OctaFX Forex Broker Broker Review

Justin Freeman

Broker Information

  • Company Name: OctaFX
  • Founded: 2011
  • Country: St Vincent & The Grenadines

Platform Info

  • Platform: MetaTrader 4, MetaTrader 5
  • Dealing Desk: No
  • Web Based: Yes
  • Mobile Trading: Yes

Broker Services

  • Regulators: CySEC
  • Bonus: First Time Deposit Match: 50% Up To Max Deposit: Any
  • Minimum Deposit: $5
  • Leverage: 1:500
  • US Clients: No
  • Funding Methods: Credit cards, wire, neteller, skrill
  • Pairs Offered: 35

Is OctaFX a safe broker?

YES
Our experts have assessed this broker and confirmed that OctaFX is a safe broker.
👍 Pros
👎 Cons
Very good educational content Limited regulation
Low minimum deposit Doesn't offer stock CFDs
Good customer support
Bonus offer for ForexFraud visitors
First Time Deposit Match: 50% Up To Max Deposit: Any

Expert Summary

OctaFX belongs to a group of companies that include Arlear Inc OU, Octa Markets Inc, and Octa Markets Cyprus Limited.

Incorporated in 2011, the CFD broker comes under the stringent regulations of the Cyprus Securities and Exchange Commission (CySEC) in Europe. To expand its services to include international clients, Octa Markets Inc has included a registered office in St. Vincent and the Grenadines.

Rating Overview

Feature
OctaFX
Overall rating 3.5 ⭐⭐⭐
Regulation 3 ⭐⭐⭐
Fees 4 ⭐⭐⭐⭐
Range of Markets 4 ⭐⭐⭐⭐
Platforms 4 ⭐⭐⭐⭐

The CFD broker offers investors the choice of two account types. The OctaFX MT4 account is ideal for beginners because of the small-scale trading it offers. The minimum deposit size can be as small as $20 and offers leverage of up to 1:500 (depending on the residence of the customer). The MT5 account is for smart tech trading with a max trading volume of 500 lots, offers a wider range of markets, and there are no swaps.

It is effortless and inexpensive to register with OctaFX. All you have to do is choose your kind of trading account, select your platform, make a minimum deposit from $20-500 and start trading.

When it comes to the trading conditions, the broker’s retail clients in Europe receive max leverage of 30:1 while professional and international clients receive leverage up to 500:1.

OctaFX provides several educational resources for beginners. These comprise video tutorials, forex education, glossary and frequently asked questions.

To benefit experienced traders, the broker has included numerous analytical features and tools like a live economic calendar, market insight, forex news, and a trading calculator. Most of them are directly accessible from the website. In terms of customer support, you can get in touch with the broker 24/5 via phone, email and live chat.

OctaFX is an STP-ECN broker, offers tight spreads, negative balance protection, ultra-fast order execution, zero slippage, and no requotes.

The broker’s multiple deposits/withdrawal methods come at zero cost, the choice of two base currencies for fund transfers and immediate processing of withdrawal requests. Clients outside the European Union also receive bonuses and promotional offers from time to time.

OctaFX is the recipient of several industry awards for excellence in customer support, services, superior trading apps and others. A couple of the accolades are for the ‘Best forex broker Asia’ in 2018 and the ‘Best forex ECN broker’ in 2017.

Screenshot of the OctaFX Website Home Page

OctaFX Trading Features

Why trade with OctaFX.com? The firm lists these reasons:

  • Founded in 2011 and headquartered in Saint Vincent and the Grenadines;
  • Regulated by CySEC.
  • Six major industry awards received for services in 2012 through 2014;
  • STP/ECN format ensures no slippage, no re-quotes, tight spreads, and fast execution;
  • No trading room or dealing desk in ECN environment trading against you;
  • There are two different types of account available to OctaFX users – MT4 and MT5.;
  • Customer service reps work “24X5” on market days to fulfill your every need for assistance;
  • State of the Art Network ensures stability, great execution, reliability, and deep liquidity from global banking providers;
  • ECN fixed spreads begin as low as 0.2 pips;
  • Up to 1:500 leverage with micro-lots (0.01 size) available for everyone;
  • Client deposits are always held in safe and secure accounts, segregated from the firm’s operating capital;
  • Scalping, hedging, trading on the news, and EAs are permitted at OctaFX.
  • The firm is always conducting a contest or a new promotion for the benefit of its clients.

OctaFX Leverage and Spreads

As a non-dealing desk STP/ECN broker, OctaFX can guarantee very tight spreads from 0.2 pips, no slippage, and no re-quotes. Leverage up to 500:1 is also offered, even on small micro lot positions.

OctaFX Trading Platform

OctaFX offers two different trading platforms for your use, each allowing for unlimited access from your desktop, laptop, or mobile device. OctaFX grants access to the highly popular MetaTrader series of forex trading platforms. The MT4 set will support your android, iphone, or any WinMobile OS compliant device. The latest technology in 128-bit SSL protection routines are utilized to encrypt all trading session and personal data, providing peace of mind from any unexpected compromise from the hacking community.

** MT5 Platform now available!

OctaFX Deposits and Withdrawals

OctaFX accepts deposits via Visa/Mastercard, Bank wire, Skrill, Neteller, and also Local banks transfers in Indonesia and various other Countries.  Other domestic payment methods are also supported with new ones being added monthly. Your deposit may be in USD or EUR, and the minimum deposit for OctaFX is $5 for a Micro account balance. A typical withdrawal request will be processed immediately with a confirming email following, as long as personal ID information is on file and in order. International anti-money laundering legislation requires that every global forex broker follow specific rules before any withdrawal request can be approved.

Compare OctaFX with other approved brokers

Broker Comparison Table
  OctaFX Ava Capital Markets Ltd Pepperstone Tickmill Ltd
RegulationCySECASIC, MiFID, FSA, FSCAFCA, CySEC, DFSA, BaFIN, SCB, CMA & ASICFCA, CySEC, FSCA, Seychelles FSA, Labuan FSA
Customer Supportemail, phoneemail, phone, live chatemail, phone, live chatemail, phone, live chat
Trading PlatformsMT4, MT5, WebTrader, Mobile AppsMT4, MT5, Mobile AppMT4, MT5, cTraderMT4, MT5, Mobile Apps
Minimum Deposit$5$100$200$100
Leverage1:500400:11:301:500
Total Markets801260120088
Total Currency Pairs30556264
Total Cryptocurrencies017123

Beginner Traders and Customer Support with OctaFX

Customer service representatives in Jakarta, Indonesia are eager to provide support in several languages. They can be accessed “24X5”, each and every business day. OctaFX notes that these reps handle over 2,000 inquiries each day and resolve queries in five minutes on average, a testament to their professional ability to respond in a timely fashion. Email, live chat, and toll-free phone lines provide access. The company also supplies market news, research, and a convenient economic calendar.

OctaFX Review Conclusion

OctaFX has already garnered a number of prestigious industry awards and favorable testimonials, a good basis for choosing this relatively new entrant in the forex broker arena. They are also one of the few brokers willing to share volume data online. For example, on average, 500 new clients, 50,000 profitable trades, and $4 billion in value traded happen on a daily basis. OctaFX also acts in full compliance with international legislation and regulatory standards, in addition to local oversight. FXEmpire, a reputable forex site in London offered these words of praise, “OctaFX have managed to conquer the hearts and minds of many of their clients with the effort and dedication that they put into providing top notch services to their clients. For those who are in the market for a reliable and efficient forex broker, OctaFX certainly comes highly recommended.”

Please be advised that certain products and/or multiplier levels may not be available for traders from EEA countries due to legal restrictions.

Justin Freeman

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