Richard Montana | November 17, 2022
Founded in 2011, OctaFX provide a fantastic selection of use-friendly yet powerful platforms for trading forex and CFD instruments with very competitive costs. You can choose from a decent variety of versatile account types, each designed specifically for different types of trader. I like how they operate as an ECN broker as this means they can deliver superior trading conditions which can be important especially for those who are day trading and using scalping strategies. The broker has some useful trading tools, educational resources and a prompt customer support team on hand to assist you as and when needed. Overall, I think they can be a good choice of broker for beginners or active traders who are looking for robust trading conditions in a regulated environment.
Pros & Cons
- Sophisticated trading platforms for all of your devices
- ECN broker model delivers quick execution speeds
- Tight spreads from as low as 0.0 pips
- Commission free accounts are available
- Access to the excellent Autochartist market analysis software
- Copy trading app for social trading and strategy providers
- Good variety of account funding options
- Fast deposits and withdrawals
- Free demo accounts to practice trading online
- Islamic account for Muslim traders
- Award winning customer support team
- Cannot accept clients from some countries
- Limited non-FX trading instruments
- Need a large deposit to get the best conditions
- Do not provide 24/7 support
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. You can trade via very easy to use platform on all of your devices. The broker has a generous selection of high-quality trading tools which can be vital for analysing the markets and making informed decisions. There are some educational materials to assist beginners and help you to improve your trading knowledge. Regardless of your preferred trading strategy, they have accounts for all styles of trader, with differing levels of investment and experience.
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. What this means is that you can get your trades placed on the markets at the best available prices at all times. It also means that they do not use a dealing desk which can eliminate any conflict of interest between you and the broker. I would always prefer to use an ECN broker as I find they tend to have the lowest spreads and quickest execution speeds.
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. Leverage of up to 1:500 is available and they do not charge any commissions or an overnight swap fee. Hedging, scalping and automated trading with expert advisors are all supported. I think it is great that they don’t put any specific restrictions on your trading and think the overall trading conditions are very competitive.
When choosing a broker, regulation is one of the first things that I look for. I would always prefer to trade with a regulated broker as it gives me the peace of mind that they will operate in an honest manner and can be trusted with my funds. It is important to remember that not all regulators are created equally. The products, features and protection can all vary depending on the entity that you decide to open a trading account with.
- OctaFX is registered in St. Vincent and the Grenadines by the Financial Services Authority St. Vincent and the Grenadines (SVGFSA)
- Octa Markets Cyprus Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC)
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.
Octa Markets Cyprus Ltd does not offer its services to residents of the USA, Canada, Belgium, and the UK, as well as other jurisdictions outside the European Union.
OctaFX offer a great choice of platforms for convenient access to the markets on all of your devices. You can choose from the MetaTrader 4 (MT4), MetaTrader 5 (MT5) and cTrader platforms. These are amongst the best trading platforms available for online trading that you will find anywhere. I think they are ideal for anyone who is looking to trade manually or run automated systems. They are all relatively easy to use but also capable of performing complex analysis and order management. The broker also has their very own trading app which provides a modern and sleek interface for an enjoyable trading experience.
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). This is my platform of choice as it was the first that I became accustomed to and I have never felt the need to make the permanent switch to any other. It can do everything that I need it to and much more.
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. I would say this is a good stock trading platform for those of you who are looking for something more than just forex. 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). I would say this is the platform of choice for the professional trader. However, it is not available through many brokers so you could limit your options should you decide to switch brokers down the line. That being said, you can get cTrader and the MetaTrader platforms from another top broker in Pepperstone.
OctaFX Trading App
The OctaFX Trading App is an official checking trading account with built-in tools to help you manage your OctaFX personal profiles, control real, demo and contest accounts, and manage deposits. It is a smart trading platform combining everything a trader needs in an easy-to-use app. You can make fast deposits and withdrawals, instantly log in to your trading profile and access your terminal to trade simultaneously in all of your accounts. As well as controlling your trading accounts and monitoring balance statistics, they’ve added integrations with trading platforms, so you can start trading with no effort at all. Simply choose an account, choose the trading application and access it via OctaFX Trading App Accounts. This lightning-fast application with an attractive and easy-to-use design will make everything straightforward from the first tap.
Some of the notable features of the OctaFX app include:
- Manage your trading accounts
- Create trading accounts, modify leverage, enable swap-free options, edit and restore passwords
- Make deposits and withdrawals using the most popular payment options
- View your detailed overall or account operation history, apply convenient filters to it and cancel your previous deposit
- Start trading in a compatible trading platform app
- Top up your demo account
- View contest statistics and access your contest accounts
- Activate bonuses and view statistics on active and completed bonuses
- Language support: Bengali, Chinese, English, Hindi, Indonesian, Malay, Portuguese, Spanish, Thai
I feel that the platforms should have more than enough tools for most of you to get by. You can also find loads more of free and paid add-ons to further enhance their capabilities. There are programming interfaces if you wish to build your own tools or you could hire someone to do it for you if your coding skills are limited. That being said, it is nice to see that OctaFX have a good selection of useful trading tools that can be used for trading signals, market analysis and risk management.
The 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. This can be a good solution for those of you who don’t have the time or knowledge to trade manually. However, there can be no guarantee on how good or bad the signals will perform. I personally like to maintain full control over my trading as I feel like you can become a better trader in the long run when you learn from your mistakes.
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. I think this is an excellent tool for finding customised signals. It can literally save you from hours of scanning the charts and it’s great that the broker provides it free of charge. You can also get it through some other brokers including Forex.com.
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 your market 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. I think this is a vital tool and always like to check if there is any pending news before taking a trade. You will also find an economic calendar built-in the MT5 platform which could be more convenient to access and save you the hassle of switching between tabs.
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. This can help to prepare trades if you are in a rush or just not that good at maths.
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. Overall, the broker has plenty of tools for everyone to see some benefit.
The broker provides you with a good range of educational materials including video tutorials, trading 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. If you are an absolute beginner and looking for some more guidance along the way, IronFX have lots of good educational content as well.
OctaFX offer a good range of CFD trading instruments across multiple markets including Forex, Commodities, Cryptocurrency, Stocks, Shares, Indices, Metals, Energies & CFDs. They have FX currency pairs, metals (including gold and silver), energies, indices and cryptocurrencies. CFDs allow you to speculate on the direction of the price without needing to physically own the underlying asset. 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. Just keep in mind that leverage can also depend on your location and if you qualify as a professional trader. You should also be aware of the risks involved with leverage trading and never risk more than you can afford to lose.
You can trade from 10 of the most popular indices, including Dow Jones, NASDAQ, Nikkei and Eurostoxx 50.
The broker supports crypto trading in popular cryptos including Bitcoin and Ethereum.
You can diversify your portfolio with the broker offering gold, silver, crude oil and other commodities.
There is a decent variety of account types which you can choose from depending on your trading style. OctaFX offer 3 different main account types, the Micro, Pro and ECN. The account you go for may also depend on the trading platforms that you wish to use, instruments you want to trade and minimum deposit requirements.
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 just $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 currency pairs, gold and silver, indices and cryptocurrencies. I think the spreads are quite high on this account so it probably wouldn’t be ideal for scalping. However, it could be good for getting a feel for trading in a live environment with minimal investment.
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 currency pairs, metals (including gold and silver), energies, indices and cryptocurrencies. Spreads are better on this account, especially when you consider there is no commission charged. The only thing is you will not a larger deposit. You can get better trading conditions from IC Markets with a minimum deposit of $200.
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 currency pairs, gold and silver. The spreads are lowest on this account but I don’t like how it is only available on cTrader. I would like to be able to trade with zero spreads on the MetaTrader and cTrader platforms like you can with RoboForex.
Islamic swap free accounts that comply with Sharia law are available. It is great to see the broker supports clients with different religious beliefs although this is pretty standard nowadays.
You may also open a demo account to test the different trading platforms and conditions before opening a real account, should you wish. I think this can be a good way to practice your trading strategies and build your confidence without any risk. You can always switch over to a live account when you feel ready to do so.
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. They claim that a small percentage 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. I have always found them to be reasonably quick to respond but think they could improve by extending hours to 24/7 support.
You can choose from a good selection of payment methods to make deposit and withdrawals. The funding options include wire transfer, credit/debit card, digital wallets and cryptos. Bank transfers may take a few business days to clear. That is why I prefer to use digital wallets. I find them to be the quickest and easiest way to move funds between my trading accounts. The accounts can be opened in a limited choice of currencies, USD and EUR. I think they could improve by adding support for more currencies as the different options are beneficial because conversion fees do not apply when using an account in your own currency. 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.
Compare Broker Features
|This Broker||AvaTrade||IG||IC Markets|
|Regulated||ADGM FRSA, ASIC, BVIFSC, CBI, FFAJ, FSCA, IIROC, JFSA||ASIC, BaFin, CFTC, DFSA, FCA, FINMA, FMA, FSA, FSCA, JFSA, MAFF, MAS, METI, NFA||ASIC, CySEC, FSA, SCB|
|Commission||From $0||From $0||From $0|
|Instruments||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Options, Bonds, ETFs||Forex, Commodities, Crypto, Stocks, Indices, Bonds|
|Platforms||MetaTrader 4, MetaTrader 5, AvaTradeGO, AvaOptions, AvaSocial, DupliTrade, ZuluTrade||MetaTrader 4, IG Platform, IG Progressive Web App, ProRealTime (PRT), L2 Dealer, FIX API||MetaTrader 4, MetaTrader 5, cTrader|
|Funding||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets||Bank Transfer, Credit/Debit Card, E-Wallets|
Overall, there is a lot to like about OctaFX and the range of quality trading conditions that they provide. You get convenient access to the markets via powerful and fully customisable 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 forex trader needs. 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 the excellent Autochartist. I think they can be worth consideration for anyone who is primarily looking to trade forex in a regulated environment backed by award winning customer support.