8.3/10 (Expert Score)
Company is rated as #7 in category Forex Brokers

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:

Metatrader 4
Metatrader 5
octafx review

Awards:

award

“Best Forex Broker Asia 2021” at the Global Banking and Finance Awards.

award
award

“Best ECN Broker Asia 2021” at the International Business Magazine Awards.

award
award

“Best Forex Broker Asia 2020” at the Global Banking and Finance Awards.

award
πŸ’΅ Currency:USD, EUR, GBP, AUD, CHF, JPY
πŸ’° Min depositFrom $5
βš–οΈ Leverage1:500
πŸ’± SpreadFloating from 0 pips
πŸ’Ή MarketsForex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals, Cryptocurrencies
πŸ“± Mobile appsiOS, Android
πŸ—ΊοΈ HeadquartersSuite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.
Advantages:
  • Low minimum deposit
  • High leverage
  • Multilingual support
  • Copy trading available
  • Demo account available
Disadvantages:
  • Limited range of deposit/withdrawal methods
  • Broker not regulated in major financial centers

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

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Geographic Distribution

Geography of clients (traders) of OctaFX

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.

Rahul Sharma
Rahul Sharma
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.

Amirul bin Razak
Amirul bin Razak
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.

Hadi Kusuma
Hadi Kusuma
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.

Roman_Mukhin
Roman Mukhin
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.

how to use the Copy TRADING
To use Copy Trading on OctaFX, you need to follow these simple steps:
Login and Access
Log in to your OctaFX account and navigate to the Copy Trading section.
Browse and Select
Browse through the list of successful traders on the platform and select the one you want to follow.
Click and Adjust
Click the “Copy” button next to the trader's name and adjust the settings to manage your risk, such as setting a limit on the amount of money that can be invested in each trade.
Start Copying
Start copying the trader's trades in real-time.

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.

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Conditions

Trading Conditions for OctaFX Traders

Trading Terminals:

Metatrader 4
Metatrader 5
octafx review

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.

πŸ’΅ CurrencyUSD, EUR, GBP, AUD, CHF, JPY
πŸ’° Min depositFrom $5
βš–οΈ Leverage1:500
πŸ’± SpreadFloating from 0 pips
πŸ’Ή MarketsForex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals, Cryptocurrencies
πŸ“± Mobile appsiOS, Android
πŸ’΅ Replenishment / Withdrawal:Visa/Mastercard, Bank transfers, Electronic payments (Skrill, Neteller, FasaPay, Bitcoin)
🏦 Broker Type:ECN, Market Maker
πŸ“ž Customer ServicePhone, Chat, Email
πŸ‘©β€πŸ’Ό SupportMultilingual
πŸ‘¨β€πŸ’Ό Personal Account Managerβœ…
πŸ” Copy Tradingβœ…
πŸ”“ Demo accountβœ…
πŸ—ΊοΈ HeadquartersSuite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.

Risk Warning

Comparison

Comparison of OctaFX with other FOREX Brokers

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COPY TRADING
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MT5
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Min Deposit
$5
Leverage
1:500
Demo account
COPY TRADING
roboforex
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cTrader, RMobileTrader, RStocksTrader, RWebTrader
MT4, MT5
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$10
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1:2000
Demo account
COPY TRADING
tickmill
Tickmill
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WebTrader
MT4, MT5
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Min Deposit
$10
Leverage
1:300
Demo account
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IC_Markets
IC Markets
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Trading platform
cTrader
MT4, MT5
iOS, Android
Min Deposit
$200
Leverage
1:500
Demo account
COPY TRADING
Trading platform
MobileTrading
MT4, MT5
iOS, Android
Min Deposit
$5
Leverage
1:1000
Demo account
COPY TRADING
Trading platform
MobileTrading, cTrader
MT4, MT5
iOS, Android
Min Deposit
$100
Leverage
1:200
Demo account
COPY TRADING

Broker comparison table of trading instruments

OctaFX
VS
Tickmill
VS
IC Markets
Forex
VS
VS
Metalls
VS
VS
Crypto
VS
VS
CFD
VS
VS
Indexes
VS
VS
Stock
VS
VS
ETF
VS
VS
Options
VS
VS

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.

AssetMinimum Markup
over Raw Spreads
Minimum
Commission
Total
OctaFX Fees
Forex0.6 pips$0.00$6.00 per 1.0 standard round lot
Equities0.6 pips$0.00$6.00 per 1.0 standard round lot
Cryptocurrencies0.6 pips$0.00$6.00 per 1.0 standard round lot
Indices0.2 pips$0.00$6.00 per 1.0 standard round lot
Commodities0.3 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.

Note
The platform is regulated by the International Financial Services Commission (IFSC) in Belize, which provides traders with some assurance that the broker is operating in a regulated and secure environment. Additionally, OctaFX uses SSL encryption to protect its clients' personal and financial information.

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:

Competitive spreads: The platform offers competitive spreads, with a floating spread from 0 pips. This makes trading with OctaFX cost-effective for traders.
High leverage: The platform offers high leverage of up to 1:500, allowing traders to maximize their trading potential. However, traders should be aware of the risks involved with high leverage and use it responsibly.
Range of markets: OctaFX offers a wide range of markets to trade, including Forex, Stocks, Indices, ETFs, Soft Commodities, Energies, Metals, and Cryptocurrencies. This provides traders with a diverse range of trading opportunities to choose from.
User-friendly trading platform: OctaFX offers the popular MetaTrader 4 and MetaTrader 5 trading platforms, known for their user-friendly interface and advanced trading tools.
Low minimum deposit: OctaFX has a low minimum deposit requirement of just $5 for the Micro account, making it accessible to traders with a limited budget.
Educational resources: The platform provides a range of educational resources, including Forex articles, video tutorials, webinars, eBooks, and market insights. This can be particularly useful for beginners who are still learning the ropes.

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.

Website: Cyprus Securities and Exchange Commission (CySEC)

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.

Markets in Financial Instruments Directive (MiFID II)

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:

Forex Articles: OctaFX offers a range of educational articles on its website that cover various topics related to forex trading. These articles cover everything from trading strategies and technical analysis to market news and economic indicators.
Video Tutorials: OctaFX also provides video tutorials that offer step-by-step guidance on how to use the MetaTrader trading platform and various trading tools. These videos are a helpful resource for beginners who are new to trading and need guidance on how to get started.
Webinars OctaFX: hosts regular webinars that cover a range of trading topics, including market analysis, trading strategies, and risk management. These webinars are presented by experienced traders and analysts and offer valuable insights into the forex market.
eBooks OctaFX: provides a range of eBooks that cover various aspects of forex trading, including technical analysis, fundamental analysis, and trading psychology. These eBooks offer in-depth insights into the forex market and can be a helpful resource for traders at all levels of experience.
Market Insights: The platform provides regular market insights that cover various forex market events and trends. These insights are provided by experienced analysts and offer valuable information on market conditions and potential trading opportunities.

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.

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Rating and Comments

OctaFX Users Reviews 2024

8.3 Total Score
16 reviews
Rating Overview

Based on all reviews

8.3Expert Score
Investment instruments
8.2
Deposits and withdrawals
8.1
Customer service
7.5
Trading platform
9.3
8.3User's score
Investment instruments
8
Deposits and withdrawals
7.8
Customer service
8.3
Trading platform
9.1
Add your review  |  Read reviews and comments

Authors:

Roman_Mukhin

Roman Mukhin
Financial expert, analyst and author

Jane Emberg

Jane Emberg
Financial analyst and editor

Best Forex BrokersOverall Ranking
4 Comments
Show all Most Helpful Highest Rating Lowest Rating Add your review
  1. 4.85
    Investment instruments
    100
    Deposits and withdrawals
    100
    Customer service
    90
    Trading platform
    100

    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.

    Helpful(0) Unhelpful(0)You have already voted this
  2. 1.5
    Investment instruments
    40
    Deposits and withdrawals
    30
    Customer service
    20
    Trading platform
    30

    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.

    Helpful(0) Unhelpful(0)You have already voted this
  3. 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.

  4. 5
    Investment instruments
    100
    Deposits and withdrawals
    100
    Customer service
    100
    Trading platform
    100

    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.

    Helpful(0) Unhelpful(0)You have already voted this

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