Review sections
OctaFX Video Review
VIDEO
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 Micro, MT4 Pro, cTrader ECN) 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, MetaTrader 5 Pro or cTrader ECN. However, below is a list of just some of the markets that are available:
Account Instruments Example instruments
MetaTrader 4 Micro
28 Currency Pairs
EURUSD, GBPCAD, AUDCHF, NZDJPY, Gold, BTC/USD, DAX 30 Index, Dow Jones 30 Index and more…
MetaTrader 5 Pro
28 Currency Pairs
AUDUSD, GBPUSD, EURNZD, Gold, BTC/USD, Brent Crude Oil, IBEX 35 Index, Nikkei 225 Index and more…
cTrader ECN
28 Currency Pairs
EURJPY, GBPCHF, CADJPY, XAUUSD, XAGUSD 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, the MT5 Pro Account is 0.5 pips and the cTrader ECN Account is 0.7 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 three main types of trading accounts called MetaTrader 4 Micro, MetaTrader 5 Pro and cTrader ECN. 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 Spain, 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:
Web & Desktop Trading Platforms
“OctaFX offers globally recognised trading platforms such as MetaTrader 4, MetaTrader 5 and cTrader, 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:
The OctaFX cTrader trading platform offers a variety of features including:
Market depth
26 different timeframes
Just Forex and Metals
Other features include:
All three trading platforms offer benefits to both beginner and advanced traders, with the cTrader platform more geared to advanced Forex 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, MetaTrader 5 and cTrader 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, MetaTrader 5 and cTrader Android and iOS trading app 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 OctaFX cTrader Mobile Trading App is available on Android and iOS operating systems and allows for fast execution for Forex and Metals markets 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 three different trading accounts (MT4 Micro, MT5 Pro, cTrader ECN) 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
cTrader ECN
Yes
Up to 1:500
Floating from 0 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:
cTrader ECN Account
This account is commission based but with no mark-up on spreads, offering one of the tightest typical spreads across OctaFX’s account options. The amount of commission depends on the instrument and while there are no swap fees there is a weekly rollover fee as detailed on the broker’s website:
The trading commission on the cTrader ECN account is typically $0.03 per 0.01 lot, or unit, of trading. This amounts to $3 per standard lot of trading (100,000 units).
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.
Supercharged 2 Real Forex Trading Contest:
Successful and most active traders will be rewarded with top-class smartphones and smartwatches each month, as well as 3 high-end luxury cars as the main prize at the end of the year.
Champion Demo Forex Trading Contest:
Trade on a demo account for a $1,000 prize fund.
cTrader Weekly Demo Forex Trading Contest:
Trade on a cTrader demo account and end the week with the highest profit to receive a prize from OctaFX.
Customer Support
“OctaFX offers 24 hours a day, 5 days a week customer support through Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.”
OctaFX offers 24/5 customer support in multiple languages including English, Indonesian, Hindi, Chinese and more. Clients can get in touch with OctaFX in several ways, including:
24/5 Live Chat (Monday – Friday)
Email
Enquiry/Contact Form on their website
WhatsApp:
(Texts only) +34 651 769 010
Phone:
United Kingdom +44 20 3322 1059
Hong Kong +852 5808 8865
Indonesia +62 21 3110 6972
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 or cTrader 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, whereas advanced Forex traders may enjoy the cTrader ECN account for direct access to the broker’s liquidity provider to trade with no mark-up on spreads.
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 and cTrader ECN Account = 100 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 and cTrader ECN 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, MT5 Pro Account and the cTrader ECN 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 come with unique benefits and advantages for both beginner and advanced traders, such as commission free trading on the MT4 Micro and MT5 Pro Accounts, and no spread mark-ups on the cTrader ECN account, 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, MetaTrader 5 and cTrader 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, MetaTrader 5 and cTrader 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.
