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OctaFX Review: Is OctaFx.com Legit Or Another Scam?
OctaFx.com Review: at OctaFX, clients are promised a reduced risk. The broker is said to be “owned by a group of companies” and one of them is located at an offshore address. The other holds an operating license in Cyprus.
This brokerage claims to be the best in Forex trade and CFDs as it gives the “lowest spreads in the industry”. There are awards published on the page supposedly won by Octa FX.
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It offers to brodge the gap between traders that has been caused by “short balances” and “lack of global access to the global exchange market”. A demo account is offered to test the running of the broker.
Further, OctaFX promises a 50% bonus on deposit, to help the user “start Forex trading on higher margins, increasing their account balance”. There is negative balance protection offered as well.
OctaFX Trading Platform
The trading platform used by OctaFX Trading Software is the MetaTrader4. MetaTrader5 and cTrader are also available. Clients are promised all the advantages that comes with this platform. Trading is offered on CFDs, commodities and indices.
There are three account types offered by this broker and the deposits are quite within the average minimum. It ranges from $100 to $500.
OctaFX offers trading on 28 currency pairs and other products like gold, silver, indices, and cryptocurrencies. The broker gives a leverage of up to 1:500.
Spreads on the brokerage on the accounts can be 1.1 pips, 0.5 pips, or 0.7 pips. It depends on what account the client uses.
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Deposit And Withdrawal Methods On OctaFx
Deposit and withdrawal are available via credit cards, FasaPay, Neteller, Skrill, Wire Transfer. Deposit minimum can get as low as $100.
OctaFx does not charge any commission on transactions. The spreads are fixed for this broker. Some cases leads to a 50% deposit bonus.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is OctaFX Licensed?
No. OctaFx is owned by a company located in St. Vincent and the Grenadines. The Cyprus Securities and Exchange Commission however licenses Octa Markets Ltd, this company owns OctaFX.eu.
This information means that misappropriation of funds by the broker is not under the watch and jurisdiction of this authority.
To reach the customer care representative of OctaFX, clients can send emails or text at +34 651 769 010. To call, dial: +44 20 3322 1059 (UK), +852 5808 8865 (Hong Kong), and +62 21 3110 6072 (Indonesia).
There are wide ranges of trading tools offered. It has educational tools for traders to learn from. Lack of license from any regulatory body is a disadvantage to the broker. Deposit minimums are affordable as well.
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Leverage: 1:30 | 1:500
Min. Deposit: 100 EUR
HQ: SVG, Cyprus
Platforms: MT5, cTrader
Found in: 2020
- Octa Markets Cyprus Ltd – authorized by CySEC (Cyprus) registration no. 372/18
- Octa Markets Incorporated – authorized by the FSA (SVG)
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FP Markets Review
- Our Review
- OctaFX User Reviews
- OctaFX News
What is OctaFX?
OctaFX is a technology based brokerage company that operates since 2020 and offers industry leading platforms such as MetaTrader5 and cTrader with numerous investment opportunities and great capabilities.
At the beginning of its establishment OctaFX walked a path from an offshore brand located in SVG and further on operated in UK, however since 2020 closed its entity and moved to Cyprus. So, together with European CySEC license broker operates also global offering from its entity, therefore check on carefully under which regulation you will fall as it may propose different trading conditions.
|• Forex and CFDs offered
• Great trading tools
• MT5 and cTrader platforms offered
• Fast account opening and free Demo account
• No commission deposits and withdrawal options
|• Phone support not available 24/7
• No Forex education
What Type of Broker is OctaFX?
OctaFX is an STP Forex Broker also with high standards of secure trading environment, as of the regulation it imposes. The offering to the clients is wide and even comprehensive since proposes the same if not more investment opportunities to the world trading community.
10 Points Summary
2. Broker with a good reputation among years of operations and regulatory obligations imposed by the CySEC and ESMA
3. Instrument range available for trade including CFDs on Commodities, Forex, Metals, Indices and Energies
4. Demo Account – Available
5. Minimum deposit – 100$ which you can deposit with Bank wire transfer
6. Trading costs and spreads are lower
7. Variety of platforms to choose from including MT5 and cTrader along with social trading capabilities
8. Trading tools on a very good level inbuilt to trading platforms
9. Education is not provided
10. Customer Support will accompany all your trading experience and available in multiple languages
OctaFX already quite known and operates for a while despite a fact that received its European license just recently. So for the years it operates, OctaFX participates to various exhibitions and received numerous international awards along with the huge number of active traders registered at the company. That all in all confirm its status and reputable position in the industry, which we will also be able to see in detail further in our OctaFX Review.
Is OctaFX safe or a scam?
The main issue and topic of our OctaFX Review among others if its safe trading environment, which is checked as first due to its regulatory obligation and license under which the broker operated. OctaFX launched since 2020 walked a path with various operation licenses including SVG registration, operating the UK branch, yet suspended this entity back in 2020 and target Cyprus as its next destination of operation.
|• CySEC regulated international broker
• Global coverage and years of operation
• Negative Balance Protection applied
|• Previously operated only offshore entity|
Is OctaFX legit?
So, the main gap for these years of operation was the fact that OctaFX was a brand of the Octa Markets Incorporated company that is registered, regulated and governed by the Law of Saint-Vincent and the Grenadines. Which is offshore heaven for its tax-management as well as relative ease to establish a company. Now, since OctaFX established its legal entity in Cyprus and respectively got a license from the local CySEC, which also impose regulation according to European ESMA standards.
Therefore, now we can state that OctaFX and its Octa Markets Cyprus Ltd entity shows us a clear state of the compliance to the necessary operation standards. Since the European regulation demands strict follow of Forex business operations management, which is always good for us and you as a trader.
How are you protected?
The set of regulatory requirements enables protection to the clients and including – funds segregation, application of negative balance protection while the broker is constantly overseen by the authority in terms of its safety compliance. In addition, there is a security of the traders accounts applied by the Investor Protection and Compensation Schemes in case the broker goes bankrupt.
As for the leverage as a known instrument that increases the initial capital you trading with and can be a very useful tool to magnify potential gains is offered by the OctaFX broker as well. However, along with its great capabilities leverage increases risks together with its benefits, so you should always learn how to use tool smartly.
The risk level is defined also by the leverage level you use since higher leverage dramatically increases your risks to lose money as well.
For this reason, world authorities and regulators restrict leverage to use to specify, safer levels for retail traders. Therefore, OctaFX Cyprus entity together with its operations established under ESMA rules offers lower leverage levels as defined by the regulator. This means that European traders or those clients that are registered with OctaFX European entity will fall under ESMA regulation that recently limited Leverage. Yet, if you still prefer to use high leverage international entity of OctaFX under SVG registration still allows so.
- European traders leverage is maximum 1:30 for major currency pairs, 1:10 for Commodities
- International traders can still use leverage until 1:500
Another important note within OctaFX Review is a range of account types through which you will access trading. Eventually, the broker offers two account types that also define trading conditions and the platform that is used for trading itself.
|• Fast digital account opening
• Single Account for MetaTrader5 or cTrader platforms
• Demo Account offered
• Option between trading fee models
Types of Accounts
As the broker defines by itself the MT5 account offered for a conservative trader as it is suitable for the majority of investors also supporting all trading styles and social trading as well. While cTrader will be more suitable for progressive traders or professionals as offers comprehensive trading conditions with commission based fee structure.
Besides, there is an option to submit for a Demo practice account and use its unlimited sources to polish strategy or get to know platforms and OctaFX conditions better.
So what you can trade with OctaFX? The market range offers you the most demanded instrument while base on the CFD trading model and offering you an opportunity to speculate on the price movement on Forex currency pairs, Metals, Energies and Indices.
Another good point at OctaFX is its pricing strategy or a fee which you will need to pay for the usage of OctaFX trading service. There are two options according to the account type you choose and the platform you use, offered by the Octa Markets.
|• Low Forex fees
• Options between spread only or commission fee basis
• 0$ Withdrawal fee
|• Inactivity fee|
Our find on CFD fees
So fee strategy is different according to the platforms while MT5 offers you spread only basis with a minimum spread of EUR USD 0.2 pips, which is a very good offering compared to industry standards.
And cTrader brings you access to raw spread from 0 pip for EUR USD pair plus the commission charge of 3$ pet lot.
Also, see below the comparison table with a typical OctaFX Spread and compare brokers to other CFD Brokers with CFD fees, commission or inactivity fee if applicable.
Trading Fees of OctaFX vs Similar Brokers
|Asset/ Pair||OctaFX Fees||AvaTrade Fees||eToro Fees|
|EUR USD||0.5 pips||1.3 pips||3 pips|
|Crude Oil WTI||2 pips||3 pips||5 pips|
Here is snapshot of OctaFX fees
Also, always consider overnight charge or swap in case you’re holding the position longer than a day. It is always defined by the instrument you trade and may be visible either through a website or platform while trading. See the example on the snap above.
Deposits and Withdrawals
Being able to access your funds at any time with ease and convenience is another point with a regulated broker and our OctaFX Review. So together with its strict money management rules, you may fund your account by deposit through a bank account with no complication.
|• No deposit fees
• Withdrawals free of charge
|•Limited deposit and withdrawal option for European clients
•No Credit card supported
Deposit fees and Options
As a licensed broker that obliges to safety measures, OctaFX offers only Bank Wire Transfer for its European clients. While international entity includes also Credit Cards, e-wallets and other methods which you may check with customer service before any transfer is done.
What is also great, there is no charges for deposits so you won’t pay any commission, however always define it with your payment provider or Bank itself as an international rule vary from jurisdiction to another.
Minimum deposit requirement
By the OctaFX policy, the minimum deposit set to a EUR100 allowing you to open any account type from the two offered by the broker.
Money withdrawal is the same smooth process, while OctaFX also covers fees so you may access your moany at any time and receive it relatively quickly. Usually, OctaFX confirms withdrawals within 1-2 business days, but allow extra days for you Bank to process the transaction.
Here are the steps to withdraw money from OctaFX
By a simple follow of instructions, you may access your account and submit a withdrawal. And of course, you may always count on a great help center which is remaining at your assistance.
How do you withdraw money from account?
|1. Login to your account. Select on Withdraw Funds’ at the menu tab
2. Fill in the form and enter the desired withdraw amount
3. Choose the withdrawal method
4. Complete the necessary form requirements
5. Confirm withdrawal details and Submit
Lastly and what we like the most is the OctaFX platform offering, while you may select either industry leading software also its newer version MetaTrader5 with all benefits included and not restricted. Or to use advanced and very powerful capabilities of cTrader.
The choice between the platform is always your and they are indeed very different, also bringing different price model and more suitable trading strategy. MetaTrader5 is good for everyone and more trader friendly software while cTrader is more sophisticated technology also the one that offering ECN Direct Market Access which might be a better option for professionals.
Scores & Availability of different platforms
• User friendly design
• Price alerts and push notifications
• Supporting various languages
• Web, Mobile and Desktop versions
Web Trading Platform
Both platforms supporting various versions that you may access either just by the load through your browser without any installation which is very useful. MetaTrader will bring you all the benefits and powerful capabilities it offers, while cTrader webtrader is also featuring great design and look.
However, advanced traders would prefer the desktop version as it feature much more customization capabilities and tools to use. So here both platforms also available for download and suitable for any operating system either iOS or Windows.
Look and Feel
Both platforms are with clear look and feel, indeed cTrader is more complex to understand as it is packed with advanced tools yet the design is easy to navigate and customize.
OctaFX Automated Trading capabilities are also useful for either beginning or professional trading through the use of popular EAs. You may either create your own once or follow a specified strategy available through the community or in the market place.
Mobile Trading Platform
The mobile app is also offered for both platforms, while apps are simple to use and offer a wide range of tools at the same time. MT5 mobile offers various charting capabilities also customization which is fantastic for mobile trading along with full management of your account.
Also, OctaFX customer support provides its clients with 24-hour live support available through live chat, email and phone support in various languages. Eventually, AvaTrade offers some of the greatest quality support with fast and reliable answers and a huge range of free of charge lines all around the world.
|• Quality customer support with live chat
• Fast response
|• Support not available 24/7
Education and Research
In addition to its some of the good quality trading offerings among industry, all clients can enjoy absolutely stunning research tools and trading tools that are accessible directly through the platforms. Along with other user-friendly tools including calculator, fantastic and clear charting with built-in News Feed and other essential trading data for your better trading.
Unfortunately, there is no education center or any learning materials about the trading process, either OctaFX does not provide webinars or analytical research which is not so good for complete beginners.
However, OctaFX provides unlimited demo platforms allowing to practice strategies and test the offered systems. So if you’re beginning trader maybe you can see competition or participate to the course using other sources.
Yet, we can forgive this missing point to OctaFX as there are truly many benefits on the trading conditions they provide.
Overall, OctaFX Review shows us a broker with a quality trading strategy which offers also flexibility in terms of conditions, platforms and instruments it proposes.
While before we had some concerns due to its operation only through offshore entity now the trust is on a certain good level as OctaFX is regulated by the European CySEC aligned with MiFID directive.
Read more about OctaFX license through our News by the link.
What we also admit is high-tech access to a range of the instrument and multiple platforms either for manual, algorithmic or social trading. It is definitely a great advantage that OctaFX offers both industry popular MetaTrader platform and powerful cTrader which is highly regarded by the professional traders.
Yet, it is always great to hear your personal opinion about OctaFX. So you may share your experience or thoughts or discuss them below or ask us for additional information.
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Minimum Deposit: $100
Maximum Leverage: 1:500
My Score: 5.4
Hello guys! I am going to introduce you to OctaFX today. OctaFX is a brand of the Octa Markets Incorporated Company that is founded in 2020.
According to the information I received from the website of the broker, Octa Markets Incorporated (OctaFX) is based in Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.
The broker’s website, octafx.com, has approximately 300,000 visitors per month. The visitors are from Pakistan, Malaysia, and India mainly.
In this OctaFX review, you can find the answers to the following questions: Is OctaFX scam or not? What are the account types offered by the broker? How good are the trading conditions such as spreads, minimum deposit and leverage? Is OctaFX regulated?
Let’s start with the regulation section, which is the most critical issue in the Forex industry.
Regulation of OctaFX
I have said the regulation is the most critical issue because unfortunately, forex fraud and scams are common in the industry.
The broker was authorized and regulated by the UK’s Financial Conduct Authority (FCA) until recently. The FCA is one of the most reputable regulators worldwide.
That is, FCA requires some strict rules that agents must adhere to in order to obtain the license. For instance, the brokers must hold at least £730,000 tangible assets to proof their financial stability.
In addition, they have to keep client funds must be held in segregated accounts separate from the company’s operational funds.
Except the numerous strict requirements for licensed entities, the financial regulator in the UK also provides a compensation scheme.
The Financial Services Compensation Scheme (FSCS) provides a maximum compensation cover of £50,000 per person in the event of insolvency.
However, OctaFX lost its FCA license in 2020. We can say that the broker is an unregulated forex broker.
Account Types and Spreads
There are three account types offered by OctaFX. These are Micro, Pro, and ECN account types.
The Micro account is suitable for novice trade and small investments. There is no commission, there are two spread options such as floating starting from 0.4 pips and fixed starting from 2 pips. The minimum deposit is 100 USD for this account type.
The Pro account is recommended for experienced traders who want to trade with lowest spreads and less trading costs. The spreads are floating and starting from 0.2 pips. There is no commission and the minimum deposit is 500 USD.
The last account type is ECN and it is recommended for progressive traders who want more transparency in pricing. The spreads are floating, starting at 0 pips but there is the commission. The minimum deposit for this account type is 100 USD.
The maximum leverage for Micro account is 1:500, for Pro account 1:200, and for ECN account is 1:500.
There are also swap-free (Islamic account) and demo account.
There are three trading platforms include the most popular trading platform MetaTrader 4 and its new version MetaTrader 5.
In addition to them, there is also cTrader which one of the most advanced forex chart-rich and customizable platforms.
MetaTrader 4 is still the most popular because it has excellent features. It includes charting tools, market indicators, scripts and EAs, advanced risk management, real-time market execution and more.
MetaTrader 5, or MT5, is a next-gen multi-asset trading platform that will replace MT4 in the very near future. Its back-testing functions are not only faster than those of MT4, but it also allows simultaneous multi-pair testing.
MetaTrader 5 (MT5), offering more than MT4 does, also includes features and trading functionalities that are better than many other online trading platforms available today.
cTrader is a comprehensive and robust trading platform, designed especially for Forex and CFD trading.
All trading platforms are available as a web application that is compatible with Windows, Linux, and macOS. All of them can also be accessed from a smartphone or tablet, regardless of whether it runs iOS or Android.
As a client of OctaFX you can trade on 28 currency pairs + 4 metals + 2 energies + 10 indices + 3 cryptocurrencies.
With OctaFX offering CFDs along with other instruments, you can profit from the 10 most popular indices, including Dow Jones, NASDAQ, Nikkei and Eurostoxx 50.
Cryptocurrencies are also available on the MetaTrader 4 and MetaTrader 5 platforms. OctaFX supports trading in Bitcoin, Ethereum and Litecoin.
There are also commodities such as metals including gold, silver, platinum and copper, as well as crude oil, natural gas and other resources.
You can fund your account via bank wire transfer, credit/debit cards, bitcoin, and Neteller. I think the deposit and withdrawal options are quite limited.
The broker claims that it charges no commission and use best exchange rates on both deposits and withdrawals.
There should be more methods, this is another big disadvantage for this broker.
Octa FX is a Forex and CFD broker who is no longer licensed by FCA. It offers various trading platforms include MT4&5 and trading instruments.
The trading conditions are competitive but there is no choice of trading platforms. You must use only one of them.
If you didn’t want to trade with this broker you can check my top forex brokers list and find a better one. Of course, you will find better ones.
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