OctaFX Review 2023
OctaFX is a trusted global broker that offers a user-friendly platform, and a wide selection of tradable instruments. OctaFX acts in full compliance with international legislation and regulation standards and guarantees fund security and negative balance protection
The recipient of numerous industry awards for its stellar online trading services and platforms, OctaFX has been providing clients with a wide range of trading options with low initial deposits since it was launched in 2011. OctaFX is an umbrella brand used by two independent broker entities.
Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) using the domain OctaFX.eu. This enables users to trade with a broker under European regulatory oversight with enhanced levels of safeguards.
The OctaFX.com website is registered under Octa Markets Incorporated established in St. Vincent and the Grenadines which permits its clients to take advantage of higher leverage and bonus promotions. Based in St. Vincent and the Grenadines, OctaFX currently accepts clients from 185 countries.
OctaFX Overview
Founded in 2011, OctaFX is part of a group of global entities, which include Octa Markets Incorporated (based in Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd (based in Cyprus). OctaFX has a 229 tradeable symbols and a minimum deposit as low as $25 when funding with Visa/Mastercard.
Reviewing OctaFX over the past three years on ForexBrokers.com, I have found that OctaFX offers a basic, low-cost MetaTrader platform experience alongside its proprietary web and social copy-trading platform.
It has made great strides with its pricing options for traders, but suffers from a limited range of tradeable instruments and a lack of variety in its educational content. OctaFX holds just one regulatory license.
Pros
- Regulated in Cyprus, a tier-2 jurisdiction
- Well-organized research
- New proprietary platform for social copy-trading
Cons
- Very limited regulatory protection
- Listed spreads do not have corresponding date ranges, limited tradeable symbols
- Lacking in areas such as education.
- No longer offers cTrader
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Offering of Investments: Below-Average (3.5 Stars)
OctaFX offers fewer than 230 tradeable instruments. By comparison, industry leaders Saxo Bank, IG, and CMC Markets all offer over 10,000 tradeable instruments. Cryptocurrency trading at OctaFX is available through CFDs (except for UK residents), but not available through trading the underlying asset (e.g. buying Bitcoin).
Commissions & Fees: Average (4 Stars)
All in all, OctaFX has improved its pricing and appears to keep pace with the lowest-cost MetaTrader brokers, but with no date range available for its average spread claim, we were unable to make an exact comparison.
Platforms & Tools: Average (4 Stars)
Though OctaFX provides access to its proprietary OctaTrader web trading platform, OctaFX is primarily a MetaTrader broker, offering MetaQuotes Software Corporation’s suite of platforms that include MetaTrader 4 (MT4) and MetaTrader 5 (MT5). For copy traders OctaFX offers a web interface (providers are known as Masters) that connects to its MetaTrader 4 (MT4) platform offering.
Research: Average (4 Stars)
OctaFX’s market research is well organized and varied in its content. Rather than specializing in any one field, OctaFX provides a wide assortment of content types. However, when compared to research leaders IG, Saxo Bank, and CMC Markets, OctaFX has room to enhance its research offering.
Mobile Trading: Average (4 Stars)
OctaFX does have a proprietary app for social copy trading (the OctaFX Copytrading app), yet it still trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps.
Education: Below-Average (3.5 Stars)
OctaFX’s website has a dedicated forex education section with roughly 20 articles for beginners. The OctaFX Youtube channel has archived webinars, and also hosts its Forex Basic Course video series that spans 11 parts.
OctaFX Competitor Comparison
Here’s a quick look at OctaFX against four of our top-ranked brokers that also have regulatory licenses in CYSEC: Interactive Brokers, FOREX.com, XM Group, HFM (HF Markets)
Feature
Overall Rating
Trust Score9999908569Offering of Investments
Commissions & Fees
Platform & Tools
Research
Mobile Trading
Education
There is a long list of brokers in the Forex market, all of them with different priorities and approaches when it comes to investment for both private and institutional investors. Forex trading has long been a taboo and controversial topic in Pakistan. However, with the recent influx of various international market players and more data available for research and training, many millennials are trying their luck.
Who Is OctaFX Recommended For?
With low opening balance requirements and narrow spreads, OctaFX is ideal for investors who are seeking an affordable way to start trading a wide variety of assets. While the platform is largely geared toward forex, the additional asset classes — including US, UK, and Japanese equities — provide excellent opportunities to diversify your investment portfolio all in one place.
OctaFX’s cryptocurrency trading feature will be of particular interest to investors in 2020. As crypto moves more firmly into the mainstream, investors are increasingly using the likes of Bitcoin, Litecoin, Ripple, Bitcoin Cash, and Ethereum to both fund their trading accounts and as investments in their own right. The absence of fees and commissions is a huge incentive for traders to do what they love to do: trade. This active trading approach is further encouraged by OctaFX’s monthly prizes and referral program which encourages a fun, competitive spirit between fellow platform users. Copy trading, which allows traders to copy the patterns of OctaFX’s most successful users, is another strong feature.
Top OctaFX Features
- Range of Account Types: Benefit from three account types designed to cater to different trader types and experience levels with the support of Metatrader4, and Metatrader5. This range of accounts and platform adds to the uniqueness of OctaFX’s offering.
- Cryptocurrency-Friendly Platform: Between accepting cryptocurrencies as a funding source and the Bitcoin, Ethereum, Ripple and 27 more cryptos trading functionality that it offers traders, OctaFX clients can start trading cryptocurrency pairs with as little as $100 and leverage of up to 1:25.
- Highly Competitive Spreads: Enjoy a number of currency pairs available to trade and the inclusion of precious metals — all at an affordable cost per trade with market execution in under 0.1 second.
- Follow Top Notch Traders: With Copy trading support available on all account types, all a trader needs to do is log in, select a top trader to copy, and with the click of a button they can replicate the same strategy.
- Ample Market Resources: The website provides comprehensive investor education resources along with trading signals, charting tools, and investment articles and webinars that are regularly updated.
OctaFX Overview
- Type of BrokerECN/STP Broker
- Regulation & LicensingSt. Vincent and the Grenadines (OctaFX.com), Cysec (OctaFX.eu), FSCA (South Africa)
- Accepted Jurisdictions185 countries worldwide
- Assets OfferedCurrency Pairs (live quotes), CFDs, Cryptocurrency, Commodities ,Stocks
- Platforms AvailableMetaTrader 4, MetaTrader 5
- Mobile CompatibilityiOS, Android
- Payment Types AcceptedCredit/Debit Card, Bank Transfer, Skrill, Neteller, FasaPay, PayTM, Nganluong, PerfectMoney, Bitcoin, Help2pay, Billplz
OctaFX Account Types
FeaturesMT4MT5Account CurrenciesUSD, EURUSD, EURAvailable LeverageUp to 200:1Up to 500:1Minimum Deposit$25$25Starting Spreads0.6 pips0.6 pipsCommission Per Trade$0$0Decimal PricingUp to 5 decimalsUp to 5 decimalsSwaps/RolloversYes/Free RolloverYes/Free RolloverTrading Instruments35 currency pairs
2 precious metals
3 energies
10 indices
30 cryptocurrencies
35 currency pairs
2 precious metals
3 energies
4 indices
30 cryptocurrencies
Min. Lot Size Per Trade0.01 lot0.01 lotMax Lot Size Per TradeUnlimitedUnlimitedDemo AccountYesYesSwap/Rollover FreeSwap / Swap Free CommissionSwap FreeCopy Trading SupportYesYes
OctaFX Compliance & Regulation
Unlike some trading platforms that severely restrict foreign nationals from using their services, OctaFX is open to citizens of over 180 countries. You’ll most likely find your country’s name on the drop-down menu used during account registration. Note that US clients are currently not permitted to register with OctaFX.
OctaFX Pricing
There are swaps or Swap Free Commission on the MT4 account, but the MT5 account has no swaps.
Apart from trading costs, one area where OctaFX really stands out is the absence of fees for its speedy deposits and withdrawals.
OctaFX Reliability & Security
A reliable platform is essential for forex trading, and OctaFX scores well on this count. With multi-platform support including desktop and web applications along with fast execution times, and support for android and iOS mobile devices, you’ll be able to use the platform with confidence from nearly any device. OctaFX features an easy-to-read layout and good integration for all three trading platforms. The mobile apps run smoothly, with charts and current prices clearly visible and updated in real time. The platform is stable and reliable, with users reporting very few problems with connectivity and stability.
With no requotes and 97.5% of all orders experiencing no slippage alongside fast execution of less than 0.1 second thanks to a non-dealing desk model focused on straight-through processing (STP) execution, traders can rest assured that they are accessing optimal trading conditions. Beyond these dependable attributes, OctaFX has received several prestigious awards for its customer service and the reliability of its platform. These include European CEO Magazine’s best mobile trading app of 2019 and the following awards:
- Fxexplained.co.uk — Best FX Broker (2019)
- Global Banking and Finance Review — Best Broker (2019)
- FX Daily Info — Best ECN/STP Broker (2019)
- FX Daily Info — Best Forex Broker Asia (2019)
- “Best In Class”. Social Copy Trading (Forexbrokers.com 2021 Annual Review)
- Best FX Broker Asia 2021 (Global Banking & Finance)
- Most Transparent broker 2020 (forex-awards.com)
- Best ECN Broker 2020 (from https://www.worldfinance.com/awards/world-finance-forex-awards-2020)
- Decade Of Excellence In Forex Asia 2021 (Global Banking And Finance Review)
- Best Ecn Broker 2021 (World Finance)
- NEW! Best Online Broker Global 2022’ award (World Business Outlook)
- NEW! ‘Best Global Broker Asia 2022’ award (International Business Magazine)
- NEW! ‘Best FX Broker India 2022’ (World Finance)
- NEW! ‘Most Secure Broker Indonesia 2022’ (International BusinessMagazine)
- NEW! ‘Best Forex Broker Malaysia 2022 (Global Banking)
- NEW! ‘Best Trading Platform Mexico 2022’ (Global Business Review Magazine)
Offering of investments
OctaFX offers fewer than 230 tradeable instruments. By comparison, industry leaders Saxo Bank, IG, and CMC Markets all offer over 10,000 tradeable instruments.
Cryptocurrency: Cryptocurrency trading at OctaFX is available through CFDs, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents.
The following table summarizes the products available to OctaFX clients.
Feature
Forex Trading (Spot or CFDs)YesTradeable Symbols (Total)229Forex Pairs (Total)40U.S. Stock Trading (Non CFD)NoInt’l Stock Trading (Non CFD)NoSocial Trading / Copy TradingYesCryptocurrency (Physical)NoCryptocurrency (CFD)YesDisclaimersNote: Crypto CFDs are not available to retail traders from any broker’s U.K. entity, nor to U.K. residents (except to Professional clients).
Commissions and fees
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74–89% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
OctaFX has struggled with pricing in the past, but has vastly improved in this category and is now gaining on the lowest-cost MetaTrader brokers.
Account types: Any commissions or fees you pay at OctaFX will depend on your chosen account type and the OctaFX entity under which your account is regulated. European clients will choose the broker’s EU entity, whereas international clients are served from OctaFX’s offshore entity in Saint Vincent and The Grenadines (SVG). In the EU, only MT5 is promoted and thus a single account is available, whereas the SVG entity offers accounts for both MT4 and MT5.
Spreads: OctaFX’s spread pricing varies depending on which of its entities regulates your account. For example, its EU entity is slightly better for the EUR/USD pair with 0.5 pips listed as the average spread, compared to 0.9 pips for the SVG entity. It’s worth noting that OctaFX did not provide a date range for its average spread data, and thus the values don’t carry as much weight as spreads that have a corresponding date reference. All in all, OctaFX has improved its pricing and appears to keep pace with the lowest-cost MetaTrader brokers, but with no date range available for its average spread claim, we were unable to make an exact comparison