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OCTAFX Review 2022

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Introduction

“OctaFX is a Forex ECN broker registered in St.Vincent and the Grenadines offering to trade on Forex, Indices, Metals and Cryptocurrencies via CFDs, across the MetaTrader suite of trading platforms as well as their own OctaFX Trading App.”

OctaFX was founded in 2011 and offers Forex ECN trading, as well as CFD trading on Indices, Metals and Cryptocurrencies, across the MetaTrader suite of trading platforms for Windows Desktop, Web (Windows and Mac) and Mobile (Android and iOS), as well as their own OctaFX Trading App.

The broker’s OctaFX.eu website is an approved domain registered with the Cyprus Securities and Exchange Commission (CySEC) under Octa Markets Cyprus Ltd. This enables users to trade with a broker under European regulatory oversight. The broker’s OctaFX.com website is registered in St. Vincent and the Grenadines and has no restrictions from European regulators, enabling users to take advantage of higher leverage and bonus promotions.

The services and features offered by OctaFX are designed for both beginner and professional traders, with access to Micro, Pro and ECN accounts, as well as the OctaFX Copy Trading programme and an impressive range of education and trading research tools including AutoChartist.

Pros: Cons:
  • Wide range of trading accounts (Micro, ECN, Pro, Sharia) for beginners and advanced traders
  • Can access Forex ECN with 1:500 leverage
  • Trade on MT4 and MT5 across Desktop, Web and Mobile
  • Access copy trading, bonus promotions and a wide range of research tools
  • Decision between CySEC regulated OctaFX.eu, or St.Vincent and the Grenadines registered OctaFX.com
  • Limited commodity markets, no individual Stock CFDs

 

About the Author

Jitan Solanki
Author
Jitan is a currency trader and an accredited Market Technician with more than 15 years of experience working with fund managers and on several proprietary trading floors. He is regularly quoted in the financial media for his currency market insights and forecasts and is based in London.
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OCTAFX Main Features
☑️
Regulations
SVGFSA (Saint Vincent and the Grenadines)
️🗺
Supported Languages
English, Spanish, German, Portuguese, Hindi, Chinese, Malaysian, Indonesian, Urdu, Thai, Vietnamese
💰
Products
Currencies, Commodities, CFDs, Indices, Stocks, Crypto
️💵
Min Deposit
$50
🖥
Trading Desk Type
ECN, STP
📊
Trading platforms
MT4, MT5
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OCTAFX Full Review

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Investor Protection & Regulations

“OctaFX provides users with the ability to trade with OctaFX.eu which is regulated by the Cyprus Securities and Exchange Commission (CySEC) or OctaFX.com which is registered as an IBC in St. Vincent and the Grenadines and offers negative balance protection and segregation of client funds.”

OctaFX.com is operated by Octa Markets Incorporated which is registered, regulated and governed by the Law of Saint-Vincent and the Grenadines, as stated in the broker’s customer agreement available on their website and shown below:

According to the broker’s website, OctaFX.com also offers further protection to clients by:

  • Segregating client funds.
  • Offering negative balance protection on accounts.
  • Having an SSL-protected personal area and secure withdrawal rules.

Users also have the option to trade with OctaFX.eu which is owned by Octa Markets Cyprus Ltd and listed as an approved domain with the Cyprus Securities and Exchange Commission, as confirmed on their register below:

According to the broker’s website, OctaFX.eu also offers protection to clients by:

  • Segregating client funds.
  • Offering negative balance protection on accounts.
  • Having an SSL-protected personal area and secure withdrawal rules.
  • Being a member of the Investor Compensation Fund (ICF) to secure the claims of eligible retail clients and provide compensation in the event Octa Markets Cyprus Ltd fails to meet its financial obligations.

Tradable Products

“The tradable products available from OctaFX vary depending on the type of account opened (MT4  MT5) but covers Forex, Indices, Metals and Cryptocurrencies.”

The markets available to trade on with OctaFX vary based on which trading account and platform is opened: a MetaTrader 4 Micro, or MetaTrader 5 Pro. However, below is a list of just some of the markets that are available:

Account Instruments Example instruments
MetaTrader 4 35 Currency Pairs
4 Stock Indices
5 Cryptocurrencies
2 Metals
EURUSD, GBPCAD, AUDCHF, NZDJPY, Gold, BTC/USD, DAX 30 Index, Dow Jones 30 Index and more…
MetaTrader 5 35 Currency Pairs
10 Stock Indices
5 Cryptocurrencies
2 Metals
3 Energy
AUDUSD, GBPUSD, EURNZD, Gold, BTC/USD, Brent Crude Oil, IBEX 35 Index, Nikkei 225 Index and more…

Trading costs such as spreads, commissions and swaps vary depending on the account type and the trading platform being used which are discussed in detail further down this review.

For example, according to the broker’s statement, the typical spread on EUR/USD on the MT4 Micro Account is 1.1 pips, and the MT5 Pro Account is 0.5 pips.

* Details regarding the available assets are taken from OctaFX’s website and are correct at the time of this review.

Account Opening

“OctaFX offers two main types of trading accounts called MetaTrader 4 Micro, and MetaTrader 5 Pro. They also offer Copy Trading accounts, as well as swap-free account and demo trading accounts.”

The accounts on offer from OctaFX offer unique features for both the beginner and advanced trader. OctaFX offers unique features for both the beginner and the advanced trader. Some of the features are listed below:

 

With OctaFX.com the three account types on offer vary in terms of the number of instruments that can be traded, minimum deposits required and the leverage for different markets – as their account comparison feature above shows.

Opening an account with OctaFX.com is quick and easy. Users just need to select the Open Account tab on their website and first fill out name, email and password information. Then a new screen pops up asking for an address, phone and date of birth details, as shown below:

Shortly after, users are then asked with account platform they would like to open, as well as the additional settings such as real/demo, Islamic swap-free accounts, base currency, leverage and other features as shown below:

 

Users opening an account with OctaFX.eu will face different options due to restrictions on leverage and promotions from the recent ESMA (European Securities and Markets Authority) regulations towards retail clients.

Once the user has selected their chosen options, they are navigated towards the OctaFX Personal Area where users can deposit and withdraw funds, enter contests and open new accounts, as shown below:

The OctaFX.com Personal Area is impressive as users can operate many functions from here, such as keeping track of live and demo accounts, opening new accounts, viewing contests and promotional offers as well as copy trading services.

There seem to be no restrictions on who can open an account with OctaFX.com. However, the CySEC regulated OctaFX.eu does not provide services to retail clients in USA, Canada, Belgium and other jurisdictions outside of the European Union.

While it is quick and easy to start trading with OctaFX, with very little information required, more personal information is required when withdrawing funds as the next section shows.

Deposit & Withdrawals options

“While OctaFX offers commission-free deposits and withdrawals, the options are limited to Neteller, Skrill, or Bitcoin and are subject to minimum amounts.”*

Depositing and withdrawing funds from OctaFX are commission-free and the broker, in some cases, offers a 50% deposit bonus as shown in the Deposit section of the OctaFX Personal Area below:

For example, depositing funds using Neteller only needs the amount and Neteller email address as shown below:

While deposits are instant they are also subject to minimum amounts, as shown below:

Minimum deposits for Neteller and Skrill are both 50 USD. While withdrawals also have a minimum amount of 5 USD users will need to verify their accounts by verifying their name and residence. This can be done quickly and efficiently through the OctaFX Personal Area ‘Withdraw’ section or via email, as shown below:

*Available options for the following countries:

  • Indonesia: Local banks, Visa, FasaPay, Bitcoin, Help2Pay
  • Malaysia: Local banks, Visa, Neteller, Skrill, Bitcoin, Help2Pay, Billplz
  • India: Local banks, Visa, Neteller, Skrill, Bitcoin
  • Pakistan: Local banks, Visa, Neteller, Skrill, Bitcoin, Billplz
  • South Africa, Nigeria: Local banks, Visa, Neteller, Skrill, Bitcoin, Billplz

Web & Desktop Trading Platforms

“OctaFX offers globally recognised trading platforms such as MetaTrader 4 and MetaTrader 5, for Windows Desktop, Web (Windows and Mac).”

Users can access their chosen trading platform from the Trading section in the OctaFX Personal Area. However, on the broker’s website, they offer a useful comparison feature of the individual platforms. For example:

 

The OctaFX MetaTrader 4 trading platform offers a variety of features including:

  • One click trading options
  • 9 different timeframes
  • Forex trading and limited commodities and indices

Other features include:

Here is an example of the OctaFX MetaTrader 4 Windows Desktop platform:

The OctaFX MetaTrader 5 trading platform offers a variety of features including:

  • Advanced order functionality
  • 21 different timeframes
  • More trading instruments than MetaTrader 4

Other features include:

Other features include:

The two trading platforms offer benefits to both beginner and advanced traders.

The Web Trading platform offers useful features for advanced traders such as one-click trading. However, chart views and advanced order functionality are limited making the web platform more ideal for beginner traders. An example of the OctaFX MetaTrader 4 Web Platform is shown below:

Mobile Trading Platforms

“OctaFX offers the MetaTrader 4 and MetaTrader 5 mobile trading apps for Android and iOS, as well as the OctaFX Trading App to create, manage and keep track of a user’s different trading accounts.”

Users can download the MetaTrader 4 and MetaTrader 5 Android and iOS trading apps directly from the Google Play or Apple Store or from the OctaFX website which provides useful step by step instructions on how to install, as shown below:

The OctaFX MetaTrader 4 Mobile Trading App offers a variety of order types and execution modes, three types of chart view (bars, candlesticks and line) as well as nine different viewable timeframes and thirty different trading indicators and useful instructions on how to get started from their website:

However, trading functionality is quite simple on the OctaFX MetaTrader 4 mobile trading app. For example, from the homepage in the mobile trading app it is simple to access different areas such as quotes, charts and history:

Trading functionality is also easy to access, as is a snapshot of your account, as shown below:

The OctaFX MetaTrader 5 Mobile Trading App offers a full set of order functionality including pending and stop-orders, market depth and netting and hedging account options and useful instructions on how to get started from their website:

The mobile trading apps on offer from OctaFX are useful for both beginner and advanced traders to trade on the move. Another useful feature from OctaFX is their very own OctaFX Trading App which allows users to manage their trading accounts and finances, as shown below:

Trading Features

“OctaFX offers a variety of additional trading features such as Copy Trading and the AutoChartist trading and research tool.”

Users of OctaFX can gain access to AutoChartist trading signals which offers a variety of benefits to both beginner and advanced traders, such as:

  • Automated alerts
  • Advanced volatility analysis tool to optimise stop-loss and take-profit levels
  • Using their trend prediction tool on USD pairs
  • Identifying emerging and completed chart patterns

However, to get the AutoChartist trading signals tool, users must deposit more than 500 USD in their trading accounts:

OctaFX users can also access the broker’s copy trading services where they can follow other traders. This can be accessed through the OctaFX Personal Area, as shown below:

Users can filter through different providers and simply click on a provider to start copying their trading activity, once money has been deposited into their account:

Commissions & Spreads

“OctaFX offers two different trading accounts (MT4 Micro and MT5 Pro) with varying spreads and commissions, with some accounts commission-free and some accounts with spreads from just 0.2 pips.”

The trading costs with OctaFX vary depending on the type of trading account that is opened. Some examples are provided below and more can be found on their website:

Account Type Commission Leverage Spreads
MetaTrader 4 Micro No Up to 1:500 Floating from 0.4 pips Fixed from 2 pips
MetaTrader 5 Pro No Up to 1:200 Floating from 0.2 pips

MetaTrader 4 Micro Account

This account is a commission-free trading account where users can choose from fixed spreads starting at 2 pips or floating spreads starting from 0.4 pips. Spreads are marked up and there are swap-fees to hold trades overnight which can be found in the MetaTrader 4 trading platform.

MetaTrader 5 Pro Account

This account is also a commission-free trading account where users can trade with floating spreads starting at just 0.2 pips. Spreads are marked up and, according to the broker’s website, there are no swap fees just three-day fees, as shown below:

Bonus & Promotions

“OctaFX.com offers a variety of bonuses and promotional offers.”

Due to European regulations, users who trade with CySEC regulated OctaFX.eu cannot be offered bonuses or promotional offers. However, users who open accounts with OctaFX.com can access several different bonuses and promotional offers. However, these may change over time.

At the time of writing, OctaFX.com are offering the following bonuses and promotions:

  • 50% Bonus on Deposits:
    • Increase your deposit by half.
  • Champion Demo Forex Trading Contest:
    • Trade on a demo account for a $1,000 prize fund.

Customer Support

“OctaFX offers 24 hours a day, 7 days a week customer support through Live Chat, Email and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.”

OctaFX offers 24/7 customer support in multiple languages including English, Indonesian, Hindi, Chinese and more. Clients can get in touch with OctaFX in several ways, including:

  • 24/7 Live Chat
  • Email
    • email support@octafx.com
    • Enquiry/Contact Form on their website
  • Address:
    • Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

According to the broker, ZenDesk reports that OctaFX is 87.1% better than the industry average for customer support, boasting a 7 second response time and a 96% customer satisfaction rate.

Research

“OctaFX offers an impressive range of Traders Tools including market insight reports, economic calendars, trading and profit calculators and more.”

OctaFX offers an impressive range of Traders Tools on their website which includes:

  • Market Insights
  • Economic Calendar
  • Profit Calculator
  • Forex News
  • Trading Calculator
  • Live Quotes Monitoring
  • Interest Rates
  • National Holidays

While the majority of tools cannot be accessed from the Web Trader or Desktop platforms, they are easy to navigate towards on the OctaFX.com website.

Trader Education

“OctaFX offers a wide range of educational articles, videos and tutorials for traders starting out and advanced traders alike.”

OctaFX offers a wide range of articles, videos and tutorials for traders just starting out as well as advanced traders alike. There is a wealth of information in setting up the MetaTrader trading platforms, how to use them and the advanced functions of each of the platforms.

Trading Experience

“OctaFX offers a variety of trading accounts, trading tools and trader education that is suited for both beginner and advanced traders.”

From our observations, OctaFX offers a wide range products that are suitable for both beginner and advanced traders. Beginner traders will enjoy the simplicity of the MetaTrader 4 Micro and MetaTrader 5 Pro commission-free trading accounts.

While some features such as the AutoChartist signal programme requires a higher minimum deposit of $500, traders can get started with low minimum deposit accounts and access some of the world’s best-known trading platforms which are easy to download and install thanks to the broker’s wealth of supportive material.

FAQ

Is OctaFX regulated?

OctaFX.eu is owned by Octa Markets (Cyprus) Ltd who is regulated by the Cyprus Securities and Exchange Commission (CySEC). OctaFX.com is owned by Octa Markets Incorporated which is not regulated by CySEC but has a registered business licence from St. Vincent and the Grenadines.

Where is OctaFX based?

OctaFX’s registered address is Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.

How does OctaFX make money?

As OctaFX offers a blend of trading accounts, with some offering fixed spreads and some offering a Straight Through Process (STP) / ECN trading environment, the broker makes money through spreads, swaps and commissions on certain trading instruments.

How do I deposit in OctaFX account?

Funds can be deposited commission-free through Neteller, Skrill and Bitcoin with varying minimum deposit amounts (Neteller and Skrill minimum deposit is 50 USD).

What is the min. deposit for OctaFX?

The minimum deposit varies depending on the account being opened. MetaTrader 4 Micro Account = 100 USD; MetaTrader 5 Pro Account = 500 USD.

How do I withdraw money from OctaFX?

Withdrawals can be made from logging into the OctaFX Personal Area and selecting the Withdraw option. Accounts need to be verified before withdrawals can take place and are subject to varying minimum amounts, albeit commission-free.

What is the max leverage in OctaFX?

The maximum leverage offered by OctaFX is 1:500 and is available on the MT4 Micro Account.

How do I open an account with OctaFX?

An account can be opened at the click of a button on the OctaFX website, through clicking the ‘Open Account’ tab.

Does OctaFX use MetaTrader?

Yes, OctaFX does offer MetaTrader 4 and MetaTrader 5 for Desktop, Web and Mobile.

Conclusion

“OctaFX provides a unique blend of trading accounts and platforms, with supportive education, that is suitable for both beginner and advanced traders. Users can enjoy a range of asset classes with leverage and spread options, as well as bonus and promotional offers.”

OctaFX offers a wide range of different trading accounts including the MT4 Micro Account and MT5 Pro Account. The broker also offers a free demo trading account, access to the OctaFX Copy Trading Programme and wealth of trading research tools and educational materials.

Each of these accounts comes with unique benefits and advantages for both beginner and advanced traders, such as commission free trading on the MT4 Micro and MT5 Pro Accounts, all with different leverage amounts on different instruments up to 1:500 (with OctaFX.com).

Traders of OctaFX can trade on multiple asset classes including Forex, Indices, Metals, Energies and Cryptocurrencies but the instruments available to trade vary between accounts. Users can trade on the globally recognised trading platforms of MetaTrader 4 and MetaTrader 5 across Windows Desktop, Web and their Mobile Trading App, as well as enjoy different bonuses and promotional offers (with OctaFX.com)

  • A unique blend of different account types offering a variety of commission-free trading, varying leverage amounts, no spread mark-ups and copy trading access.
  • Trade on multiple asset classes such as Forex, Metals, Indices and Cryptocurrencies.
  • Access globally recognised trading platforms MetaTrader 4 and MetaTrader 5 on Desktop, Web and on the Mobile Trading App.
  • Enjoy bonus and promotional offers for OctaFX.com users, as well as impressive trader research tools and advanced programs such as AutoChartist.
broker

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See OCTAFX Full Information
Broker General Information
Trading Features
Other Details
Headquarters Country
Saint Vincent and the Grenadines
Foundation Year
2011
Regulations
SVGFSA (Saint Vincent and the Grenadines)
Publicly Traded
No
Number Of Employees
200+
Trading Desk Type
ECN, STP
Trading platforms
MT4, MT5
Restricted Countries
United States, Russian Federation, Cuba, Cyprus, Kazakhstan, North Korea, Iraq, Niger, Iran, Puerto Rico, Samoa, Ukraine, Virgin Islands, British, Northern Mariana Islands, Libya, Guam, Syria, Myanmar, Sudan, Belarus
Supported Languages
English, Spanish, German, Portuguese, Hindi, Chinese, Malaysian, Indonesian, Urdu, Thai, Vietnamese
Min Deposit
$50
Deposit Options
Wire Transfer, Cryptocurrencies, Skrill, Neteller, FasaPay, Ngan Luong
Withdrawal Options
Wire Transfer, Cryptocurrencies, Skrill, Neteller, China UnionPay, FasaPay
Cryptocurrencies
Bitcoin Cash, Bitcoin, Litecoin, Ripple, Ethereum
Fixed Spreads
Yes
Commission On Trades
No
Products
Currencies, Commodities, CFDs, Indices, Stocks, Crypto
Mini Account
Yes
Premium Account
No
Demo Account
Yes
Islamic Account
Yes
Segregated Account
Yes
Managed Account
No
Institutional Account
No
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