OctaFx Review

Trading with a reliable broker is important for traders to be shielded from potential risks and challenges. OctaFX is an online forex, and CDF trading broker awarded the Most Reliable Broker Asia 2023 at the Global Forex Awards.

OctaFx’s excellent services and variety of features are appreciated by traders worldwide. This OctaFX review will dissect each feature and benefit the broker offers. Check out this quick overview of OctaFX below:

FOUNDED IN	2011
HEADQUARTERS	Saint Vincent and the Grenadines
REGULATORS	FSA and CySEC
MINIMUM DEPOSIT	$25
PLATFORMS OFFERED	MT4, MT5 and OctaTrader
TRADING INSTRUMENTS	Forex, Indices, Shares, Commodities and Energies
ACCOUNT CURRENCY	USD
MAXIMUM LEVERAGE	1:500
CUSTOMER SUPPORT	24/7
DEPOSIT OPTIONS	Local Bank transfer Neteller Skrill Litecoin Dogecoin Tether ERC-20 and Tether TRC-20 Ethereum  Bitcoin Mastercard Net banking BHIM UPI
COMMISSION	$0
SPREADS	0.8 pips
MOBILE TRADING	Yes
AFFILIATE PROGRAMME	Yes
CONTESTS AND BONUSES	Yes

What is OctaFX?

Octa FX is a global forex and CFD broker operating since 2011, offering various account types, trading assets, competitive spreads, zero commission, a 50% deposit bonus, quick deposits and withdrawals and more. Operating under multiple top-tier financial regulators and offering security measures like negative balance protection, funds segregation, etc., makes the broker extremely reliable.

Through Octa FX, you can access additional perks like autochartist signals, evolving trading conditions, weekend trading with digital assets, copy trading and a wide range of educational materials.

Is OctaFX Regulated?

Octa fx is regulated under the Financial Services Authority in Saint Vincent and Grenadines and the Cyprus Services and Exchange (CySEC) financial authority. Despite the lack of information on the broker’s license and registration numbers, we found that the broker is regulated with registration no. 2023-00092, as per the website.

Trading Platforms Offered by OctaFX

OctaFX’s leading trading platforms include Octatrader, MT4 and MT5. Check out the trading platform features in detail:

OctaTrader

This is the broker’s proprietary trading platform with unique features that enable users to trade on OctaTrader hassle-free. Some of the features of this platform are as follows:

• One-click Trading
• Easy withdrawals and deposits
• Terminal alerts 
• Technical analytics
• Customer support 
• A wide range of charts and indicators
• Technical analysis tools
• 9 Timeframes
• Multiple languages 
• Instant switch between accounts
• Mobile application 

MetaTrader 4

It is the most common and famous trading platform often preferred by brokers to provide users with a simple yet efficient user interface and benefits. The platform supports scalping and hedging but if you wish to explore other strategies check out Botbro broker. Octa FX MT4 trading platform offers several features, including the following:

• Demo accounts
• Flexibility in asset choices
• User-friendly
• Customisation of accounts
• Develop your own Expert Advisor and Trade indicators
• Charting tools
• Multiple language support
• Fund segregation 
• SSL-protected Octafx personal area
• Secure transactions rule
• Instant Execution 
• Automated trading
• Scalping 
• Mobile Applications, including Android and iOS devices 

Meta Trader 5

Meta Trader 5, or MT5, is another known trading platform that offers advanced trading features and additional perks like one-click trading, crypto trading, etc. Octa FX MT5 platform offers a long list of features, including the following:

• Eight pending order types to have precise control over trade positions
• Scalping
• Advanced Expert Advisors
• 21 Timeframes
• Nine technical analysis charts
• Economic Calendar
• Supports market orders, pending orders, stop orders and trailing stop 
• Features like Netting and Hedging are also available. 
• Real-time market news
• Wide range of trading instruments
• Supported on both PC and mobile devices for iOS and Android

OctaFX Mobile Trading

The OctaFX app is also available for traders to download and practice convenient trading from anywhere in the world. The OctaFX trading app is supported on iOS and Android; simply go to the website and navigate the trading platform space. 

Locate and click on the mobile application links on Google Play Store or Apple Store and download the app from there. 

Through the app, you can directly reach the broker’s customer care team, which provides 24/7 services and prompt responses within 30 seconds. 

 

Account Types Offered by OctaFX

The broker offers three primary account types, each with unique quality. The account types are OctaTrader, MT4 and MT5 accounts for every trading platform the broker provides. The OctaTrader account is known for its versatility, whereas the MT5 account is technically advanced, and the MT4 account type has a simple user interface. 

	OctaTrader	Meta Trader 5	Meta Trader 4
Spreads	0.6 pips, for lower spreads starting at 0.0 pips opt for Vault Markets.	0.6 pips	0.6 pips
Commission	$0	$0	$0
Minimum deposit	$25	$25	$25
Instruments	Forex, metals, energies, indices and cryptocurrencies	Forex, metals, energies, indices, cryptocurrencies, stocks and Intraday assets	Forex, metals, energies, indices and cryptocurrencies
Leverage	1:500	1:500	1:500
Minimum order	0.01 lot	0.01 lot	0.01 lot
Maximum order	50 lots	500 lots	200 lots
Hedging	Available	Available	Available
Scalping	Available	Available	Available
Deposit bonus	50%	50%	50%
Demo Accounts	Yes	Yes	Yes
Currency (base)	USD	USD	USD
Expert Advisors	No	Yes	Yes
Margin Call/Stop Out	25%/15%	25%/15%	25%/15%

OctaFX Demo Account

OctaFX offers free and unlimited demo accounts for every account type while including all the features of a real trading account, like real-time data, different order types, favourable trading conditions, etc. 

This seems like the perfect choice for novice traders to trade without any risks and access advanced trading features at the same time. Moreover, you can also participate in demo contests arranged by the broker and earn actual cash rewards. 

OctaFX Islamic Account

Trading in the Muslim community is considered haram, but swap-free trading accounts, which do not include interest charges, are considered legitimate. 

OctaFX offers benefits like negative balance protection and no commission and interest charges in the Islamic account. You can access an Islamic account through any provided account type and open your account easily through the broker website. 

Pros and Cons of Trading with OctaFX

Pros	Cons
Negative Balance Protection	Limited customer support resources
Award winning broker
Tight spreads
Funds Security and Segregation
Education Resources
Various trading platforms, accounts and payment options
50% deposit bonus
No Commission
24/7 customer support

How to Open an OctaFX Account

The Octafx login and sign-up process is quick and easy and can be completed in 4 simple steps as mentioned below:

• Step 1: Go to the broker website Octafx.com and register with the broker by providing personal details like your name, email ID, address, etc. Depending on your trading needs, you can opt for a demo or live account.
  

• Step 2: Deposit into your OctaFX trading account, which should not be less than the minimum deposit requirement, which for this broker is $25.
  

• Step 3: Verify your identity by uploading the required identity proof. The verification process takes 1-2 business hours. Once the verification is complete, you can withdraw funds from your trading account.
  

• Step 4: Now you are all set to trade with OctaFX; just log in with your OctaFX credentials on the online trading platform or the mobile application and start trading. 

You can also sign up for the account using your Facebook and Google accounts.

Assets Offered by OctaFX

You can access many tradable assets through the OctaFX broker platform; each asset varies in spreads and leverages. The assets offered by the broker are as follows:

• Currency pairs: 35+ forex currency pairs with 1:500 leverage and variable spreads depending on the currency pairs.
  
• Stock: 150+ stocks are available on OctaFX with a leverage of 1:20, an alternative broker is TradeEU, which provides higher leverage in stock trading.
  
• Indices: The ten most popular indices are available for you to trade on and gain maximum benefit with leverage of 1:50
  
• Commodities: You can trade on commodities, including gold and silver, with a maximum of 1:200 leverage. Other commodities like Crude oil, natural gas, West Texas, and Brent Crude oil with a leverage of 1:100. 
• Cryptocurrencies: You can trade upto 30 cryptocurrency pairs with a leverage of 1:25.
• Shares: Trade with 100+ public and well-known companies with zero leverage.
  

OctaFX Deposits and Withdrawals

The deposit and withdrawal for OctaFX are commission-free, and most of the payment options are instant, but some might take 30 mins to 1 hour. 

With a low Octafx minimum deposit and no additional deposit or withdrawal charges, trading with this broker is great. You can conveniently withdraw and deposit your funds through a wide range of payment options, including the following:

• Local Bank transfer
• Neteller
• Skrill
• Litecoin
• Dogecoin
• Tether ERC-20 and Tether TRC-20
• Ethereum 
• Bitcoin
• Mastercard
• Net banking
• BHIM UPI
  

OctaFX: Maximum Leverage

OctaFX provides the maximum leverage of 1:500, which is high enough to practice fast trades safely but not too high to incur risks and losses. Although risks are associated with every trade, this leverage can help you trade more freely. But keep in mind that the leverage varies for different assets. 

• Metal: 1:200
• Energies: 1:100
• Indices: 1:50
• Cryptocurrencies: 1:25

Spreads, Charges and Commissions Implied by OctaFX

The platform offers competitive spreads that range from 0.8 to 65 depending on the type of currency pairs. The currency pairs like EUR/USD and a few others have a tight spread of 0.8 pips; most pairs have competitive spreads except USD/ZAR, which has a spread of 65 pips. 

OctaFX charges no commissions and additional/hidden fees, which makes the broker a safe space for traders, especially novice traders. 

OctaFX Affiliate Programs

The broker has two referral programs, including the Invite a Friend and the IB partner programs. In the invite-a-friend program, you can earn extra profits by recommending the broker to your friends, and if they register and mention you as a referral, you will make a $1 profit on each trading lot. 

To become a member of the Invite-a-friends affiliate program, follow the steps shown in the image below:

With the IB partner program, you can affiliate with the broker as an ‘Introducing Broker’ and interact and invite new clients to the broker and earn benefits. Some of the benefits include:

• 80% commission 
• Daily commission payouts
• With 50 clients, you can earn up to $3,600 per month. 

The broker currently has 60+ active clients, and since it offers perks like no trading fees, no swap accounts, low spreads and high leverage, it’s easier for IB partners to attract customers, so if you wish to make extra bucks while trading, this program can help you do that. 

OctaFX Educational Resources

The OctaFX broker offers many educational resources, including articles related to trading, online webinars on both web and mobile applications, video lessons on forex trading, video tutorials, FAQs and a glossary. The educational materials provided by the broker are sufficient to help traders learn what forex trading is and grasp the basic concepts. 

Additional Perks Offered by OctaFX

Apart from offering a wide range of tradable assets, account types and trading platforms, the broker offers additional benefits like bonuses, etc. Check out the features the broker offers:

OctaFX Copy Trading

Copy trading is a way to make trading more accessible by copying trade positions. OctaFX has this feature to enable flawless trade execution. Moreover, you do not need trading experience for copy trading, so even novice traders can participate without incurring losses and risks. 

For Octafx copy trading login, simply go to the website’s copy trading section and click on start copying, then login through your live, Facebook or Google account. With copy trading, you can do the following:

• Have control over your portfolios and investments
• Track the live performance of master traders. 
• Keep track of your investments. 
• Conveniently perform copy trading through the Octafx app. 
• Diversity your portfolio
• Fast order execution 
• Quick deposit and withdrawal. 

Offers and Bonuses

The broker offers a 50% deposit bonus on all account types except Islamic and demo accounts. However, you need several trading lots to withdraw your bonus. Suppose your deposit amount is $400, so the number of trading lots should be at least 100, which means you can withdraw the deposit amount after 100 lots. 

Contests and Giveaways

OctaFX has multiple contests, including a demo contest and an Archive contest. You can win up to a $1000 prize in the demo or Champion contest by efficiently trading with your demo account. You can also trade and win exciting prizes. 

Trading Tools and Analytics

The broker has various trading tools and analytics, including an octafx profit calculator, trading calculator, pip calculator, live quotes, and monitoring. The octafx calculators can greatly help analyse the profits and margins. 

Some market analysis tools are economic indicators, market information, forex news, interest rates and holiday calendars. These tools effectively judge the market environment and make decisions that are most appropriate per the environment. 

OctaFX Customer Support 

OctaFX offers 24/7 customer support through live chat on the broker website. However, it lacks other customer care support resources, including email and phone support. 

When we tried the customer support service offered by the broker, we realised that it offers prompt-based chat support and does not allow users to ask questions directly. Although the response is instant, the broker lacks a personal touch in customer support, you can opt for SmartSTP broker to get better and personalized customer support.

Conclusion 

After a thorough analysis of the broker, we have concluded that the broker is one of the best brokers for forex and CFD trading in the market. It offers not only a wide range of trading asset platforms but also additional perks like deposit bonuses, SSL security, negative balance protection, and more. Moreover, the broker is highly regulated under two top-tier financial watchdogs, including CySEC and FSA, making the broker platform a reliable place to trade. 

 

FAQs

Is Octafx Legal in India?

As per the recent updates, OctaFX and other international brokers have been put on the alert list by Indian authorities because they were operating illegally. 

Is Octafx Safe?

Yes, Octafx is a safe broker because it is regulated under top-tier financial watchdogs, FSA and CySEC, and offers various security measures like negative balance protection, SSL security, etc., which implies the broker is safe. 

How to close an Octafx account?

You can close your Octafx account by emailing the customer support group at support@octafx.com requesting to delete or close your account. 

How to Deposit Money in Octafx?

• Open your OctaFX account and log in.
• Proceed to the banking or deposit section.
• Select the chosen deposit method (local bank transfer, Neteller, Skrill, cryptocurrency) from the list of payment options.
• Enter the deposit amount.
• Follow the guidelines 
• Once the deposit has been verified, your account should be credited with the money.

How to Get a Bonus in Octafx?

OctaFX offers a 50% deposit bonus on all account types except Islamic and demo accounts. To get the bonus:

• Register for an account on the OctaFX website.
• Deposit into your trading account (minimum deposit required).
• The bonus will be automatically credited to your account.