OctaFX Broker Review

Author By Chris Cammack
Updated: December 2, 2022
Overall Rating
4.27 4.27 / 5
Rated #33 of 68 Recommended Brokers
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC and SVG FSA.
Last updated on December 2, 2022
by Editorial Director Chris Cammack
Chris Cammack

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Our verdict on OctaFX

OctaFX will be a difficult choice for many Indian traders. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and has a great copy trading service.

On the other hand, OctaFX is essentially unregulated in India and the range of instruments available to trade is slightly limited compared to other brokers, with 35 Forex pairs, 5 commodities, 10 indices, 150 equities, and 30 cryptocurrencies.

If you can look past these issues, you will find a low-cost broker with a fairly standard setup: Two accounts with minimum deposits of 25 USD, a slick mobile app, and a good range of trading tools. OctaFX also heavily promotes its wide range of bonuses, and it can offer leverage of 1:500 on Forex pairs.

🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
USD 6
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

Regulation
1110.503.5/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111115/ 5
Education & Research
11110.54.5/ 5
Assets Available
111104/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Excellent
Welcome Bonus

Account Information

Base Currencies
EUR, USD
Number of FX Pairs
35
Crypto Pairs
30
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Trading Desk
Commission
Fees Included in Spread
EUR/USD
0.60 pips
GBP/USD
1.10 pips
USD/JPY
1.20 pips
Negative Balance Protection

Company Details

Company Name
Octa Markets Inc
Founded
2011
Website Language
English, Malay, Portuguese, Indonesian, Arabic, Thai, Chinese, Vietnamese
Support Language
English, Malay, Portuguese, Indonesian, Arabic, Thai, Chinese, Vietnamese
Office Locations
United Kingdom, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand

Pros

  • Fast and free withdrawals
  • Copy trading accounts

Cons

  • Limited range of assets
  • Restrictive account types

Is OctaFX Safe?

We consider OctaFX a high-risk broker because Indian traders have no recourse in case of a dispute with the company.

Regulation: OctaFX has a good reputation, but is only regulated by a single tier 2 regulator: CySEC in Europe. Even more concerning, Indian residents will be trading under the subsidiary Octa Markets Incorporated, registered with St. Vincent and Grenadines FSA.  The SVG FSA is not a regulator and does not supervise trading or protect traders.

On the other hand, OctaFX does have a good reputation, and its European operations are overseen by one of the better regulators in Cyprus. But Indian clients must rely solely on the reputation of OctFX as no additional measures exist to ensure client protection.

Safety Features: 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 Indian traders, which may be attractive to some.

Company Details:

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Group Regulators
Trading Desk
Website
Year Founded
Office Locations
Additional Fees
CySEC
Fi
FSA-St-Vincent
ECN/DMA
2011
United Kingdom, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand
No

 

OctaFX’s Trading Instruments

OctaFX offers all of the major classes of trading instruments, but the range of instruments in each class is slightly below the industry average. 

High Leverage: OctaFX does have 30 cryptocurrencies to trade at 25:1 leverage. This isn’t the largest selection in the world, but it is wider than most other brokers. Leverage is up to 500:1 for Forex trading. 

Full list of Instruments:

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Financial Instrument
Number of Assets
Leverage
Commodities
5
200:1
Cryptocurrencies
30
25:1
Stock CFDs
150
1:20
Forex
35
500:1
Indices
10
50:1
Metals
2
200:1

  • Forex: OctaFX only has 35 currency pairs, fewer than most other brokers, but the leverage on Forex pairs is up to 500:1.
  • Indices: There are 10 indices available for trading at OctaFX. Leverage is up to 1:50 on indices.  
  • Commodities: OctaFX offers trading on 5 commodities: Gold, Silver, Natural Gas, Brent Crude, and WTI crude. Leverage is up to 1:50 on commodities.
  • Cryptocurrencies: 30 crypto pairs are available to trade 24/7. These include Bitcoin, Ethereum, Litecoin, Ripple, and more.  Leverage on crypto pairs is higher than other brokers, at 1:25.  
  • Equities: OctaFX offers trading on 150 equities at 1:20 leverage, a smaller range than other large international brokers. 

Note that traders can only trade on 74 of OctaFX’s 230 instruments on the MT4 Account, but the full range of instruments is available on the MT5 Account. 

Overall, OctaFX has fewer instruments for trading than most other brokers but offers all the major asset classes. 

Accounts and Trading Fees

OctaFX has two trading accounts with very low costs, but we found the rules on leverage restrictive. Each account is linked to a different trading platform but is otherwise similar.

Trading Fees: Both of OctaFX’s accounts require a minimum deposit of only 25 USD, and each account is associated with a different trading platform (MT4 or MT5). Fees are the same on both accounts.

Account Trading Costs:

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Trading account
Min. Deposit
Min. Spread EUR/USD
Commission
Trading Cost (USD)
MT4
USD 25
0.60
Spread Only
6
MT5
USD 25
0.60
Spread Only
6

Trading costs at other brokers tend to be 9 USD per lot of EUR/USD, making OctaFX one of the lowest-cost brokers in the industry. We were also pleased to find that both accounts are swap-free. 

MT4 Account: The MT4 Account requires a minimum deposit of 25 USD, and no commission is charged on trades. Spreads start at 0.6 pips (EUR/USD) and average at 0.7 pips, tighter than other similar brokers. Leverage is up to 500:1 for Forex trading, and the margin call/stop out is 25%/15%. Metals, indices, and cryptocurrencies are also available to trade, but not equities.

MT5 Account: The minimum deposit is also 25 USD on the MT5 Account. Spreads start at 0.6 pips, and average at 0.7 pips on the EUR/USD, and no commissions are charged. The MT5 trading platform has some extra features, including depth of market, an integrated economic calendar, and full-size tick charts.  Traders can access OctaFX’s full range of financial instruments on this account.

Leverage Restrictions: OctaFX has a couple of odd rules on leverage: Traders can only modify their leverage levels once every 24 hours, and the following leverage restrictions apply to all deposits:

OctaFX Leverage

Deposits and Withdrawals

We were impressed to find that OctaFX offers a good range of funding methods, and deposits and withdrawals are free and fast.

Like most brokers, OctaFX does not allow funding to or from third parties. All withdrawal requests from a trading account must go to a funding source in the trader’s name.

Accepted Deposit Currencies: Indians will be disappointed that OctaFX only allows trading accounts to be denominated in EUR and USD. Always check the exchange rate when converting from NGN to other currencies, as hidden conversion fees can make trading expensive and affect profitability. 

Funding Methods: OctaFX does not charge any deposit or withdrawal fees. See below for a list of methods:

  • Bitcoin: Minimum deposit is 0.00037 BTC and the minimum withdrawal is 0.00009 BTC.  Deposits are processed within 30 minutes, and withdrawals are processed within 1 – 3 hours.
  • Neteller: Minimum deposit is 50 EUR and the minimum withdrawal is 5 USD.  Deposits are processed instantly and withdrawals are processed in 1 – 3 hours.
  • Cryptocurrency (ETH): Minimum deposit is 0.02 ETH and the minimum withdrawal amount is 0.005 ETH.  Deposits are processed within 30 mins, and withdrawals are in 1 – 3 hours.  
  • Skrill: Minimum deposit is 50 USD, and the minimum withdrawal is 5 USD.  Deposits are processed instantly, and withdrawals are processed within 1 – 3 hours.  
  • Debit Cards/Credit Cards (Mastercard): The minimum deposit is 50 EUR, and is processed instantly.  Money cannot be withdrawn to Mastercard.  

Overall, while OctaFX does not charge commissions for deposits or withdrawals, the range of payment options is limited, accounts can only be denominated in EUR or USD, and funds cannot be withdrawn to Mastercards.  

OctaFX Bonus

OctaFX runs several promotional schemes for clients – some of which you don’t even have to spend any money to benefit from:

50% Deposit Bonus

OctaFX offers a deposit bonus scheme (up to 50% of your deposit) though withdrawing the bonus is conditional on trading activity, using the following formula:

OctaFx Bonus

Fixed-Rate Deposit Promotion

Especially for Indian traders, OctaFX offers clients the chance to make an initial deposit at the fixed rate of 100 USD. This deposit can also be withdrawn at the same fixed rate.

Demo Contests

OctaFX runs demo account contests on the MT4 platform.  The demo contest runs for 4 weeks and the participant with the largest demo account balance at the end of the period will win 500 USD, with smaller prizes for the rest of the top five. 

OctaFX 16 Cars Competition

In order to enter this contest, traders must open an MT4 account and denominate it as their contest account.  Traders then have to make the highest possible profit and traded volume with the best profit/loss ratio.  The closer traders are to the top in these three categories, the higher their chances of winning.  

Trade & Win: Get Gadgets for Trading

The Trade & Win promotion gives traders free prizes and gadgets based on their trading volume. For instance, if you have traded 150 lots with OctaFX you would be eligible for an Android smartwatch. Other prizes include phones and even laptops.

Please refer to its websites for OctaFx’s bonuses and contests.

OctaFX’s Mobile Trading Apps

OctaFX also has its own trading management app that integrates well with both the MT4 and MT5 apps, but we were disappointed that this is only available on Android devices.

The OctaFX Trading App

OctaFX has its own trading management app that integrates well with both the MT4 and MT5 apps.

The OctaFX Trading App

The OctaFX Trading App is a functional trading management app with a slick and easy-to-use layout available on both Android and iOS.

Easy to use: After downloading the app, we found it easy to open new real and demo accounts, manage our leverage, deposit and withdraw funds, and trade on the charts. 

Trader Tools: Useful tools include the Market Insight tab, a feed of market news and trading ideas from reliable news sources, and a profit calculator. It also features a market monitor so we could keep tabs on our favourite trading instruments. None of these tools are ground-breaking, but they all worked as expected, and the profit calculator took into account the different swap rates on MT4 or MT5.

Customer Support: Support was available 24/5 from inside the app. We found the customer support team helpful and responsive.

The app also lets you manage any bonuses or contest accounts you have open with OctaFX. Overall, we liked how user-friendly the app is; its simple design will appeal to beginner traders.  

MT4 and MT5 Mobile Trading 

The MT4 and MT5 trading platforms are available on both Android and iOS mobile devices and tablets. There is some loss in functionality when compared to the desktop versions of these trading platforms, including reduced timeframes and fewer charting options.

OctaFX’s mobile trading support is good compared to other brokers, with the MT4 and MT5 mobile versions available and the OctaFX trading app.  However, OctaFX’s trading app is only available on Android devices.

Other Trading Platforms

OctaFX recently discontinued its support for cTrader, one of our favourite trading platforms. But with MT4 and MT5, OctaFX still has good platform options. OctaFX also has one of the best copy trading platforms in the industry. 

MT4 and MT5

The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browser.

Overall, OctaFX’s platform support is about average when compared to other brokers. Additionally, MT4 and MT5 are generally more difficult to set up and are less user-friendly than the web-based platforms available at some other brokers. 

OctaFX Copy-trading

OctaFX also offers a copy trading platform free for all accounts, allowing beginners to copy the trades of more experienced, successful traders for a small fee per traded lot. Beginners simply find the Strategy Providers they want to follow and click “Copy.” Their positions will be copied automatically.  The copy trading service is also user-friendly and well-designed. This function is also available through the mobile app.

Platform Overview 

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Broker
Platform Choice
Copy Trading
Platforms
OctaFX
11110.54.5/ 5
FXTM
11110.54.5/ 5
Axi
111104/ 5

Opening an Account at OctaFX

The account opening process at OctaFX is hassle-free and fully digital, and accounts are ready for trading immediately. Account verification is only required for withdrawals.

All Indian residents are eligible to open an account at OctaFX if they meet the minimum deposit requirements stipulated by their chosen deposit method.  

Creating an account is straightforward. The process is fully digital, and accounts are available for trading immediately:

New traders must click on the “Open Account” button at the top of the page, where they will be directed to register an account.    

  1. OctaFX’s intake form requires clients to register an account with an email address and a password.
  2. Next, new traders are directed to fill in their personal details (including name, country of residence, email address, and birth date). 
  3. Traders then must select their preferred account type (MT4 or MT5), live or demo account, level of leverage, and account base currency.
  4. Once this step is complete, traders can make their first deposit via several payment channels and can start trading. 
  5. Traders must only submit any verification documents to OctaFX when they want to withdraw funds. These include:
    1. Proof of Identification – OctaFX accepts all government-issued identification documents such as passports, national ID cards, driving licenses, or other government-issued IDs. 
    2. Proof of Address – Proof of residence/address document must be issued in the name of the OctaFX’s account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 
  6. We advise that you read OctaFX’s risk disclosure, customer agreement, and terms of business before you start trading. 

OctaFx’s account-opening process is fully digital and hassle-free, and accounts are available for trading immediately.   

Trading Tools

OctaFX has a greater range of useful trading tools than other similar brokers. 

Alongside industry standards such as an Economic Calendar, Profit, and Trading Calculators, OctaFX also offers an Account Monitoring tool and Autochartist.

  • Account Monitoring Tool: The Account Monitoring tool allows traders to monitor any other OctaFX trader’s account and sort by Balance, Gain, Trades, and Account Type. This tool also allows you to dig into the history of an account so you can learn how the account holder has managed their success. Accounts are only represented by numbers, so all holders remain anonymous.
  • Autochartist:  OctaFX also supports Autochartist, the industry-standard trading signals provider. Autochartist provides traders with automated alerts for opening and closing trades, a volatility analysis tool that allows you to better optimise take-profit and stop-loss levels, and integrated market reports. Autochartist is available on both MT4 and MT5 and requires a minimum balance of 500 USD in your OctaFX account.  

Trading Tools Comparison:

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Broker
Economic Calendar
Autochartist
Trading Central
Trading View
Free VPS
OctaFX
FXTM
Axi
 

 

Overall, OctaFX offers a good range of trading tools, including Autochartist, one of the best technical analysis tools in the industry. 

OctaFX For Beginners

The educational material at OctaFX and its alternative website is good but focused on new traders; for more experienced traders, there is little in the way of educational support. Customer support is competitive but where OctaFX really shines is in the research and market analysis available.

Educational Material

The educational materials available at OctaFX are more comprehensive and in-depth than what is available at other brokers, but it is more geared toward beginners than experienced traders.  

Trading Tiger Academy: OctaFX launched tradingtiger.pro, an online trading academy for new traders. The site features a range of short tutorials covering everything you need to know to get started – from Forex Fundamentals to Predicting the Market. Each tutorial is a mix of video and text and is well-packaged and easy to understand; learners are tested frequently on the material, and the entire website is free of charge. Overall, an excellent resource for beginners traders, and we hope OctaFX considers expanding it to include intermediate and advanced courses and brings the course in-house. 

Forex Basics: Back on OctaFX’s main website, the in-house education section is anchored by a collection of articles collectively called Forex Basics. Article topics range from explainers on ECN trading and Risk Management to Technical Analysis and Trading Strategies and more advanced concepts such as Pair Correlations and Fibonacci Retracements. These articles are detailed and well-written and offer valuable advice for new and intermediate traders.

OctaFX is also very active on YouTube, with a range of live trading sessions and webinars taking place on a regular basis. In addition, a workshop for novice traders is held every Saturday. 

Tutorials: Also on the main site, there is a short Tutorial section covering the MetaTrader platforms, CopyTrading, Autochartist, and CFDs, and a Video Tutorial section focused on getting started with MetaTrader. Finally, there is a FAQ section and a useful glossary of Forex trading terms. The education section also has links to the Manuals for the different platforms OctaFX supports (MT4 ad MT5).

Overall, OctaFX’s educational materials are some of the best in the industry, but it could look at including content that is more suitable for advanced traders.  

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Broker
Beginner Course
Advanced Course
Well Structured Education
Education Quality
Webinars
OctaFX
Medium
FXTM
High
Axi
Medium

 

Analysis Material

Like its education section, the market analysis materials available at OctaFX are better than most other brokers. 

Market Insights: OctaFX has an excellent Market Insights section which is updated frequently. Regular posts include a Daily Forecast, a Daily Review, and Weekly Review. These posts frequently offer predictions of future market movements – but be cautious and do your own research before acting on any predictions.

OctaFX Market Insight

OctaFX YouTube Channel: The Market Insights section also has a daily video series, uploaded to the OctaFX YouTube channel, called Market in a Minute, which covers all the big news from the Forex markets for the preceding trading day. In addition to all these regular updates, there are irregular short pieces published in reaction to trading events with detailed technical insight.

Forex News: OctaFX also hosts a Forex News section, with short briefings on all the major news stories affecting the Forex markets, this is updated over the weekend, and the articles are well-written and concise. These briefings are offered without any suggestion of how the events will affect the markets.

Customer Support

OctaFX customer support is open 24/7 via live chat and 24/5 via phone (with local numbers for the UK, Hong Kong, and Indonesia), email, WhatsApp, and Telegram.

Additionally, the Finance Department is open from 06:00 – 22:00 (EET), and the customer verification department is open from 08:00 – 17:00 (EET) for account setup and troubleshooting queries.

We found the support team very responsive but uninformed.  

Regulation and Industry Recognition

Regulation: OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered with the Financial Services Authority of St Vincent and the Grenadines (SVG FSA): 

  • Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the CySEC since 2018 (license 372/18). This enables users to trade with a broker under European regulatory oversight with enhanced levels of safeguards.
  • Octa Markets Incorporated is registered in Saint Vincent and the Grenadines (SVG FSA).

The FCA (the UK’s Financial Conduct Authority) briefly regulated the company from 2015 to 2017 (ref: 679306) but decided not to renew its licence after the Brexit referendum and instead kept its focus on the EU market.

Industry Recognition: OctaFX has received plenty of industry recognition in recent years, winning Best ECN broker 2021 (World Finance), Decade of Excellence in Forex Asia 2021 (Global Banking and Finance Review), Best Forex Broker Asia 2021 (Global Banking and Finance Review), Most Transparent Broker 2020 (Forex Awards), Best Forex Broker APAC 2019 (Global Banking & Finance Review), and Best Mobile Trading App 2019 (European CEO Magazine).

Our sister site FXScouts also awarded OctaFX Best Forex Copy Trading Platform 2020 for its innovative approach to copy trading.  

OctaFX In Their Own Words

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker, and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Forex Broker Scoring

OctaFX Disclaimer

Trading Forex is risky, and each broker must detail how risky the trading of Forex CFDs is to clients. OctaFX would like you to know that: Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, acts of nature, and other factors, all of which may substantially affect the price or availability of one or more foreign currencies.

Overview

OctaFX is a decent all-around broker with two glaring problems. The first is the lack of decent regulation, which for many traders will mean an immediate end to their interest. Secondly, OctaFX has a limited range of financial instruments, although, in October 2022, it added a range of equities to its offering.

Otherwise, OctaFX is good or excellent across the most important areas. OctaFX’s trading costs are some of the lowest in the industry, and it has no swap fees. Its intuitive yet sophisticated copy-trading platform was the recipient of our Best Copy Trading Award for 2021. It has an excellent analytical section, well-designed education for beginners, world-class trading tools, and a range of exciting bonus options for Indian traders.  Additionally, its customer support is available 24/7, which is exceptional in an industry where the norm is 24/5.

AlertAccepts Indian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC and SVG FSA.
Visit Broker
Overall Rating
4.27 4.27  / 5
Rated #33 of 68 Recommended Brokers
Site Icon Data provided by OctaFX
Regulator License
Regulator License

OctaFX Trading Cost Comparison

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