Open an Account
Traders loose money while trading

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.

OctaFX Highlights

πŸ—ΊοΈ Regulated inCyprus, SVG
πŸ›‘οΈ Is OctaFX safe to tradeNo
πŸ’΅ EUR/USD spread0.5 pip
🏦 Deposit
Bank Transfer
πŸ’° Minimum depositUS$100
🏦 WithdrawalBank Transfer
πŸ’» Trading platformMT4, MT5, cTrader
πŸ’³ Trading markets
Forex currency pairs, Metals, Energies and Indices
πŸ“ˆ Number of product47
πŸ“‰ Live chat responseRelevant answers

Regulation

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

EntityRegistered inRegulatorLicense no.Status
Octa Markets Cyprus LtdCyprusCyprus Securities and Exchange Commission (CySEC)372/18Registered
Octa Markets IncorporatedSaint Vincent and the Grenadines β€“24840 IBC 2018Registered 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

EntityCompensation AmountNegative Balance Protection
Octa Markets Cyprus Ltd€20,000Yes
Octa Markets IncorporatedNo compensationNo

We recommend registering your account with Cyprus entity

OctaFX provides negative balance protection in the case your trades went below zero.

OctaFX Review – CySEC register
OctaFX Review – CySEC register

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.

MarketsInstruments
Forex28
Indices10
Commodities4
Cryptocurrencies5
SharesNot Available

Account types

OctaFX has Three Account types and differs in pricing, trading model, minimum deposit. Islamic Account available upon request.



MicroPROECN
Minimum Deposit100 USD/EUR/GBP500 USD/EUR/GBP500 USD/EUR/GBP
Spreads FromFloating – 0.4 pips Fixed – 2 pips0.2 pips0.4 pips
CommissionsZero CommissionsZero Commissions3$ per side per 100,000 traded

Login

Login OctaFX is available through the website, to sign-up you should follow with account opening process guided step-by-step.

OctaFX Review – Accounts
OctaFX Review – Accounts

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

MarketsInstrumentsLowAverageHigh
ForexEUR/USD0.1-0.91-1.51.6 or higher
IndicesUS S&P5000.75-1
CommoditiesGold
StocksTesla
ETFsUS Russell 2000
CryptocurrenciesBitcoin0.5-0.75%

Spreads

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.

MarketsInstrumentsOctaFX SpreadOther brokers’ avg spread
ForexEUR/USD0.71-1.5
IndicesUS S&P5001.5
CommoditiesGold2
StocksTeslanot available
ETFsUS Russell2000not available
CryptocurrenciesBitcoin3.1

Other Fees

OctaFX has low non-trading fees. There is no fee for Deposits and withdrawals.

Trading Conditions

OctaFX trading conditions are good. All strategies are allowed including going short, long, scalping and hedging.

Trading ConditionsYes/No
Hedging AllowedYes
Scalping AllowedYes
Change Leverage AllowedYes

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.  

Deposit

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 MethodFunding TimeFee
Bank Wire Transfer2-4 business daysFree
OctaFX Review – Deposit and withdrawal
OctaFX Review – Deposit and withdrawal

Minimum Deposit

The Minimum deposit amount is 100$ for Mini Account based on MT4 and cTrader ECN account. Pro Account requires 500$ at the start.

Withdrawal

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 MethodWithdrawal TimeFee
Bank TransferUp to 3 business days0$

Bonus

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.

Demo Contest

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 Review - Bonus
OctaFX Review – Bonus

Trading Platform

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.

MT4

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.

cTrader

ECN trading capability OctaFX offering through cTrader with a complex and comprehensive package of tools.  

OctaFX Review – cTrader platform
OctaFX Review – cTrader platform

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 Review - Research
OctaFX Review – Research

Education

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
  • Webinars
  • Contest

Demo

Demo Account is provided with unlimited use for all platform OctaFX offers.

OctaFX Review – Education
OctaFX Review – Education

Customer Service

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
  • Telephone
  • Email
OctaFX Review – Customer Service
OctaFX Review – Customer Service

Live Chat is available on website, but we couldn’t connect so contact OctaFX via email and got a relevant answer.

Question AskedWe asked about Copy Trading.
Time of ReplyWe got email answer within a day.
Quality of ReplyThe answer was informative.

Conclusion

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.

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.

Leave a comment

Your email address will not be published. Required fields are marked *