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OctaFX — Forex Broker Rating and Review 2020
|OctaFX UK Limited website|
|Trading software||Metatrader 4/5, MT4/5 Mobile for Android/iPhone, cTrader, cTrader WEB, cAlgo|
|Headquartered||2 Devonshire Square, London, England, EC2M 4UJ|
OctaFX is recognised globally for offering the lowest spreads in the industry and prides itself on its award-winning trading conditions. OctaFX is an excellent provider of CFD and Forex trading to clients in over 100 countries.
5 reasons to trade with OctaFX:
- Clients love OctaFX for its convenience and reliability
- Start trading with minimum $5 deposit
- Boost your profitability and get a free 50% bonus with every deposit
- Trade at the prices you see with immediate execution
- Pay no commission on deposits and withdrawals
After a careful analysis we can say that OctaFX is a trustworthy broker that is properly regulated by the major authorities.This includes a license of the British Financial Conduct Authority (FCA). Octa was also registered in 2020 in Saint Vincent and the Grenadines under license number 19776 IBC 2020. So they act in full compliance with international legislation and regulation standards.
OctaFX Copytrading offers an opportunity to automatically copy leading traders and forget about long hours of building your own trading strategy. Choose from the best Masters of Forex and diversify your trading portfolio.
How it works:
- Surf through the ratings of our Master Traders and select the best ones for you.
- Invest money, choose your desired income rate, estimate tolerable risks, and that’s it—sit back and watch your balance grow.
A brief summary of what you’ll get with OctaFX Copytrading:
- – Huge return rate: more than 20% monthly gain
- – No advanced knowledge required – the best traders work for you
- – No restrictions on the minimum deposit – you can start earning with even 5 USD
- – No complicated software or downloads required – on tuning is done on the website or through Mobile App
- Simplistic easy to navigate interface
- Built-in market for Expert Advisors and Custom Indicators
- Interactive customisable charts
- Reliable Virtual Private Server service
- Stop Limit orders
- Built-in economic calendar
- Advanced one-click trading tools
- Highly customisable interface
- Integrated development environment for EAs
- Level II quotes
- Server trailing stop
- Cloud service to keep all accounts and templates in one place
- One-click-trading and advanced chart trading
- FIX API
OctaFX Commissions & Spreads
OctaFX offers ultra tight spreads. The quotes at OctaFX are quoted at up to 5 decimal places and start from as low as zero pips for their ECN accounts. There are no commission charges applicable for trades with OctaFX.
Instrument Spreads (in pips)
- EUR/USD Minimum 0.4 pips
- GBP/USD Minimum 0.5 pips
- AUD/USD Minimum 0.6 pips
- USD/CHF Minimum 0.4 pips
- EUR/JPY Minimum 0.6 pips
- GBP/JPY Minimum 0.7 pips
- NZD/USD Minimum 0.6 pips
Deposit and withdrawal options:
- Credit/Debit cards
- Bank wire transfer
- Local payment methods in Indonesia, Malaysia, Bangladesh, Pakistan, India, Thailand, Vietnam
OctaFX Bonus & Promotions
To reward their clients’ loyalty, OctaFX offers very generous bonuses and promotional programmes.
Both MetaTrader based accounts and the cTrader accounts qualify for fully withdrawable deposit bonuses in the percentage of 10%, 30% and 50%
After a careful review of OctaFX services and operations, we can say that we’re impressed with what OctaFX has to offer their traders. They really care about their clients and their customer support team is proven to be the most helpful and professional in the industry. In addition, their bonuses and competition offers are worth mentioning as well. They offer exhaustive Education section and free demo account with exactly the same conditions and execution speed as the real one. It comes in handy for beginners or those who want to test-drive OctaFX services without risking personal funds. What’s more by joining one of their entertaining Demo contests, you can win a real cash prize!
All in all everything seems to be quite transparent so we would totally recommend giving OctaFX a try.
OctaFX trading information
|Address||2 Devonshire Square, London, England, EC2M 4UJ|
|24 hour support|
|Forex contests, competitions|
|1st deposit bonus|
|24 hour trading|
|Digits after the dot in quotes||5|
|Minimum position size||0.01|
|Pip spread on majors||0.3-0.7|
|Standard account, $||50|
|Micro account, $||5|
|Popular payment methods||Credit Cards, Wire Transfer, Skrill, FasaPay, Neteller, Local banks|
|Account currencies||EUR, USD|
|Available assets||Gold, Silver, Crypto, Indices|
|Languages||English, Indonesian, Chinese, Portuguese, Spanish, Bahasa Malaysia, Hindi, Bengali, Urdu, Vietnamese, German|
|Platforms||Metatrader 4/5, MT4/5 Mobile for Android/iPhone, cTrader, cTrader WEB, cAlgo|
|Copy Trading Brokers|
|Bitcoin Forex Brokers|
OctaFX — Latest Reviews and Comments 2020
In copy trading how many percentage is gose to broker
Zaheer 19 March, 2020 Reply
$3000usd Fee for withdrawal! After making 12.5 lots and requesting a withdrawal request, they are charging me 3000USD of commission for deposit and withdrawal where their page is full of ads that are free.
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Daniel Santiago Becerra 17 December, 2020 Reply
hi, can pls share further, i am a new one and this point is alarming for me, what amount you spend and earn which contribute to pay them usd 3000 commission?
Ahmed 5 February, 2020
Good broker. What I feel comfortable about OctaFX is their immediate response to any queries, that to me is the best thing you can expect from a broker. They offer various types of withdrawals and deposits which is also great. Cons would be their spread and commission. Huge spreads on nzd and cad. Careful when the market closes and opens as the spread could wipe away your stop loss ending a good trade. happened many times. Otherwise a broker I would trade with for a long time!
Abdul 28 November, 2020 Reply
octafx is a very good broker but the spread is very high. GBPNZD = 45 to 50, GBPJPY =28 to 33, gold = 28 to 33, can possible add one more option for standard account, same as in Exness. in Exness standard acc spread very low. thanks. consider please.
Muhammad Jamil 19 August, 2020 Reply
I can call OctaFX a rather good broker. There are a couple of points that personally annoy me somewhat. First of all, this is a rather long withdrawal of profit. If we talk about the cons, this one for me it is the main. On the other hand, the company takes care of its customers, tries to make trading as comfortable and profitable as possible. With the right approach, you can get good profits with the help of their analytical channel. The terminal works well. All this speaks of a clear focus on the result in the provision of high-quality brokerage services. In any case, I want to believe it.
George 13 August, 2020 Reply
I studied trading in several companies on competitive accounts. Speaking in general about trade, I will say that the profitability of this business has no limits, it all depends on many factors. But if you approach this issue correctly, then you can squeeze the maximum even from the sum of $1000. I managed to earn huge sums on demo accounts, but this is just a demo. You can’t hold this profit in your hands, so you can’t call it profit. In general, if you speak for real accounts, then earnings are possible, and very good. My last refuge is OctaFX. About this company I can say that they definitely know their business and are doing it well. According to the results of the work, I can call the company honest. For fans of freebies – there is nothing to do, you can not even rock the boat. Contests and bonuses will not help you much. But for those who want to work hard and earn there are comfortable conditions in OctaFX. I personally know several traders who, like me, invested in this company and did not regret it.
Theodor 12 July, 2020 Reply
My trade with OctaFX became more productive not immediately, but after a few months. I have increased the number of successful transactions. And the losses have reduced to a reasonable minimum. If you do not succed from the beginning, do not worry, a month for a month is not necessary. Sometimes you need to wait and not hurry, and sometimes another month becomes better than the previous one.
Andrew 10 July, 2020 Reply
OctaFX is a reliable broker, I’ve been with them for quite a long time, the obligations that they gave me at the very beginning are fulfilled, and I don’t need more. Profits are coming, I withdraw funds regularly, orders are opened and closed instantly, and I consider these points to be an indicator of a good and reliable broker. After all, as somewhere they have already written, or maybe not, but I still say it again, my opinion is that stable earnings from closed deals with further withdrawal are important for a trader.
They are scammers. They contest against their clients to take their money. I opened a ctrader account (2071835) them. They even know how to jump your protection just to take all your money
Francis Udoh 15 June, 2020 Reply
OctaFX is surely not a bad broker. I have been trading with them for the past few months and so far I have only the best impressions from working with them. It seems that they succeeded in those things where many other major respected broker companies in the market do not reach. In particular, they provide very good execution, lack of requotes and slippings. Spreads and swaps still make me happy too, as they remain within normal limits even for the person with the most minimal deposit. We will continue to work and observe. Time will tell.
Pavel 10 June, 2020 Reply
OctaFX Reviews Rating
The fight against COVID-19 has deeply impacted people across the world. We’ve decided to take action by dramatically lowering spreads while you.
The fight against COVID-19 has deeply impacted people across the world. We’ve decided to take action by dramatically lowering spreads while you may.
Gold failed to capitalize on the overnight positive move to over one-week tops. Improving risk-sentiment undermined demand for the safe-haven commodity.
Whenever the opportunity presents itself, we like to become involved with causes that align with our core beliefs. Whether it’s local charities.
A guide on how to be a super trader that covers the best strategies, recommended materials, how to develop your own trading plan, and a risk.
One of the best things about Forex is the ability to use it for long-term investments as well as for short-term ones. You can keep your position.
With 2020 on the verge of concluding, we want to take the time to acknowledge our team and passionate user base for their help in making.
Learn how to use a protective stop loss order and what is a trailing stop to perfect your Forex trading skills and avoid unnecessary losses.
OctaFX — Forex Broker Review 2020
Octa Markets Incorporated is a forex broker recognized worldwide. OctaFX provides forex brokerage services to its clients in over 100 countries around the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience incredibly convenient. Our top goal is the trust and satisfaction of each client’s needs and requirements. OctaFX sets the highest service level standards and maintains them, as well as constantly developing new services and promotions. OctaFX has developed a variety of options to make your forex trading even more convenient. We offer live ECN accounts as well as micro accounts. The lowest spreads, real-time market execution and true ECN offset are among the top advantages of OctaFX.
OctaFX is indeed a client-oriented company. This said, we are working hard to further improve our services. Stability, perfection and close attention to detail is what makes OctaFX different from our competitors. Our highly educated and well-trained Customer Care Department works 24/5 to answer your inquiries and help you. We are always open to suggestions and feedback.
OctaFX has developed a variety of options to make your forex trading even more convenient. We offer real ECN accounts as well as micro accounts. The lowest spreads, real market execution, true ECN offset are among the top advantages of OctaFX. OctaFX forex broker offers legal forex trading in Malaysia, Indonesia, Spain, China and many other countries. OctaFX forex company is one of the few FCA UK regulated forex brokers which makes Octa Markets Incorporated a reliable company to trade with. Besides OctaFX is one of the few forex brokers offering really low spreads. Besides the broker offers forex education to its customers.
OctaFX offers trading at both real and demo accounts on a variety of trading platforms including mt4 platform and cTrader. Besides the company is one of the real ecn forex brokers operating currently on the market of currency trading.
OctaFX UK Limited
Regulation: FCA UK
OctaFX is nominated in
We invite the FX community to vote for the industry leaders
FTD 50% Bonus
|OctaFX Pros||OctaFX Cons|
|Tight spreads and great market flow||Limited number of markets|
|Top-quality trading platforms||Some areas of the site less transparent than others|
|Some innovative services to support the trading experience|
FX Traders’ Viewpoint
- The OctaFX trading platform, founded in 2020, is a global broker, that is regulated by CySec (Cyprus Securities and Exchange Commission). It has a strong foothold in the Asian market, and most of its business operations are handled out of Jakarta in Indonesia. It has over 900,000 users and clears USD4 billion of trade volumes every day. It received the title of best Forex Broker ASIA in 2020.
- Like some of its global peers, OctaFX offers the pricing and experience of a no-frills broker coupled with excellent, top-quality learning resources and copy trading options. OctaFX has reliable, fast, low-cost execution using the well known MT4, MT5 and cTrader platforms.
- There are three different types of account available to users – Micro, Pro and ECN. Micro being for beginners (minimum deposit USD5). The pro account that runs off MT5 and enjoys tighter spreads and the ECN Account that runs off the cTrader platform that is becoming increasingly attractive to more experienced traders.
- OctaFX offers the main crypto markets of bitcoin, ethereal and litecoin. The MetaTrader platforms support these markets. Interestingly, OctaFX does offer 1:2 leverage on their crypto markets. Some brokers do not offer any leverage at all.
OctaFX gives a high priority to analysis and education for both new and experienced traders to its platform. There are a range of guides posted on their online platform that ranges from a glossary to videos in order to support investors that are getting into trading or looking for new angles to support their trading process. All the background materials are of high quality, and the videos are supported on YouTube.
Customer support scores highly amongst its peers. The average ‘first response time’ is relatively quick, and it operates on a 24 hour/5 day basis with languages supported including English, Indonesian, Spanish and Polish. It ticks a lot of boxes for traders, who can access it through the live chat, email, phone, or by using an enquiry form.
OctaFX has accumulated a strong following over the past eight years. There is a strong trader focus to the platform backed by very high-quality industry-standard research and learning services coupled with a strong in-house copy trading facility. The pushback comes from the more limited number of instruments a user can trade on this platform. However, this should not detract from what OctaFX is, as a convenient, efficient, cost-effective trading proposition, that is attracting a number of third party industry awards.
About OctaFX Trading Platform
OctaFX is a global broker, which offers a new take on certain aspects of the retail brokerage space. Founded in 2020, the firm is headquartered at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent and the Grenadines. Its products are available through OctaFX.com and OctaFX.eu.
It is regulated by CySec (Cyprus Securities and Exchange Commission) and has offices around the globe with the majority of its business operations handled out of its office in Jakarta, Indonesia. The firm has a strong foothold in the Asian market through its offering of an outstanding trade execution service appeals to traders from all corners of the globe.
OctaFX’s approach has earnt it significant recognition. In terms of clients, it has over 900,000 users signed up and clears $4bn of traded volumes every day. Then there are the industry awards; a selection of some of the most recent accolades includes the title of Best Forex Broker ASIA 2020 and BEST ECN/STP BROKER 2020 (FX Daily Info) and also Best FX Broker 2020 (European CEO Magazine).
Who does OctaFX appeal to?
OctaFX will appeal to those looking for the best of both worlds. It offers the pricing and execution experience of a no-frills broker but complements this with a range of additional services such as top-quality learning resources and copy trading options. The service might best be summed up as ‘enhanced execution’.
The fact that OctaFX offers an almost institutional-grade trading experience doesn’t mean beginner traders are in any way disadvantaged. Quite the opposite; the firm simply offers reliable, fast, low-cost trade execution using market-leading platforms. Those looking to develop their skill set or improve their trading technique can draw on the support on hand, which is designed to cater to beginner intermediate and experienced traders.
There are three trading platforms to choose from — cTrader, MT4 and MT5. Spreads can be as tight as 0.0 pips and those who go with the ECN/STP processing option will be provided with exceptional flow quality and reduced slippage.
OctaFX Account Types
OctaFX provides three different types of account and each comes with its own trading platform. The account types are Micro, Pro and ECN.
The Micro account runs on MetaTrader MT4 and is ideal for beginners because of the small-scale trading it offers. The minimum deposit size can be as small as $5 and leverage of up to 1:500 is offered.
The Pro account uses the MetaTrader MT5 platform and offers a wider range of markets than the Micro account and spreads also tend to be a little tighter.
The ECN account runs off the cTrader platform, and as the name suggests, provides clients with excellent market access and the tight spreads that correspond to that level of flow. The maximum leverage is 1:500 and micro-lots (0.01 size) trading is supported, should traders be looking to try out new ideas in the live market.
The Copy Trader account area requires separate funding and comes with its own T&Cs (available here: https://www.octafx.com/copy-trade/conditions/).
Markets and Territories
The trading focus is on liquid global markets. Forex pairs, metals, indices, energies and cryptos are all available, but traders looking for single stock names will be disappointed. With less than 100 instruments on offer, there is no space for the more complex instruments such as options found in the quieter corners of the financial markets.
Being regulated by a top-tier authority (CySec) means the firm must comply with certain regulatory protocols. As a result, the service is not available in a range of countries — including the USA, Brazil, Russia, Ukraine, Syria and Cuba.
OctaFX Spreads and Instruments
OctaFX is so confident about its pricing that there is a section of its homepage dedicated to sharing the live spread on some major forex pairs. It can be found here — https://www.octafx.com/. Even a quick glance establishes why the firm is so willing to share.
With trading costs being a significant determinant of success or failure, the broker is right to emphasise what a help this could be.
The spreads do vary across the three trading platforms. Fortunately, traders can assess what works best for them by visiting the broker’s ‘Spreads’ page where it provides a clear and concise break down of what charges associated with MT4, MT5 and cTrader.
The number of markets is also different across the platforms, but none of the platforms offer a range of instruments that could in any way be called excessive. It is possible to trade forex, metals, soft commodities, single stocks, indices, energies and crypto. The MT4 ‘Micro’ account demonstrates the limited selection by only offering four stock indices (AUS200, GER30, NAS100, US30).
Broker Fees and Commissions
OctaFX is as confident about its financing costs as it is its execution fees. The breakdown across the three different types of accounts is laid out in a reassuringly transparent manner (available here: https://www.octafx.com/accounts-comparison/).
During our testing, we did find that when we scaled up into maximum position size, we were able to get very close to using up our maximum margin capacity when executing. Then a small price move started triggering margin calls. This is an observation rather than a criticism as it just demonstrates the way the site allows aggressive trading strategies to be carried out.
In terms of trading strategies allowed, scalping, expert advisors and hedging are all permitted across each of the three account types, which is not to be taken for granted.
OctaFX Trading Platform Review
All of the three platforms on offer are well regarded in the trading community. The MetaTrader suite of services is the most popular globally due to the blend of features it offers. There are hundreds of indicators for traders to try out. It is easy to set up to trade ‘algo’ models on an automated basis, and it offers the expert advisors and MQL5 support services that allow traders to draw on the ideas of others.
The cTrader platform is typically credited with being slightly stronger in terms of charting and all-round functionality, but there is not much in it. At OctaFX the cTrader platform has the advantage of offering ECN-quality execution and tighter spreads, but the trade-off is that some markets such as crypto are only provided on the MetaTrader platforms.
The MetaTrader MT4 and MT5
It’s possible to access the OctaFX services while on the move by using the OctaFX app, MetaTrader app or through internet browsers. All are free and easy to access.
In line with the desktop version, the OctaFX app is execution-focused. It provides a range of core services, including charting tools to help clients get into the markets with the right level of support.
During our testing, we found the internet browser offered the best route into all the ‘extras’, such as copy trading, that OctaFX offers its clients. Being able to still engage with the full range of services from smaller screens is a real plus-point for the service.
Social Trading and Copy Trading
The in-house OctaFX copy trading function is a welcome addition to the suite of services. It might not (yet) come with all the functionality of some specialist social/copy trading platforms, but that would make sense as it is, after all, a supplementary service and one that a lot of OctaFX’s rivals don’t even offer.
Setting up a copy account is very straightforward. There is no extra verification required, and once a client’s separate wallet is set up, it’s easy to hook up to the signals of other traders.
OctaFX has done well do develop an in-house copy trade platform. It does still look like something of a ‘work in progress’. The suggested upgrades from our testers are:
- Increase the quality and quantity of master traders.
- Be more realistic about fees — asking for 30% of profits is a punchy approach in such an environment.
- Incorporate more interaction between master trader and follower. A chat room where ideas can be shared would be ideal.
The MetaTrader platforms are well known for facilitating copy trading and developing trading forums. Clients of OctaFX are able to engage in the Expert Advisor and MQL5 areas of the MetaTrader site.
Trading signals can be easily hooked up to the cTrader platform. The service provides tutorials, which explain how this is done and primes traders to run a cBot and use the free algorithms made available to them. This section of the site is well supported by the Customer Services and the Education sections of the site. There is also a dedicated VPS (Virtual Private Server) for ‘algo’ traders.
OctaFX offers the core crypto markets of bitcoin, ethereum and litecoin — this is a limited range. On the upside, those markets that are available are traded using the MetaTrader platforms, so at least the quality of service is guaranteed to be high.
Crypto markets are only supported on accounts that use the MetaTrader platforms. They are not currently offered through Pro account.
OctaFX advertises that it offers crypto trading with high leverage. While some brokers offer no leverage at all, and OctaFX do offer 1:2 on their crypto markets, our reviewers didn’t consider 1:2 to be particularly ‘high’.
OctaFX Charting and Tools
Both MetaTrader MT4 and MT5 stand out for the charting tools they offer. The standard MT4 package, for example, comes with 30 built-in indicators, over 2,000 free custom ones on offer and 700 available for purchase.
cTrader also comes with great charting and technical analysis tools. The standard package comes with 54 timeframes, nine chart types, 21 drawing and annotation tools and 70 indicators. It is possible to make a greater number of aesthetic changes to the cTrader dashboard than to the MT platforms. The ‘market depth’ functionality, which assesses market depth by the metrics ‘Standard’, ‘Price’ and ‘VWAP’ helps traders by adding a bit of colour to the market flow.
MT4 remains the most widely-used retail forex platform on the planet, but cTrader is gradually carving out a niche among more experienced traders who want their trading tools to be even more advanced.
Platform choice ultimately comes down to personal preference, but OctaFX has signalled its intent by offering its clients the choice of three market-leading platforms.
OctaFX gives high priority to the ‘Analysis and Education’ section of its site. The ‘Forex Basics/Technical Analysis’ library, for example, contains a step-by-step guide to support traders that are getting into trading. This guide ranges from a glossary of the basics to videos on the important question of which time frame to adopt.
A wide variety of educational content is available for OctaFX users under the ‘Traders’ Tools’ section.
This section includes details of the basic operations of the financial markets. There is an economic calendar, daily analysis posts, as well as trading signals and market insights. Video content is also provided and covers a variety of topics. The videos are supported on YouTube, and much of the content is archived.
It is clear that the Education section of OctaFX’s website is of great importance to the broker. All of the materials are of high quality and cater to beginners, intermediate and advanced traders. That OctaFX is catering to all these groups is a big plus for the site, and the resources are made available to traders using demo as well as live accounts.
cTrader and MetaTrader come with their own third-party support services. There are chat rooms and educational libraries on hand to help traders make the most out of the services offered. These areas would be particularly useful for clients looking to explore or develop the world of trading their own models.
Trader Protections by Territory
OctaFX are CySEC regulated (licence Number: 372/18 at Cyprus Securities and Exchange Commission).
The brokers’ registered address is Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. OctaFX is licensed and regulated by FSA SVG license number #19776 IBC 2020.
The broker has recently given up its regulatory license with the Financial Conduct Authority in the UK.
OctaFX states that the firm is in full compliance with international legislation and regulation standards, and guarantees funds security and negative balance protection (NBP) to its clients.
Account security — in line with the guidelines provided by the better regulators, OctaFX keeps client funds in segregated accounts. Electronic access and communication is also protected by a ‘SSL-secured Personal Area’, which has 128-bit encryption, and makes your browsing safe and your data inaccessible to any third parties.
It’s always nice to have extra security tools thrown in and OctaFX provides more than most. The OctaFX technical environment is monitored 24/7 by a dedicated team of highly professional security engineers and technical specialists. Credit and debit card transactions are subject to 3D secure Visa authorisation and there are processes in place to protect clients making withdrawals.
NBP — the OctaFX management/trade order system ensures that the client cannot lose more than the initial deposit in their account. Even if a position ‘gaps’ in extreme market conditions, then the client will lose the funds in their account by no more than that. OctaFX stands out here for offering ECN execution and NBP. A lot of brokers consider them mutually exclusive, so only offer one, if any at all.
OctaFX provides more information about its operational risk management than it does about its regulatory framework. One suggested improvement is for the site to be more transparent when sharing information regarding regulatory client protection.
Opening an OctaFX Account
Account opening is very much a standard process these days, but OctaFX does offer a particularly neat twist to the situation. The broker takes advantage of some of its clients being domiciled in regions that still permit promotions, and those clients can benefit from a range of offers.
Opening a demo account is free and easy to do. Upgrading to a live account requires a bit more leg-work but is by no means arduous. Payment options include VISA, AWEpay, bitcoin, FasaPay, local bank deposits, local bank transfers, Neteller, Paytm, Skrill, UnionPay.
The three accounts on offer come with maximum leverage levels of between 1:200 and 1:500. The minimum deposit amount varies from $100 to $500 and the firm also offers a swap-free (Islamic) account.
OctaFX Customer Support
One way in which OctaFX leads the sector is its willingness to share data on its own operations. In line with this transparent approach, it also provides a range of metrics relating to the performance of its customer support team.
During our own testing, we found the average ‘first response’ time to be greater than the seven seconds claimed on the firm’s site. In fact, in only a handful of instances did the response time beat the seven second figure. What was notable was how knowledgeable the staff are. In over 96% of cases, our queries were processed to the point of satisfaction on the first interaction. We’d also support the site’s claim that full resolution was achieved within three minutes.
OctaFX Customer support operates on a 24/5 basis, and the languages supported include English, Indonesian, Spanish, and Polish. It’s an around the clock solid, reassuring, capable, service. It ticks a lot of boxes for traders, who can access it through the live chat, email, phone, or by using an enquiry form.
OctaFX Review Conclusion
OctaFX has made significant progress in a relatively short period of time. Since entering a very competitive market eight years ago, it has built up a client base of almost one million traders and won a host of industry awards. Such success is built on developing an approach that is, first and foremost, trader focused.
There are a lot of additional services to complement the trading interface. The research and learning sections, for example, are of a very high standard and the in-house copy trading service is a neat addition. But the core of the OctaFX offering is the provision of convenient, efficient, cost-effective access to the markets. Clients can opt to trade using ECN portals, which take the quality of execution up a level. The choice of trading platforms means users can select the best fit for them.
There is room for improvement, however. The number of instruments on offer is relatively limited, and areas of the site could do with being more transparent as it can be hard to pin down certain facts.
These two minor points do not detract from the trading experience, and OctaFX can be congratulated for so effectively shaking up the broker space.
At OctaFX, it’s not what you trade but how you trade it that matters. The firm looks set to continue to meet that challenge and provide its clients with a top-quality trading experience.
How can I open an account with Octafx?
Opening an account with OctaFX is done online with a few simple steps which enable you to set up a real or demo account. The process also gives you plenty of information about trading in forex markets.
Is Octafx a regulated broker?
Yes. Founded in 2020 with headquarters in Saint Vincent and the Grenadines OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC).
What fees does Octafx charge?
There is no commission charged on both deposits and withdrawals, MT4 and MT5 commission is included in spreads as mark-up, and no additional fee is applied. However, the trading commission is charged on cTrader.
How do I withdraw money from Octafx?
You must verify your profile before you can withdraw money and after that it’s a simple process of logging into your Personal Area on the website, viewing the main menu and clicking on ‘Withdraw’ under your Wallet balance.
Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.
OctaFX Broker Review
|Min. Deposit||USD 50|
|Min. Spread||0.0 pips|
Most retail CFD accounts lose money. Your capital is at risk.
OctaFX is a CySEC regulated STP/ECN broker founded in 2020 that will appeal to all Forex traders, both beginners and professionals. They have an excellent analytical section and offer a range of useful trading tools such as AutoChartist, copy trading and an account monitoring service so you can learn anonymously from other successful traders.
Trader education for beginners is well-presented and a generous bonus scheme exists for new deposits; platform support is almost unbeatable, with MT4, MT5 and cTrader all offered – but platforms are linked to account type and trading conditions.
|Deposit & Withdrawal|
|Education & Research|
|Our Review Process|
|Minimum Deposit||USD 50|
|Base currencies||EUR, USD|
|Number of FX Pairs||28|
|EUR / USD||0.4|
|GBP / USD||0.4|
|USD / JPY||0.4|
|Company name||Octa Markets Inc|
|Office locations||UK, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand|
Deposit & Withdrawal Methods
Supported Platforms for OctaFX
Is OctaFX Safe?
OctaFX is a relatively new broker, founded in Indonesia in 2020 and regulated by CySEC since 2020 (license 372/18). It was regulated by the FCA (the UK’s Financial Conduct Authority) from 2020 to 2020 (ref: 679306) but allowed its regulatory status to lapse once the Brexit referendum was passed and it became clear that the EU was the more important regulatory market.
OctaFX has been widely recognised by the industry, recently winning Best Forex Broker Asia 2020 (Global Banking and Finance Review) Best FX Broker 2020 and Best Trading Conditions 2020 (European CEO Magazine) as well as Best Mobile Trading App 2020 (European CEO Magazine) and Best FX Broker 2020 (FXExplained).
Like all regulated brokers, OctaFX has segregated accounts (client funds and broker funds are kept in separate accounts in case of broker bankruptcy) and offers negative balance protection for all clients – so you can never lose more money that you have in your account.
OctaFX markets itself as a true ECN/STP broker and offers three different accounts depending on which platform you use.
Trading conditions – including spread, commission, leverage and margin call level – vary depending on which platform/account you decide to go with. All accounts are market execution in under 0.1 seconds and they all allow for hedging, scalping and EAs.
OctaFX has three different account types (along with an unlimited demo account) depending on which platform you decide to use.
|Min. Deposit||Max. Leverage||Min. Spread||Commission|
|cTrader ECN||USD 100||500:1||pips||$3.00||Account Details|
|MT4 Micro||USD 100||500:1||0.4 pips||None||Account Details|
|MT5 Pro||USD 500||200:1||0.2 pips||None||Account Details|
This is an unusual approach; if you are familiar with a specific platform and wish to continue using it, you are going to be restricted in your account choice. I firmly believe that platform preference should not arbitrarily affect trading conditions, which seems to be the case here.
OctaFX offers an excellent unlimited Demo Account option, available on MT4, MT5 and cTrader. It offers real market conditions and a chance to win real money in a monthly Champion Demo Contest.
MT4 (Micro) Account
With the MT4 (Micro) Account, you can choose either a floating spread, starting at 0.4 pips or a fixed spread, at 2 pips, depending on your preference. This account requires a minimum deposit of 50 USD (though 100 USD is recommended) and no commission is charged on trades.
Leverage is fixed at 1:500 for Forex trading and the margin call/stop out is 25%/15%. Swaps are optional and CFDs and Cryptocurrencies can also be traded (though leverage will be much lower).
MT5 (Pro) Account
The MT5 (Pro) Account only offers a floating spread, starting at 0.2 pips, and requires a minimum deposit of 500 USD. No commission is charged on this account either but leverage for Forex trading is fixed at 1:200 and the margin call/stop out is set at 45%/30%.
There are no swaps on this account and overnight commissions are charged after 3 days. As with the MT4 account, both CFD and Cryptocurrencies can also be traded.
cTrader (ECN) Account
The cTrader (ECN) Account also only offers a floating spread, but this starts at 0 pips. A commission is charged on trades and a minimum deposit of 100 USD is required.
Leverage is fixed at 1:500 for currencies and 1:200 for metals – cryptocurrencies and CFDs are unavailable with this account. Margin call/stop out is set at 25%/15% and overnight commissions are only charged over weekends.
Spreads and Commissions
The spreads on the different account types vary by account type. Commission on the cTrader account is charged at 0.03 USD per 0.01 Lot.
Deposits and Withdrawal Fees
OctaFX only accepts deposits in EUR or USD. It charges no deposit or withdrawal fees but, unusually, only accepts deposits and withdrawals via the following methods:
- Bitcoin: Minimum deposit is 0.00096 BTC and the minimum withdrawal is 5 USD
- Neteller: Minimum deposit is 50 USD and the minimum withdrawal is 5 USD
- Skrill: Minimum deposit if 50 USD and the minimum withdrawal is 5 USD
OctaFX also offers a deposit bonus scheme (up to 50% of your deposit) though withdrawing the bonus is conditional on trading activity, using the following formula.
OctaFX For Beginners
The educational material at OctaFX and its alternative website is good but focused on new traders; for more experienced traders there is little in the way of educational support. Customer support is competitive but where OctaFX really shines is in the research and market analysis available.
OctaFX has recently launched tradingtiger.pro, an online trading academy for new traders. The site features a range of short tutorials covering everything you need to know to get started – from Forex Fundamentals to Predicting the Market. Each tutorial is a mix of video and text and is well-packaged and easy to understand; learners are tested frequently on the material and the entire website is free of charge. Overall, an excellent resource for beginners traders and we hope OctaFX considers expanding it to include intermediate and advanced courses and brings the course in-house.
Back on OctaFX’s main website, the in-house education section is anchored by a collection of articles collectively called Forex Basics. Article topics range from explainers on ECN trading and Risk Management to Technical Analysis and Trading Strategies as well as more advanced concepts such as Pair Correlations and Fibonacci Retracements. These articles are detailed and well-written and offer valuable advice for new and intermediate traders – unfortunately, these topics aren’t available in video format.
Also on the main site, there is a short Tutorial section covering the MetaTrader platforms, CopyTrading, Autochartist and CFDs and a Video Tutorial section focused on getting started with MetaTrader. Finally, there is a FAQ section and a useful glossary of Forex trading terms. The education section also has links to the Manuals for the different platforms OctaFX supports (MT4, MT5 and cTrader)
OctaFX has an excellent Market Insights section which is updated frequently. Regular posts include a Daily Forecast, a Daily Review and Weekly Review. These posts frequently offer predictions of future market movements – but be cautious and do your own research before acting on any predictions.
The Market Insights section also has a daily video series, uploaded to the OctaFX YouTube channel, called Market in a Minute, which covers all the big news from the Forex markets for the preceding trading day. In addition to all these regular updates, there are irregular short pieces published in reaction to trading events with detailed technical insight.
OctaFX also hosts a Forex News section, with short briefings on all the major news stories affecting the Forex markets, this is updated over the weekend and the articles are well-written and concise. These briefings are offered without any suggestion of how the events will affect the markets.
OctaFX customer support is open 24 hours a day, 5 days a week via live chat, phone (with local numbers for the UK, Hong Kong and Indonesia), email and WhatsApp.
Additionally, the Finance Department is open from 06:00 – 22:00 (EET) and the customer verification department is open from 08:00 – 17:00 (EET) for account setup and troubleshooting queries.
As mentioned above, OctaFX offers MT4, MT5 and cTrader – though platform choice is tied to account type and, as such, will greatly affect trading conditions.
Alongside industry standards such as an Economic Calendar, Profit and Trading Calculators, OctaFX also offer an Account Monitoring tool whereby you can monitor any other OctaFX traders account and sort by Balance, Gain, Trades and Account Type. This tool also allows you to dig into the history of an account so you can learn how the account holder has managed their success. Accounts are only represented by numbers so all holders remain anonymous.
OctaFX also offers a copy trading function free for all accounts, allowing beginners to copy experienced, successful traders for a small fee per traded lot. This function is also available through the mobile app.
OctaFX also supports Autochartist, the industry-standard trading signals provider. Autochartist provides traders with automated alerts for opening and closing trades, a volatility analysis tool which allows you to better optimise take-profit and stop-loss levels and integrated market reports. Autochartist is available on MT4/5 (but not on cTrader) and requires a minimum balance of 500 USD in your OctaFX account.
Mobile Trading Apps
All the platforms offered by OctaFX are also available on mobile devices and tablets. In additions, OctaFX offers its own OctaFX Trading App (only for Android) which gives you access to all your OctaFX accounts (including your Demo Account) and comes with Market Insights fully integrated.
OctaFX In Their Own Words
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FXTM offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
OctaFX Risk Statement
Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, acts of nature and other factors, all of which may substantially affect the price or availability of one or more foreign currencies.
Speculative trading is a challenging prospect, even to those with market experience and an understanding of the risks involved. Only funds that a person would allocate to high-risk investments (i.e., funds that if lost would not affect the person’s standard of living or financial well-being) should be used in trading.
In cases where a Client has used only conservative forms of investment in the past, forex trading might not be appropriate for the Client. A Client must understand that a total loss of all funds deposited can occur, should the market go against the Client’s position(s).
OctaFX is a very good ECN broker with varied account options, platforms and trading conditions. Because these account options, platforms and trading conditions are all tightly linked, new customers may feel arbitrarily restricted. That said, OctaFX has an excellent analytical section, well-designed education for new traders, and the trading tools on offer are world-class.
Most retail CFD accounts lose money. Your capital is at risk.
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