OctaFX Review 2020
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 very competitive fees and prompt customer support.
OctaFX Review 2020, Pros & Cons
- Commission free accounts
- Fixed spread accounts
- OctaFX Copytrading App
- Negative balance protection
- Hedging & scalping allowed
- No US 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 is not ranked in our best forex brokers, best stock brokers, best cfd brokers, best crypto brokers or best online brokers categories. You can use our free broker comparison tool to compare online brokers including OctaFX.
OctaFX Review: Summary
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.
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 Review: 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 Review: 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 Review: Trading 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.
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).
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).
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 Review: Trading Tools
OctaFX have a good selection of useful trading tools that can be used for trading signals, market analysis and risk management.
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.
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.
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.
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.
The profit calculator lets you choose a trading instrument and enter the position details for a quick and easy calculation of the potential profit.
The trading calculator will quickly calculate the costs for opening a position of a specific size and leverage.
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.
Other notable tools include widgets that clearly display live quotes, interest rates and national holidays.
OctaFX Review: 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 Review: Trading 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.
With OctaFX offering CFDs, you can trade from 10 of the most popular indices, including Dow Jones, NASDAQ, Nikkei and Eurostoxx 50.
OctaFX offer trading in Bitcoin, Ethereum and Litecoin.
You can diversify your portfolio with OctaFX offering gold, silver, crude oil and other commodities.
OctaFX Review: Trading 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.
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.
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.
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 Review: Customer Service
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 Review: 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 Review: 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 Review: Conclusion
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.