OCTAFX Review 2017

        OctaFX Video Review

        OctaFX is a leading online Forex and CFDs broker that was established in 2011. The brand is owned and managed by Octa Markets Incorporated, a company registered on the islands of Saint Vincent and the Grenadines. Their registered office is located at Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines. Using the latest technology, OctaFX is able to provide quality forex brokerage services to clients in more than 100 different countries around the world. Operating with full compliance of international regulatory standards and legislation, OctaFX aims to gain the satisfaction and trust of every client that they serve by fulfilling all their trading needs and requirements.


        OctaFX Reliability – Is OctaFX a scam?

        Being a relatively new forex broker that made its appearance in just 2011, it is only natural to ask questions regarding the reliability of this broker. Nevertheless from our research conducted into OctaFX, we noted that they are regulated by several licensed regulators. This includes first and foremost a license to operate in the UK by the British Financial Conduct Authority (FCA). OctaFX became licensed by the FCA in just 2015. The FCA is a major regulator and is regarded as the gold standard of regulation on this side of the Atlantic.

        The secondary license and perhaps not seen in the same light as that of the FCA is the authorization to offer trading services, given under the International Business Companies Act by the Saint Vincent and the Grenadines regulatory authorities. In addition to these licenses, the broker is also regulated and licensed by the Caribbean Financial Services Authority (FSA).

        To bear testimony of the reliability of OctaFX, the broker has been awarded several awards in recognition of their achievements by Global Banking & Finance review. In 2012 just a year after they started operation, they were named the Fastest Growing Micro Forex Broker. OctaFX was also tagged as the Best Customer Service Broker Asia in 2013. In the same year, they also recognized by World Finance Magazines as the Best Broker Central Asia and the Best Broker Central & Eastern Europe. FX Empire also tagged OctaFX as the Best Customer Service Broker. In 2015, OctaFX was nominated by the Forex Report for the brokers “Outstanding Contribution to the FX Industry” and as well as being the Best STP Broker for 2015. In 2016 OctaFX have again reached new peaks as the “Best Broker STP”, “Most Transparent Broker” and other nominations and awards. With so many distinguished awards under its belt, OctaFX has definitely proven its reliability as a forex broker to the industry.

        OctaFX Trading Platforms

        OctaFX has provided their clients with a selection of reliable and sturdy trading platforms to choose from. They consist of the MetaTrader 4 platform, the MetaTrader 5 platform and the CTrader platform.

        MetaTrader 4

        The most popular trading platform in the online forex trading industry, the MetaTrader 4 comes fully equipped with a comprehensive charting package and a wide range of technical indicators. It also supports automated trading with the use of Expert Advisors (EAs). It is available in 4 different versions:

        • MetaTrader 4 Desktop
        • MetaTrader 4 WebTrader
        • MetaTrader 4 Android
        • MetaTrader 4 iOS

        MetaTrader 5

        Added as an alternative to the MetaTrader 4 trading platform in 2016, the MetaTrader 5 is the latest trading platform from MetaQuotes Software. It offers the same kind of robustness as the MetaTrader 4 and supports several types of trade orders such as market orders, pending order, trailing stops and stop orders.


        Recently introduced to the world of online trading, cTrader is an ECN trading platform which allows traders to have direct market access. It offers traders deep liquidity and hence allows them to capture the best spreads in the market. The cTrader trading platform is also available in 4 different versions:

        • cTrader Desktop
        • cTrader WebTrader
        • cTrader Android
        • cTrader iOS


        OctaFX Account Types

        To cater to a diverse group of clients from more than 100 different countries, OctaFX offers 3 different types of trading accounts:


        • Micro Accounts

        $100 Minimum Initial Deposit

        28 currency pairs + 2 precious metals

        MetaTrader 4 platform

        Recommended for novices

        Up to 1:500 Leverage Ratio

        • Pro Accounts

        $500 Minimum Initial Deposit

        MetaTrader 5 trading platform

        Recommended for experienced traders

        Up to 1:200 Leverage Ratio

        • Lot Minimum Trading Volume

        Under 0.1 second Market Execution

        28 currency pairs + 4 metals, 2 energies and 10 Indices

        5 decimal quotes

        • ECN Accounts

        $100 Minimum Initial Deposit

        35 Currency pairs + 2 precious metals

        Floating Spreads

        Up to 1:500 Leverage Ratio

        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 conducted through 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
        EUR/CHF Minimum 0.6 pips
        USD/CAD Minimum 0.6 pips
        GBP/CHF Minimum 0.7 pips


        OctaFX Deposits & Withdrawals Options

        To facilitate the deposit and withdrawal of funds, OctaFX supports several methods of fund transfers.

        For deposits, available methods include:

        • Major Credit Cards such as VISA and MasterCard. The minimum amount for deposits conducted through credit cards is $5.
        • Bank Wire Transfer
        • Minimum required deposit through NETELLER is $50.
        • Instant Deposit with a minimum deposit amount of $50.
        • Available to traders based in China
        • Liberty Reserve


        For traders in Malaysia and Indonesia, local deposits are also available.


        The withdrawals of funds are typically channeled through the same methods by which the deposit was first made. All withdrawal requests made from Monday-Friday 06:00-15:00 (EET) are processed within 3 hours. Withdrawal requests made after the stipulated time window are processed by the next business day. To make it easy for traders to withdraw their money, OctaFX only imposes a low minimum withdrawal amount of $5. OctaFX also doesn’t charge any fee for withdrawals made although the trader can still be liable for processing fees imposed by a 3rd party payment processor.

        OctaFX Bonus & Promotions

        To reward their clients’ loyalty, OctaFX offers very generous bonuses and promotional programmes.

        • Deposit Bonuses

        Both MetaTrader based accounts and the cTrader accounts qualify for deposit bonuses in the percentage of 10%, 30% and 50%. The bonuses are only awarded after the trading account has been verified and the minimum deposit made. One good thing about OctaFX having different percentages of deposit bonus is that the trader has the discretion to select which percentage that he wants to claim. For example, if he deposits $100, he will receive $10 into his account if he selected the 10% bonus. If he wants to receive a higher bonus, he can choose between the 30% or 50% bonus level. But with the minimum trading volume requirement for the bonus withdrawal calculated at “Bonus Amount/2 standard lots, the higher the bonus, the higher the trading volume requirement.

        Nevertheless, the requirements for OctaFX’s deposit bonuses are quite flexible and generous. The trader is entitled to claim a deposit bonus each time he makes a deposit. Even if the trader claims a second deposit bonus before he fulfills his first bonus trading volume requirements, it will not affect his first bonus trading volume calculation. Trading volume requirement calculation runs consecutively meaning that the calculation for the second bonus only starts after the first bonus is cleared. The best part about meeting the trading volume requirement is the fact that there is no expiry on the bonus. This means you can take as long as necessary to complete the trading volume requirement.

        • Demo Champion Competition

        Every month, OctaFX conducts a Demo Champion competition which any of OctaFX’s traders can join. Prizes offered are as follows:

        • 1st prize gets $500
        • 2nd prize gets $300
        • 3rd prize gets $100
        • Last place $100

        Each round of the competition last for 4 weeks and even the trader that comes in last place get a prize of $100.



        • CTrader Weekly Champion

        The cTrader Weekly trading competition is another promotion conducted by OctaFX on a regular basis. The prizes are as follows:

        • 1st place winner $150
        • 2nd place winner $100
        • 3rd place winner $75
        • 4th place winner $50
        • 5th place winner $25

        The winners of the competition will have their prizes credited to their trading account and can be withdrawn anytime without any restrictions.


        OctaFX Customer Support

        Customer support at OctaFX is available 24/5 from Monday to Friday. Traders can contact the support team through email, live chat, or calling the provided support telephone numbers. In addition, OctaFX also interacts with their traders through social media ensuring that their traders are kept up to date with any developments affecting their trading activities. In addition for the benefits of non English speaking traders, OctaFX’s website is translated in 9 different languages:

        • Bahasa Indonesia
        • Bahasa Melayu
        • Bengali
        • Chinese
        • German
        • Hindi
        • Portuguese
        • Spanish
        • Thai


        • Award Winning Broker
        • Choices of Trading Accounts
        • Competitive Spreads
        • Flexible Deposit Bonuses Requirements
        • Multiple Trading Platforms
        • Regular Trading Competitions


        • Limited Localized Telephone Support Numbers
        • Limited Trading Assets
        • Their FAQ could be more detailed
        • Support services are only available during weekdays


        For our in-depth review of OctaFX, we were impressed with the services that OctaFX has to offer their traders. We noted that this broker is particularly friendly for beginner traders. The low minimum deposit requirement of $100 ensures that anyone can open a live trading account at OctaFX. In addition, their bonuses and competition offers are worth mentioning as well. The bonuses have no expiry period hence giving traders a free hand in deciding how fast they want to fulfill the minimum trading volume for the bonus cash payout. Apart from the attractive cash prizes given out to winners of the trading competitions, the regularity of these competitions enables traders to use them to enhance their trading skills at no risk to their account balance. OctaFX have also taken considerable effort to make it easy to request assistance by providing multiple channels of communication. The fact that their website is available in 10 different languages is an added plus for non-English traders wishing to sign up with OctaFX.

        OctaFX Q&A

        • Is OctaFX regulated?

        Yes, OctaFX is a regulated broker in 3 different jurisdictions. For Europe, OctaFX is regulated by the UK’s FCA. On Saint Vincent and the Grenadines, they are regulated under the International Business Companies Act. For the Caribbean region, regulatory oversight is provided by the Caribbean’s Financial Services Authority (FSA

        • How safe is OctaFX?

        Yes, OctaFX operates in compliance with international laws and standards. This is emphasised by the fact that Octa have chosen to become regulated in three major jurisdictions. Perhaps the most important of these is the FCA which provides OctaFX with the ability to offer regulated trading to investors not only in the UK but across the whole of the Eurozone (at least until Brexit is complete)

        • Where is OctaFX based?

        OctaFX is based on the islands of Saint Vincent and the Grenadines.

        • How does OctaFX make money?

        OctaFx makes money through the difference in the buy and sell price, also known as the spread. On the ECN account it makes money through the difference in the price received from the liquidity providers to the prices it charges its traders.

        • How to deposit in OctaFX account?

        There are 3 main ways of depositing money at OctaFX: by credit cards, by bank wire transfer and through online web wallets. Please note that you will need to open an account before you deposit, this also means verifying your user identity. This is done by sending ID documents, utility bills and a coloured scan copy of your credit card and ID card or passport.

        • How to withdraw money from OctaFX?

        Withdrawal at OctaFX is done through the same manner as deposits, meaning how you deposited is how you will withdraw

        • How to open an account with OctaFX?

        Account opening requires filling out the registration form, verifying your identity and making a deposit of trading funds.  OctaFX will show you how to verify your identity, it is quite simple and works the same with all regulated brokers in order to follow KYC protocol (Know your Customer).

        • Is OctaFX reliable?

        Yes, OctaFX is regulated and has won numerous awards in recognition of the quality services that it provides traders with. To learn more about the OctaFX regulation please read the regulation section of the review or read the is OctaFX regulated question in the FAQ’s above.

        • Does OctaFX use Metatrader?

        Yes. OctaFX supports both MetaTrader 4 and MetaTrader 5 trading platforms

        • What is OctaFX’s leverage?

        The leverage offered by OctaFX can go as high as 1:500.  Please note that increased leverage means more risk as well as potential reward, so if you are a new trader you should stick to minimum or no leverage  to avoid getting into a negative balance.

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