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OCTA Review 2024

By:
Dan Blystone
Updated: Mar 21, 2024
Overall Rating
4.3
  • Trust
    3.6
  • Fees
    4.6
  • Platforms and Tools
    4.5
  • Tradable Instruments
    4
  • Customer Support
    4
  • Research
    4.8
  • Deposit and Withdrawal
    5
  • Account Types and Terms
    3.8
  • Education
    5
  • How Did We Test and Rate This Broker?
    When trading forex and CFDs, understanding a broker's strengths and weaknesses is essential. We developed a proprietary rating system, which is the result of extensive research and hands-on evaluation by our expert reviewers. With a rigorous approach, our reviewers manually assess each broker, investing more than 50 hours per review, checking and testing the broker while analyzing over 250 variables to simplify the broker selection process for you. The categories we evaluate include trustworthiness, trading platforms, customer support, regulatory oversight, spreads, fees, the variety of instruments offered, education, and research tools. This unique rating system is specifically developed to ensure that the assessment is based on firsthand knowledge and experience. By dedicating a significant amount of time to each review, our team of experts can provide in-depth insights and help you make well-informed decisions when choosing the broker that best suits your trading goals.
    Chart

    Our Take on OCTA

    Founded in 2011, OCTA is a global multi-asset CFD broker. As stated on their website, over 21 million trading accounts have been opened across 180 countries with OCTA.

    The broker offers a selection of 230 CFDs across major asset classes, along with access to MetaTrader 4, MetaTrader 5, and its proprietary OctaTrader. In my view, OCTA’s tight spreads, extensive research and educational materials, and diverse payment options truly reflect its innovative approach and dedication to meeting client needs.

    Recommended in 6 best broker guides: 
    Forex | Crypto | Offshore | MT4 | Trading Apps | No Deposit Bonus

    OCTA Pros and Cons

    Pros Cons
    • Tight forex spreads.
    • Good research materials.
    • 24/7 customer support
    • No inactivity and swap fees.
    • Free deposits and withdrawals.
    • Broad range of CFDs on cryptocurrencies.
    • The offshore entity is unregulated.
    • No phone support.

    OCTA Highlights in 2024

    • Mixed Protections. OCTA is regulated by several authorities across the globe, including the FSCA, MISA, and CySEC. Although one entity is unregulated, all entities segregate clients’ funds and offer negative balance protection.
    • Fee Efficiency. OCTA showcases its strength in fees, offering tight spreads across most instruments, and notably, does not impose swap or inactivity fees..
    • Research Excellence. OCTA stands out in research, providing high-quality, regularly updated analysis, complemented by a suite of valuable tools.
    • Range of Tradable Instruments. OCTA offers a broad spectrum of CFD instruments, including forex, commodities, indices, shares, and a noteworthy selection of 30 cryptocurrency CFDs.
    • Exceptional Customer Service: My interactions with OCTA revealed outstanding customer service. Agents are accessible 24/7, and response times were consistently rapid in my tests.

    What Sets OCTA Apart?

    OCTA has competitive spreads in some instruments such as EUR/USD and impressive research written by in-house analysts. Third-party tools such as AutoChartist are also available. Moreover, OCTA is a crypto-friendly broker – traders can choose from 30 CFDs on cryptocurrencies and make deposits and withdrawals in crypto.

    Who is OCTA for?

    With demo accounts, the ability to trade in micro-lots, copy trading, and strong educational resources, I rate OCTA as a suitable broker for beginners. Experienced traders can take advantage of the advanced features in the MetaTrader platform, such as automated trading. There is also the possibility of earning extra money as a Master Trader within the copy trading platform.

    We performed our tests with a live account, using the MetaTrader 5 and OctaTrader platforms, opened with the OctaFX Saint Lucia entity (Octa Markets Inc.). Some features and services may vary depending on where you reside.

    OCTA Main Features

    ☑️ RegulationsMISA (Comoros), CySEC (Cyprus), FSCA (South Africa)
    🗺 Supported Languages
    English, Urdu, Hindi, Indonesian, Portuguese, Thai, Spanish, Chinese, Vietnamese, Malaysian, German
    💰 ProductsCurrencies, Stocks, Crypto, Indices, Commodities
    💵 Min Deposit$25
    💹 Max Leverage1:1000 (MISA), 1:30 (CySEC ), 1:500 (FSCA)
    🖥 Trading Desk TypeECN, STP
    📊 Trading PlatformsMT5, MT4, Octatrader
    💳 Deposit OptionsFasaPay, Cryptocurrencies, Wire Transfer, Skrill, Neteller, Credit Card, Ngan Luong, Visa
    💳 Withdrawal OptionsWire Transfer, Cryptocurrencies, Neteller, Skrill, Visa
    🤴 Demo AccountYes
    🗓 Foundation Year2011
    🌎 Headquarters CountryComoros
    Risk DisclosureCFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

    OCTA Full Review

    Trust

    3.6
    How Did We Test the Broker's Trustworthiness?
    Assessing a broker's trustworthiness with your funds is vital. To help you make the right decision, we carefully checked each broker's regulatory license and examined how well they protect traders. Moreover, we looked at the broker's stability by studying their business history, corporate structure, and industry experience. Finally, we thoroughly reviewed all of the broker's legal documentation, including terms, conditions, and fees, and evaluated their transparency based on our analysis. Our hands-on approach ensures that even novice traders have the knowledge they need to make smart decisions.
    trust chart

    The trust score came in low, largely because the Octa Markets Inc. entity is unregulated. However, the European entity of OCTA is regulated by the top-tier Cyprus Securities and Exchange Commission (CySEC). According to the broker’s website, clients have negative balance protection, and client funds are segregated from the company’s operating funds. I rated the level of transparency at OCTA as mixed.

    This section will cover how the different entities of OCTA are regulated and how this impacts you as a trader. We rate regulators on a scale of 1 to 3, with 1 reflecting the highest level of trust.

    • Octa Markets Inc. (OctaFX) is registered in Saint Lucia under business reg. number 2023-00092. OCTA activity is supervised by the authorities of Saint Lucia.
    • Octa Markets Cyprus Ltd. is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 372/18. We rate CySEC as a Tier-1 regulator.
    • 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. We rate MISA as a Tier-3 regulator.
    • Orinoco Capital (Pty) Ltd. holds a Financial Service Provider (FSP) license number 51913 from the Financial Sector Conduct Authority (FSCA) in South Africa. We rate FSCA as a Tier-2 regulator.
    OctaFX on the CySEC website
    OCTA on the CySEC website

    Why is it important to know where your broker subsidiary (entity) is regulated?

    Different regulators provide different levels of protection. For example, OCTA clients in the European Union benefit from the oversight of the Cyprus Securities and Exchange Commission (CySEC). CySEC requires that clients have negative balance protection, which means they cannot lose more than their deposit.

    In addition, when trading with a broker authorized by CySEC, client funds are protected by the Investor Compensation Fund (ICF). ICF protects client accounts for up to €20,000 if a firm becomes insolvent. A trader working with a broker entity regulated offshore would not necessarily have these benefits.

    The table below lists the protections and benefits by entity, regulator, and region.

    Entity Octa Markets Cyprus Ltd Octa Markets Inc. Octa Markets ltd. Orinoco Capital (Pty) Ltd.
    Country/Region European Union Global Global South Africa
    Regulation Cyprus Securities and Exchange Commission Registered, regulated, and governed by the law of Saint Lucia Mwali International Services Authority Financial Sector Conduct Authority (FSCA)
    Segregated Funds Yes Yes Yes Yes
    Negative Balance Protection Yes Yes Yes Yes
    Compensation Scheme ICF Up to €20,000 No No No
    Maximum Leverage  1:30 1:500 1:500 1:500

    Regulatory requirements are subject to change. We gathered the data listed above in June 2023.

    Stability and Transparency

    In our tests for the Trust category, we also cover factors relating to stability and financial strength. Here, we focus on how long the broker has been in business, what is the company size, and how transparent the broker overall.

    Launched in 2011, OCTA has a substantial operating history. According to the company’s LinkedIn page, the Saint Vincent and Grenadines-based broker has over 51-200 employees, reflecting a medium-sized brokerage firm.

    The EU entity of OCTA clearly states its regulatory status in the website’s footer. The offshore entity also references its corporate registration number with the Saint Lucia authorities at the bottom of each page. However, there is room for improvement in terms of being clear about the unregulated status of the offshore entity.

    Trading costs such as spreads are clearly explained on the Spreads and Conditions page. To read the fine print, traders can find the Customer Agreement in the footer of the website. The About Us page does a good job of sharing the company’s mission and history through a series of milestones over the years. Overall, I rate OCTA as having a mixed level of transparency.

    Fees

    4.6
    How Did We Test the Broker's Fees and Commissions?
    Broker commissions and fees can be challenging to understand. To simplify this for you, we carefully examined all the broker's fee-related documentation and presented it in a clear, easy-to-understand format. Furthermore, we conducted hands-on tests on spreads and commissions for the most common instruments during both London and New York trading sessions. We then compared these real-time test results to the market benchmark we've established through our extensive experience evaluating the industry.
    fees chart

    OCTA excelled in the category of fees, with tight spreads in CFDs on forex and shares. It also bucks the industry trend by not charging swaps or inactivity fees. For both trading accounts (OctaFX MT4 and OctaFX MT5), all fees are reflected in the spread there are no additional commissions charged.

    Trading Fees

    I tested the spreads at OCTA across different assets using the MetaTrader 5 platform at 8:00 a.m. GMT and 4:00 p.m. GMT on 19 June 2023.

    Measuring spreads at different times of the day allows for greater perspective: 8:00 a.m. GMT is the London open when there is high liquidity in the forex market. 4:00 p.m. GMT is during the New York trading session.

    Instrument Spread AM Spread PM
    EUR/USD 1 Pip 0.8 Pip
    GBP/JPY 1.4 Pips 1.2
    Gold  23 Pips 22 Pips
    Light Crude Oil  7 Pips 8 Pips
    Apple n/a 18 cents
    Tesla n/a 27 cents
    Dow 30 4 Pips 4 Pips
    Dax 40 2 Pips 2 Pips
    Bitcoin $14.67 $16.35

    Swap Fees

    OCTA does not currently charge swap fees – the charge for holding leveraged positions overnight.

    Non-Trading Fees

    OCTA does not charge an inactivity or account maintenance fee.

    Are Fees at OCTA Competitive?

    I rated fees at OCTA as competitive for the following reasons:

    • I experienced highly competitive spreads in forex, gold, and shares. Indices were closer to the industry average.
    • Unlike most CFD brokers, OCTA does not charge swap fees.
    • OCTA does not charge commissions on CFDs on shares (or any other instrument).
    • OCTA does not charge any inactivity or account maintenance fees.

    Platforms and Tools

    4.5
    How Did We Test the Broker's Trading Platforms?
    We understand that platforms play a crucial role in your trading experience. That's why we spent many hours testing the broker's web, desktop, and mobile trading platforms to gain a real understanding of their usability, functionality, and overall performance. From experimenting with different order types to testing execution speeds, charting, and other features, we thoroughly examined every aspect of these platforms based on our trading expertise, helping you make an informed choice.
    platforms chart

    OCTA offers the popular MetaTrader 4 and MetaTrader 5 platforms across desktop, web, and mobile. These platforms provide robust charting and a wide range of order types and enable automated trading. The web-based OctaTrader platform is a beginner-friendly and convenient alternative.

    MetaTrader 5 Desktop

    In the hands-on testing process, I used MetaTrader 5 for desktops, which includes advanced functions such as copy trading and automated trading.

    MetaTrader 5 Desktop Platform
    MetaTrader 5 Desktop Platform

    MetaTrader 5 is available in 52 languages, from Arabic to Vietnamese. The platform provides popular features such as

    • Alerts. This feature updates traders when an instrument reaches a specific price level.
    • Watchlists. Traders can create a list of their favorite instruments and follow live quotes in a market watch panel.
    • One-Click Trading. This feature allows traders to execute orders with a single click and no secondary confirmation. This feature enables traders to operate faster and is especially useful for short-term traders.
    • Trading from the Chart. MT5 also allows users the convenience of trading directly from the chart.

    MetaTrader also delivers when it comes to the range of available order types. The platform offers the following order types:

    • Market Order. Traders use market orders to buy or sell an instrument at the best current price.
    • Limit Order. Traders use limit orders to buy or sell an instrument at a specified price or better.
    • Stop Loss Order. Traders use stop-loss orders to buy or sell an instrument when its price reaches a specified level.
    • Stop Limit Order. Traders can manage risk more precisely with stop limit orders, which combine the features of a stop-loss with those of a limit order.
    • Trailing Stop Order. Traders use trailing stop-loss orders as a stop-loss order at a defined percentage or dollar amount away from an instrument’s current market price. This order type allows traders to secure profits when they are in a winning trade while not having to exit the position.
    Order Entry on the MetaTrader 5 Platform
    Order Entry on the MetaTrader 5 Platform

    Charting features are robust. MetaTrader 5 offers:

    • 38 Technical Indicators. These include classic trend indicators, volume indicators, and oscillators.
    • 44 Analytical Objects. These include lines, channels, Gann, and Fibonacci tools.
    • 21 Time Frames. Traders can choose from nine time frames, from one minute to one month.
    • 3 Chart Types. Traders can use Bar Charts, Japanese Candlestick Charts, and Line Charts.
    Charting on the MetaTrader 5 Platform
    Charting on the MetaTrader 5 Platform

    MetaTrader is also popular due to its copy trading and automated trading features.

    • Trading Signals. Signals in MetaTrader 5 allow users to copy other traders’ activity in real time.
    • Automated Trading. MetaTrader 5 allows users to develop, test, and apply Expert Advisors (EAs). EAs are programs that monitor and trade markets using algorithms.

    The MetaTrader 5 desktop platform is one of the most feature-rich and popular trading platforms. However, it may present a steep learning curve for beginners.

    MetaTrader 5 Web

    The MetaTrader 5 Web Platform (Web Trader) is a slightly stripped-down version of the desktop platform. It allows you to trade without any additional software, only an internet connection is required. The Web Platform allows users to trade directly from any browser and operating system.

    OctaFX MetaTrader 5 Web Platform
    OCTA MetaTrader 5 Web Platform

    Popular features include

    • One-click trading
    • Trading from the chart
    • Watchlists with real-time quotes
    • Trade History
    • Advanced charting with 30 indicators for technical analysis

    Copy and automated trading are only available on the MT5 desktop platform.

    MetaTrader 5 Mobile App

    OCTA offers the MetaTrader 5 mobile app for mobile trading, which is available for Android and iOS. The app offers popular features such as alerts, 1-click trading, and trading from the chart.

    OctaFX MetaTrader 5 Mobile App
    OCTA MetaTrader 5 Mobile App

    The MetaTrader 5 mobile app also provides many order types, including pending and stop orders. However, trailing stop-loss orders are only available from the desktop. To change the language of the MT5 app, you must change the language for your entire phone. As with the desktop and web platforms, the interface is not highly intuitive, but the MT5 app offers an above-average range of features.

    MetaTrader 4 vs. MetaTrader 5

    OCTA offers both MetaTrader 4 and MetaTrader 5. MT5 provides a greater number of technical indicators, timeframes, and graphical objects. It also has additional features such as an economic calendar. The table below highlights the main differences.

    Feature MetaTrader 4 MetaTrader 5
    Technical Indicators 30 38
    Charting Time Frames 9 21
    Analytical Objects 31 44
    Pending Order Types 4 6
    Platform Languages 39 52
    Economic Calendar No Yes
    Strategy Tester Single-threaded strategy tester Multi-threaded strategy tester*

    *The multi-threaded strategy tester in MT5 allows traders to backtest a trading strategy on multiple financial instruments simultaneously.

    Economic Calendar within the MT5 Desktop Platform
    Economic Calendar within the MT5 Desktop Platform

    OctaTrader Platform

    The web-based OctaTrader platform is well-designed and intuitive. Popular features such as 1-click trading, alerts, and watchlists are available. Traders can access all basic order types (market, limit, stop loss) via the platform.

    Robust charting is provided by TradingView, featuring 11 time frames, 11 chart types, and over 100 technical indicators. Various drawing tools, from trend lines to Fibonacci retracements, are also available.

    OctaTrader Platform
    OctaTrader Platform

    OctaTrader can be used in the following languages: English, Hindi, Urdu, Spanish, Arabic, Malay, Indonesian, Malay, Chinese, Portuguese, Thai, Deutsch, Bengali, Vietnamese, and Turkish.

    Copy Trading

    OctaFX copy trading enables clients to automatically copy experienced traders, and piggyback on their expertise in the markets. Traders can browse and select the ‘Master Traders’ they want to follow by looking at statistics such as:

    • Percentage gains (this can be viewed across different time periods, from two weeks to six months).
    • The number of copiers.
    • Maximum Unrealised Loss (the largest unrealized loss the Master Trader held within all their open orders at one point in time).
    • Maximum Drawdown Duration⁠ (the largest timespan the Master Trader’s ‘floating profit’ was negative).
    OctaFX Copy Trading
    OctaFX Copy Trading

    By pressing ‘set up copying’, the orders of the Master Trader will be copied automatically. Traders have complete control over the process and can stop copying anytime. OCTA clients with an MT4 account can also elect to become Master Traders. They can then trade as usual and earn additional income whenever others choose to copy them.

    OctaFX Copy Trading Rating Page
    OctaFX Copy Trading Rating Page

    Tradable Instruments

    4
    How Did We Test the Broker's Tradable Instruments?
    For this section, we examined the broker's market offering, assessing the variety and depth of instruments and asset classes available for trading. Through our proprietary database, we then compared the results with other brokers. This comprehensive analysis allows you to determine if the broker offers the specific instruments and trading options you're looking for.
    tradable_instruments chart

    OCTA offers a variety of trading instruments, including CFDs on all the major asset classes— forex, commodities, indices, shares, and cryptocurrencies. OCTA has a strong selection of CFDs on cryptocurrencies, numbering 30 in total. The range of available CFDs on indices is also better than average.

    CFDs (Contracts for Differences) are financial derivative products that allow traders to speculate in various markets without owning the underlying assets. I rated the range of tradable instruments at OCTA as slightly better than average. Here are the major categories of tradable assets available at OCTA:

    • 35 Currency Pairs. A currency pair combines two different currencies, with the value of one currency quoted against the other. For example, EUR/USD, which reflects the value of the euro measured in dollars.
    • 5 Commodities. Commodities are raw products, such as gold and oil.
    • 150 Global Stock CFDs. OCTA offers trading in stock CFDs from exchanges ranging from the NASDAQ to the Australian stock exchange. A stock is a security that represents partial ownership of a corporation.
    • 10 Indices. Available instruments range from French to Japanese stock indices. An index is a basket of trading instruments that are used to gauge a market sector, stocks within an exchange, or the economy of a country.
    • 30 Cryptocurrency CFDs. Cryptocurrencies, such as Bitcoin, are digital currencies that are secured by cryptography.

    In the tables below, you can see a selection highlighting the variety of instruments available at OCTA:

    Forex Major Forex Minor
    USD/CHF | GBP/USD | USD/JPY EUR/NZD | GBP/JPY | EUR/CAD
    Metals Energy
    Silver | Gold Natural Gas | WTI Crude Oil | Brent Crude Oil
    Shares Indices
    Amazon | Starbucks | Adidas SPX500 | AUS200 | NAS100
    Crypto
    Bitcoin | Polkadot | Cosmos | Dogecoin | Binance | Solana | Ethereum

    OCTA Maximum Leverage by Asset Class

    Available leverage differs according to the asset class, with the most leverage available with CFDs on forex and the least with CFDs on shares.

    The figures below reflect the available leverage at the offshore entity of OCTA.

    Asset Class Maximum Available Leverage
    Forex  1:500
    Metals 1:200
    Energies 1:100
    Indices 1:50
    Cryptocurrencies 1:25
    Shares 1:20

    Customer Support

    4
    How Did We Test the Broker's Customer Support?
    Traders often underestimate the importance of customer support, yet it proves to be a critical aspect during times of crisis. We put the broker's customer support to the test ourselves using all possible channels, such as chat, phone, and others. Our evaluation focused on the accessibility of live agents, as well as the helpfulness and professionalism of their responses. This way, we provide you with comprehensive insights into whether a broker can deliver full support when you need it most.
    customer_support chart

    OCTA provides 24/7 customer support via live chat and email. Phone support is not currently available. In my tests, I received speedy responses—the same day for email and a wait of just a few seconds for live chat. The agents were helpful and attentive. Despite the lack of phone support, I rate OCTA as average in this category.

    OCTA’s customer support is available in 28 languages, including English, Hindi, Urdu, Spanish, Arabic, Malay, Indonesian, Malay, Chinese, Portuguese, Thai, Deutsch, Bengali, Vietnamese, and Turkish.

    OctaFX Live Chat Support
    OCTA Live Chat Support

    OCTA Customer Support Test

    Over a week-long testing period, I probed customer support with dozens of inquiries, ranging from available tools to fees and questions relating to the security of client accounts. I was surprised at how fast the responses were, and the agents went the extra mile to provide the information I sought.

    Deposits & Withdrawals

    5
    How Did We Test the Broker's Deposit and Withdrawal Process?
    The deposit or withdrawal process can be tricky since you may encounter hidden fees or longer than expected processing time. To assess the broker's offerings, we examined their deposit and withdrawal options and conditions. Using our proprietary database, we then compared these results with those of other brokers.
    deposit chart

    OCTA clients can make deposits and withdrawals via bank wire, credit card, digital wallet, and cryptocurrency. Available methods vary depending on where you reside. No fees are charged for deposits or withdrawals. Processing times range from instant to a few hours, which is better than average for the industry.

    OctaFX Deposits and Withdrawals
    OCTA Deposits and Withdrawals

    In the tables below I break down the fees and processing times for each deposit and withdrawal method.

    Deposits

    Deposit Method Fees Processing Time
    Local Bank Wire $0 1-3 hours
    Instant Bank Transfer $0 Instant
    Visa $0 1-5 minutes
    Neteller $0 Instant
    Skrill $0 Instant
    Bitcoin $0 3-30 minutes
    Dogecoin $0 3-30 minutes
    Ethereum (ERC20) $0 3-30 minutes
    Litecoin $0 3-30 minutes
    Tether (ERC20) $0 3-30 minutes
    Tether (TRC20) $0 3-30 minutes

    Withdrawals

    Withdrawal Method Fees Processing Time
    Local Bank Wire $0 1-3 hours to approve the withdrawal and up to 1 hour to transfer the funds
    Visa $0 1-3 hours to approve the withdrawal and up to 1 hour to transfer the funds
    Skrill $0 1-3 hours to approve the withdrawal and up to 5 minutes to transfer the funds
    Neteller $0 1-3 hours to approve the withdrawal and up to 5 minutes to transfer the funds
    Bitcoin $0 1-3 hours to approve the withdrawal and up to 30 minutes to transfer the funds
    Dogecoin $0 1-3 hours to approve the withdrawal and up to 30 minutes to transfer the funds
    Ethereum (ERC20) $0 1-3 hours to approve the withdrawal and up to 30 minutes to transfer the funds
    Litecoin $0 1-3 hours to approve the withdrawal and up to 30 minutes to transfer the funds
    Tether (ERC20) $0 1-3 hours to approve the withdrawal and up to 30 minutes to transfer the funds
    Tether (TRC20) $0 1-3 hours to approve the withdrawal and up to 30 minutes to transfer the funds

    Account Types and Terms

    3.8
    How Did We Test the Broker's Account Types and Terms?
    When it comes to achieving your trading goals, choosing the proper account is essential. We initiated our evaluation by personally opening an account with the broker, which allowed us to gain firsthand experience of the process and accurately asses, how fast and easy it is. In addition, we carried out an in-depth analysis of the account types and features offered by the broker, including spreads, maximum leverage, minimum deposits, and more. For a comprehensive comparison, we turned to our proprietary database and examined how this broker's account offerings and processes stacked up against other brokers.
    account chart

    The account opening process at OCTA is fully digital and can be completed within minutes via the company website. The broker offers three main account types; OctaFX MT4, OctaFX MT5, and OctaTrader. The score for this category was weighed down because only one base currency is available (USD) and there is no option for a raw spreads account.

    Account Application

    To open an account at the Octa Markets Inc. entity, follow the next steps:

    • Press the button “Create an account” on the website’s homepage.
    • Enter your email and create a password.
    • After confirming their email, enter your name, country of residence, and phone number.
    • Provide information about your trading experience.
    OctaFX Account Application
    OCTA Account Application

    Account Types

    OctaFX offers three main account types: OctaTrader, MetaTrader 4, and MetaTrader 5.

    Account Types Comparison

    Account OctaFX MT4 OctaFX MT5 OctaTrader
    Spread Floating, starting at 0.6 pips Floating, starting at 0.6 pips Floating, starting at 0.6 pips
    Recommended Deposit 25 USD 25 USD 25 USD
    Available Instruments 35 currency pairs + gold and silver + 3 energies + 4 indices + 30 cryptocurrencies 35 currency pairs + gold and silver + 3 energies + 10 indices + 30 cryptocurrencies + 150 stocks 80 Instruments:
    35 currency pairs
    + gold and silver
    + 3 energies
    + 10 indices
    + 30 cryptocurrencies
    Available Leverage  1:500 for currencies (1:100 for ZARJPY) 1:200 for metals 1:100 for energies 1:50 for indices 1:25 for cryptocurrencies 1:500 for currencies (1:100 for ZARJPY) 1:200 for metals 1:100 for energies 1:50 for indices 1:25 for cryptocurrencies 1:20 for stocks Forex 1:500 (ZARJPY 1:100) Metals 1:200 Energies 1:200 Indices 1:200 Crypto 1:100
    Minimum Volume 0.01 lot 0.01 lot 0.01 lot
    Maximum Volume 200 lots 500 lots 50 lots
    Deposit Currencies USD or EUR USD or EUR USD

    Demo Accounts

    Demo accounts are especially important for beginners as they allow them to practice their strategies and get comfortable with the trading platform without risking real money. OCTA offers demo accounts for MetaTrader 4 and MetaTrader 5.

    The demo account features live quotes and simulates live market conditions in assets such as forex and CFDs on commodities, indices, and stocks. Once users have gotten up to speed on a demo account, they can easily switch to a live version.

    Islamic Accounts

    OCTA offers a swap-free Islamic account that adheres to the principles of Sharia law.

    Leverage

    One of the reasons that traders are attracted to the forex and CFD markets is the high degree of available leverage. Leverage is the use of borrowed funds to increase the size of your trading positions beyond what would be possible using only the cash in your account.

    The maximum leverage at the global entity of OCTA is 1:500. This means that with an account of $1,000, you can control up to $500,000 worth of positions in the market. Leverage is often described as a ‘double-edged sword’ as it can hurt you as much as it helps you. Traders must remember that it can amplify both their profits and their losses.

    Order Execution

    OCTA is an STP/ECN broker. Client orders received by OCTA are offset by banks and liquidity providers. NDD (No Dealing Desk) brokers such as OCTA act as intermediaries between the trader and the real market and receive a defined and transparent commission for it.

    Supported Countries

    OCTA takes clients from the majority of countries globally. However, clients not accepted from American Samoa, Belarus, Cyprus, Guam, Kazakhstan, Northern Mariana Islands, Puerto Rico, Russia, Ukraine, United States Virgin Islands, United States, United States Minor Outlying Islands, and the Marshall Islands.

    Research

    4.8
    How Did We Test the Broker's Research Tools?
    Research options offered by brokers may not be seen as the most important feature for some traders, but they can provide a competitive advantage. To assess the broker's research offerings, we personally explored and tested both proprietary and third-party tools and content, such as Fundamental and Technical Analysis, Market News, educational videos, and webinars. After evaluating the availability and quality of the overall research offering, we compared the results with our benchmark to provide a comprehensive analysis of the broker's research capabilities.
    research chart

    OCTA excels in research, offering regularly updated commentary written by in-house analysts and trading ideas. In addition, clients can utilize research from third-party provider AutoChartist. I rate OCTA as better than the industry average in this category.

    Daily and weekly forecasts in the Market Insights section preview the key economic data ahead and highlight the major market movers. The reports cover significant support and resistance levels and technical signals from indicators such as MACD and Parabolic SAR. The research section also includes specific trading ideas, target prices, and key price levels to watch.

    OctaFX Research
    OCTA’s Research

    The OCTA website features a robust economic calendar, including the time, date, country, actual figure, forecast figure, previous figure, and anticipated market impact of a given economic release.

    The AutoChartist plugin for MetaTrader is available to clients with $1,000 or more in their accounts. The Autochartist plugin for MetaTrader provides real-time trading signals to your terminal, shows chart patterns and trends online, and allows you to receive daily Market Reports via email.

    Education

    5
    How Did We Test the Broker's Education Offering?
    Gaining knowledge about trading in the financial markets can make the difference between success and failure. To assess the broker's educational offerings, we personally tested and evaluated the quality of the content provided, considering its relevance for both novice and experienced traders. We explored the range of materials available, such as articles, videos, webinars, and courses. After evaluating the content's volume, update frequency, and overall quality, we compared the results with our benchmark to provide a well-rounded analysis of the broker's education offerings.
    education chart

    OCTA provides a solid range of educational materials, including articles, videos, webinars, and a video course. Content is updated frequently and is accessible to all levels of traders. A broad range of topics from technical analysis to trading strategies and platform tutorials are covered. With a perfect score in this category, OCTA has gone above and beyond to educate its clients.

    The education section on the OCTA website is well thought out, clearly presented, and made for different levels of traders – beginners, intermediate, and experienced. Webinars play an important role and take place daily. Material includes live trading sessions, workshops, and trading strategy-themed presentations.

    OctaFX Educational Resources
    OCTA’s Educational Resources

    In article format, OCTA provides dozens of detailed guides on subjects ranging from how to use moving averages to setting up the Autochartist Metatrader plugin. An 11-lesson course on forex basics is available in video format and makes a good primer for new traders. OCTA also provides platform tutorial videos, which cover getting started with MetaTrader, using your personal account area, and how to copy trade.

    The Bottom Line

    One thing that stood out to me about this broker during my review was the ease of use. The OctaTrader platform is intuitive, well designed, and has popular features like alerts and 1-click trading. There are no swap fees, inactivity fees, or fees for deposits and withdrawals. Three account types cater to traders with different levels of experience.

    Spreads are competitive, especially in forex and shares. OCTA has also gone above and beyond with its education materials which include live webinars and carefully crafted courses. Customer service is highly responsive, with one drawback being that there is no phone support. OCTA also made a significant step forward since my last review by adding 150 CFDs on shares from 16 global stock exchanges.

    This broker has many qualities suited to beginners but can also cater to experienced traders with the advanced features of MetaTrader. The global entity is unregulated, and this means clients benefit from fewer account protections. However, OCTA states that it provides clients with segregated accounts and negative balance protection. A welcome addition would be third-party account insurance (such as a policy from Lloyds of London), as seen at some other popular offshore brokers. Overall, I rate OCTA as an innovative broker with a client-centric focus.

    FAQ

    The headquarters of OCTA is situated in Saint Vincent and the Grenadines.
    OCTA provides negative balance protection and keeps client funds segregated from company funds. The offshore entity of OCTA is registered in Saint Lucia while the top-tier CySEC regulates the broker’s EU entity.
    OCTA makes money from the bid/offer spread.
    Traders can make deposits via bank wire, instant bank transfer, Visa, Neteller, Skrill, Bitcoin, Dogecoin, Ethereum, Litecoin, and Tether.
    The recommended minimum deposit is $25.
    Traders can withdraw money via bank wire, Visa, Skrill, Neteller, Bitcoin, Dogecoin, Ethereum, Litecoin, and Tether.
    Depending on the withdrawal method, it can take up to 3 hours for OCTA to process the request.
    The maximum leverage is 1:500.
    You can open an account by visiting the OCTA website and clicking ‘Sign Up’ at the top right of the screen.
    Clients have access to MetaTrader 4, MetaTrader 5, and the in-house OctaTrader platforms.
    There are no fees for withdrawals.
    OCTA has strong educational materials, free demo accounts, trading in micro-lots, and copy trading that make it a suitable broker for new traders.
    Yes, OCTA provides demo accounts via MetaTrader 4, MetaTrader 5, and OctaTrader platforms.
    OCTA provides tight spreads in popular instruments and has features like 1-click trading which benefit scalpers.
    Yes, OCTA offers MetaTrader 4 and MetaTrader 5, which enable automated trading and backtesting of trading strategies.
    Yes, OCTA can be used to hedge a wide variety of market positions.
    No, OCTA does not offer spread betting.
    No, OCTA does not provide VPS hosting.
    Cryptocurrency pairs are available for trading 24/7. All other instruments are available for trading on 24/5. The market opens at 00:05 a.m. on Monday and closes at 24:00 on Friday, UTC+3.
    No, OCTA is an STP/ECN broker.
    No, OCTA is a broker only.

    See OCTA Full Information

    Headquarters CountryComoros
    Foundation Year2011
    RegulationsMISA (Comoros), CySEC (Cyprus), FSCA (South Africa)
    Publicly TradedNo
    Number Of Employees100
    Trading Desk TypeECN, STP
    Trading PlatformsMT5, MT4, Octatrader
    Restricted Countries
    Samoa, Belarus, Cyprus, Guam, United States, Northern Mariana Islands, Puerto Rico, Russian Federation, Ukraine, Kazakhstan, American Samoa
    Supported Languages
    English, Urdu, Hindi, Indonesian, Portuguese, Thai, Spanish, Chinese, Vietnamese, Malaysian, German
    Min Deposit$25
    Max Leverage1:1000 (MISA), 1:30 (CySEC ), 1:500 (FSCA)
    Deposit OptionsFasaPay, Cryptocurrencies, Wire Transfer, Skrill, Neteller, Credit Card, Ngan Luong, Visa
    Withdrawal OptionsWire Transfer, Cryptocurrencies, Neteller, Skrill, Visa
    Time to Withdrawal2
    Time to Open an Account5
    Crypto
    Ethereum, Bitcoin, Litecoin, Bitcoin Cash, Ripple, Dash, Zcash, TRON, Cardano, IOTA, Polkadot, Binance Coin, Chainlink, Uniswap, Solana, Decentraland
    Products
    Currencies, Stocks, Crypto, Indices, Commodities
    Demo AccountYes
    OCO OrdersNo
    Offers HedgingYes
    Automated TradingYes
    API TradingNo
    Guaranteed Stop LossYes
    Guaranteed Limit OrdersYes
    Guaranteed Fills / LiquidityNo
    Economic calendarYes
    Trading From ChartYes
    One-Click TradingYes
    Expert AdvisorYes
    Social TradingYes
    AutochartistYes
    Trading SignalsYes
    Platform Languages
    Portuguese, Chinese, Hindi, Thai, Vietnamese, English, Spanish, German, Malaysian, Urdu, Indonesian
    24 Hours SupportYes
    Support During WeekendsYes
    Live ChatYes
    Daily Market CommentaryYes
    News (Top-Tier Sources)Yes
    WebinarsYes
    Deposit FeeNo
    Withdrawal FeeNo
    Inactivity FeeNo

    About the Author

    Dan BlystoneBroker Analyst

    Dan Blystone began his career in the trading industry in 1998 on the floor of the Chicago Mercantile Exchange. Later Dan gained insight into the forex industry during his time as a Series 3 licenced futures and forex broker. He also traded at a couple of different prop trading firms in Chicago. Dan is well-equipped to recommend the best forex brokers due to his extensive experience and understanding of the brokerage industry.

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