OctaFX Review
OctaFX is a well-established broker since 2011. OctaFX has headquarters in Cyprus and St. Vincent & Grenadines. OctaFX to provide their Forex/CFD trading services to over 4 million clients.
This broker has also been regulated by CySEC 372/18 and FSA (St. Vincent & Grenadines) 19776 IBC 2011.
OctaFX is an international Forex broker that operates worldwide. The domain belongs to a group of companies called Octa Markets Incorporated which is registered with St. Vincent and Grenadines FSA. Currently, the company focuses on Asian, South African, and Australian markets. OctaFX.com does not accept European clients as this market is specifically appointed to OctaFX.eu (regulated by CySEC).
In a show of good faith, OctaFX segregates all funds from the company's operating capital and offers negative balance protection to all its clients. No regulatory oversight also means that OctaFX can offer higher leverage and bonuses to traders, which may be attractive to some.
Major Information
💲 Min Deposit $25
⚖ Max Leverage 1:500
💡 Min Position 0.01 lot
🌐 Website www.octafx.com
⌛ Year Established 2011
3.92/5
Extensive Review
OctaFX is one of the most famous brokers in the world and has won many awards for its very comfortable trading atmosphere and proximity with customers. OctaFX was founded in 2011 with headquarters in Strovolou 47, Kyros Tower, Nicosia.
Prestigious awards that have been received by OctaFX include the Best ECN/STP 2019 and the 2019 Best Broker in Asia given by FX Daily Info. The Global Banking and Finance Review magazine also gave the Best Broker award in Asia in 2018 to this broker. More than that, there were also awards from European CEO Magazine (Best FX Broker 2018 and Best Trading Conditions).
For traders in most countries, OctaFX is under the authority of Octa Markets Incorporated and is registered in Saint Vincent and the Grenadines. This broker also provides various facilities, such as providing support services by live chat and WhatsApp in Indonesian. Not only that, deposits and withdrawals of funds can be done through various local banks. OctaFX does not charge commissions for every deposit and withdrawal of funds made by traders.
OctaFX offers different types of accounts that are carried out with market execution (STP/ ECN) and floating spreads from 0.2 pips. A variety of forex strategies, ranging from Scalping, Hedging, and the use of Expert Advisors are permitted in all accounts at OctaFX brokers.
There is also a fixed exchange rate offer when opening a Micro MT4 account. All deposits made in IDR will be calculated at the rate of USD1 = Rp10,000 and will be entered into the trader's account balance. Also, Swap-free accounts are available for Muslim traders who want to avoid overnight interest.
Trading in OctaFX is also suitable for novice traders. Because OctaFX offers low spreads, which are floating starting from 0.0 pips. The required initial deposit is also low, only USD25. The currencies used on the account are US Dollars and Euros.
OctaFX gives a bonus of 50% each time a trader makes a deposit. That way, the capital gained by the trader becomes bigger. Opportunities to open positions increased and deposit bonuses can be withdrawn on the terms and conditions.
If traders are still confused about calculating profits, the OctaFX platform provides a trading calculator for each account type. Traders only need to enter the currency pair being traded, the amount of leverage, the number of lots, and the type of currency used in the account.
Opportunities to get profits are also getting bigger with the Autochartist feature. Traders will get notifications quickly when there is a profit signal in trading. The accuracy of the trend prediction reaches 83%.
Traders do not need to worry about the safety of funds at this broker. OctaFX uses segregated accounts and protects personal data and online financial transactions with SSL technology. This is adjusted to the international accounting standards and regulations.
Another advantage offered by OctaFX is the Trade & Win program. Opening an account in OctaFX would open the opportunity to collect trading lots, which can be accumulated into a variety of attractive prizes. Traders only need to open a real account on MetaTrader4 or MetaTrader5 through OctaFX and simply exchange the prize lot in this promotion. Prizes that can be obtained by traders include T-shirts, Android Smartwatches, smartphones, and laptops.
Traders need not worry about missing out on promotions. Because OctaFX often bonuses and other promotions. This broker holds a trading contest every week on a demo account with real prize funds that can be used for trading.
One example of a prize contest is OctaFX Champion - MT4 Demo Contest. With a total prize of USD 1,000, there are places for 4 winners in each contest period.
Company Information
Features
💰 Bonus offers
🏆 Trading contests
📁 Segregated accounts
🕋 Islamic accounts available
Account Information
Apart from the forex demo account, this broker offers OctaFX MT4 and OctaFX MT5. To successfully navigate your trading account, you also need to consider about leverage and minimum deposit. Talking about leverage in general, the maximum leverage offered by OctaFX is up to 1: 500. Meanwhile, you can open an account with a starting capital of $25.
There are two levels of trading account:
- MT4 Micro: The minimum deposit at OctaFX is $25 while the minimum lot size across all accounts is 0.01 lots. It also allows you to use hedging and scalping strategies alongside Expert Advisors (trading robots) to monitor the market. Commissions are built into the variable spreads. Traders can easily build the system around their own trading strategy, with pending orders, one-click trading, mobile trading, automated trading, and trailing stop options. Overnight premiums, or swaps, are also charged.
- MT5 Pro: The minimum deposit required to open an account is $500 while the minimum position size is 0.01 lots. but clients are provided with a range of competitive features, such as trailing stops, pending orders, one-click trading, mobile trading, and automated trading. The account allows Expert Advisors, hedging, and scalping, ideal for professional traders. MT5 Pro takes money from variable spreads.
Min Deposit
$25
Max Leverage
1:500
Spread
Variable
If you want to look for a more simple explanation regarding this broker's account type(s), take a look at the following chart:
💲 Min Deposit $25
💡 Min Position 0.01 lot
🔢 Spread Variable
📉 Scalping
🤖 Expert Advisors
💱 Hedging
🕛 Overnight interest rates (swaps)
⏱ Trailing stop
⏳ Pending orders
1️⃣ One-click trading
⚡ Automated trading
💸 Commission
Fees
OctaFX charges a combination of spreads, commissions, and swap rates:
- MT5 Pro Account's current spread is significantly higher but it does not charge swap, though a fixed three-day fixed cost applies.
- The MT4 Micro Account offers free commissions starting from 0.4 pips for EUR/USD, which ranks among the best available offers in today's industry. In addition, swap does not apply to overnight positions for Islamic Accounts traders. This account structure complies with Sharia law.
Instruments Traded
Besides lots of currency pair, OctaFX also offers some instruments you would like to trade on, such as Forex, Gold & silver, Indexes, Energies and Crypto for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.
OctaFX maintains 51 assets in total:
- 32 currency pairs
- 4 commodities
- 10 index CFDs
- 5 cryptocurrency pairs
As for OctaFX MT4 account, OctaFX specifically provides it with the following instruments and leverage:
Forex
1:500
Gold & silver
1:200
Indexes
1:50
Energies
1:100
Crypto
1:25
💲 Min Deposit $25
💡 Min Position 0.01 lot
🔢 Spread Variable
📉 Scalping
🤖 Expert Advisors
💱 Hedging
⏱ Trailing stop
⏳ Pending orders
1️⃣ One-click trading
⚡ Automated trading
💸 Commission
Fees
OctaFX charges a combination of spreads, commissions, and swap rates:
- MT5 Pro Account's current spread is significantly higher but it does not charge swap, though a fixed three-day fixed cost applies.
- The MT4 Micro Account offers free commissions starting from 0.4 pips for EUR/USD, which ranks among the best available offers in today's industry. In addition, swap does not apply to overnight positions for Islamic Accounts traders. This account structure complies with Sharia law.
Instruments Traded
Besides lots of currency pair, OctaFX also offers some instruments you would like to trade on, such as Forex, Gold & silver, Indexes, Energies and Crypto for your best choice. Somehow, remember that different instrument has different trading conditions. In this case, you have to make sure that your strategy is well suited for the instrument you chose.
OctaFX maintains 51 assets in total:
- 32 currency pairs
- 4 commodities
- 10 index CFDs
- 5 cryptocurrency pairs
As for OctaFX MT5 account, OctaFX specifically provides it with the following instruments and leverage:
Forex
1:200
Gold & silver
1:100
Indexes
1:50
Energies
1:200
Crypto
1:25
Payment Methods
Payment can be made using most major credit/debit cards, Skrill, Neteller, and Bitcoin. There are no payment fees, but third-party costs may apply. The processing times of deposits and withdrawals are fast, but it may take additional time to arrive in the trader's account or e-wallet.
Several payment methods are available:
Skrill : Mostly, all forex brokers provide Skrill as an online payment service option. Fast, easy, and safe transactions are the main reasons why traders using this method. Traders can use Skrill to fund their trading accounts with either payment cards, bank wire transfers, or directly from a Skrill e-wallet account.
Neteller : Like PayPal, Neteller is one of the most popular online payment services today. Due to this popularity, nearly all forex brokers accept Neteller as a payment method for their clients' fund deposit and withdrawal. Although the Neteller system is available almost all over the world, it remains particularly popular in Europe.
OctaFX also provides payment with Crypto and Credit/debit cards
Trading Platforms
Trading platform is a tool where you can buy or trade an instrument with only some clicks on your device, anytime and anywhere you want. In addition, price chart is also usually provided with some analytical tools to help you analyze the price movement, so you can increase your profitabiliy by placing well-planned trades.
Hereby, OctaFX offers you MetaTrader 4 and MetaTrader 5.
All three platforms include automated trading features that can be accessed via the desktop client, web browser, and mobile. The broker also provides trading signals via Autochartist Pro on MT4/MT5 trading platforms, offering advanced daily updates, insights, and analytics.
- MT4: The flexibility of the MT4 trading platform means that both experienced traders and newcomers can easily adapt the 20,000 third-party customized technical indicators and electronic advisors (EAs), many free of charge. However, once you invest in necessary upgrades to unlock the complete functionality of MT4, only then you can enjoy the competitive, cutting-edge version.
- MT5: MT5 trading platform remains the only one where all assets are available for trading.
| MetaTrader 4 | MetaTrader 5 | |
| Market execution | ||
| ✓ | ✓ | |
| Web trading (macOS compatible) | ||
| ✓ | ✓ | |
| Android app | ||
| ✓ | ✓ | |
| Mobile browser trading | ||
| ✗ | ✓ | |
| Hedging | ||
| ✓ | ✓ | |
| Level 2 market depth | ||
| ✗ | ✓ | |
| Volume calculation in lots | ||
| ✓ | ✓ | |
| Volume calculation in units | ||
| ✗ | ✓ | |
| Signals trading | ||
| ✓ | ✓ | |
| Autotrading | ||
| ✓ | ✓ | |
| Full-size tick chart | ||
| ✗ | ✓ | |
| One Click Trading | ||
| ✓ | ✓ | |
| Advanced chart trading | ||
| ✓ | ✓ | |
| Visual technical analysis tools | ||
| ✓ | ✓ | |
| Create and share chart screenshots automatically | ||
| ✗ | ✓ | |
| Reverse position in one click | ||
| ✗ | ✗ | |
| Double position in one click | ||
| ✗ | ✗ | |
| Scaling out of positions | ||
| ✗ | ✗ | |
| Close all open positions in a single click | ||
| ✗ | ✗ | |
| Built-in real-time market news | ||
|
✓ |
✓ | |
| Demo accounts | ||
|
✓ |
✓ | |
| Multilingual user interface | ||
| ✓ |
✓ |
|
| Automatic software updates | ||
| ✓ | ✓ | |
| Economic calendar | ||
| ✗ | ✓ | |
| Timeframes | ||
| 9 Timeframes | 21 Timeframes | |
| Customizable platform time offset | ||
| ✗ | ✗ | |
| Partial Fills | ||
| ✗ | ✓ | |
| Trading on indices | ||
| ✓ | ✓ | |
| Trading on stocks | ||
| ✗ | ✓ | |
| Cryptocurrency trading | ||
| ✓ | ✓ | |
Unique Features
OctaFX is fast, reliable and comes with 3 unique features, including:
- Silver status and above traders may also protect their investment using the Autochartist Pro as an automated trading assistant. Information about what is required to achieve this status appears to be available only to registered traders from inside their back office.
- Traders get the opportunity to participate in the broker's weekly and monthly demo contest to earn real cash between $500 and $1,000, which is then deposited into a live trading account. Make sure to check all the risks while understanding they may not win before participating in trading contests.
- OctaFX has rolled out a modern copy trading service that allows so-called Master Traders to earn an additional income from their strategy. Professional traders interested in sharing their strategies to be copied will benefit from this service. Master Traders can create multiple master accounts for different strategies, and have the freedom to adjust commissions.
Research and Education
Other than a comprehensive analytics section, OctaFX offers many additional tools or user-friendly educational resources:
- Autochartist: trading signals.
- Market Insights, Forex News, and Technical Analysis: traders will discover in-house research and market commentary published by OctaFX. They are updated frequently, consist of written content and charts, and represent a quality addition to the products available at this broker.
- Economic Calendar, Interest Rates, and National Holidays: a quick overview of market-related events.
- The Profit and Trading Calculators: allow traders to manage their trading strategy before placing trades.
- Forex Basics: consists of quality written content, charts, and some include numerous videos. While often brief, the content has educational value and offers new retail traders an excellent introduction to trading.
- The Tutorials: section focuses on OctaFX-specific guides.
- Video Tutorials: cover MT4/MT5, the personal area of OctaFX, and OctaFX Copytrading.
- FAQ section and a Glossary: aim to answer the most common questions and introduce terminology. Manuals: obtain more specific assistance regarding the three trading platforms, related tools and services, and Autochartist.
- Webinars: hosted by OctaFX as an educational portal.
Bonuses and Promotions
OctaFX runs promotional events:
-
50% bonus on each deposit.
- Two demo contests award real cash.
- The Trade & Win incentive rewards clients for trading activities with various prizes.
Customer Support
Do you have any question or find any trouble related to OctaFX? If you do, you should reach OctaFX's support to get the information that you need. Here is the detail of the broker's customer support:
OctaFX customer support is available 24/7. The team can be contacted via live chat, Telegram, call, or webform. OctaFX ensures swift access to a customer services representative in case the unlikely need for additional assistance arises.
Website Languages
Office Support
Email Support
Call Support
Chat Support
FAQ About OctaFX
A good broker constitutes a good service for traders in terms of many criteria including trading instruments, deposits and withdrawals, as well as customer support. What is good for a certain trader does not necessarily mean the same thing to you. So the term "a good broker" can vary in meaning. You can decide for yourself if OctaFX is a good broker for you or not by reviewing the criteria. In general, OctaFX provides trading service in Forex , Gold & silver , Indexes , Energies and Crypto . As for the payment methods, you can choose between Crypto, Credit/debit cards, Neteller and Skrill. The customer support is available via Email, Live chat and Phone.
The starting capital in OctaFX is $25.
OctaFX is regulated by CySEC 372/18 and FSA (St. Vincent & Grenadines) 19776 IBC 2011. A regulated broker equals a more responsible trading environment. You can also expect a more guaranteed safety of funds as some of regulatory frameworks in the financial industry require a compensation scheme in case of unprecedented incidents that result in clients' financial losses.
OctaFX is a brokerage company offering trading services for clients since 2011 with offices in Cyprus and St. Vincent & Grenadines.
Dec 22 2022
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