OctaFX is a forex, CFD, and copy trading broker offering the MT4, MT5, and cTrader platforms. In this broker review, we’ll log in to the personal area and uncover the key features, including leverage, demo accounts, regulation, and more. Read on to find out if OctaFX is a good forex broker or not.
Table of Contents
- OctaFX Details
- Trading Platforms
- Trading Fees
- Mobile Apps
- Payment Methods
- Demo Account Review
- OctaFX Bonuses & Promo Codes
- Regulation Review
- Additional Features
- Account Types
- Trading Hours
- Customer Support
- OctaFX Verdict
- Accepted Countries
OctaFX was established in 2011. The company’s headquarters are located in Saint Vincent and the Grenadines, with an additional support office in Jakarta, Indonesia. The broker’s EU entity, Octa Markets Cyprus Ltd, is located in Limassol, Cyprus, and is regulated by the CySEC.
With over 1.5 million trading accounts and a long list of forex industry awards, the founder and owner have ensured the company has amassed a global reach.
The MetaTrader 4 platform is a trusted software used by both individual traders and institutions, due to its ease of use and flexibility.
The platform allows you to develop your own expert advisors and technical indicators to suit your trading style. In addition to the 30 in-built technical indicators, advanced charting tools allow you to analyze price fluctuations and trends in the market, using 3 customizable chart and graph types.
Note that MT4 is currently only available for non-EU clients.
MT5 is the next-generation platform that offers all the benefits of its predecessor but with additional speed, accuracy, and more advanced features.
Users enjoy 8 types of pending orders, 44 analytical objects including Gann and Fibonacci Retracement, plus additional technical indicators which are unique to MT5, such as Trend Oscillators and Bill Williams’ tools. There’s also an economic calendar as well as two major accounting modes for greater flexibility: hedging and netting.
Both platforms come in several languages, including English, Arabic, and Hindi, and are compatible with Windows PCs. OctaFX provides a useful download guide on the website.
For those using Mac PCs, OctaFX also offers the web terminal version of MT4 and MT5, meaning traders can access the markets straight from an internet browser.
The web platforms are highly functional and customizable, boasting the same features found in the desktop versions, including charting tools, market indicators, scripts, and expert advisors, plus access to diverse order types and execution modes.
The cTrader platform is a robust system designed for forex and CFD trading. The platform includes over 26 in-built chart views and up to 50 chart templates on a fully customizable interface. The platform boasts an impressive suite of 70 technical indicators and 28 chart timeframes, plus advanced level scalping and visual back-testing using cBot. With full market depth, traders can also execute advanced online trading strategies as well as programmable algorithms.
The cTrader platform is ready to download from the website once you have completed the registration process. The cTrader web terminal is also available for macOS users.
OctaFX offers some of the most popular products, including:
- Forex – 28 currency pairs including EUR/USD and USD/JPY
- Indices – 10 CFD indices available such as US30 and NASDAQ
- Commodities – Including spot gold and silver contracts, plus brent and crude oil
- Cryptocurrencies – 3 major digital currencies available; Bitcoin, Ethereum and Litecoin
Typical variable spreads for EUR/USD are around 0.7 pips in both the MetaTrader and cTrader platforms. Gold spreads (XAUUSD) start from around 2 pips and major indices such as NAS100 are around 3.5 points. Bitcoin spreads (BTCUSD) are around 3.1 pips. Fixed spreads are also available for MT4 USD accounts.
Trading commissions are only charged in the cTrader account, at 0.03 USD per 0.01 lots. There are also rollover rates applied on positions held over 3 days. Details of these fees are listed in the product specifications.
OctaFX offers generous leverage limits up to 1:500 for currencies in the MT4 and cTrader accounts. Leverage in the MT5 account is available up to 1:200 on currencies. Metals can be leveraged up to 1:200, indices and energies up to 1:50, and cryptocurrencies up to 1:2.
Note that EU clients can only trade with leverage up to 1:30.
OctaFX delivers mobile app versions of the MT4, MT5, and cTrader platforms, available for iPhone and Android devices. The apps offer many of the essential features found in the desktop applications, including a complete set of orders in MetaTrader and the full balance, margin, and P&L information in cTrader. All trading apps come with a customizable mobile interface with clean and accurate trading functions, as well as custom mobile price alerts.
OctaFX (non-EU) also offers a downloadable proprietary copy trading mobile app, currently available only on Android (APK) devices. The app allows you to manage and keep track of trading accounts whilst on the go. Users can also activate bonuses, access trader tools, and deposit into their accounts. The app download process is quick and can be accessed from the Google Play store.
OctaFX offers a few fast funding methods which vary depending on your origin country, including bank cards, Perfect Money, and Bitcoin. Local bank transfers are also available for traders from certain countries, including Thailand, India, and Nigeria.
The minimum withdrawal and deposit amounts are 5 USD for Perfect Money, 0.00096000 for Bitcoin, and 50 EUR for cards. All deposits methods are generally processed instantly or within a few minutes.
There are no commissions charged on deposits, withdrawals, or currency exchange rates, except for 0.5% on Perfect Money deposits. The withdrawal time for all methods is 1 to 3 hours to approve and up to 30 minutes to transfer the funds. There is no withdrawal limit on earnings.
Demo Account Review
OctaFX traders can open a demo account that provides the same trading experience as a live account but without risking any real investment. Each demo account is loaded with unlimited demo dollars and opportunities to participate in the broker’s demo contest to be one of the next champions. You can sign up for a free demo account in just a few minutes.
OctaFX Bonuses & Promo Codes
OctaFX (non-EU) offers several deposit bonus deals, including a 50% bonus and a 100% bonus during special offer periods. In addition, there’s the Trade & Win promotion where traders can win gifts such as OctaFX t-shirts or gadgets. There are also contest opportunities, including the OctaFX 16 Cars contest where traders are entered into a car prize draw every 3 months, as well as the Champion Demo Contest 2020 for MT4 users.
Make sure to check all bonus terms and conditions before participating.
Octa Markets Cyprus Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC), under license number 372/18. EU member state residents are therefore protected by strict regulatory standards, including segregated client accounts and protection by the Investor Compensation Fund.
The non-EU entity also claims to provide segregated client accounts to protect trader funds, as well as negative balance protection which ensures that trader account balances never fall below zero.
Traders benefit from a range of additional education features and trading tools at OctaFX, including video tutorials and webinars, plus regular forex market insights and news. The brokerage also offers profit and margin calculators, as well as a forex signal service with the Autochartist plugin and live quotes.
OctaFX also offers a copy trading service, which is available on the desktop terminal and through the Android mobile app. The copy trading services allow clients to automatically copy leading traders based on the equity and leverage of both the Master Trader and the Copier’s accounts.
There are 3 account types available at OctaFX, which are determined by the trading platform you are using: Micro (MT4), Pro (MT5), and ECN (cTrader). Accounts are available in USD or EUR. The minimum trade volume across all accounts is 0.01 lots and there is no maximum.
The main differences between the accounts are the assets available to trade, the spreads, and the minimum deposit amounts. The Micro and ECN minimum deposit is 100 USD. The minimum deposit in the Pro account is 500 USD. Commissions are also charged in the ECN account.
Account opening is easy and requires the submission of ID documents in line with KYC requirements. In most cases, if your documents are submitted clearly, verification should only take up to 3 hours.
There is also an Islamic swap-free account for those worried about whether trading is haram or halal. Note clients from the United States are not accepted at OctaFX or Octa Markets Cyprus Ltd.
- MetaTrader and cTrader platforms
- Bonuses and contests (non-EU)
- Commission-free trading
- EU regulation
- Not FCA regulated
- Limited funding methods
- Zero pip spreads unavailable
- No copy trading on iOS devices
Trading times in the MT4 and MT5 platforms are 24/5, from 00:00 on Monday to 23:59 on Friday server time (EET/EST). The cTrader server time zone is UTC +0, though you can set other time zones, such as GMT, for charts and trading information.
For telephone support, non-EU clients can contact the helpline, +44 20 3322 1059, between 00:00 and 24:00, Monday to Friday (EET). For EU clients, the number to call is +357 25 251 973 between 09:00 and 18:00, Monday to Friday (EET).
There is also an email form, however, the fastest way to get in touch is via the 24/7 live chat service, which you can access by clicking on the chat logo at the bottom of the website. The support team is helpful if you need to know your withdrawal pin, any platform problems, VPS questions, or you want to delete an account.
In addition, you can find updates on the broker’s social media pages, as well as the OctaFX YouTube channel.
The broker’s head office addresses are:
- OctaFX, Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent and the Grenadines
- Octa Markets Cyprus Ltd, 1 Agias Zonis and Thessalonikis Corner, Nicolau Pentadromos Center, Block: B’, Office: 201, 3026, Limassol, Cyprus
The broker’s website is available in several languages for clients from Indonesia, Malaysia, Pakistan, and India.
OctaFX uses 128-bit SSL encryption and PIN codes in the personal area and trading platforms, which is the industry-standard security requirement for protecting personal data. The broker also applies 3D secure Visa authorization when processing credit and debit card transactions.
OctaFX offers a promising trading service for novices and experienced traders, with a choice of MetaTrader or cTrader platforms as well as the Copytrading app. The broker offers fee-free deposits and withdrawals, plus Islamic accounts and a demo solution. The ECN spreads are also decent, though not as competitive as the zero spread accounts offered at other brokers like XM, for example.
OctaFX accepts traders from Australia, Thailand, Canada, United Kingdom, South Africa, Singapore, Hong Kong, India, France, Germany, Norway, Sweden, Italy, Denmark, United Arab Emirates, Saudi Arabia, Kuwait, Luxembourg, Qatar, and most other countries.
Traders can not use OctaFX from the United States.
Is OctaFX a legit company and regulated broker?
OctaFX is a legit company registered in Saint Vincent and the Grenadines. The EU entity is registered in Limassol, Cyprus, and regulated by CySEC. If you’re unsure whether a broker is a scam or a legit company, you can always check out customer reviews online.
Is OctaFX a market maker?
No, OctaFX is a No Dealing Desk (NDD) broker and therefore acts as an intermediary between the trader and the real market. OctaFX receives commissions from its liquidity providers for each transaction.
How do I delete my OctaFX account?
To delete your account, you will need to get in touch with the customer support team. Note accounts are automatically deactivated if you never deposit or sign in to them.
How do I open a copytrading account at OctaFX?
You can sign up and log in to the Copytrading account in a few easy steps. Once you log in to your personal area, you can set up your Copytrading profile and deposit it to your wallet. You can also sign in to your new account using the Android app.
Why was my OctaFX withdrawal rejected?
If you encounter a withdrawal problem, you will receive a notification in your email explaining the issue. Alternatively, if you need to cancel a withdrawal, you can do this within your personal area.
Does OctaFX offer any free bonus deals?
At the time of writing, OctaFX is not offering any free bonus deals, no deposit bonus deals, or promo codes. There are other promotions available for non-EU clients. Make sure to check the bonus conditions before participating.
Is OctaFX legal in India and Pakistan?
Yes, you can legally open an OctaFX account from 100 countries, including India, Pakistan, Singapore, Ghana, and the UAE.
Vincent Nyagaka is a Professional Trader, Analyst & Author. He has been actively engaged in market analysis for the past 7 years. He has a monthly readership of 100,000+ traders and has taught over 1,000 students since 2014. Vincent is also an experienced instructor and public speaker. Check out Vincent’s Professional Trading Course here.