OctaFX Review (2023)

What is OctaFX?

OctaFX is a technology-based brokerage company that operates since 2011 and offers an industry-leading platformMetaTrader5 with numerous investment opportunities and great capabilities.

At the beginning of its establishment, OctaFX walked a path from an offshore brand located in SVG and further on operated in the UK, however since 2017 closed its entity and moved to Cyprus.

So, together with the European CySEC license broker operates also a global offering from its entity, therefore check on carefully under which regulation you will fall as it may propose different trading conditions.

OctaFX Pros and Cons

OctaFx account opening is easy to follow, trading conditions are good for platform selection and a range of instrument types.

On the negative side, there is no good education, also make sure to check the proposal of the particular OctaFX entity as an international brand and a Cyprus one offers slightly different conditions. While obviously, OctaFX Cyprus is more trusted the international proposal features more comprehensive tools and conditions along with education and research materials also MT4 availability.

What Type of Broker is OctaFX?

OctaFX is an STP Forex Broker also with high standards of secure trading environment, as of the regulation it imposes. The offering to the clients is wide and even comprehensive since proposes the same if not more investment opportunities to the world trading community.

Awards

OctaFX already quite known and operates for a while despite a fact that received its European license just recently. So for the years it operates, OctaFX participates to various exhibitions and received numerous international awards along with the huge number of active traders registered at the company. That all in all confirm its status and reputable position in the industry, which we will also be able to see in detail further in our OctaFX Review.

Is OctaFX safe or a scam

OctaFX provides a safe trading environment. OctaFX launched in 2011 walked a path with various operation licenses including SVG registration, operating the UK branch, yet suspended this entity back in 2017 and target Cyprus as its next destination of operation.

Is OctaFX legit?

So, the main gap for these years of operation was the fact that OctaFX was a brand of the Octa Markets Incorporated company that is registered, regulated and governed by the Law of Saint-Vincent and the Grenadines. Which is offshore heaven for its tax management as well as relative ease to establish a company. Now, since OctaFX established its legal entity in Cyprus and respectively got a license from the local CySEC, which also imposes regulation according to European ESMA standards.

Therefore, now we can state that OctaFX and its Octa Markets Cyprus Ltd entity show us a clear state of compliance with the necessary operation standards.

Since the regulation demands strict follow of Forex business operations management, it is considered safe to open an account either with Cyprus or an international OctaFX entity.

How are you protected?

The set of regulatory requirements enables protection to the clients and includes – funds segregation, and application of negative balance protection while the broker is constantly overseen by the authority in terms of its safety compliance. In addition, there is a security of the traders’ accounts applied by the Investor Protection and Compensation Schemes in case the broker goes bankrupt.

Leverage

As for the leverage as a known instrument that increases the initial capital you trading with and can be a very useful tool to magnify potential gains is offered by the OctaFX broker as well. However, along with its great capabilities, leverage increases risks together with its benefits, so you should always learn how to use tools smartly.

Risk Level

The risk level is defined also by the leverage level you use since higher leverage dramatically increases your high risk to lose money as well.

For this reason, world authorities and regulators restrict leverage to use to specify, safer levels for retail traders. Therefore, OctaFX Cyprus entity together with its operations established under ESMA rules offers lower leverage levels as defined by the regulator. This means that European traders or those clients that are registered with OctaFX European entity will fall under ESMA regulation that recently limited Leverage.

Yet, if you still prefer to use high leverage international entity of OctaFX still allows so.

• European traders’ leverage is a maximum of 1:30 for major currency pairs, 1:10 for Commodities
• International traders can still use leverage until 1:500

Account types

OctaFX broker offers two account types that also define trading conditions and the platform that is used for trading itself. Cyprus entity offers an MT5 account offered for a conservative trader as it is suitable for the majority of investors and also supports all trading styles and social trading as well. While cTrader will be more suitable for progressive traders or professionals as offers comprehensive trading conditions with a commission-based fee structure.

Besides, there is an option to submit for a Demo practice account and use its unlimited sources to polish strategy or get to know platforms and OctaFX conditions better.

Yet, the international proposal includes also ECN and PRO accounts based on the platforms, besides Micro Account on MetaTrader4 platform is offered too. It is recommended for novice traders and allows micro lot trading with floating spreads starting at 0.4 pips or fixed spread at 2 pips. Also check brokers with fixed spread.

Trading Instruments

So what you can trade with OctaFX? The market range offers you the most demanded instrument while based on the CFD trading model and offers you an opportunity to speculate on the price movement of Forex currency pairs, Metals, Energies and Indices.

Fees

OctaFX pricing strategy or a fee which you will need to pay for the usage of the OctaFX trading service based on two options according to the account type you choose and the platform you use. While an international brand may offer slightly different conditions, which you may check from the site better. Fee table see below.

Spreads

Spreads are different according to the platforms while MT5 offers you spread-only basis with a minimum spread of EUR USD 0.2 pips, which is a very good offering compared to industry standards.

And cTrader brings you access to raw spread from 0 pip for EUR USD pair plus the commission charge of 3$ pet lot.

Also, see below the comparison table with a typical OctaFX Spread and compare brokers to other CFD Brokers with CFD fees, commission or inactivity fee if applicable.

Asset/ Pair	OctaFX Spread	AvaTrade Spread	eToro Spread
EUR USD Spread	0.5 pips	1.3 pips	3 pips
Crude Oil WTI Spread	2 pips	3 pips	5 pips
Gold Spread	20	40	45

Here is a snapshot of OctaFX fees

Overnight fee

Also, always consider overnight charge or swap in case you’re holding the position longer than a day. It is always defined by the instrument you trade and may be visible either through a website or platform while trading. See the example on the snap above.

Deposits and Withdrawals

Being able to access your funds at any time with ease and convenience is another point with a regulated broker and our OctaFX Review. So together with its strict money management rules, you may fund your account by deposit through a bank account with no complication.

Deposit fees and Options

As a licensed broker that obliges to safety measures, OctaFX Cyprus offers only Bank Wire Transfer for its European clients. While international entity includes also Credit Cards, e-wallets and other methods which you may check with customer service before any transfer is done.

• Bank Wire Transfer

What is also great, there is no charges for deposits so you won’t pay any commission, however always define it with your payment provider or Bank itself as an international rule vary from one jurisdiction to another.

Minimum deposit requirement

OctaFX minimum deposit is EUR100 allowing you to open any account type from the two offered by the broker.

OctaFX minimum deposit vs other brokers

	OctaFX	Most Other Brokers
Minimum Deposit	$100	$500

OctaFX Money Withdrawal

OctaFX withdrawal options are the same Bank wire for all accounts, there is no Credit Cards supported for Cyprus entity. OctaFX also covers fees so you may access your moany at any time and receive it relatively quickly. Usually, OctaFX confirms withdrawals within 1-2 business days, but allow extra days for your Bank to process the transaction.

Here are the steps to withdraw money from OctaFX

By a simple follow of instructions, you may access your account and submit a withdrawal. And of course, you may always count on a great help center which is remaining at your assistance.

How do you withdraw money from account?

1.    Login to your account. Select Withdraw Funds’ at the menu tab

2.       Fill in the form and enter the desired withdrawal amount

3.       Choose the withdrawal method

4.       Complete the necessary form requirements

5.       Confirm withdrawal details and Submit

Trading Platforms

Lastly and what we like the most is the OctaFX platform offering, while you may select either industry-leading software also its newer version MetaTrader5 with all benefits included and not restricted, also with copy trading option.

The choice between the platform is always your and they are indeed very different, also bringing different price models and more suitable trading strategies. MetaTrader5 is good for everyone and has more trader-friendly software, also copy trading is available through it.

 Scores & Availability of different platforms

Pros	Cons
Option between MetaTrader5 and cTrader	No education or video support for European entity, but available through international site
User friendly design
Price alerts and push notifications
Fee Report
Supporting various languages
Web, Mobile and Desktop versions
MT4 offered only by international entity

Web Trading Platform

Both platforms supporting various versions that you may access either just by the load through your browser without any installation which is very useful. MetaTrader will bring you all the benefits and powerful capabilities it offers, while cTrader webtrader is also featuring great design and look.

Desktop Platform

However, advanced traders would prefer the desktop version as it feature much more customization capabilities and tools to use. So here both platforms also available for download and suitable for any operating system either iOS or Windows.

Look and Feel

Both platforms are with clear look and feel, indeed cTrader is more complex to understand as it is packed with advanced tools yet the design is easy to navigate and customize.

Automated Trading

OctaFX Automated Trading capabilities are also useful for either beginning or professional trading through the use of popular EAs. You may either create your own once or follow a specified strategy available through the community or in the market place.

Mobile Trading Platform

The mobile app is also offered for both platforms, while apps are simple to use and offer a wide range of tools at the same time. MT5 mobile offers various charting capabilities also customization which is fantastic for mobile trading along with full management of your account.

Customer Service

Also, OctaFX customer support provides its clients with 24-hour live support available through live chat, email, and phone support in various languages. Eventually, AvaTrade (Read AvaTrade Review) offers some of the greatest quality support with fast and reliable answers and a huge range of free-of-charge lines all around the world.

Education

Unfortunately, there is no education center or any learning materials about the trading process offered by Cyprus entity, either OctaFX does not provide webinars or analytical research which is not so good for complete beginners.

However, OctaFX provides Education and Analysis through its international brand along with unlimited demo platforms allowing to practice strategies and test the offered systems. So if you’re beginning trader maybe you can see competition or participate to the course using other sources.

Yet, we can forgive this missing point to OctaFX as there are truly many benefits on the trading conditions they provide.

Research

In addition to some of the good quality trading offerings in the industry, all clients can enjoy absolutely stunning research tools and trading tools that are accessible directly through the platforms. Along with other user-friendly tools including calculator, fantastic and clear charting with built-in News Feed and other essential trading data for your better trading.

Conclusion

Overall, OctaFX provides a quality trading strategy, and flexibility in terms of conditions, platforms, and instruments it proposes. Before we had some concerns due to its operation only through an offshore entity now OctaFX is regulated by the European CySEC aligned with MiFID directive. Therefore means its operation is aligned to the necessary protection level.  We admit high-tech access to a range of instruments and multiple platforms either for manual, algorithmic, or social trading. It is definitely a great advantage that OctaFX offers both industry popular MetaTrader platform and powerful cTrader which is highly regarded by the professional traders. Read more about OctaFX license through our News by the link.