OctaFX Review
Broker: OctaFX
Leverage: 1:30 | 1:500
Regulation: CySEC
Min. Deposit: 25 US$
HQ: SVG, Cyprus
Platforms: MT5
Found In: 2011
Website: octafx.com
OctaFX Licences
Octa Markets Cyprus Ltd. - Authorized by CySEC, (Cyprus).registration number. 372/18
What is OctaFX?
OctaFX, a technology-based brokerage firm, has been in operation since 2011. It offers a market-leading platform MetaTrader5 that provides many investment opportunities and incredible capabilities.
OctaFX was founded in SVG as an offshore brand. It continued to operate in the UK until it closed in 2017. OctaFX moved to Cyprus in 2017.
The European CySEC broker also offers a global offering through its entity. Therefore, make sure to check which regulation you fall under as they may offer different trading conditions.
What type of broker is OctaFX and what are its benefits?
OctaFX, a STP Forex broker, also has high standards for a secure trading environment. This is due to the regulations it enforces. Clients have access to a wide range of investment options, including those that are available to the global trading community .
Overview
Opening an OctaFx account is simple. Trading conditions are favorable for platform selection, and there are a variety of instrument types.
The downside is that there is not enough education. Also, check the OctaFX proposal for the entity you are interested in as it may be an international brand with slightly different terms. OctaFX Cyprus is obviously more trustworthy, but the international proposal offers more tools and conditions as well as education and research materials.
Pros
Regulated by SVGFSA
Unlimited demo account
Advanced technology
Forex and CFDs offered
More than 80 pairs to trade
Cons
Limited assets
Low Crypto coverage
No VPS
No education tools on Forex
No clients from USA, Canada, Belgium, or others outside EU
Rating of the company overall
Reliability ⭐⭐⭐⭐⭐
Platform ⭐⭐⭐⭐
Commissions ⭐⭐⭐⭐⭐
Support ⭐⭐⭐⭐
Financial instruments ⭐⭐⭐⭐⭐
RATING: 4.6
Awards
OctaFX is well-known and has been operating for some time, despite only recently receiving its European license. For the past years, OctaFX has participated in various exhibitions. Also, the large number of active traders who are registered at the company have all confirmed its reputation and industry position. We will be able see more details in our OctaFX review.
OctaFX is it safe?
OctaFX offers a safe trading environment. OctaFX was launched in 2011. It has had many operation licenses, including SVG registration. However, it operated the UK branch and was suspended in 2017. OctaFX now plans to target Cyprus as its next location.
Is OctaFX legit?
The main reason for the gap in these years of operation was the fact OctaFX was a trademark of the Octa Markets Incorporated business that is registered, regulated, and governed under the Law of Saint-Vincent & the Grenadines. This is an offshore paradise for tax management and relative ease in establishing a company. OctaFX has now established its legal entity in Cyprus, and obtained a license from CySEC. This local CySEC also imposes regulations according to European ESMA standards.
We can now state that OctaFX, and its Octa Markets Cyprus Ltd entity, are in compliance with all the operation standards.
It is safe to open an account with either Cyprus or an international OctaFX entity, as the regulations require strict compliance in managing Forex business operations.
What can you do to be protected?
This set of regulations provides protection for clients. It includes funds segregation and the application of negative balance protection. The broker is continuously monitored by the authority to ensure safety compliance. The Investor Protection and Compensation Schemes provide security for traders' accounts in the event of a broker going bankrupt.
Leverage
The OctaFX broker offers leverage, which is a well-known instrument that can increase your initial capital and can be very useful to magnify potential gains. You should be able to use leverage smartly, despite its many benefits.
Risk Level
Leverage level also plays a role in determining your risk level. Higher leverage significantly increases your risk of losing money.
This is why regulators and authorities around the world restrict leverage to limit it to safer levels for retail traders. OctaFX Cyprus entity, along with its operations under ESMA rules, offers lower leverage levels. This means that European traders and clients who are registered with OctaFX European entity fall under ESMA regulation that recently restricted Leverage.
However, OctaFX allows you to still use OctaFX's high-leverage international entity.
European traders can leverage a maximum 1:30 on major currency pairs and 1:10 on commodities
International traders can still use leverage up to 1_500
Types of accounts
OctaFX broker offers two account options that define trading conditions. It also offers a platform for trading that supports all trading styles. The cTrader account is more appropriate for professionals and progressive traders as it offers comprehensive trading conditions and a commission-based fees structure.
You can also submit for a Demo account and use it unlimited to improve your strategy, or to get to know OctaFX platforms and conditions better.
The international proposal also includes ECN and PRO accounts that are based on these platforms. Additionally, Micro Accounts on MetaTrader4 platform are offered. This is recommended for beginners traders. It allows micro lot trading at floating spreads starting at 0.4% or fixed spreads at 2 pips. You might also consider brokers that offer fixed spread.
Trade Instruments
What are the best OctaFX trading options? OctaFX offers the market range, which is based on CFD trading models and allows you to speculate on the price movements of Forex currency pair, metals, energies, and indicces.
Fees
Pricing strategy for OctaFX or a fee that you'll need to pay to use OctaFX trading services. These options are based on the type of account you have and the platform you use. International brands may have slightly different terms, which you can check on the site. See the fee table below.
Spreads
Spreads can vary depending on platforms, but MT5 allows spread-only trading with a minimum spread EUR USD 0.2 pip. This is an excellent offering in comparison to industry standards.
cTrader gives you raw spread starting at 0 pip per EUR USD pair and a 3$ commission fee per pet lot.
You can also see the below comparison table for a typical OctaFX Spread to compare brokers with other CFD Brokers with CFD fees, commissions, or inactivity fees if applicable.
Here's a quick snapshot of OctaFX charges
Overnight fees
Always consider an overnight charge or swap if you hold the position for more than one day. This is determined by the trade instrument and can be seen on a trading platform or website. Take a look at the image in the above snap.
Withdrawals and deposits
Another benefit of a licensed broker is the ability to access your funds whenever you want. With its strict money management rules, your account can be funded by depositing to a bank account.
Optional fees and deposit fees
OctaFX Cyprus is a licensed broker and must adhere to safety precautions. The international entity does not offer Bank Wire Transfer. However, Credit Cards and e-wallets are available which you can check with customer service before transferring any funds.
Bank Wire Transfer
It's also fantastic that deposits are free, so you won’t have to pay any commission. However, it is important to discuss this with your payment provider or Bank as international rules vary from one jurisdiction.
Minimum deposit requirement
OctaFX minimum deposits are $25 to allow you to open an account or start trading. The minimum deposit amount can vary depending on where you live and what payment method you use.
OctaFX Minimum Deposit vs Other Brokers
OctaFX Money Withdrawal
The OctaFX withdrawal options for all accounts are the same Bank wire. There is no Credit Card support for Cyprus entities. OctaFX covers all fees, so you can access your moany anytime and receive it quickly. OctaFX usually confirms withdrawals within 1-2 days. However, your Bank may take up to a few extra days to process the transaction.
These are the steps you need to take in order to withdraw money from OctaFX
You can access your account by following a few simple steps and making a withdrawal. You can always count on our great help center to be there for you.
How can you withdraw money from your account?
1. Log in to your account. Click on the menu tab "Withdraw funds"
2. Complete the form and input the amount you wish to withdraw
3. Select the withdrawal method
4. Please complete the required forms
5. Confirm your withdrawal details and submit
Trade Platforms
We love the OctaFX platform, which allows you to choose from either the industry-leading software or the newer MetaTrader5 version with all the benefits and copy trading options.
You can choose between any platform. They are all very different and offer different pricing models and trading strategies. MetaTrader5 is a good platform for all traders and offers more trader-friendly software. Copy trading is also possible through it.
Web Trading Platform
Both platforms support different versions. You can access them both by simply loading through your browser. This is extremely convenient. MetaTrader offers all of the powerful capabilities and benefits it has, while cTrader Webtrader features a beautiful design.
Desktop Platform
Advanced traders will prefer the desktop version, which offers more customization options and tools. Both platforms are available for download on both iOS and Windows.
Scores and Availability on different platforms
Look and Feel
Both platforms have a clear look and feel. cTrader, however, is more difficult to comprehend because it has advanced tools but the design is simple to navigate and customize.
Automated trading
OctaFX Automated trading capabilities are useful for professional or beginning traders through the use popular EAs. Either you can create your own strategy or use a specific strategy that is available in the market or through the community.
Mobile Trading Platform
Both platforms have the mobile app. Apps are easy to use and provide a variety of tools. MT5 Mobile offers a variety of charting options and customization, which are great for mobile trading. It also allows you to manage your account fully.
Customer Service
OctaFX customer service offers 24 hour live support via email, chat, and phone in various languages. AvaTrade (Read AvaTrade Review), offers the best quality customer support, with prompt and reliable answers as well as a wide range of free-of charge lines around the globe.
Education
There is no educational center or learning material about the trading process offered Cyprus entity. OctaFX also does not offer webinars or analytic research, which are not very helpful for beginners.
OctaFX offers Education and Analysis via its international brand, along with unlimited demo platforms that allow you to test strategies and practice the systems. If you are a beginner trader, you might be able to see competition or take part in the course through other sources.
We can overlook this point about OctaFX, as there are many benefits to the trading conditions they offer.
Research
All clients have access to amazing research tools and trading tools, in addition to the best trading options available in the industry. Other user-friendly tools include calculator, charting with built in News Feed and important trading data for better trading.
Conclusion
OctaFX offers a high-quality trading strategy and flexibility in terms conditions, platforms and instruments. We were concerned that OctaFX operated only through an offshore entity. However, OctaFX is now regulated by the European CySEC in accordance with MiFID directive. Its operation has been regulated to ensure the highest level of protection. High-tech traders have access to multiple platforms and instruments, including multiple platforms for algorithmic, social, or manual trading. OctaFX's powerful cTrader and MetaTrader platform are a huge advantage. This is highly regarded among professional traders. Find out more about OctaFX license by clicking the link.
