OctaFX Review 2024 – Expert Trader Insights

 

 

OCTAFX REVIEW

With the increasing popularity of online trading, it’s no surprise that the number of brokers available to traders is growing. OctaFX is one of those brokers, and it’s gaining considerable attention among traders. That’s why our team of review experts at Asia Forex Mentor is reviewing OctaFX to see if it’s worth your time and money.

Forex trading just got easier with OctaFX, the premier international broker that offers advantageous and transparent conditions to all traders. From 0.6 pip spreads to no commission on deposits or withdrawals — everything is designed for your success! Whether you are a beginner or an experienced trader, OctaFX allows any trading strategy so you can reach peak performance in the Forex market.

Since its launch in 2011, OctaFX has been providing reliable trading services to traders of all levels. Its focus on security and customer service sets it apart from its competitors. In addition, OctaFX provides its clients with an array of features and tools to make their trading experience as stress-free and profitable as possible.

In this detailed review, our team at Asia Forex Mentor will go into detail and give you an in-depth look at what OctaFX offers, including its trading platforms, account types, fees and commissions structure, customer support, and more. So, let’s get started!

What is OctaFX?

OctaFX is an international online broker founded in 2011. It offers a range of services for Forex, CFD, and Cryptocurrency trading. With its CySEC license, OctaFX offers incredibly advantageous conditions for Forex traders. To date, more than 6.6 million clients worldwide have already chosen OctaFX as their gateway to the financial markets — but it’s clear that this broker is particularly focused on countries in the Asia-Pacific region.

Whether you’re a risk-taking trader or an investor who prefers to emulate the portfolios of others, its services will cater to your needs. In addition, this broker is more popular in Pakistan, Malaysia, Indonesia, and other countries. In 2021, it won the Best Forex Broker in Asia award.

OctaFX offers proven platforms for trading, such as MetaTrader 4,MetaTrader 5 and OctaTrader. All of these platforms are suitable for beginners and professional traders alike. It also allows you to set up automated trading, meaning that your trades will be executed automatically based on predefined rules and conditions.

Advantages and Disadvantages of Trading with OctaFX

Benefits of Trading with OctaFX

OctaFX provides an array of trading instruments for its clients, low spreads, and multiple commission-free deposit and withdrawal options. Plus, you’re protected from any negative balance. Along with traditional trading options like currency pairs, metals, and CFDs, you can now trade Bitcoin Cash, Litecoin, Bitcoin, Ethereum, and Ripple cryptocurrencies from this platform.

OctaFX has designed its trading terminals to be compatible with any device with internet access, complete with features such as one-click trading, advanced charting, and comprehensive technical analysis. To ensure customer security and the privacy of transactions, they have employed cutting-edge technologies for added peace of mind. SSL and 128-bit encryption safeguard the user’s personal accounts, while 3D secure technology processes credit and debit cards with unparalleled security.

The broker offers its clients the classic MetaTrader 4 and 5 trading platforms and cTrader terminal — a popular choice for many traders. Whether you prefer mobile or desktop versions, there’s something here to suit your needs. If installing the platform on your device isn’t an option, you can trade directly using a web browser.

 

 

OctaFX Pros and Cons

Pros

• Regulated by Financial Conduct Authority (FCA)
• High maximum leverage
• Wide asset choice across seven sectors
• Best mobile trading experience
• Advanced charting capabilities
• Competitive spreads and fees

Cons

• Low assets selection
• It doesn’t offer VPS 

Analysis of the Main Features of OctaFX

OctaFX Customer Reviews

While many well-known traders and reviewers have commended OctaFX’s services, its customers have had a positive overall experience. This broker has been around since 2011 and has steadily gained a reputation in the Forex industry.

Many users have praised OctaFX for its competitive spreads, no swap charges, diverse assets, payment options, and security features. They also appreciate the customer support service, with some customers noting how quickly their questions were responded to and how helpful the agents were.

However, we have come across some negative reviews online. Some users were disappointed with the limited number of assets offered and the hard withdrawal process. Overall, the majority of customers are happy with their experience trading with OctaFX.

 

 

OctaFX Spreads, Fees, and Commissions

OctaFX Spreads

With OctaFX, traders can enjoy spreads as low as 0.6 pips on EUR/USD – the lowest in the market! But, of course, the list of available spreads may vary depending on various factors, such as which financial instrument is being traded or any changes to market conditions at that particular time, and even your account type.

OctaFX Trading Fees

To cover the expenses of each trade, traders are obligated to pay OctaFX trading fees. However, this broker is unique because it offers commission-free transaction pricing with internal markups on raw spreads as an alternative to commissions.

In addition, trading fees at OctaFX are competitive compared to other brokers and can even be reduced when clients exceed a portfolio balance of $2,500. Unlike most brokers, where commission-free pricing is pricier than commission-based ones, the costs at OctaFX remain among the lowest in the market.

Swap Charges

Swap rates on leveraged overnight positions can be one of the most expensive trading costs. Therefore, traders must consider this when considering their total fees per trade so that they are aware of a huge expense depending upon their strategy.

OctaFX stands out from the rest of its competitors by not charging swap rates, providing a considerable cost advantage. Many brokers offer this type of trading without swap fees to Islamic traders but counterbalance it with increased markups or other charges in trade conditions. However, at OctaFX, all clients are treated equally, and no hidden fees take the place of swaps- something that gives us an edge over others on the market.

Minimum Deposit Fee

OctaFX requires a minimum opening balance of $100 to start trading. This is a competitive minimum deposit for an FCA-regulated broker, allowing traders to access the markets with relatively low capital. It’s also worth mentioning that deposits are free, while withdrawals may carry a fee depending on the payment method.

Deposit/Withdraw Fee

OctaFX requires no fees for deposits and withdrawals. However, some payment processors may charge a fee. Therefore, it is important to check with the chosen payment processor beforehand to ensure that there are no unexpected fees.

OctaFX Inactivity Fee

OctaFX is committed to allowing clients to manage their portfolios as they desire, without any trading pressure or inactivity fees. Unlike some brokers and custodians of funds, OctaFX never charges its traders for placing a trade that was not intended. This ensures that traders can make investment decisions safely, knowing there are no hidden costs to discourage them from investing wisely.

OctaFX Commissions

OctaFX charges no commission on any transactions; a few pips increase the spread to cover all broker fees required for executing trades.

OctaFX Leverage

OctaFX is the perfect platform for traders seeking maximum leverage of 1:500 for forex and 1:25 for cryptocurrency, with no swap rates or negative balance protection. This makes it an ideal choice for scalpers looking to take advantage of a highly leveraged trading account without unnecessary fees! Furthermore, with OctaFX’s unbeatable features, you can rest assured that your investments will be safe and secure.

How OctaFX Fees Compare to other Brokers

Account Types

Below are the three common types of Octa FX accounts:

OctaFX MetaTrader4

OctaFX MT4 offers a wide range of options for trading – 32 currency pairs, CFDs, gold and silver metals, four indices, and five cryptocurrencies. In addition, to help you customize your strategy depending on the market conditions or other factors that affect price movements in different instruments – you can choose fixed or floating spreads. The spread starts from 0.6 pips with a minimum 2-pip difference between the two types, no matter which instrument is chosen.

OctaFX MetaTrader5

OctaFX’s MT5 account is specially tailored for traders with more advanced trading knowledge. It offers an extensive selection of assets, having recently added six new indices to its portfolio of offerings. Moreover, traders can benefit from the floating spread starting at 0.6 pips!

OctaTrader

The OctaTrader account is the latest addition to OctaFX’s lineup of trading accounts. It has a user-friendly interface and various features that make it suitable for both beginners and experienced traders. With its one-click trading and instant execution, traders can take advantage of fast and reliable trading right from their fingertips.

OctaFX Demo Account

Traders can open MT4/MT5 demo accounts without expiration on OctaFX. These demo accounts will be automatically deactivated if there is no trading activity within eight days for the MT4 account or 30 days for the MT5 account. The adjustable deposits and leverage on these platforms enable traders to create more realistic results when testing their EAs and fixing bugs, making them ideal tools for algorithmic traders looking to improve their strategies.

How To Open Your Account

Here is a step-by-step guide to opening an account on OctaFX:

• Go to the OctaFX official website and click on open account.
• The sidebar appears on the screen and adds all the credentials like name, email, and password.
• You will get the confirmation email; click on the verification link.
• Verify your identity by providing the documents and details required by the broker, such as a copy of your ID or passport, proof of address, and proof of payment.
• Once the verification is done, select your trading platform among the available options.
• Set up your trading account by setting leverage and deposit amount.
• You have successfully opened your OctaFX account and can start trading!
• Get started today by making your initial deposit and uploading a verification document in order to begin withdrawing funds.

 

 

What Can You Trade on OctaFX

With only 35 currency pairs, five cryptocurrency pairs, five commodities, and ten index CFDs to choose from at OctaFX, you can focus on the lucrative assets that provide high liquidity.

Below are the instruments that you can trade on OctaFX:

Commodities: As a trader, you can trade CFDs on metals and gold.

Currency pairs: You can trade 35 different currency pairs, including major pairs such as EUR/USD, GBP/USD, and USD/JPY.

Index CFDs: You can trade Index CFDs on the most popular indices like S&P 500.

Cryptocurrencies: OctaFX provides access to CFDs on Bitcoin, Litecoin, Ethereum, and Ripple.

 

 

OctaFX Customer Support

OctaFX is committed to providing a secure and reliable trading environment. Their customer support team is available 24/7 via live chat, phone, and email, promptly providing traders with a resolution to their queries.

According to the trader’s reviews, we have found out that OctaFX customer service (both email and phone) is friendly and helpful.

Advantages and Disadvantages of OctaFX Customer Support

Contacts Table

 

 

Security for Investors

Withdrawal Options and Fees

• OctaFX’s finance team acts swiftly upon withdrawal requests during regular business hours, Monday to Friday, from 6 am ET to 10 pm ET. Typically, the processing is completed between 1-3 hours after the request has been submitted.
• You can withdraw your money in various ways, including bank transfers, Visa cards, Neteller, and Skrill. For those looking to make digital payments, cryptocurrency withdrawal is also available.
• When transferring money to EPS, you can expect funds within 5 minutes. Transfers to cards take up to 1 hour, and crypto transfers require a maximum of 30 minutes.
• The minimum amount that can be withdrawn varies depending on the payment method; Visa allows withdrawals beginning at $20. On the other hand, Skrill and Neteller allow withdrawals starting from as low as $5, 0.00096000 BTC, and 0.00500000 ETH, respectively.

OctaFX vs Other Brokers

Let’s compare OctaFX with some other popular and reliable brokers. 

#1. OctaFX vs Avatrade

Avatrade is one of the most popular brokers in the market with its exceptional reliability. As it is a low-risk broker with an overall trust score of 93 out of 99, it is widely trusted by professional traders worldwide. Since its establishment in 2006, Avatrade has proven to be a leading online Forex and CFD broker. Avatrade is an online broker with 300,000 registered customers from over 150 countries worldwide, and it envisions empowering traders with trading stability and reliability. 

On the other hand, OctaFX is also a well-known broker but is considered high-risk, with a trust score of 67 out of 99. So, even though it is a legitimate broker offering commission-free multi-asset trading on MT4 and MT5 platforms, its reliability rate is quite low, which sometimes hinders traders with bigger investments.

When both of these brokers are compared, Avatrade wins because of its multiple trading platforms, including MT4/5, Web Trader, Mobile App, Vanilla options, and social trading. Not only that, but this broker also offers multilingual customer support and over 1250 financial instruments. Contrary to OctaFX, Avatrade also supports global stock trading and has a variety of payment methods. 

#2. OctaFX vs Roboforex

Roboforex is another reputable and recognized broker with exceptional trading features. It is regulated by the Cyprus Securities and Exchange Commission (CySEC) and has various trading platforms, including MT4, MT5, Mac, Web Trader, cTrader, Tablet, and Mobile Apps. It also enables traders to access various financial markets, including Forex, FTSE, Indices, Dax, IPO, Nikkei, and many more. 

OctaFX offers its traders to trade up to fifty financial instruments, while Roboforex offers around a hundred. The more financial instruments, the more diverse portfolio the traders can have. Moreover, the minimum deposit required for Roboforex is $10, while that of OctaFX is $100. This makes Roboforex an ideal broker for traders of all stages, from beginners to professionals. Also, Roboforex has over 4.56 million clients from almost 169 countries. 

Financial instruments offered by Roboforex include cryptocurrencies, Forex, CFDs, shares, indices, commodities, crypto indices, and ETFs. Whereas those offered by OctaFX include commodities, cryptocurrencies, Forex, CFDs, and indices. Not only has that, but Roboforex enabled traders to trade FX with high leverage levels. It also has a variety of account types traders can get excellent trading on Prime, ECN, and R StocksTrader accounts. All these exceptional features are what make Roboforex better than OctaFX. 

#3. OctaFX vs Alpari

Alpari is one of the best brokers for beginners but also has optimum features for professionals. It is a trusted and credible broker with competitive trading fees. It also provides a low-risk trading environment with a trust score of 90 out of 99 and low spreads. Like most other popular and reliable brokers, Alpari also provides four live accounts with higher minimum deposits linked to better trading conditions and tighter spreads. This is why it is a preferred broker for both beginners and experienced traders. 

Alpari has been providing its services in the foreign exchange market since 1998, which gives it high credibility. It offers forex, CFD, and binary options trading in a wide-ranged market with various account types, low spreads, and multiple financial instruments. While OctaFX has quite a small selection of tradeable instruments, its commission-free trading and the low minimum deposit are something that traders like. 

Alpari International offers its traders forex with a range of massive pairs, including a variety of major, minor, and exotic pairs. All of these pairs ensure laddered leverage and competitive spreads. On the contrary, OctaFX offers leveraged trading on currencies with floating spreads from 0.6 pips. The choice between both brokers completely depends on the trader’s choice and how they are looking to trade, and with what brokers. 

How OctaFX Compare against other Brokers

Conclusion: OctaFX Review

OctaFX is an impressive trading platform that provides various asset classes and instruments. It has low entry deposits, making it accessible to everyone, plus the bonus of a 50% deposit for non-EU customers to get you started. In addition, you will benefit from leverage and copy trading support – two great features combined in this very affordable package. All in all, OctaFX offers superior value for money.

Forex trading can be daunting and overwhelming, especially for new traders. OctaFX offers a secure platform to help beginners explore the world of currency trading without fear. In addition, this option is cost-effective, and their customer support team is available 24/7, Monday through Sunday, to answer any questions you may have!

Experienced traders with more complex strategies will find great value in OctaFX’s extra small spreads, no commissions, and allowance of all trading methods such as hedging, scalping, and automated trading. It also provides excellent customer service plus lots of trader education resources to help guide investors — making it a superb platform for those who are just starting or would like to deploy an existing strategy.

 

 

OctaFX Review FAQs

Is OctaFX legit?

Yes, OctaFX is a legit and reliable broker that is properly regulated. It is registered in St Vincent & the Grenadines, enabling it to provide its services to traders from around the globe. Moreover, it is regulated by the SVG Financial Services Authority (FSA) and CySEC.

Is OctaFX regulated?

OctaFX is backed by the Financial Services Authority of Saint Vincent and the Grenadines and its membership with The Financial Commission. This international organization provides dispute resolution services for forex brokers and traders. As a result, you can trust OctaFX to guarantee your financial security.

Is OctaFX good for beginners?

OctaFX is an excellent broker for traders of all levels, especially beginners. It offers low spreads, a minimum deposit of $100, and commission-free trading. Additionally, it has various account types that enable traders to start with the basic account and progress to more sophisticated accounts. OctaFX also has a wide variety of educational resources that can help traders improve their trading skills.