OctaFX Review

OctaFX was established in 2011. The company’s headquarters are located in Saint Vincent and the Grenadines, with an additional support office in Jakarta, Indonesia. The broker’s EU entity, Octa Markets Cyprus Ltd, is located in Limassol, Cyprus, and is regulated by the CySEC.

With over 1.5 million trading accounts and a long list of forex industry awards, the founder and owner has ensured the company has amassed a global reach.

Account Types

There are 3 account types available at OctaFX, which are determined by the trading platform you are using: Micro (MT4), Pro (MT5) and ECN (cTrader). Accounts are available in USD or EUR. The minimum trade volume across all accounts is 0.01 lots and there is no maximum.

The main differences between the accounts is the assets available to trade, the spreads and the minimum deposit amounts. The Micro and ECN minimum deposit is 100 USD. The minimum deposit in the Pro account is 500 USD. Commissions are also charged in the ECN account.

Account opening is easy and requires the submission of ID documents in line with KYC requirements. In most cases, if your documents are submitted clearly, verification should only take up to 3 hours.

There is also an Islamic swap-free account for those worried about whether trading is haram or halal. Note clients from the United States are not accepted at OctaFX or Octa Markets Cyprus Ltd.

Markets

OctaFX offers some of the most popular products, including:

• Forex – 28 currency pairs including EUR/USD and USD/JPY
• Indices – 10 CFD indices available such as US30 and NASDAQ
• Commodities – Including spot gold and silver contracts, plus brent and crude oil
• Cryptocurrencies – 3 major digital currencies available; Bitcoin, Ethereum and Litecoin

Trading Platforms

MetaTrader 4

The MT4 platform is a trusted software used by both individual traders and institutions, due to its ease of use and flexibility.

The platform allows you to develop your own expert advisors and technical indicators to suit your trading style. In addition to the 30 in-built technical indicators, advanced charting tools allow you to analyse price fluctuations and trends in the market, using 3 customisable chart and graph types.

Note that MT4 is currently only available for non-EU clients.

MetaTrader 5

MT5 is the next-generation platform that offers all the benefits of its predecessor but with additional speed, accuracy and more advanced features.

Users enjoy 8 types of pending orders, 44 analytical objects including Gann and Fibonacci Retracement, plus additional technical indicators which are unique to MT5, such as Trend Oscillators and Bill Williams’ tools. There’s also an economic calendar as well as two major accounting modes for greater flexibility: hedging and netting.

Both platforms come in several languages, including English, Arabic and Hindi, and are compatible with Windows PCs. OctaFX provides a useful download guide on the website.

MetaTrader WebTrader

For those using Mac PCs, OctaFX also offers the web terminal version of MT4 and MT5, meaning traders can access the markets straight from an internet browser.

The web platforms are highly functional and customisable, boasting the same features found in the desktop versions, including charting tools, market indicators, scripts and expert advisors, plus access to diverse order types and execution modes.

cTrader

The cTrader platform is a robust system designed for forex and CFD trading. The platform includes over 26 in-built chart views and up to 50 chart templates on a fully customisable interface. The platform boasts an impressive suite of 70 technical indicators and 28 chart timeframes, plus advanced level scalping and visual back-testing using cBot. With full market depth, traders can also execute advanced online trading strategies as well as programmable algorithms.

The cTrader platform is ready to download from the website once you have completed the registration process. The cTrader web terminal is also available for MacOS users.

Spread and Commission

Typical variable spreads for EUR/USD are around 0.7 pips in both the MetaTrader and cTrader platforms. Gold spreads (XAUUSD) start from around 2 pips and major indices such as NAS100 are around 3.5 points. Bitcoin spreads (BTCUSD) are around 3.1 pips. Fixed spreads are also available for MT4 USD accounts.

Trading commissions are only charged in the cTrader account, at 0.03 USD per 0.01 lots. There are also rollover rates applied on positions held over 3 days. Details of these fees are listed in the product specifications.

Leverage

OctaFX offers generous leverage limits up to 1:500 for currencies in the MT4 and cTrader accounts. Leverage in the MT5 account is available up to 1:200 on currencies. Metals can be leveraged up to 1:200, indices and energies up to 1:50, and cryptocurrencies up to 1:2.

Note that EU clients can only trade with leverage up to 1:30.

Payment Methods

OctaFX offers a few fast funding methods which vary depending on your origin country, including bank cards, Perfect Money and Bitcoin. Local bank transfers are also available for traders from certain countries, including Thailand, India and Nigeria.

The minimum withdrawal and deposit amounts are 5 USD for Perfect Money, 0.00096000 for Bitcoin and 50 EUR for cards. All deposits methods are generally processed instantly or within a few minutes.

There are no commissions charged on deposits, withdrawals or currency exchange rates, except for 0.5% on Perfect Money deposits. The withdrawal time for all methods is 1 to 3 hours to approve and up to 30 minutes to transfer the funds. There is no withdrawal limit on earnings.

1:500

OctaFX offers traders a mostly vanilla MetaTrader and cTrader trading platforms experience. Beyond its European license in Cyprus, OctaFX lacks regulation in major jurisdictions, which puts it at a severe disadvantage compared to other trusted forex brokers.

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