OctaFX Review

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Founded in 2011, OctaFX provide powerful trading platforms and flexible accounts to suit all types of trader. They offer a range of Forex and CFD instruments with competitive fees. In addition to this, OctaFX have some useful trading tools, educational resources and a prompt customer support team on hand to assist traders.

OctaFX Review, Pros & Cons
  • Sophisticated trading platforms
  • Various funding options
  • Commission free accounts
  • Fixed spread accounts
  • OctaFX Copytrading App
  • AutoChartist
  • Negative balance protection
  • Hedging & scalping allowed
  • No US or UK clients
  • Limited trading instruments

In this detailed OctaFX review, our online broker research team have covered some of the most important aspects for you to consider when choosing the best broker for your online trading needs.

OctaFX Overview

OctaFX is a multi-award-winning broker that provides traders across the globe access to trade Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs.

OctaFX aim to minimise trading costs with 97.5% of orders executed without slippage through the STP (Straight Through Processing) and ECN (Electronic Communications Network) models implemented.

OctaFX was founded in 2011 and has won over 28+ awards including Best Forex Broker Asia 2018 (Global Banking and Finance Review), Best FX Broker 2018 (European CEO Magazine), Best Trading Conditions 2018 (European CEO Magazine), Best Copy Trading Platform 2018 (Forex-Awards.com) and many more.

OctaFX Awards

OctaFX Awards

They aim to maintain high standards with secure trading environments and the same transparent trading conditions for every trader. Each year they are improving to try and become even more cost effective. Over 400,000 traders spanning 100+ countries have opened accounts with them.

OctaFX also provide a range of trading tools and educational materials to assist with market analysis and improve your trading knowledge. There are flexible trading platforms and accounts for all levels and styles of trader.

Leverage of up to 1:500 is available and they do not charge any commissions or an overnight swap fee. Hedging, scalping and expert advisors are all supported.

OctaFX Regulation

OctaFX is registered in St. Vincent and the Grenadines, licensed and regulated by the Financial Services Authority St. Vincent and the Grenadines (FSA SVG). The OctaFX EU entity is regulated by the Cyprus Securities and Exchange Commission (CySEC). They did previously hold on FCA license but closed their UK offices due to Brexit and replaced it with the CySEC license.

Client funds are held in segregated accounts in accordance with international regulation standards. Keeping funds separate from the company funds means that they cannot access them for any other purpose.

OctaFX offers negative balance protection, so if your balance becomes negative, they will automatically adjust it to zero. The risk management system ensures that clients cannot lose more than they initially invested as risk is limited only to the funds you have deposited into your account.

OctaFX Countries

OctaFX accepts clients from all over the world, excluding USA due to regulatory restrictions. Some OctaFX broker features and products mentioned within this OctaFX review may not be available to traders from specific countries due to legal restrictions.

OctaFX Platforms

OctaFX offer a choice of the MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader platforms. These are amongst the most popular platforms available for online trading.

OctaFX Platforms

OctaFX Platforms

MetaTrader 4

MT4 is ideal for new traders and more experienced traders who require a simplistic yet sophisticated platform. It has an intuitive user-friendly interface that is easy to navigate and fully customisable.

MT4 includes many built-in indicators for technical analysis and is capable of running automated systems known as expert advisors (EAs). There are 9 timeframes to choose from. Multiple order types are supported with real time market execution and there is advanced risk management amongst many other useful features.

MT4 is the complete platform to get started trading online and is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).

OctaFX MetaTrader 4

OctaFX MetaTrader 4

MetaTrader 5

MT5 has a simple interface just like its predecessor with some new features that improve the overall experience. There are more technical and fundamental indicators for chart analysis, 21 timeframes, graphical objects, support for more order types, an economic calendar and more.

MT5 is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).

OctaFX MetaTrader 5

OctaFX MetaTrader 5

cTrader

cTrader provides a convenient and feature rich environment for more flexible trading. It is also highly customisable and can be adjusted to cater to suit the needs of different traders. Other benefits include Level II quotes, server trailing stop, 26 timeframes, cloud service, advanced chart trading and a FIX API for trading with direct market access.

cTrader is available on desktop (Windows / Mac), web and mobile (iPhone / iPad / Android / Tablet).

OctaFX cTrader

OctaFX cTrader

OctaFX Trading Tools

OctaFX have a good selection of useful trading tools that can be used for trading signals, market analysis and risk management.

OctaFX Trading Tools

OctaFX Trading Tools

OctaFX Copytrading App

The OctaFX Copytrading app lets you conveniently copy signals from hundreds of other traders. The app interface is very user friendly making it easy to find signal providers to follow based on your customised filters. You can build and track your portfolio at any time. There are master accounts for traders who want to offer their strategies as signals or for followers who wish to copy signals.

OctaFX Copytrading App

OctaFX Copytrading App

AutoChartist

If you have at least $500 in your OctaFX account then you can download and install the Autochartist trading signals plugin for MT4 & MT5. This tool will automatically conduct technical analysis by scanning the charts for trading signals and will alert you when it finds them. You can specify what signals you want to receive and the quality level of these signals (based on historical performance).

Alerts can be set for opening and closing trades. You can optimise your stop loss and take profit levels with the volatility analysis tool and stay informed about the latest market movements and trading opportunities with Autochartist market reports.

OctaFX AutoChartist

OctaFX AutoChartist

Market Insights

Here you will find daily trading ideas based on complex technical and fundamental analysis across a range of different trading instruments. There are also daily and weekly forecasts that cover the financial markets in great detail. These market insights can help identify trading opportunities and assist with analysis.

OctaFX Market Insights

OctaFX Market Insights

Economic Calendar

The economic calendar displays a list of up and coming financial news releases including the country and level of impact. You can also see the actual, forecast and previous results of these releases. The calendar has advanced filters to only show news that is relevant to you.

OctaFX Economic Calendar

OctaFX Economic Calendar

Profit Calculator

The profit calculator lets you choose a trading instrument and enter the position details for a quick and easy calculation of the potential profit.

OctaFX Profit Calculator

OctaFX Profit Calculator

Trading Calculator

The trading calculator will quickly calculate the costs for opening a position of a specific size and leverage.

OctaFX Trading Calculator

OctaFX Trading Calculator

Account Monitoring

On the account monitoring page of the OctaFX website you can select an account or nickname and view its performance, charts, profits, orders and history. You may also add your own account should you wish.

OctaFX Account Monitoring

OctaFX Account Monitoring

Other Tools

Other notable tools include widgets that clearly display live quotes, interest rates and national holidays.

OctaFX Education

OctaFX provide a good range of educational materials including video tutorials, guides, FAQs and a glossary. Subjects covered include the very basic lessons such as an introduction to trading and how to place a trade to the more advanced technical and fundamental analysis. The information is very easy to digest and is supported with visual representation for clarity.

OctaFX Instruments

OctaFX offer a range of trading instruments across multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. They have 28+ FX currency pairs, 4 metals (including gold and silver), 2 energies, 10 indices and 3 cryptocurrencies. Leverage is available up to 1:500 for currencies, 1:200 for metals, 1:100 for energies 1:50 for indices and 1:2 for cryptocurrencies.

Indices Trading

With OctaFX offering CFDs, you can trade from 10 of the most popular indices, including Dow Jones, NASDAQ, Nikkei and Eurostoxx 50.

OctaFX Indices Trading

OctaFX Indices Trading

Cryptocurrency Trading

OctaFX offer trading in Bitcoin, Ethereum and Litecoin.

OctaFX Cryptocurrency Trading

OctaFX Cryptocurrency Trading

Commodities Trading

You can diversify your portfolio with OctaFX offering gold, silver, crude oil and other commodities.

OctaFX Commodities Trading

OctaFX Commodities Trading

OctaFX Accounts & Fees

OctaFX offer 3 different main account types, the Micro, Pro and ECN. The account you go for may depend on the trading platforms that you wish to use, instruments you trade and minimum deposit requirements.

Islamic swap free accounts that comply with Sharia law are available. You may also open a demo account to test the different trading platforms and conditions before opening a real account, should you wish.

OctaFX Accounts Comparison

OctaFX Accounts Comparison

Micro Account

This is a MT4 account that OctaFX recommend for novice traders with a small initial investment. Floating spreads start from 0.4 pips and there is the option of fixed spreads that start from 2 pips on selected instruments. No commission is charged on this account type and the minimum deposit required is $100. Leverage is available up to 1:500 for currencies, 1:200 for metals, 1:50 for indices and 1:2 for cryptocurrencies. You get access to trade 28 currency pairs, gold and silver, 4 indices and 3 cryptocurrencies.

Pro Account

This is a MT5 account that OctaFX recommend for experienced traders which has the lowest spreads and less overall trading costs. Spreads are floating and start from 0.2 pips with no commission charged and a minimum deposit requirement of $500. Leverage is available up to 1:200 for currencies, 1:100 for metals, 1:50 for indices and 1:2 for cryptocurrencies. You get access to trade 28 currency pairs, 4 metals (including gold and silver), energies, 10 indices and 3 cryptocurrencies.

ECN Account

This is a cTrader account that OctaFX recommend for the progressive trader who require more transparency in pricing. Spreads are floating and start from just 0 pips with no commission charged and a minimum deposit requirement of $100. Leverage is available up to 1:500 for currencies, 1:200 for metals. You get access to trade 28 currency pairs, gold and silver.

As broker fees can vary and change, there may be additional fees that are not listed in this OctaFX review. It is imperative to ensure that you check and understand all of the latest information before you open an OctaFX broker account for online trading.

OctaFX Support

OctaFX’s award winning customer support team is available 24 hours a day from Monday to Friday. Customer support is provided via online chat, telephone and email in English, Indonesian, Malay, Thai, Hindi, Urdu. Awards won include Best customer service Asia (Global Banking and Finance) and Best Customer service broker (FX Empire).

According to Zendesk monthly usage reports, OctaFX are better than 87.1% of the industry when it comes to customer support. The average response time is just 7 seconds and the average resolution time is 3 minutes with the customer satisfaction rate at an impressive 96%.

OctaFX claim only 0.7% of clients actually contact customer support as their services are usually smooth and reliable enough. However, should you need them, they are there to answer your general and technical questions in a prompt and efficient manner.

OctaFX Customer Support

OctaFX Customer Support

OctaFX Deposit & Withdrawal

OctaFX do no charge a commission on deposit and withdrawals. They also use the best exchange rates possible. Secure SSL encryption helps make your information confidential and inaccessible to third parties. 3-D Secure technology adds an authentication step for protecting your online VISA/Mastercard payments.

Funding options include Wire Transfer, Credit Card, Neteller, Skrill, Bitcoin. Bank transfers may take a few business days to clear. Accounts can be opened in USD & EUR. The different currency options are beneficial as currency conversion fees do not apply when using an account in your own currency.

OctaFX Account Opening

There is a short online form to compete after which you will need to verify your email address. Following on from that you need to email the accounts team proof of identification and residence such as a passport scan and utility bill. This is completely normal as part of the KYC procedure. Once the accounts team have verified your details you will be able to fund your account and start trading.

OctaFX Account Opening

OctaFX Account Opening

OctaFX FAQ

What is the OctaFX minimum deposit?

All the account options at OctaFX require a minimum deposit of $100. This is a very reasonable amount compared to some other brokers who require a minimum deposit of $500 or even more. It allows you to try out the broker’s products and services with a modest amount to determine if they are suitable for your needs.

How do I deposit money into OctaFX?

To make a deposit, you need to log in to your “Personal Area,” switch to the account you would like to deposit at the top of the page. Select the payment system — credit/debit cards, Nigerian local banks, cryptocurrency, Neteller, Skrill, and more — you would like to use under the “Deposit my Account” section on the right. Then enter the amount you want to deposit and click “Continue.” Fill in other information if required and click “Confirm.”

What are the OctaFX deposit fees?

OctaFX does not charge its clients any fees. Moreover, deposit fees applied by third parties (e.g., Skrill, Neteller, etc.) are also covered by OctaFX.

How do I withdraw money from OctaFX?

Withdrawing money from OctaFX involves a simple process: sign in to your Personal Area, switch to the account you would like to withdraw the funds from, and click request withdrawal in the “Withdraw” section on the right. Enter the amount you would like to request and the other required information. Click “Request,” check that the information is correct, then click the “Confirm” button below. Note that your free margin must exceed the withdrawal amount; otherwise, the broker’s financial department will not be able to process your request

What are the OctaFX withdrawal fees?

The broker does not charge any withdrawal fees.

What is the OctaFX commission fee?

The MT4 and MT5 commissions are included in the spreads as mark-up — no additional fee is applied. However, a commission fee starting from $0.02 is charged on the cTrader.

Are there any OctaFX inactivity fees?

OctaFX does not charge any inactivity fees on dormant accounts.

What are the OctaFX account types?

OctaFX offers a choice of three live accounts, which are dependent on your choice of trading platform. The account types include the following: OctaFX MT5, OctaFX MT4, and OctaFX cTrader. Each of the accounts requires a minimum deposit of $100 to start trading.

Is there an OctaFX demo account?

Yes, there is a demo on the broker’s website.

The OctaFX Demo Account provides the same Forex trading experience as real accounts. The only difference is that the funds on the Forex demo account are simulated. You don’t trade with real money, so it is completely risk-free.

However, please keep in mind that trades placed on demo accounts are not passed into the real market, and therefore their execution will not be directly comparable to trades placed on a Live account.

What are the OctaFX spreads?

OctaFX offers floating spreads starting from as low as 0.2 pips.

The floating spreads mean that their spreads vary according to the market situation. OctaFX passes on the best bid/ask price they receive from their liquidity pool. The main advantage of a floating spread over a fixed spread is that it is often lower than average. However, you may expect it to widen at market open, during rollover at (server time), during major news releases, or high volatility periods.

What is the OctaFX leverage?

The broker offers leverage of up to 1:500.

Leverage allows you to trade a larger position size than you would have been able to without it. It is essential to ensure that you are fully acquainted with the concept of leverage before using it.

What are the OctaFX margin & stop-out levels?

The margin at OctaFX is 25%, while the stop-out level is 15%.

Does OctaFX allow hedging, scalping & expert advisors?

OctaFX allows scalping, hedging, expert advisors, and other strategies if the orders are placed following their customer agreement.

Is there an OctaFX Islamic account?

Yes, an Islamic account is available at OctaFX. The Islamic account is swap-free, and it complies with sharia law. It is best suited for clients of the Muslim faith.

What are the OctaFX trading instruments?

OctaFX provides traders with multiple financial assets, including forex, commodities, cryptocurrency, stocks, shares, indices, metals, energies, and CFDs.

How do I open an OctaFX live account?

It is quick and easy to open a real trading account with OctaFX, and the process takes just a few minutes. Click Open Account on the OctaFX website, fill in the form, and upon completion, you will receive an email with your login details that you can use to log in to the OctaFX client area.

How do I verify my OctaFX account?

For account verification, OctaFX requires one document proving your identity: passport, national identity card, or any other government-issued photo ID. Your name, date of birth, signature, photograph, ID issue and expiry dates, and serial number must be visible. The ID must not have expired. The entire document must be photographed. Fragmented, edited, or folded documents will not be accepted.

What is the OctaFX trading platform?

OctaFX offers three advanced trading platforms — MetaTrader 4, MetaTrader 5, and cTrader.

You can open both demo and real accounts on all the platforms. These platforms are available for PC, web browsers, and mobile applications in AppStore and Google Play. The MT4 and MT5 trading platforms are modern trading platforms that are replete with advanced trading tools to ensure hassle-free trading of multiple financial instruments. The cTrader platform is a robust and comprehensive trading platform that is designed especially for Forex and CFD trading. It offers maximum forex trading transparency and visual support with over 26 prebuilt cTrader chart views, a fully customizable interface, and up to 50 saveable chart templates for all possible technical trading analysis strategies.

Where can I download the OctaFX platform?

The WebTrader platform can be accessed directly from the broker’s website via any modern web browser. The desktop applications for Windows and Mac computers can be downloaded from the broker’s website. The mobile apps can be downloaded from the Android and iOS app stores.

Where is OctaFX located?

OctaFX is based in Saint Vincent and the Grenadines.

Is OctaFX regulated?

OctaFX is registered in St. Vincent and the Grenadines, licensed and regulated by the Financial Services Authority St. Vincent and the Grenadines (FSA SVG). The OctaFX EU entity is regulated by the Cyprus Securities and Exchange Commission (CySEC).

What countries does OctaFX accept?

OctaFX accepts clients from all over the world, excluding the USA and UK, due to regulatory restrictions.

Is OctaFX a scam?

No, OctaFX is not a scam. The broker is regulated by various financial authorities: FSASVG and CySEC.

How can I contact OctaFX support?

If you have a question or require special assistance, OctaFX’s dedicated customer service team can assist you. The support team can be reached via telephone, email, social media, and Live Chat.

OctaFX Summary

OctaFX provide very flexible and powerful trading platforms with accounts to suit all types of trader. The trading costs are very competitive whilst customer support is prompt to answer questions. Trading instruments may perhaps be too limited for some although the forex offering is probably adequate for most clients needs.

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

Min $100 Deposit

Founded in 2011, OctaFX provide powerful trading platforms and flexible accounts to suit all types of trader. They offer a range of Forex & CFD instruments with very competitive fees and prompt customer support.

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