OctaFX Review

OctaFX is a forex, CFD and copy trading broker offering the MT4 and MT5 platforms. In this 2022 broker review, our experts login to the personal area and uncover the key features, including leverage, demo accounts, regulation and more. Read on to find out if OctaFX is a good forex broker or not.

OctaFX 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 two subsidiaries; Octa Markets Incorporated and Octa Markets Cyprus Ltd. Both entities are regulated with licensing from the Saint Vincent and the Grenadines Financial Services Authority (SVGFSA) and the Cyprus Securities and Exchange Commission (CySEC), respectively. The company’s headquarters are located in Saint Vincent and the Grenadines, with an additional support office in Jakarta, Indonesia.

Today, 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 has ensured the brand has amassed a global reach, with trading services now spanning 150+ countries.

Trading Platforms

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.

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.

Assets & Markets

OctaFX offers 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

Spreads & Fees

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

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

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

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

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

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

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.

Octa Markets Cyprus Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 372/18.

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

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

Account Types

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.

Micro

• $100 recommended deposit
• Maximum trade size of 200 lots
• Floating spreads, no commissions
• Access to most trading instruments, though limited to only four indices

Pro

• $100 recommended deposit
• Maximum trade size of 500 lots
• Access to all trading instruments
• Floating spreads, no commissions

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

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.

Benefits

Traders enjoy several benefits when trading with OctaFX vs the likes of FBS, IQ Option and Exness:

• Copy trading
• Commission-free trading
• Mobile app compatibility
• Negative balance protection
• No deposit & withdrawal fees
• MetaTrader 4 and 5 platforms
• Comprehensive educational content
• Bonuses and contests available (non-EU)
• Demo account with access to unlimited virtual funds

Drawbacks

Compared to other brokers such as HotForex, XTB and OlympTrade, OctaFX does fall short in some areas:

• No global stocks trading
• Zero pip spreads unavailable
• The global entity is regulated offshore

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.

Customer Support

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.

Security & Safety

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.

OctaFX Verdict

OctaFX offers a promising service for beginners and experienced traders, with a choice of MetaTrader platforms as well as the copy trading app. The broker offers fee-free deposits and withdrawals, plus Islamic accounts and a demo solution. The spreads are decent, though not as competitive as the zero spread accounts offered at other brokers like XM, for example.

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.