Since its debut in 2011, OctaFX has offered clients a broad selection of trading alternatives with cheap initial deposits. The company has won various industry honors for its outstanding online trading services and platforms. The umbrella brand OctaFX is utilized by two separate broker companies.
Using the name OctaFX.eu, Octa Markets Cyprus Ltd. is an investment company that is registered in Cyprus and subject to regulation by the Cyprus Securities and Exchange Commission (CySEC). Users are now able to trade with a broker who is overseen by heightened levels of regulatory protection in Europe.
Pros and Cons of OctaFX
Pros
• Simple account setup and low opening balance requirements
• Strategies such as scalping, hedging, and EAs are all acceptable.
• Shariah-compliant choices available for all account types
• Use leverage up to 500:1 while being protected from negative balances
• No commissions or registration costs
Cons
• Not available to clients in the US
• Not all assets and currency pairs can be traded.
For whom is OctaFX advised?
OctaFX is the best option for investors looking for an economical way to start trading a variety of assets because of its low opening balance requirements and tight spreads. Despite the fact that the platform is primarily focused on forex, the various asset classes, including as US, UK, and Japanese shares, offer fantastic opportunity to diversify your investing portfolio in one location.
Investors will be particularly interested in the OctaFX bitcoin trading option in 2020. Investors are increasingly embracing cryptocurrencies like Bitcoin, Litecoin, Ripple, Bitcoin Cash, and Ethereum to both finance their trading accounts and as standalone investments as cryptocurrency enters the mainstream. The lack of fees and commissions provides traders with significant motivation to pursue their passion for trading. The referral program and monthly rewards offered by OctaFX, which foster a friendly, competitive atmosphere among platform users, serve as additional incentives for this active trading strategy. Another strong feature of OctaFX is copy trading, which enables traders to mimic the strategies of the platform’s most profitable users.
OctaFX’s Top Features
• Variety of Account Kinds: Take advantage of three account types supported by Metatrader4, Metatrader5, and cTrader, each of which is tailored to distinct trader types and levels of experience. The variety of accounts and platforms available further enhances OctaFX’s uniqueness.
• Cryptocurrency-Friendly Platform: OctaFX clients can start trading cryptocurrency pairs with as little as $100 and leverage of up to 1:25, and it accepts cryptocurrencies as a funding source in addition to offering traders the ability to trade Bitcoin, Ethereum, Ripple, and 27 additional cryptocurrencies.
• Highly Competitive Spreads: Trade a variety of currency pairs, including precious metals, for a low cost per trade with a market execution time of under 0.1 seconds.
• Copy trading assistance is accessible on all account types, so traders only need to log in, choose a top trader to copy, and then click a button to duplicate that trader’s technique.
• Ample Market Materials: The website offers complete investor education resources along with trading signals, charting tools, investment articles, and constantly updated webinars.
Compliance & Regulation by OctaFX
The Caribbean country of St. Vincent and the Grenadines is where OctaFX is headquartered. The nation’s banking regulators oversee the company’s OctaFX.com website. CySec oversees the OctaFX.eu website’s governance.
OctaFX is accessible to people of more than 180 countries, in contrast to some trading platforms that severely limit foreign nationals from accessing their services. The name of your nation will probably be listed on the drop-down menu used to register an account. Please take note that registration with OctaFX is currently not permitted for US clients.
Pricing for OctaFX
OctaFX does not charge commissions or fixed fees; instead, it makes money by charging a spread on the many asset classes it offers. The spreads on currencies and other assets are incredibly competitive even with this ECN/STP broker setup and are comparable to many online trading platforms.
The MT4 account has swaps or Swap Free Commission, however the MT5 account does not.
Apart from trading fees, OctaFX excels in the absence of charges for its quick deposits and withdrawals.
OctaFX is a trustworthy broker for the Forex market.
Low spreads, a variety of commission-free deposit and withdrawal options, and negative balance protection are all provided by OctaFX. A large choice of trading instruments is available to clients. You may trade cryptocurrencies like Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple here in addition to currency pairs, metals, and CFDs. The terminals feature all key functions, including one-click trading, sophisticated charting, and technical analysis, and they are compatible with any device with internet connectivity. OctaFX uses cutting-edge technology to safeguard consumer transactions and personal information. The processing of credit and debit cards uses 3D secure technology, and the user’s personal account is secured by SSL and 128-bit encryption.
The broker offers its clients access to the well-known trading terminals cTrader and MetaTrader 5, as well as the more recent MetaTrader 4 and MetaTrader 5. Both desktop and mobile versions of each of them are accessible. In addition, you can trade without installing the platform on your device directly through a web browser.
Decent OctaFX services include:
• AutoChartist. a free automatic alert system that is MT4 and MT5 compatible and has a trend prediction accuracy of over 83% for currency pairs.
• Trading equipment Real-time quotations, profit and trade calculators, and lists of the top trading accounts that may be copied are just a few of the helpful tools accessible.
• Analytics. Information about the markets, an economic calendar, market analysis, Forex news, interest rates, and a calendar of holidays are all included in this part.
Advantages:
• High leverage is an option for trading. The maximum size for currency pairs is 1:500.
• A secure SSL protocol, a license, and segregated accounts are used to handle high-level protection of customer funds and data (personal and payment).
• There is a platform for duplicating trades that allows for risk control.
• There are excellent and cost-free analytic resources available, including market analysis, forex news, and real-time quotes.
• The availability of online chat, where operators quickly respond to inquiries and resolve any arising technical issues.
Reliability & Security with OctaFX
Forex trading requires a solid platform, and OctaFX excels in this regard. With multi-platform compatibility encompassing desktop and online applications along with rapid execution times, and support for android and iOS mobile devices, you’ll be able to use the platform with confidence from practically any device. With excellent integration for all three trading platforms, OctaFX has a layout that is simple to read. The mobile apps function without a hitch, and charts and real-time price updates are both plainly visible. Users have reported very few connectivity and stability issues, indicating the platform’s stability and dependability.
Traders can be confident that they are accessing the best trading conditions because there are no requotes, 97.5% of all orders execute in less than 0.1 seconds, and there is no slippage. This is made possible by a non-dealing desk model that focuses on straight-through processing (STP) execution. In addition to these trustworthy qualities, OctaFX has won numerous major awards for the excellence of its customer service and the dependability of its platform. These include the 2019 Best Mobile Trading App Award from European CEO Magazine and the following recognitions:
The Best FX Broker: Fxexplained.co.uk (2019)
• Best Broker – Global Banking and Finance Review (2019)
• Best ECN/STP Broker at FX Daily Info (2019)
• Best Forex Broker Asia – FX Daily Info (2019)
‘Best In Class’ Online Social Trading (Forexbrokers.com 2021 Annual Review)
• Top FX Broker in Asia in 2021 (Global Banking & Finance)
• Broker Most Transparent 2020 (forex-awards.com)
• World Finance’s Best ECN Broker 2020 (retrieved from https://www.worldfinance.com/awards/world-finance-forex-awards-2020)
• 2021 Decade Of Excellence In Forex Asia (Global Banking And Finance Review)
• 2021 Best Ecn Broker (World Finance)
Overall, OctaFX was stable and simple to use, with all of the platform’s key features operating without any issues.
User Experience with OctaFX
Before users can trade on the OctaFX system, they’ll need to sign up for an account. Simple registration for the demo account only needs a working email address and a few personal details. However, you’ll need to submit personal ID verification and a few additional documents if you want to register for a full account. A current utility bill to serve as proof of residency, your photo ID, and a trading authentication process that determines your level of experience trading forex and other assets are some examples of these. Your account’s functionality won’t be fully functional until this procedure is finished.
Once your OctaFX account is operational, you can begin trading on the platform of your choosing. Users of OctaFX can pick from a number of payment options to fund their trading accounts. There are many different electronic payment systems available as well as conventional payment methods like credit card, bank transfer, or direct deposit in 100 different countries. Popular payment processors including Skrill, Neteller, and PerfectMoney are all accepted. The 50% bonus on deposits that OctaFX provides for non-EU customers is a wonderful perk.
With OctaFX, you may easily and quickly withdraw winnings to a specified bank account or eWallet with just a few mouse clicks. One of OctaFX’s biggest features is its quick transfer times for withdrawals and deposits, along with the absence of commissions on either of these services or currency conversion.
Additionally, OctaFX has made a significant effort to offer instructional resources. The broker has made a significant investment in the educational resources for clients, including the addition of cutting-edge tools like Autochartist, trading signals, market research and news, manuals, and tutorials. Importantly, the OctaFX customer care team is readily accessible thanks to 24-hour support Monday through Friday should users run into any issues or have inquiries. The crew can be reached by phone, live chat, email, Telegram, WhatsApp, and even postal mail. The helpful FAQ section is especially valuable for anyone who feel comfortable looking up answers on their own.
OctaFX: Is It Safe?
OctaFX has an overall Trust Score of 67 out of 99, which is regarded as high-risk. OctaFX does not run a bank and is not a publicly traded company. Zero tier-1 regulators (high trust), one tier-2 regulator (medium trust), and none tier-3 regulators have authorized OctaFX (low trust).
Financial Products
Less than 50 tradeable instruments are available from OctaFX. Saxo Bank, IG, and CMC Markets, the market leaders, each provide over 10,000 tradeable instruments.
Trading cryptocurrency at OctaFX is only possible through CFDs; trading the underlying asset is not an option (e.g. buying Bitcoin). Notably, neither U.K. residents nor retail traders from any broker’s U.K. firm are permitted to trade cryptocurrency CFDs.
Fees
CFDs are complicated financial instruments that carry a high risk of losing money quickly because of leverage. 74% to 89% of retail CFD accounts are in the red. You should think about your understanding of CFDs’ operation and your ability to bear the substantial risk of financial loss.
In the past, OctaFX had trouble with price, but it has made significant progress in this area and is currently overtaking the most affordable MetaTrader brokers.
Account types: The commissions or fees you pay to OctaFX will depend on the type of account you choose and the OctaFX organization that is in charge of regulating your account. International clients are served by OctaFX’s offshore entity in Saint Vincent and The Grenadines, while European clients chose the broker’s EU entity (SVG). The SVG entity offers accounts for both MT4 and MT5, however the EU promotes only MT5, making just one account available.
Depending on which of OctaFX’s organizations is in charge of regulating your account, different spread prices apply. For the EUR/USD pair, for instance, its EU entity is somewhat superior at 0.5 pips as opposed to the SVG entity’s 0.7 pips. It’s important to note that because OctaFX does not provide a date range for its average spread statistics, the results don’t have the same significance as spreads that do. Overall, OctaFX has improved its pricing and seems to stay up with the least expensive MetaTrader brokers, although we were unable to draw any precise comparisons due to the lack of a date range for its average spread claim.
Apps for mobile trading
Even though OctaFX has its own social copy trading program (the OctaFX Copytrading app), it still lags behind market leaders like IG and Saxo Bank. Read our guide to the Best Forex Trading Apps for our top recommendations for trading apps.
Apps overview: The iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps are both available for download from the Apple App Store and Google Play store, respectively, because OctaFX is a MetaTrader-only broker. Due to geolocational constraints I encountered on Google Play, I was unable to download or test OctaFX’s proprietary OctaFX Copytrading app for social copy trading.
Additional trading platforms
OctaFX is primarily a MetaTrader broker, providing the platforms from MetaQuotes Software Corporation, including MetaTrader 4 (MT4) and MetaTrader 5. (MT5).
Copy trading: OctaFX provides a web interface that connects to its MetaTrader 4 (MT4) platform providing for copy trading (providers are referred to as Masters). Although it still has room for improvement, OctaFX’s copy trading product has expanded, and I felt that it justifies inclusion alongside the finest copy trading brokers.
2,432 systems, or 39% of all available systems on OctaFX’s Copytrading software, were determined to either break even or achieve profitability in the most recent three months. The structure is helpful, but I would prefer to see more performance metrics that would allow traders to distinguish between the Masters (providers of each strategy).
Market analysis
The market research from OctaFX is comprehensive and has a wide range of topics. OctaFX offers a broad range of content types rather than concentrating in any one area. However, OctaFX has space to improve its research offering when compared to industry giants IG, Saxo Bank, and CMC Markets.
Overview of research: OctaFX’s Market Insights area houses its research materials, including daily analysis posts, an economic calendar, and automated technical analysis performed using the Autochartist plugin for MetaTrader. The interest rate tracker, the daily and weekly forecast pieces, and the economic calendar—which was helpful for keeping track of public holidays and international trade hours—were my favorite features.
Market news and analysis: OctaFX publishes daily articles on technical and fundamental analysis of well-known trading symbols, such as forex and CFDs. Additionally, it provides its OC LiveTrader series, which consists of live-streamed video content on its YouTube account. Even if OctaFX’s research materials are of ordinary quality, they don’t have the depth of information that the top brokers in this market segment give.
Education
Despite the fact that OctaFX has expanded its teaching offerings with webinars and recordings of live trading sessions, its instructive articles and videos lack variety.
The OctaFX website features a section devoted to forex education with over 20 articles for beginners. The OctaFX YouTube channel features its 11-part Forex Basic Course video series as well as webinar archives.
OctaFX’s instructional resources are enhanced by tools like its trading glossary, platform tutorials, and a large number of Frequently Asked Questions (FAQs). Despite this, there isn’t a lot of educational material available for learning how to trade or comprehend market dynamics. Although the broker does have a blog and a YouTube channel, I still felt that I could have used more information.
There is room for improvement: OctaFX’s educational offering may need a general extension of its articles and videos, as well as an expansion in the areas addressed. The educational material would be easier to utilize and more evenly distributed if it were organized according to expertise level.
The affiliate program of OctaFX
• “Invite a friend” is a promotion that offers $1 for every standard lot traded by a referral that results in a withdrawal of at least $5;
• “IB” – (Introducing Broker): Depending on the total number of connected clients, the partner receives $3 to $12;
A program called Master IB is available to people who have built their own IB network. A 10% commission of the gains made by the recruited IB goes to the master trader. Additionally, he has access to the typical introducing broker compensation.
Additional financial incentives are available to all IB Partners. If the combined trading volume of their connected clients has exceeded 100 lots over the past month and they have attracted fresh referrals, OctaFX pays introducing brokers between $100 and $2,000 once every 30 days.
Last Words on OctaFX
Overall, OctaFX is a fantastic trading platform with low minimum deposits and a wide selection of trading options and asset classes. The OctaFX product, which provides excellent features at a very affordable price, stands out for its leverage, copy trading assistance, and 50% deposit bonus for non-EU clients. This is perfect for traders who are just starting out in forex trading and want to learn more about it on a safe, trustworthy, and economical platform. Thanks to 24-hour availability Monday through Sunday, the OctaFX customer care team is very reachable.
Additionally, very narrow spreads, the lack of commissions, and the invitation for all trading strategies—including hedging, scalping, and automated trading strategies—will be appreciated by seasoned investors with more sophisticated strategies. OctaFX offers superb support along with its wealth of trader education tools and regulated approach, making it a fantastic spot to begin trading or apply an existing technique.
Is OctaFX a trustworthy broker?
An emerging broker with almost ten years of experience is OctaFX. OctaFX has been able to increase its offerings because to its expansion. Increasing the number of regulatory licenses in tier-1 jurisdictions would increase client trust.
Is OctaFX a safe place for my money?
As OctaFX is exclusively registered in Cyprus, we consider the broker to be a higher risk than those firms that are regulated in several tier-1 jurisdictions.
OctaFX was established in 2011, and through its Cyprus-based firm, Octa Markets Cyprus Ltd, which is governed by the Cyprus Securities and Exchange Commission, it possesses regulatory licenses mostly across Europe (CySEC). Your account might be eligible for some CySEC protections; for instance, you’d be covered by the Investor Compensation Fund for up to 20,000 euros in the unlikely event that Octa Markets Cyprus Ltd. filed for bankruptcy (ICF).
Octa Markets Incorporated is the company that represents the brand internationally. It has its headquarters in St. Vincent and the Grenadines (SVG) and offers scant to no regulatory security. Which OctaFX organization manages your account and whether any applicable regulations offer client protections will determine the security of your funds in terms of regulatory protection.
What is OctaFX’s required minimum deposit?
Depending on your place of residence and your preferred payment method, OctaFX’s minimum deposits can change. They can be as low as $25 (USD) when funding with Visa or MasterCard, as high as 500,000 Indian rupees when using Skrill or Neteller, and as low as 50 euros (EUR) when using Skrill (INR). It’s vital to remember that the OctaFX company you select for opening your trading account will also affect the minimum deposits and trading fees.
Over 50 various payment methods, including Visa, Neteller, Fasapay, and bitcoin, are available with OctaFX, in addition to a wide range of regional bank transfers. Depending on where you live, certain payment options might not be available.
2022 Review Process
Over the course of three months, we evaluated, graded, and ranked 39 foreign forex brokers for our 2022 Forex Broker Review, producing more than 50,000 words of published research.
Each broker received a grade based on 113 different factors, including our unique Trust Score formula. Based on elements including licenses, regulations, and company structure, this unique rating system assigns each broker a trustworthiness score based on how trustworthy they are. Read more here about Trust Score.
All brokers had the chance to submit updates, significant achievements, and a comprehensive data profile, which we manually examined for accuracy, as part of our annual review procedure.
In the end, our meticulous data validation procedure produces an annual error rate of less than.1%, giving site users reliable facts.
