OctaFX review: OctaFX is an online trading platform that offers Forex, commodities, and indices trading to clients around the world. The platform was established in 2011 and has since gained a reputation as a reliable and trustworthy broker in the industry.
One of the standout features of OctaFX is their low spreads, which means that clients can execute trades with minimal costs. The platform also offers high leverage, which can allow traders to maximize their profits. Additionally, OctaFX provides clients with access to educational resources, including webinars, video tutorials, and trading guides, which can be helpful for those new to trading or looking to improve their skills.
OctaFX is regulated by the Financial Conduct Authority (FCA) in the UK and the Cyprus Securities and Exchange Commission (CySEC), which helps to ensure that the platform operates in a fair and transparent manner. Additionally, the platform uses advanced security measures, such as SSL encryption and two-factor authentication, to protect clients' personal and financial information.
Trading Terminals:
| 💵 Currency: | USD, EUR, GBP, AUD, CHF, JPY |
| 💰 Min deposit | From $5 |
| ⚖️ Leverage | 1:500 |
| 💱 Spread | Floating from 0 pips |
| 💹 Markets | Forex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals, Cryptocurrencies |
| 📱 Mobile apps | iOS, Android |
| 🗺️ Headquarters | Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. |
Overall OctaFX Review
In summary, OctaFX is a reliable and user-friendly trading platform that offers low spreads, high leverage, and a range of educational resources. The platform is regulated by reputable authorities and uses advanced security measures to protect clients' information. While the selection of trading instruments is somewhat limited, OctaFX is a solid choice for those looking to trade Forex, commodities, and indices.
Go to OctaFX website
Best Crypto Exchanges
Top Crypto Exchanges→
Top Reviews
Best customer reviews of OctaFX
The site administration cannot guarantee review accuracy and lacks the technical means to verify if authors are actual customers. Reviews lacking detail and purely emotional in nature are disregarded.
I joined OctaFX as a trader about half a year ago and I am very happy with my experience. The platform works very well, all the features and tools are easily accessible, and the customer support services are very responsive and professional. I received a lot of help from the support team when needed, and I like that the company offers a lot of contests and bonuses for its customers. I would definitely recommend OctaFX to other traders.
India
The platform works well enough, but some of the features seem not very intuitive and difficult to understand. I found some of the market analysis tools useful, but some of them require additional fees, which is not very nice. I'm also not very happy with the quality of customer service, as it takes quite a long time to get answers to my questions. Overall, my experience was average.
Malaysia
My experience with OctaFX was negative as I faced some challenges while using the platform, such as issues with deposit and withdrawal processes and encountering technical difficulties. Unfortunately, I didn't find the customer support team to be very helpful in addressing my concerns.
Indonesia
Expert Review
Expert Review of OctaFX
One of the main advantages of OctaFX is its low minimum deposit requirement, which makes it accessible to traders with a limited budget. In addition, the broker offers high leverage of up to 1:500, which can help traders maximize their profits.
Another advantage of OctaFX is its multilingual support, which is available via phone, chat, and email. This can be especially helpful for traders who are not fluent in English.
The platform also offers copy trading, which allows traders to automatically replicate the trades of more experienced traders. This can be a useful feature for beginners who are still learning the ropes.
However, it should be noted that OctaFX is not regulated in major financial centers like the US, UK, or Australia. This can be a concern for some traders who prefer to trade with a broker that is subject to strict regulatory oversight.
Overall, OctaFX is a reliable forex broker that offers a range of features and benefits for traders. However, traders should be aware of the potential risks involved in trading with an unregulated broker.
Financial expert and analyst at TradersHero.com
Risk Warning! Trading on OctaFX involves a certain level of risk, and traders should be aware of these risks before they start trading. Forex trading is a complex and volatile market, and there is always a risk of losing money, particularly when using high leverage.
Copy Trading
Investment Programs
OctaFX offers a copy trading feature that allows traders to automatically replicate the trades of more experienced traders. This feature can be particularly useful for novice traders who are still learning the ropes, as they can benefit from the expertise of more experienced traders.
Copy trading is a feature offered by some online brokers that allows traders to automatically copy the trades of more experienced traders in real-time.
To use the copy trading feature, traders can browse through a list of successful traders on the OctaFX platform and choose the one they want to follow. They can then set their account to automatically copy the trades of that trader. Traders can also adjust the settings to manage their risk, such as setting a limit on the amount of money that can be invested in each trade.
One potential advantage of copy trading is that it can help traders diversify their portfolio by following multiple successful traders with different trading strategies. However, it should be noted that there is still a risk involved in copy trading, as the success of the copied trades is not guaranteed.
Overall, copy trading on OctaFX can be a useful feature for traders who are looking to learn from experienced traders and diversify their trading strategies. However, traders should still exercise caution and do their own research to ensure that they fully understand the risks involved.
Remember, while social trading can offer opportunities for profit, it also involves risks. Past performance does not guarantee future results, and losses are possible. Stay informed, exercise discretion, and make informed decisions based on your own risk appetite and trading objectives.
One of the key differences of copy trading on OctaFX is the availability of a large number of successful traders whose trading strategies can be copied, as well as the ability to manage risk and the amount of investment in each trade.
Best Copy Trading Platforms
Conditions
Trading Conditions for OctaFX Traders
Trading Terminals:
OctaFX offers a variety of markets for trading, including Forex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals, and Cryptocurrencies. This allows traders to diversify their portfolio and take advantage of different trading opportunities.
The company offers three different account types: Micro, Pro, and ECN. The Micro account is ideal for beginners as it has a low minimum deposit requirement of just $5 and offers a fixed spread. The Pro account is designed for more experienced traders and offers a floating spread with no commission. The ECN account is for advanced traders who require direct market access and low spreads with a commission.
Minimum deposit:
OctaFX has a low minimum deposit requirement of $5, which makes it accessible to traders with a limited budget.
Leverage:
The platform offers high leverage of up to 1:500, which can help traders maximize their profits. However, traders should be aware that high leverage can also increase their risk of losing money.
Spread:
OctaFX offers a floating spread from 0 pips, which means that the spread can vary depending on market conditions.
Trading platform:
The platform offers the popular MetaTrader 4 and MetaTrader 5 trading platforms, which are known for their user-friendly interface and advanced trading tools.
Deposit/Withdrawal methods:
OctaFX offers a variety of deposit and withdrawal methods, including Visa/Mastercard, Bank transfers, and Electronic payments (Skrill, Neteller, FasaPay, and Bitcoin). This makes it easy for traders to deposit and withdraw funds from their account.
| 💵 Currency | USD, EUR, GBP, AUD, CHF, JPY |
| 💰 Min deposit | From $5 |
| ⚖️ Leverage | 1:500 |
| 💱 Spread | Floating from 0 pips |
| 💹 Markets | Forex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals, Cryptocurrencies |
| 📱 Mobile apps | iOS, Android |
| 💵 Replenishment / Withdrawal: | Visa/Mastercard, Bank transfers, Electronic payments (Skrill, Neteller, FasaPay, Bitcoin) |
| 🏦 Broker Type: | ECN, Market Maker |
| 📞 Customer Service | Phone, Chat, Email |
| 👩💼 Support | Multilingual |
| 👨💼 Personal Account Manager | ✅ |
| 🔁 Copy Trading | ✅ |
| 🔓 Demo account | ✅ |
| 🗺️ Headquarters | Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines. |
Risk Warning
Comparison
Comparison of OctaFX with other FOREX Brokers
MT5
Broker comparison table of trading instruments
Commissions
OctaFX Accounts, Commissions & Fees
OctaFX offers three different types of accounts to cater to different trading needs and preferences. These account types are the Micro, Pro, and ECN accounts. Each account type has its own features and benefits.
The Micro account is designed for beginners and has a low minimum deposit requirement of just $5. This account offers a fixed spread and no commission. The Pro account, on the other hand, is designed for more experienced traders and offers a floating spread with no commission. This account has a higher minimum deposit requirement of $500.
The ECN account is for advanced traders who require direct market access and low spreads with a commission. This account has a minimum deposit requirement of $1,000. The commission for the ECN account is $6 per lot traded. This account is ideal for traders who require fast execution speeds and low trading costs.
In terms of fees, OctaFX offers competitive spreads and low commissions for its ECN account. The broker's spreads are floating and can vary depending on market conditions. The commission for the ECN account is $6 per lot traded. There are no hidden fees or charges, and all fees are transparent and clearly stated on the broker's website.
OctaFX Trading Fees
OctaFX charges trading fees to its clients for each transaction based on the spread. However, the broker offers commission-free pricing, meaning that there are no additional commission fees on trades. Instead, OctaFX compensates for the absence of commissions with internal markups on raw spreads. This pricing strategy sets OctaFX apart from most brokers, where commission-free pricing environments are often more expensive than commission-based ones. Despite this, OctaFX's fees are on par with other competitively priced brokers, making them an attractive option for traders. Additionally, traders can benefit from lower trading fees once they exceed a portfolio balance of just $2,500. Overall, OctaFX offers transparent and competitive trading fees that can appeal to a range of traders.
| Asset | Minimum Markup over Raw Spreads | Minimum Commission | Total OctaFX Fees |
|---|---|---|---|
| Forex | 0.6 pips | $0.00 | $6.00 per 1.0 standard round lot |
| Equities | 0.6 pips | $0.00 | $6.00 per 1.0 standard round lot |
| Cryptocurrencies | 0.6 pips | $0.00 | $6.00 per 1.0 standard round lot |
| Indices | 0.2 pips | $0.00 | $6.00 per 1.0 standard round lot |
| Commodities | 0.3 pips to 1.7 pips | $0.00 | $3.00 to $17.00 per 1.0 standard round lot |
The platform also offers a range of deposit and withdrawal methods, including Visa/Mastercard, Bank transfers, and Electronic payments (Skrill, Neteller, FasaPay, and Bitcoin). The broker does not charge any fees for deposits or withdrawals, but traders should be aware that there may be fees charged by the payment provider.
Overall, OctaFX offers a range of account types to cater to different trading needs and preferences. The broker's fees are transparent and competitive, and there are a variety of deposit and withdrawal methods available. Traders should carefully consider their trading needs and preferences before selecting an account type, and should only invest money that they can afford to lose.
Risk Warning
Final review
Detailed review of OctaFX
OctaFX is a reputable forex broker that offers a range of trading services for traders around the world. In this review, we'll take a closer look at the features, benefits, and drawbacks of trading with OctaFX.
OctaFX is an excellent choice for beginners looking for a forex broker. The broker offers a range of educational resources, low minimum deposit requirements, and a user-friendly trading platform.
The platform offers customer support via phone, chat, and email. The broker's support team is knowledgeable and responsive, and traders can get help with any issues or questions they may have.
OctaFX also offers a copy trading feature that allows traders to automatically replicate the trades of more experienced traders. This feature can be particularly useful for novice traders who are still learning the ropes.
OctaFX offers three different account types to cater to different trading needs and preferences. These account types are the Micro, Pro, and ECN accounts. Each account type has its own features and benefits, and the minimum deposit requirement ranges from $5 to $1,000.
The platform offers a range of trading conditions for traders, including a variety of markets, high leverage, low minimum deposit requirements, and competitive spreads. The broker offers over 40 forex currency pairs and a range of other markets, including stocks, indices, commodities, and cryptocurrencies. OctaFX's spreads are floating and can vary depending on market conditions, but the broker offers very competitive pricing.
Overall, OctaFX is a reliable and reputable forex broker that offers a range of trading services and features for traders. The broker's competitive spreads, high leverage, and user-friendly trading platforms make it an attractive option for traders of all levels of experience. However, traders should be aware of the potential risks involved in trading, such as high leverage and market volatility, and should only invest money that they can afford to lose.
Advantages:
OctaFX Regulator
Financial Conduct Authority (FCA)
The FCA is a regulatory body in the United Kingdom that oversees financial services providers operating in the country. While OctaFX is not directly regulated by the FCA, the broker operates a separate entity that is regulated by the FCA. This entity, Octa Markets Ltd, is responsible for providing services to clients based in the European Union (EU). As a result, OctaFX is required to adhere to the FCA's regulations, including requirements for financial reporting, client fund segregation, and risk management.
Regulator website: Financial Conduct Authority (FCA)
Cyprus Securities and Exchange Commission (CySEC)
OctaFX also has a subsidiary that is regulated by CySEC. This entity, Octa Markets Cyprus Ltd, is responsible for providing services to clients based in the European Union (EU) as well. As a regulated broker under CySEC, OctaFX is required to adhere to the regulator's regulations, which include requirements for financial reporting, client fund segregation, and risk management.
Markets in Financial Instruments Directive (MiFID II)
MiFID II is a regulatory framework in the EU that aims to protect investors and ensure the integrity of the financial markets. OctaFX, as a broker operating in the EU, is required to comply with MiFID II's regulations, including requirements for transparency, fair dealing, and client fund segregation. As part of its compliance with MiFID II, OctaFX must provide clients with access to certain trading tools and ensure that it provides best execution for its clients.
Risk Warning
Promotions
Bonuses Paid by the OctaFX
OctaFX offers a range of bonuses and promotions for traders. These bonuses can provide traders with additional trading funds and other incentives. However, it's important to note that these bonuses are subject to terms and conditions, which traders should be aware of before accepting them. Here are some of the bonuses offered by OctaFX:
Deposit Bonuses
OctaFX offers deposit bonuses to traders who fund their accounts. These bonuses can provide traders with additional trading funds, which can be used to increase their trading volumes and potential profits.
Cashback Program
OctaFX also offers a cashback program, which provides traders with cash rebates on their trading activity. Traders can earn up to 15 USD per lot traded, depending on their account type and trading volume.
Contests and Competitions
OctaFX runs a range of contests and competitions that offer traders the chance to win cash prizes, trading tools, and other rewards. These contests can be a fun way for traders to test their skills against others and potentially earn some extra rewards.
Education
Review of the OctaFX Education Program
Here is a review of the OctaFX education program, broken down into several key points:
Overall, OctaFX's education program provides traders with a range of resources to help them improve their trading skills and knowledge. Whether you are a beginner looking to learn the basics or an experienced trader seeking new insights and strategies, OctaFX's education program offers a range of resources to meet your needs.
Best Online Trading Courses
-
The Future of DeFi: Trends and Predictions for 2024
-
Advanced Charting Techniques: Using Advanced Chart Patterns to Improve Your Trading Accuracy
-
Crypto Security Best Practices: Tips for Keeping Your Digital Assets Safe from Hackers
-
Leveraging Fundamental Analysis: Using Economic Indicators to Inform Your Trading Decisions
-
Forex Trading Platforms: Choosing the Right Platform for Your Trading Needs
-
The Future of Cryptocurrency: Predictions and Trends for the Next Decade
-
Trading Volatility: Strategies for Profiting from Price Swings in Forex and Crypto Markets
-
Introduction to Crypto Mining: How to Start Mining Cryptocurrencies at Home
-
Exploring Forex Pairs: Understanding Major, Minor, and Exotic Currency Pairs
-
Crypto Market Analysis: Identifying Trends and Opportunities for Profitable Trading
Rating and Comments
OctaFX Users Reviews 2024
Authors:
Roman Mukhin
Financial expert, analyst and author
Jane Emberg
Financial analyst and editor
I have been using OctaFX’s trading platform for a few months now and I have to say that it’s one of the best I’ve used. It’s user-friendly, easy to navigate, and offers a wide range of trading tools and features. I especially appreciate the mobile app, which allows me to trade on the go.
I have had a terrible experience with OctaFX’s customer service team. They have been unresponsive, unhelpful, and at times even rude. I have encountered issues with my account and withdrawals, and the customer service team has been unable or unwilling to help. I am considering closing my account and switching to another broker.
While OctaFX is regulated by the International Financial Services Commission (IFSC) in Belize, I would have preferred to see additional regulations from other regulatory bodies. While the IFSC provides a level of protection, additional regulations would have provided greater assurance and transparency.
OctaFX’s education program is excellent. The webinars and video tutorials are informative and engaging, and they have helped me improve my trading skills and knowledge. I appreciate the effort that OctaFX has put into providing quality educational resources for its clients.