OctaFX Review

Review

OctaFX, a broker in operation since 2011 out of St. Vincent and the Grenadines, serves over 1,500,000 traders from more than 100 countries; they report that order execution exceeded 288,000,000. This market maker deploys a straight-through processing (STP) model and offers traders the choice of the MT4, MT5, and cTrader trading platforms. New retail traders from emerging markets are a primary focus, and generous bonuses fulfill an essential role in growing the client base, with over $2,840,000 in bonus funds paid out to date. OctaFX maintains a highly competitive cost structure with a commission-free EUR/USD spread of just 0.4 pips. The broker supports social trading via OctaFX Copytrading and Autochartist Pro supports manual traders.

OctaFX Highlights

🗺️ Headquarter	UK
⚖️ Regulations	SEBI
💰 Type of broker	ECN/STP
💰 Minimum Deposit	$50
💰 Maximum Leverage	1:500
📊 Type of platform	MetaTrader 4, MetaTrader 5, cTrader
💳 Deposit with credit card	Yes
👛 Depositing with wire transfer	No
🎮 Demo account provided	Yes
🛍️ Instruments traded	CFDs, Commodities, Metals, Oil, Gold, Indices

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Regulation and Security

OctaFX operates out of St. Vincent and the Grenadines, where registration of Octa Markets Incorporated exists with the Financial Services Authority (SVGFSA). It is important to note that while the FSA is responsible for policing international business companies (IBCs), it does not regulate Forex brokers. Therefore, OctaFX remains effectively unregulated; that in itself does not suggest malpractice or fraudulent activity by this broker. OctaFX has expanded its operations since 2011, testament to its trader-friendly operations. In fact, more than 1,500,000 traders trust OctaFX, which should be taken into consideration when evaluating OctaFX.

Negative balance protection, the segregation of client deposits from corporate funds, and compliance with anti-money laundering (AML) directives enhance the security of traders. From this OctaFX review we can see that this broker does attempt to strike a balance between offering security as an unregulated entity and operating out of a business-friendly jurisdiction that allows it to execute its successful business model.

OctaFX operates out of St. Vincent and the Grenadines.

Negative balance protection exists, ensuring traders cannot lose more than they deposit.

Client deposits remain segregated from corporate funds.

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OctaFX Fees

OctaFX charges a combination of spreads, commissions, and swap rates. While the overall cost structure is extremely competitive, it is a bit complicated. To make things easier, we'll simplify it all in this OcatFX review. The MT4 Micro Account commences with a commission-free 0.4 pips minimum mark-up on the EUR/USD, which ranks among the best available offers in today’s industry. Swap rates apply, and Islamic Accounts face an equal cost, only labeled differently; the Islamic account structure complies with Sharia law. While the MT5 Pro Account continues with a similar minimum pricing environment, the current spread is significantly higher. A fixed three-day fixed cost applies, but no swap rates exist. Then there is the cTrader Account, where the current mark-up is lower than in the MT5 but higher than in the MT4. The commission of $3 per lot is outstanding, and a fixed weekly rollover fee applies, again without daily swap rates.

OctaFX does not levy charges for deposits, withdrawals, and currency conversions. No additional costs exist, making OctaFX one of the least costly brokers to trade with, fulfilling its mission statement of creating a low-cost broker for new traders and professionals alike.

MT4/MT5 traders can easily access swap rates from their platform by following these steps:

1. Right-click on the desired symbol in the Market Watch window and select Symbols.
2. Select the desired currency and then click on Properties located on the right side.
3. Scroll down until you see Swap Long and Swap Short.

The commission-free MT4 account lists a minimum spread of just 0.4 pips.

The MT5 account comes with a fixed rollover cost which is deducted every three days.

The cTrader account offers a very competitive commission of $3 per lot, but spreads are higher than in the MT4 alternative.

Islamic accounts face fixed costs equal to swap rates.

The overall pricing environment is low, benefiting traders.

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What Can I Trade

OctaFX offers 28 currency pairs, four commodities, ten index CFDs, and five cryptocurrency pairs. OctaFX offers relatively high maximum leverage on many of these instruments, which some traders will find exciting, with precious metals available at 1:200, and indices available at 1:50. In June 2021, OctaFX raised its maximum leverage on cryptocurrencies from 1:10 to 1:25. As far as we could see during this OctaFX Review, the complete availability of assets remains confined to the MT5 account; the MT4 account features fewer assets, and cTrader offers the least. As such, cross-asset diversification is would be difficult, but it's possible to overlook this if you're a new trader and a solid cost structure is important to you.

OctaFX maintains 51 assets in total.

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Account Types

OctaFX maintains three account types. The broker claims the MT4 Micro is the most common choice and confirms its popularity among new retail traders from emerging and frontier markets. With a minimum deposit of $100, traders have access to 39 assets with a maximum leverage of 1:500. The MT5 Pro account offers all 45 trading instruments but requires a $500 deposit, with increased margin requirements. Both choices are commission-free. The commission-based cTrader account is available for just $100. It features the least number of assets with 30, but the maximum leverage is 1:500, unlike 1:200 in the MT5 account. Hedging and scalping face no restrictions in either choice.

Traders may choose from among three account types.

Islamic accounts are a cornerstone at OctaFX and are high in demand. While swap rates do not apply, fixed costs exist.

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OctaFX Trading Platforms

Traders may choose from the three leading trading platforms in the Forex market. The market-favorite MT4, with over 20,000 third-party customized technical indicators and electronic advisors (EAs), many free of charge, remains the most flexible version. MT4 maintains its leadership position for automated trading, the fastest-growing sector of the financial system. Traders must invest in necessary upgrades to unlock the complete functionality of MT4 and transform it into a competitive, cutting-edge version. OctaFX also offers the MT5 trading platform, which remains the only one where all assets are available for trading. The best out-of-the-box alternative is cTrader, designed for trading via the electronic communications network (ECN).

All three platforms support automated trading and are available as a desktop client, a webtrader, and a mobile version. Autochartist Pro enhances the MT4/MT5 trading platforms, granting traders one of the most widely used automated chart pattern recognition software. Social trading support exists via OctaFX Copytrading, which allows traders without the time to manage their portfolios to diversify across strategies from one user-friendly platform.

MT4 maintains its leadership position among retail trading platforms.

OctaFX traders who wish to trade all 45 assets must do so on the MT5.

The cTrader platform offers the best out-of-the-box trading experience.

OctaFX Copytrading supports the resurging popularity of social trading.

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Unique Features

There are three unique features worth noting.

Autochartist Pro offers manual traders an excellent automated trading assistant. It is available only to clients who achieve Silver status and above. Information about what is required to achieve this status appears to be available only to registered traders from inside their back-office.

Since 2017, OctaFX has revamped and improved its educational portal. It is supported via weekly and monthly demo contests, which allows new traders to earn between $500 and $1,000 in real cash, which is then deposited into a live trading account. Traders should enter trading contests at their own risk while understanding they may not win.

The OctaFX Copytrading platform allows so-called Master Traders to earn an additional revenue stream from their strategy. It is ideal for those traders with smaller portfolios to leverage their income potential. Professional traders interested in tapping into the social trading scene will also benefit from it. Traders can create multiple master accounts for different strategies, and the freedom to adjust commissions adds to the flexibility.

Autochartist Pro is an excellent trading tool available at OctaFX.

Demo contests with real cash prizes appeal to new retail traders.

Master Traders can boost their income potential at OctaFX via the OctaFX Copytrading platform.

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Research and Education

OctaFX grants traders a comprehensive analytics section under Trader’s Tools. It consists of eleven sub-categories and a user-friendly design. Besides trading signals from Autochartist, traders will discover in-house research and market commentary published by OctaFX under Market Insights, Forex News, and Technical Analysis. They are updated frequently, consist of written content and charts, and represents a quality addition to the products available at this broker. A quick overview of market-related events exists under the Economic Calendar, Interest Rates, and National Holidays. The Profit and Trading Calculators allow traders to manage their trading strategy before placing trades. Overall, with the revamped research and education portal, OctaFX delivers a genuine auxiliary trading service.

The Trader’s Tools section features eleven sub-categories, which combine for quality service, especially for new retail traders.

OctaFX updates three sections several times throughout the day, with trading ideas and market commentary.

Education at OctaFX consists of nineteen topics under Forex Basics. They consist 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, and Video Tutorials cover MT4/MT5, the personal area of OctaFX, and OctaFX Copytrading. An FAQ section and a Glossary aim to answer the most common questions and introduce terminology. Traders may access the Manuals to obtain more specific assistance regarding the three trading platforms, related tools and services, and Autochartist. Webinars hosted by OctaFX complete a well-rounded educational portal.

OctaFX delivers a well-rounded educational portal.

Webinars add value, and new traders should take advantage of them.

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Customer Support

Customer support is available 24/7 and is best reached via live chat or Telegram. A webform is equally accessible, and traders may alternatively call. OctaFX ensures swift access to a customer services representative in case the unlikely need for additional assistance arises.

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Bonuses and Promotions

Bonuses and promotions remain an essential part of the OctaFX strategy, and traders have access to various offers. The 50% withdrawable bonus on each deposit represents an excellent offer for traders to build their portfolio through a series of monthly deposits, while two demo contests award real cash. The Trade & Win incentive rewards clients for trading activity with various prizes.

The withdrawable 50% bonus on each deposit represents the best offer at OctaFX.

Trade & Win is another excellent reward program based on trading volume.

A four-tier status program grants additional improvements to the trading environment.

Traders can use the four-week MT4 demo account to win cash.

Smaller cash prizes await in the one-week ECN demo contest.

OctaFX also hosts a 16 car global trading contest.

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Opening an Account

An online application form processes new accounts, and traders may use their Facebook or Google account to complete the process. Account verification is mandatory to comply with AML/KYC requirements. A copy of the trader's ID and one proof of residency document will satisfy this final step.

The account opening process complies with industry standards.

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General Information

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Deposits and Withdrawals

OctaFX supports credit/debit cards, Skrill, Neteller, and Bitcoin. While the selection remains limited, it is suitable for most traders. No deposit or withdrawal fees exist from OctaFX, 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.

OctaFX offers a limited but acceptable choice for payment processing.

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OctaFX vs Comparisons

Eightcap vs OctaFX

Exness vs. OctaFX

OctaFX vs XM

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FAQs

Is OctaFX trusted?

As a Forex broker that has been in business for many years and one that maintains good TrustPilot ratings, we would like to suggest that OctaFX is a trustworthy broker.

Is OctaFX regulated?

The international division remains unregulated; FCA regulation is no longer present, but the European subsidiary operates under CySEC oversight.

Is OctaFX legal in India?

Yes, OctaFX is an excellent broker for Forex traders based in India, as they have SEBI regulation. The company's SEBI Registration No. is INZ000294138 dated 17/03/2020.

What is the minimum deposit for OctaFX?

The minimum is $5, but the minimum amount to open an account is between $100 and $500.

Does OctaFX have NASDAQ?

Yes, a NASDAQ 100 CFD is available in an otherwise remarkably limited asset selection.

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Summary

OctaFX caters to over 1,500,000 traders, with a focus on new retail traders from emerging and frontier markets. In operation since 2011, this unregulated market maker additionally deploys the straight-through processing (STP) model while it maintains a transparent and very competitive pricing environment. Islamic accounts are one of the most popular ones at OctaFX, which continues to earn the trust of its growing client base. 

Traders may choose between the MT4, MT5, and cTrader trading platforms, but the asset selection of just 45 remains a distinct weak spot. OctaFX offers Autochartist Pro, developed its OctaFX Copytrading in-house, and maintains a well-presented Trader’s Tools. The educational sections introduce new retail traders to Forex trading, and OctaFX Copytrading allows seasoned traders to earn additional revenues. A comprehensive bonus system adds to the appeal of OctaFX, which continues to execute its business model well.

 

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