Wanna see if OctaFX is a legit broker? Is it safe to trade? The spread is high or low? How to deposit or withdraw?
We provide answers to all the questions in this OctaFX Review.
We verify OctaFX licenses and regulation, check if OctaFX scam or safe. Compared OctaFX fees like spread & commission from its live account to other 150 brokers. Also the time for deposit & withdrawal and many more findings in this Review.
What is OctaFX
OctaFX is a Forex and CFD broker, founded in 2011 and operating through Cyprus and SVG.
The company is regulated by Cyprus CySEC only.
|🗺️ Regulated in||Cyprus, SVG|
|🛡️ Is OctaFX safe to trade||No|
|💵 EUR/USD spread||0.5 pip|
|💰 Minimum deposit||US$100|
|🏦 Withdrawal||Bank Transfer|
|💻 Trading platform||MT4, MT5, cTrader|
|💳 Trading markets|
Forex currency pairs, Metals, Energies and Indices
|📈 Number of product||47|
|📉 Live chat response||Relevant answers|
License and regulation are the keys to traders’ fund security. There are two factors to be checked, what licenses the broker carries and how trader is protected if something goes wrong.
Is OctaFX legit
OctaFX is a regulated CySEC company according to European ESMA rules, also it runs entity in SVG.
OctaFX Licenses and Regulatory status
|Entity||Registered in||Regulator||License no.||Status|
|Octa Markets Cyprus Ltd||Cyprus||Cyprus Securities and Exchange Commission (CySEC)||372/18||Registered|
|Octa Markets Incorporated||Saint Vincent and the Grenadines||–||24840 IBC 2018||Registered no regulations|
Is OctaFX safe
Yes, OctfFX considered safe because it is regulated by CySEC.
OctaFX operates through two entities, one is based in Cyprus and regulated by CySEC, and worldwide worldwide accounts are operated by SVG entity.
CySEC is considered tier-2 regulator with slightly lower regulatory restrictions, we advise to do your own research about OctaFX. And do not recommend trading with SVG regulation since there is no serious regulatory measures in that jurisdiction. The matter of entity applies specific regulations, restrictions, overseeing and protection.
OctaFX Compensation Scheme
|Entity||Compensation Amount||Negative Balance Protection|
|Octa Markets Cyprus Ltd||€20,000||Yes|
|Octa Markets Incorporated||No compensation||No|
We recommend registering your account with Cyprus entity
OctaFX provides negative balance protection in the case your trades went below zero.
Markets and Products
At OctaFX you can trade popular assets like Forex Currency Pairs, CFD Commodities like Gold and Silver also energies, Cryptocurrencies and Indices.
From the downside there is no Shares trading offered.
OctaFX has Three Account types and differs in pricing, trading model, minimum deposit. Islamic Account available upon request.
|Minimum Deposit||100 USD/EUR/GBP||500 USD/EUR/GBP||500 USD/EUR/GBP|
|Spreads From||Floating – 0.4 pips Fixed – 2 pips||0.2 pips||0.4 pips|
|Commissions||Zero Commissions||Zero Commissions||3$ per side per 100,000 traded|
Login OctaFX is available through the website, to sign-up you should follow with account opening process guided step-by-step.
Fees and commissions
OctaFX Fees ranked average compared to other 150 brokers that we check through Live account spread.
Spread we collect for popular instruments, 6 markets and 150 brokers
|Forex||EUR/USD||0.1-0.9||1-1.5||1.6 or higher|
|ETFs||US Russell 2000|
There are different fee structure for each of the account types.
Comparing the spreads derived from Live Account to industry benchmarks, we check OctaFX Live spread on Forex to be quite low, but Indices are high.
|Markets||Instruments||OctaFX Spread||Other brokers’ avg spread|
|ETFs||US Russell2000||not available|
OctaFX has low non-trading fees. There is no fee for Deposits and withdrawals.
OctaFX trading conditions are good. All strategies are allowed including going short, long, scalping and hedging.
|Change Leverage Allowed||Yes|
Hedging – there are no time limitations for keeping hedging positions.
Scalping is allowed with no restrictions, but Expert Advisors (EAs) available with no restrictions on MT4 and MT5 platforms.
OctaFX allowing change of leverage and depending on the instrument and regulation. EU clients may use maximum leverage 1:30.
OctaFX has no deposit fees. EU clients can use only a Bank Transfer as a payment option.
However, international clients can use other methods like Credit or Debit cards, e-wallets also Perfect Money and Bitcoin with instant funding time.
From the other cons third party fees might be transferred to the client.
|Deposit Method||Funding Time||Fee|
|Bank Wire Transfer||2-4 business days||Free|
The Minimum deposit amount is 100$ for Mini Account based on MT4 and cTrader ECN account. Pro Account requires 500$ at the start.
Similarly to deposit, OctaFX does not fees for withdrawals.
Traders can use the same methods, which are only bank wire for EU and additional ones for international traders.
|Withdrawal Method||Withdrawal Time||Fee|
|Bank Transfer||Up to 3 business days||0$|
OctaFX has various Bonuses including Contests, Giveaway and Promos. OctaFX No Deposit Bonus is not offered.
Promos offering some bonuses like 50% bonus on your deposit, Friend referral bonus, Status program, etc.
On OctaFX Contests and Giveaways you can win valuable prizes or money to real trading account for trading activity. This including Demo contests.
Yet, typically bonuses available for non-EU accounts, for all recent bonuses check OctaFX website – Promotion section.
OctaFX offers three platforms for your choice MetaTrader4, MT5 and cTrader.
All Platforms supporting various operating systems desktop Windows or Mac, as well available through Web Versions and across Mobile devices via OctaFX App.
OctaFX MT4 available in great number of languages and supporting all trading styles and Micro trading also including Copy and Auto trading. OctaFX MT5 is designed more for PRO traders.
ECN trading capability OctaFX offering through cTrader with a complex and comprehensive package of tools.
Research and Tools
OctaFX provides essential research tools including Economic Calendars, Market Analysis, News Feed, Autochartist.
We found well-presented range of tools inbuilt in the platform including Copy Trading, Sentiments, cAlgo, Indicators and analysis tools.
On the flip side the Research is rather standard, the broker did not enhance offering with leading research.
OctaFX Research tools available via:
- OctaFX trading platforms
- OctaFX Traders Tools section
OctaFX Cyprus entity does not provide education materials.
The learning center with Trading Videos, Technical Analysis and Fundamental Analysis, Video tutorials available through its international brand. There you can learn, open Demo account and even participate to Contests.
At OctaFX international you can learn:
- Demo account
- Educational videos and YouTube blog
Demo Account is provided with unlimited use for all platform OctaFX offers.
OctaFX Customer service ranked – good, there are multiple ways to contact the Support team. On the downside, Support is available 24/7 but agents often offline.
OctaFX Customer Support supports international languages via:
- Live chat
Live Chat is available on website, but we couldn’t connect so contact OctaFX via email and got a relevant answer.
|Question Asked||We asked about Copy Trading.|
|Time of Reply||We got email answer within a day.|
|Quality of Reply||The answer was informative.|
OctaFX is considered safe broker to trade. However, OctaFX is only regulated by CySEC, not top-tier regulator like FCA and operate additional entity in SVG.
Trading conditions offering good selection of platforms, but does not support with education EU clients.
We would recommend to trade only with OctaFX Cyprus entity and do your own research before account opening
Author of this review
By Jimmy O'Brien
Author of this review
Over 15 years experience in forex, commodities and equities markets research. He loves analyzing and trading the markets as a strategist and trader. In late 2019, Jimmy turned to researching and analyzing forex brokers. Now he and his team focus researching and comparing broker’s pros and cons.