have money in your standard OctaFX account, you can quickly transfer it to your copy trading account within OctaFX. The other option is to make a deposit using any of the available deposit methods. You press the menu icon on the top left of the screen and tap “Deposit”. Select a deposit method and follow the on-screen instructions.
5. Choose a trader to copy: It is up to you to decide which Master Traders to follow (copy). Go to the left-hand menu, then to “Copier Area” → “Go to Master Traders” Rating. You will now see a selection of available Master Traders and their respective ratings. They are sorted by risk score, but the filter feature allows you to sort them based on other factors, such as popularity or gain.

   To find out more about a Master Trader, simply tap on their name. You will now see information such as gain, profit and loss, order history, risk score, number of followers (copiers), and commission. Please note that the minimum permitted investment amount differs between the various Master Traders, so make sure you select Master Traders that are suitable for your bankroll and preferences.

6. Start copy trading: When you are ready to begin investing, tap “Set up copying” at the top of the screen. Adjust the settings in accordance with your preferences, and then press Start Copying.

Account Types

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There are two account types available at OctaFX, which are determined by the trading platform you are using; Micro (MT4) and Pro (MT5). Accounts are available in USD or EUR denominations. The minimum trade volume across all accounts is 0.01 lots and both profiles benefit from market execution in under 0.1 seconds.

The minimum deposit is USD100, regardless of what type pf account you choose to open.

Below you can compare the brokers two accounts:

There is also an Islamic swap-free account for those worried about whether trading is haram or halal.

Trading Hours

Trading times in the MT4 and MT5 platforms are 24/5, from 00:00 on Monday to 23:59 on Friday server time (EET/EST time zone). Cryptocurrency can be traded 24 hours per day, 365 days a year.

It could also be worth viewing the published session timetable via the broker’s terminal interface. This is particularly useful to stay up to date with upcoming market closures such as public holidays.

Security & Safety

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OctaFX uses 128-bit SSL encryption and PIN codes in the personal area and trading platforms, which is the industry-standard security requirement for protecting personal data.

The broker also applies 3D secure Visa authorization when processing credit and debit card transactions. Also ensure you add additional security settings such as two-factor authentication (2FA) when using OctaFX platforms.

Customer Support

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When using the services of OctaFX, day traders can be assured of 24/7 customer support. Contact methods include:

• Online contact form – available via the broker’s ‘contact us’ page
• Social media – you can find updates on the broker’s social media pages, as well as the OctaFX YouTube channel
• Telephone helpline – +44 20 3322 1059, between 00:00 and 24:00, Monday to Friday (EET). For EU clients, the number to call is +357 25 251 973 between 09:00 and 18:00, Monday to Friday (EET)
• Head office addresses – OctaFX, Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines or Octa Markets Cyprus Ltd, 1 Agias Zonis and Thessalonikis Corner, Nicolau Pentadromos Center, Block: B’, Office: 201, 3026, Limassol, Cyprus
• Live chat – available via the broker’s ‘contact us’ page. It is the fastest way to get in touch with the broker, via the chat logo on the bottom right of each web page. This is the best method for quick queries including if you need to know your withdrawal pin, any platform problems, VPS questions, or you want to delete an account

Note, the OctaFX website is available in a number of languages for clients from Indonesia, Malaysia, Pakistan and India.

User Reviews

Total number of reviews: 13
Avarage score:  

Best User Reviews

Latest User Reviews

How To Sign Up

The account opening process is simple and fast. ID documentation must be submitted in line with KYC requirements. In most cases, if your documents are submitted correctly, verification should only take up to three hours.

Note clients from the United States or the UK are not accepted at OctaFX or Octa Markets Cyprus Ltd.

OctaFX company details

OctaFX was established in 2011. The company’s mission is to provide outstanding forex and CFD trading services, via cost-effective, transparent conditions on a worldwide scale. The broker offers 80+ trading instruments including currency pairs, commodities, indices and cryptocurrencies.

The broker operates under three subsidiaries:

Octa Markets Incorporated

Octa Markets Incorporated is the international branch of the broker. The company was established in St. Vincent and the Grenadines and is regulated with licensing from the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA). OctaFX uses this company to operate in 185 countries. The Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) offer weak trader protection. Opening an account from one of the 185 countries where this license is used is considered high risk.

Octa Markets Cyprus Ltd

Octa Markets Cyprus Ltd is a Cyprus-based company regulated with licensing from the Cyprus Securities and Exchange Commission (CySEC). This is the company that OctaFX uses to offer forex trading within the European Union. Accounts belonging to traders who reside within the European Union will be placed within this company and will see their accounts regulated by CySEC. CySEC offers much better legal protection, and your legal protection is, therefore, a lot stronger if you open an account with Octa Markets Cyprus Ltd.

Octafx India Private Limited:

Octafx India Private Limited is an Indian company that Octa Markets incorporated and opened in 2019. The company is not licensed, and traders who open an account on Octafx India will see their accounts regulated under the license from the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA)

Market position

OctaFX has achieved a solid position in the financial trading markets, executing an impressive 1+ billion trades from over 10 million live customer accounts. The founder and owner have ensured the brand has amassed a global reach, with trading services now spanning 185+ countries. Most of the traders who use this broker are located in Indonesia, India or Malaysia.

Ownership

Octa Markets Cyprus Ltd and Octafx India Private Limited are owned by Octa markets incorporated. Octa markets incorporated is a privately owned company and the exact owner and ownership structure are unknown.

Resources

Accepted Countries

OctaFX accepts traders from Australia, Thailand, Canada, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar and most other countries.

Traders can not use OctaFX from United States, United Kingdom.

Compare OctaFX

Compare OctaFX with similar brokers that accept traders from your location. Among available brokers these are the most similar to OctaFX:

1. World Forex – World Forex offers commission-free trading with a $1 minimum deposit and 1:1000 leverage. Digital contracts are also available, offering beginners a straightforward way to speculate on popular financial markets.
   
2. Kwakol Markets – Kwakol offers trading on the MT4 & MT5 platforms with high leverage & copy trading.
   
3. Just2Trade – Just2Trade offer high tech trading on stocks and options with some of the lowest prices in the industry.
   
4. InstaForex – InstaForex is a CFD broker providing access to forex, stocks, cryptocurrencies, commodities, energies, indices, and more. With competitive fees and a huge range of available assets, the brand offers safe and reliable trading.
   

OctaFX Comparison Table

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FAQ

		OctaFX offers commission-free multi-asset trading on MT4 & MT5 platforms with tight floating spreads. Users can also benefit from a proprietary copy trading service.
OctaFX offers commission-free multi-asset trading on MT4 & MT5 platforms with tight floating spreads. Users can also benefit from a proprietary copy trading service.

Articles about OctaFX

• OctaFX Launches iOS Trading Application
• 25 New Cryptocurrencies Available At OctaFX
• OctaFX Increases Leverage On Crypto Pairs To 1:25
• OctaFX Upgrades Copy Trading Service With New Risk Rating
• OctaFX Launches New Forex Pairs & Commodities