OctaFX broker review 2022: A complete Overview

OctaFX

OctaFX has been a global broker offering online trading services globally since 2011. The broker provides cutting edge trading experience to traders worldwide. Trading accounts with usees tally up to a staggering 6.6 million strong. OctaFX has garnered 30+ awards in the past decade, including the best world Broker’s ECN broker 2020 award. Most recent miles attesting to Octafx’s great capabilities have come via the awarding of Global Banking & Finance Review’s 2021 Best Forex Broker Award and Forex Awards’ 2020 ‘Most Transparent Broker award.

Is OctaFX a scam or not?

OctaFX is a brand name used by two corporate bodies. OctaFX.EU is an approved domain registered with the CySEC as Octa Markets Cyprus Ltd. the OctaFX.com site is registered in St. Vincent and the Grenadines. Both regulations actually complement each other. There’s no conflict between them. Under European aegis, the status with CySEC permits you to trade as per European best practices. With St. Vincent and the Grenadines’ status, you can trade to the tune of the highest possible leverage. 

In other words, OctaFX is safe as houses. OctaFX gives users the power to trade with OctaFX.eu, regulated by the Cyprus Securities Exchange Commission. Conversely, the broker also gives you the opportunity to trade via OctaFX.com, registered as an IBC in St. Vincent and the Grenadines. 

Octa Markets incorporated has registration number 19776 IBC 2011.  

OctaFX offers negative balance protection and client fund segregation. 

OctaFX operates as per the provisions of the Directive 2014/65/EU of the European Parliament, apart from the Council of 15 May 2014 on Markets in Financial Instruments with amending Directive 2002/92/EC and Directive 2011/61/EU. This has come into common parlance as the MiFID 2, supposedly transposed into Cypriot law. It is to the latter in this form that Capixa is now accountable. This is ultimately in aid of the best services for the Client. 

CySEC supervises and regulates Cypriot investment services firms. It is a member of the ESMA (European Securities & Markets Authority) Committee.

Importantly, it is a member of the Investor Compensation Fund (ICF). In addition, CySEC has a robust relationship with well-known payment service providers (Trustly, for instance).

CySEC, a participant in the Markets in Financial Instruments Directive 2 (MiFID 2), is a legislative framework seeking to bring all EU markets under a single administrative umbrella. As such, CySEC is always prepared to aid transparency in European Regulated Markets (RMs) and has the full armor of instruments at its disposal to ensure compliance.

Online trading is made doubly secure with an SSL-protected client area. In addition, the deposit and withdrawal processes are hacker-proof. 

OctaFX review: advantages & disadvantages

Advantages 

  • Diverse trading account range for beginners and advanced traders; 
  • 1:500 leverage ECN account; 
  • Fully MT4/MT5 compatible across all devices; 
  • Research & analysis tools, bonus programs, and copy trading; 
  • Neither registration fees nor commissions.

Disadvantages

  • St. Vincent and the Grenadines registered domain appears a poor choice compared to CySEC approved entity;
  •  Individual stock CFDs absent; 
  • Insufficient variety in commodities offering; 
  • US customers are not accepted.

OctaFX review: trading account types 

On the OctaFX.com website, there are two trading accounts offered. There is an offering for the advanced trader – the MT5 compatible Smart Trader Account. On the other hand, you have the Habitual Trader Account, MT4 compatible to make reading a gradual habit for an easier start. 

The surprising thing is that there’s virtually no major difference between the two trading account types. We look at the commonalities: 

  • Floating, starting at 0.6 pips(spread); 
  • Neither commission nor markup(commission/spread markup);
  • 100 USD (recommended deposit); 
  • 35 currency pairs, gold and silver, 3 energies, 5 cryptocurrencies. We must note, however, that while the Smart Trader account gives your access to 10 indices, it’s only 4 indices of you have the Habitual Trader Account (instruments);
  • 1:500 for currencies, 1:100 especially for ZARJPY, 1:200 for metals, 1:100 for energies, 1:50 for indices, 1:25 for cryptocurrencies (leverage); 
  • 0.01 lot(minimum volume); 
  • Under 0.1 second market execution(execution); 
  • 5 digits(precision); 
  • USD or EUR(deposit currencies); 
  • 25%/15%(margin call/stop out level);
  •  hedging; 
  • scalping; 
  • expert advisors; 
  • CFD trading; 
  • Cryptocurrency trading. 

Now we take cognizance of the differences: 

  • 500 lots/200 lots(maximum volume); 
  • No swaps/swap or swap-free commission(swaps).

Perhaps it could be especially instructive to a trader to start out with the MT4 compatible account and move on to the MT5 compatible account. The transition would give you an experience of the best of both platforms. 

OctaFX review: account opening

OctaFX.com offers an account opening process that is easy to navigate. Users just have to select the open account tab on their website, fill out their name, email, and password information. You then have to submit an address, phone, and date of birth details. Subsequently, you have to provide the accounting platform you’d prefer opening, besides additional settings like real/demo, Islamic swap-free accounts, leverage, base currency. 

Having selected your options, you are navigated towards the OctaFX client area, where you can deposit/withdraw funds, enter contests, and open new accounts. 

Funding Your account is just as easy. But, naturally, withdrawals require more input of information from your side.

OctaFX review: trading instruments 

OctaFX concentrates on Forex, commodities, cryptocurrencies, and indices CFD trading. 

OctaFX offes 45+ tradable assets. 

Cryptocurrency trading at OctaFX can be had thru CFDs. however, the underlying asset – the crypto itself – cannot be traded. 

The markets available to trade on with the broker differ on the basis of which trading accountant platform is opened. A snapshot of some of the available markets:

  •  35 currency pairs, gold and silver, 3 energies, 5 cryptocurrencies.  
  • While the Smart Trader account gives your access to 10 indices, it’s only 4 indices if you have the Habitual Trader Account.

Trading costs like spreads, commissions, and swaps differ depending on account type and the trading platform being used. 

In 2021, OctaFX added new trading instruments – the Mexican Peso, the Sout African Rand, Bitcoin Cash, Ripple – raising the leverage for all cryptocurrency pairs from 1:10 to a more competitive 1:25. 

OctaFX review: commissions & spreads 

With Neither commissions nor fixed fees, OctaFX earns from the diverse asset types’ spreads. The latter is very competitive, at par with other discount brokers. In addition, there are no fees for withdrawals and deposits. 

Tight and low spreads with OctaFX assure minimized trading costs. 

Taking the instance of indices and cryptocurrencies CFD trading, 1 pip is calculated as follows: 

  • for 5 digit currency pairs – by the fourth digit (0.0001); 
  • for 3 digit currency pairs and XAGUSD – by second digit (0.01);
  • for XAUUSD, XBRUSD, XTIUSD – by first digit (0.1);  
  • for indices, save JPN225 – by first digit (0.1); 
  • for JPN225 – by the fourth digit (0.001). 

All commissions and fees are listed for 0.01 lots. The EU entity appears to offer slightly better spreads compared to the SVG entity. 

OctaFX review: leverage 

For both the Smart Trader and Habitual Trader accounts, the offers are surprisingly the same: 

  • 1:500 for currencies, 
  • 1:100 especially for ZARJPY, 
  • 1:200 for metals, 
  • 1:100 for energies, 
  • 1:50 for indices, 
  • 1:25 for cryptocurrencies. 

Naturally, SVG body offers better leverage as compared to the CySEC regulated concern, given that EU-centric regulations advocate more caution while trading with leverage. 

OctaFX review: deposit & withdrawal

All widely-prevalent payment methods are accepted. 

OctaFX promises no hidden charges on top of assured zero commissions. Moreover, there’s provision for boosting each of your deposits. 50% bonus expands your deposits by half. 

The 50% bonus on each deposit scheme comes with the following incentives – free margin increase, enabling the opening of higher volume positions, withdrawable, automatic payout.  

The bonus offer from OctaFX is quite thorough. To start the relevant process, your input would be just USD 20. 

OctaFX review: trading platforms 

MT5 trading software is available for free download from the OctaFX website. The MetaTrader5 desktop, Android, and iOS versions are all available. OctaFX endorses MT5 as equipped with amazing functionality, fundamental and technical analysis, copy trading, and automated trading features incorporated into the overall OctaFX platform. So naturally, this version provides a variety of execution modes and order types. 

OctaFX has instructions on how to install the software. 

Though the Habitual Trader Account does carry the MT4 platform, OctaFX says it expects MT5 to replace the former soon enough. MT5 has faster backtesting functions on the broker website, apart from simultaneous multi-pair testing. 

A graphical interface similar to MT4 aids you in getting used to the platform quickly. Conversely, unique MT5 integration with centralized exchange permits trading commodities, indices, and Forex. 

OctaFX encourages the use of the MetaTrader 5 trading platform, enumerating reasons for smooth trading with the numero uno platform: 

  • More pending order types; 
  • Cryptocurrency trading; 
  • One-click trading; 
  • More technical analysis tools; 
  • Clear segregation;
  • Optimised strategy tester; 
  • Improved EAs; 
  • Economic calendar. 

All order types are supported by the MT5 trading platform:

  • Market orders; 
  • Pending orders;  
  • Stop orders; 
  • Trailing stop. 

Chart types include: 

  • Broken line; 
  • Sequence of bars; 
  • Japanese candlesticks. 

Algorithmic trading: MetaTrader 5 permits Black Box programming, making it the choice for developers and EA users. On the MQL5 code base, you may download a large number of EAs for free. 

OctaFX demo account is especially useful if you have to test out EAs and trading strategies at no real risk to real funds. 

Company details 

Assets 

Feel free to trade more than 45 assets. 

Basic 

Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent & the Grenadines 

Customer service

Avail of friendly customer service 24/7. 

OctaFX review: mobile app

You just have to go to Google Play to get your MetaTrader 5 version for your Android smartphone. OctaFX website gives instructions on the installation of the same onto your tablet/smartphone. 

OctaFX review: educational & research support

Regarding education, OctaFX offers webinars, articles, and videos. The latter two categories are divided among Forex topics and MT4/MT5. 

The webinars are all available on the OctaFX youtube channel. The latter channel has a staggering 375,000 followers.  

Besides the above, OctaFX offers you manuals that guide you with regard to very practical things. 

The EAs manual – 

  • EAs setup; 
  • EAs launch; 
  • Tester Parameters; 
  • EAs shutdown;
  • Expert tab; 
  • Code Base Toolbox.

Likewise, there are detailed manuals for Signals, Charts, Trading, Indicators, Autochartist. 

OctaFX education videos, naturally, can be found on the broker’s popular Youtube channel.

When we think of research, OctaFX offers us two routes to applying our lessons in practice: 

  • Trader Tools

You have calculators for the MT4 and MT5 platforms. On the different sets of calculators, you can arrive at values for required margin, pip value, and trading fees; 

  • Analytics

On offer are- 

  • Market insight, 
  • Economic calendar, 
  • Profit calculator, 
  • Forex news,
  • Trading calculator, 
  • Live quotes, 
  • Monitoring, 
  • Interest rates,
  • Technical analysis,
  • Trading strategies.  

OctaFX review:customer support

OctaFX may be reached thru LiveChat, or thru the contact form given on the broker website. 

Email: [email protected]

Mailing address: 

Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St Vincent & the Grenadines. 

The customer support staff can be reached 24/7. 

Conclusion 

OctaFX has a YouTube channel subscribed to by 375,000 people. That’s just an indicator of the OctaFX team’s zeal and enthusiasm. You cannot doubt that they are good presenters of their own data. They can give forth their expert opinion and be encouraging about feedback. That’s a given in social media and attendant, arising relations. 

The bonus program has been explained in detail on the website itself. OctaFX’s copy trading endeavors do not go unnoticed, either. 

The OctaFX website is intuitive. A separate Legal Section with pertinent documents would have helped. However, the broker’s performance speaks -volumes – for itself. 

We recommend a headstart in trading with PrimeFin, ABinvesting, and InvestBy.

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