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OctaFX Broker Review 2024

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OctaFX Broker Review 2024
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Investing and trading in financial markets such as the stock exchange, forex, digital currencies in the form of spot or with leverage face a high inherent risk. According to the statistics of all exchanges and brokers, more than 75% of people lose!

Overview
Company:OctaFX
Founded:Saint Lucia
Min Deposit:25
Max Leverage:1000
Headquarter:Saint Lucia
US Accepted:
About
OctaFX is a brokerage company with over a decade experience. The company hosts over 40M accounts and provide trading services in 180 countries worldwide.
Contact
1st Floor, Meridian Place, Choc Estate, Castries, Saint Lucia
Rank and Score
Pros and Cons
Account Types
Platforms
Pros
Competitive spreads starting from 0.6 pips
High leverage up to 1:1000
Regulated in Cyprus (CySEC) and South Africa (FSCA)
No commissions on withdrawals
Cons
Regular changes in payment options
Limited range of tradable assets compared to some competitors
Limited regulation compared to other top-tier brokers

OctaFX is one of the leading forex brokers registered in Saint Lucia with more than 13 years of experience in the market. More than 40 million accounts have been opened on the broker and the broker has paid over $33M in bonuses to its users. If you are looking to trade on the Octatrader exclusive platform, with more than 97% of orders executed without slippage, this can be a good option for you.

OctaFX forex broker (Company Information + Regulation)

OctaFX
An in-depth review of OctaFX broker for traders and users

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), Mwali International Services Authority (MISA), and Cyprus Securities and Exchange Commission (CySEC)
  • 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 paltform

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:

Broker

OctaFX

Account Types

MT4, MT5, OctaTrader

Regulating Authorities

FSCA, MISA, and CySEC

Based Currencies

USD, EUR

Minimum Deposit

$25

Deposit Methods

E-wallets, credit/debit cards, bank transfer, crypto

Withdrawal Methods

E-wallets, credit/debit cards, bank transfer, crypto

Minimum Order

0.01 lot

Maximum Leverage

1:1000

Investment Options

Copy Trading

Trading Platforms & Apps

MetaTrader 4, MetaTrader 5, proprietary OctaTrader, and Copy trading app

Markets

Forex, indices, commodities, metals, crypto, stocks

Spread

From 0.6 pips

Commission

No

Orders Execution

Market execution

Margin Call/Stop Out

25%/15%

Trading Features

Negative balance protection

Affiliate Program

yes

Bonus & Promotions

Deposit bonuses, contests on MT4 with the demo account, status program

Islamic Account

yes

PAMM Account

No

Customer Support Ways

Live chat, ticket, email, phone

Customer Support Hours

24/7

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:

Trading commission

Spread

Instruments

Max. order size

MT4

No

From 0.6 pips

80

200 lots

MT5

No

From 0.6 pips

277

500 lots

Octatrader

No

From 0.6 pips

80

50 lots

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:

Pros

Cons

Regulated in Cyprus (CySEC) and South Africa (FSCA)

Limited regulation compared to other top-tier brokers

Competitive spreads starting from 0.6 pips

Limited range of tradable assets compared to some competitors

No commissions on withdrawals

Regular changes in payment options

High leverage up to 1:1000

Copy trading feature available

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".
octafx sign up form
enter your email and create a password to start registration
  1. Fill in your email address and create a password. Alternatively, sign up with your apple, facebook or google account.
  2. Check the box to confirm that you are not a citizen of US or Philippines. Then, click on "Sign Up".
  3. Verify your email address and open the link in the received mail in order to continue the registration process.
Octafx
Enter your personal data and phone number in the form
  1. On the page, enter the required details about your personal data. Then, click on "Continue".
  2. 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 app
OctaFX copy trading application "Octa Copy"

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

  • 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 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

OctaFX Geo-Restrictions
OctaFX doesn’t provide services for residents of Liechtenstein, Norway, and Switzerland.

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 rating on Trustpilot
OctaFX score on review websites and platforms

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

In this article, you read the Octafx broker review and learned about its outstanding features, such as 1:1000 leverage, 0.6 pip spread, and more. This brokerage can be one of your options for forex trading, providing trading tools such as an economic calendar, various calculators to calculate pip and profit, the Octa Copy application, and the Octatrader trading platform. Also, you can earn separately through the Octapartners program.

FAQs
Is OctaFX a reliable broker?

OctaFX is generally considered reliable, with regulation from CySEC and FSCA.

What is the minimum deposit for OctaFX?

The minimum deposit is $25 for its different account types.

Does OctaFX offer negative balance protection?

Yes, this broker offers the mentioned trading feature.

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