OctaFX Broker Review 2024

OctaFX is a financial broker with more than 40 million accounts opened on it. Also, the company has paid over $33M in bonuses to its clients.

The minimum deposit on this brokerage is $25 and the floating spreads start from 0.6 pips.

OctaFX forex broker (Company Information + Regulation)

OctaFX is a global forex and CFD broker that has been providing online trading services since 2011. Headquartered in Saint Lucia, the company has grown to serve over 12 million client accounts from more than 180 countries. OctaFX is regulated by several decent financial authorities and has a good record in that regard.

Key points about the broker's regulation and company information:

• Regulated by the Financial Sector Conduct Authority (FSCA) and Mwali International Services Authority (MISA)
• Offers trading in forex, cryptocurrencies, indices, metals, and CFDs on energy sources and stocks
• Follows an ECN/STP execution model
• Offers trading on MT4, MT5, and exclusive platform

OctaFX Broker Summary

OctaFX has positioned itself as an innovative, client-focused broker that provides a comprehensive trading experience across various asset classes. Here's a quick summary of what OctaFX offers:

Account Types

OctaFX offers three main account types, each related to a different trading platform with different preferences. In the following table, we will have a look at each account's specifications:

All account types offer floating spreads, no commissions, and leverage up to 1:1000 (except for specific instruments).

Pros & Cons

Let's take a look at the advantages and disadvantages of trading with OctaFX:

OctaFX forex broker account registration and verification

Opening an account on the broker's website does not involve any complexities. Follow these steps for registration:

1. Visit the OctaFX website and click on "SIGN UP".

2. Fill in your email address and create a password. Alternatively, sign up with your apple, facebook or google account.
3. Check the box to confirm that you are not a citizen of the US or the Philippines. Then, click on "Sign Up".
4. Verify your email address and open the link in the received mail in order to continue the registration process.

5. On the page, enter the required details about your personal data. Then, click on "Continue".
6. On the next page, choose your account type.

For account verification, you'll need to submit the following documents:

• Proof of identity (passport, driver's license, or national ID card)
• Proof of residence (utility bill or bank statement, not older than 3 months)

Simply take clear photos of these documents and upload them through your OctaFX profile. The verification process typically takes a few minutes to a couple of hours.

What Platforms and Applications does OctaFX Forex broker offer?

OctaFX provides a range of trading platforms to suit different trader preferences:

• MetaTrader 4 (MT4)
• MetaTrader 5 (MT5)
• OctaTrader
• Octa Copy

MetaTrader 4

MetaTrader 4 remains one of the most popular trading platforms in the forex industry. This platform is known for its user-friendly interface and extensive features. On OctaFX, MT4 offers:

• Availability across multiple devices (web, Android, Windows, macOS)
• Enhanced security features, including segregated accounts and SSL protection
• Flexible trading options
• +30 built-in technical indicators and robust charting tools
• Support for automated trading using Expert Advisors (EAs)

MetaTrader 5

MetaTrader 5 is the more advanced successor to MT4, offering additional features and improvements. On OctaFX, MT5 users can enjoy:

• Low spreads starting from 0.6 pips
• High leverage up to 1:1000 for currencies
• No commissions, only markup on spreads
• Access to various assets, instruments, and currencies

OctaTrader

OctaTrader is OctaFX's proprietary web-based platform, designed to provide a user-friendly and efficient trading experience:

• Advanced charting tools powered by TradingView
• One-touch trading directly from charts
• Seamless integration of trading activities, accounts, and financial transactions
• Multi-platform experience for trading from any device
• Regular market analytics and trading ideas
• Easy-to-use interface suitable for beginners and experienced traders alike

Octa Copy

Octa Copy is OctaFX's social trading platform, allowing users to copy the trades of experienced "Master Traders" automatically:

• Wide selection of Master Traders to choose from
• Easy setup process - fund your account, select a Master Trader, and set the copying proportion
• Diversification of trading portfolio through copying multiple traders
• Ability to stop copying and withdraw profits at any time

Commissions and Spreads

OctaFX offers competitive trading conditions. This broker does not charge its traders with any commission outside of trading for depositing and withdrawing funds. Also, there are no swaps on the MT5 and Octatrader platforms from the broker. Furthermore, the spreads starts from 0.6 pips on different accounts; However, it depends on the instrument or the trading pair.

Deposit and Withdrawal options

OctaFX provides a variety of deposit and withdrawal methods to cater to traders worldwide. The following is a list of payment options on the mentioned broker:

• Credit/Debit cards (Visa, Mastercard)
• Bank transfers
• E-wallets (Skrill, Neteller)
• Cryptocurrencies (Bitcoin, Ethereum, Litecoin, Dogecoin, Tether)

Copy Trade and Investment Options

The broker's copy trading platform offers an excellent opportunity for novice traders or those with limited time to benefit from the expertise of experienced traders:

• Browse and select from a list of Master Traders based on performance metrics
• Copy an unlimited number of Master Traders to diversify your portfolio
• Flexible investment options with different risk levels and commission structures
• Full control to start/stop copying, adjust investment amounts, and withdraw profits at any time
• Mobile app available for convenient portfolio management

tradable markets and Symbols

OctaFX offers a wide range of tradable instruments across various asset classes:

• Forex: Over 50 currency pairs, including majors, minors, and exotics
• Indices: 10 popular global indices
• Commodities: Gold, Silver, and energy sources
• Cryptocurrencies: 34 cryptocurrencies available
• Stocks: 150+ CFDs

Bonus and promotions

OctaFX offers several attractive bonuses and promotions to enhance the trading experience:

• 50% Deposit Bonus: Automatically credited to the account after meeting required trading volume, can be used to increase free margin and open higher-volume positions, and withdrawable once the required trading volume is completed
• Limited-time promotions: Occasionally offers higher bonus amounts up to 100% of the deposit
• Status program: a leveling system that has benefits and rewards for traders based on performance

OctaFX Broker support and customer services

OctaFX prides itself on providing exceptional customer support:

• 24/7 customer support available via live chat and email
• Support available via ticket
• Support on messaging services
• Multilingual support team (13 languages)
• Fast response time

OctaFX's support team assists with various inquiries, including:

• Deposit/withdrawal information
• Risk management
• Website information
• Account verification
• Trading-related queries

Banned Countries on OctaFX

While OctaFX operates globally, it's important to note that the broker's services may not be available in all countries due to regulatory restrictions. Some of the countries restricted from the broker's services:

• United States
• United Kingdom
• Philippines
• Kazakhstan
• Iran

Referral programs

OctaFX offers an Introducing Broker (IB) program under the brand "Octapartners" that allows individuals and companies to earn commissions by referring clients:

• Competitive conversion rates
• Efficient marketing tools provided
• Flexible commission structure up to 80%
• Transparent reporting
• Daily commission payouts via various methods
• Available in multiple languages
• 5 different ranks based on number of active clients

OctaFX Trust Scores

OctaFX has established a strong reputation in the industry over a decade of operation. We will check out the scores of reliable websites for this broker in the following list:

• Trustpilot users: 4.5 out of 5 based on +7000 reviews
• Forex Peace Army: 2.9 out of 5

Education

OctaFX provides a comprehensive educational platform to support traders at all levels. This broker provides educational material in different forms such as:

• Trading tutorials covering forex basics, technical analysis, and trading strategies
• Platform tutorials for MT4, MT5, and OctaTrader
• Video lessons for visual learners
• Forex glossary for understanding industry terminology
• Regular webinars
• Daily market analysis and trading ideas

TF expert suggestions

OctaFX's proprietary platform, OctaTrader, has facilitated the execution of +97% of orders without slippage. The broker offers over 50 Forex currency pairs and +150 stock CFDs for trading. The company is regulated by 2 financial authorities [FSCA, MISA.]