OctaFX EU is a forex broker regulated by CySEC with features such as Trading Calculator, Profit Calculator, Economic Calendar and Negative Balance Protection. The company provides its trading services through OctaTrader, a proprietary platform. Beside These, There are 5 main payment options [credit/debit card, Skrill, Swissquote, BluOr Bank, RIETUMU] available.
OctaFX EU Company Information & Regulation
This broker is a relatively new player in the European forex market, having been established in 2018. The website is operated by Octa Markets Cyprus Ltd, which is headquartered at 1 Agias Zonis and Thessalonikis Corner, Nicolaou Pentadromos Center, Block: B', Office: 201, 3026, Limassol, Cyprus.
Key regulatory details:
- Regulated by the Cyprus Securities and Exchange Commission (CySEC);
- License number 372/18;
- Provides services to clients within the European Union.
OctaFX EU Summary Of Key Features
In this section, we will provide a table featuring the important specifics. Here's a quick overview of what the discussed broker offers:
Broker | OctaFX EU |
Account Types | Standard, Demo |
Regulating Authorities | CySEC |
Based Currencies | EUR |
Minimum Deposit | 50 EUR |
Deposit Methods | VISA, MasterCard, Skrill, BluOr Bank, RIETUMU, Swissquote |
Withdrawal Methods | VISA, MasterCard, Skrill, BluOr Bank, RIETUMU, Swissquote |
Minimum Order | 0.01 Lot |
Maximum Leverage | 1:30 |
Investment Options | None |
Trading Platforms & Apps | OctaTrader |
Markets | Forex, Commodities, Indices, Crypto |
Spread | Floating, starting from 0.8 pips for EURUSD |
Commission | Overnight Fees Only |
Orders Execution | N/A |
Margin Call/Stop Out | N/A |
Trading Features | Trading Calculator, Profit Calculator, Economic Calendar, Negative Balance Protection |
Affiliate Program | No |
Bonus & Promotions | None |
Islamic Account | Yes |
PAMM Account | No |
Customer Support Ways | Email, Live Chat |
Customer Support Hours | Monday to Friday, 9:00 to 18:00 UTC+3 |
Account Types
OctaFX EU has taken a simple approach in creating a account structure, providing only a real and a demo account. There's not much detail available, but here's a quick overview of the real account's specifics:
Max. Leverage | 1:30 |
Min. Deposit | 50 EUR |
Currency | EUR |
There are no limits on the demo account in terms of the virtual funds and time period.
Account Registration and Verification: Quick Guide
Opening an account with OctaFX EU is very simple and is done in few steps. Here's your guide:
- Visit the official website (www.octaeu.com) and click "Sign Up;"
- In the form appeared on the right side, fill in your name and email address, then create a password (you can go on via your Google or Facebook account instead);
- Check your inbox for the verification link, then click it.
Now, you have opened an account on the broker. To verify your account, you must provide additional personal information, pass a questionnaire, and submit proof of identity and proof of address.
Trading Platform Overview
OctaFX EU doesn't enable access to popular options like MetaTrader 4/5; instead, it has developed a proprietary trading platform titled "OctaTrader." It is accessible via these facilities:
Unfortunately, at the time of writing this review, no iOS application is available; the website says it's "coming soon."
Spreads and Fees: Are There Any Trading Commissions?
OctaFX EU operates on a spread-only model; meaning there are no additional commissions on trades. The exact amount is floating and varies depending on the trading pair. Here are some examples:
Trading Symbol | Min. Spread |
EURUSD | 0.8 Pips |
EURAUD | 0.8 Pips |
EURCAD | 0.9 Pips |
US30 | 1 Pip |
BTCUSD | 1.9 Pips |
Also, there aren't any kinds of commission for making deposits and withdrawals, or inactive accounts. Only an overnight fee is charged, which depends on the symbol.
Funding & Withdrawal Options on OctaFX EU
The broker offers 5 choices for funding your account and withdrawing profits, which are mentioned below:
- Credit/Debit Card: VISA, MasterCard
- Skrill
- BluOr Bank
- RIETUMU
- Swissquote
All methods require a minimum of 50 EUR for deposits and withdrawals except Skrill (5 EUR) and VISA/MasterCard (0.01 EUR) in withdrawals.
Copy Trading & Investment Features
Unfortunately, OctaFX EU doesn't currently offer copy trading or investment services. This could be a significant drawback for traders who prefer to earn passive income besides making profits from trading.
Does OctaFX EU Offer Any Promotions?
At the time of writing this article, OctaFX EU does not offer any bonuses or promotions to its clients.
This is in line with strict EU regulations that restrict forex brokers from offering trading bonuses; in other words, most CySEC-regulated financial brokerages follow the same approach regarding promotional offers.
Support Contact Channels and Working Schedule
OctaFX EU provides customer support through 2 contact channels that are common among crypto exchanges:
- Email: clientsupport@octaeu.com;
- Live Chat: Available on the website.
As stated on the website, the support department is available Monday to Friday, 9:00 to 18:00 UTC+3.
Trust Scores and Ratings
Trust scores and user reviews on reliable sources such as the Trustpilot and ScamAdviser can help us have a better understanding of a broker's reputation; however, it's important to note that online reviews can be subjective and may not always reflect the overall quality of a broker's services.
OctaFX EU's ratings on the ScamAdviser website is as follows:
- Trustscore: 22/100 based on the source's algorithms and the data on the web;
- User Review Rating: 1/5 with less than 10 reviews.
Conclusion and Final Words
OctaFX EU, the European branch of the OctaFX broker, offers 1 real account type with a maximum leverage of 1:30 and a minimum deposit of €50.
The brokerage has received a trustscore of 22/100 from "ScamAdivser." There are 4 tradable markets [Forex, commodities, indices, cryptocurrencies] provided.
