OctaFX Broker Review 2021

With the help of advanced technology, great commission & fee, and super Customer Service, OctaFX has managed to expand its arms into more than 100 countries. Now, they have more than 300k live accounts and achieved the milestone of $4 Billion in daily volume. Read the complete OctaFX Review now.

OctaFX

Regulated by CySEC, SVGFSA

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Introduction

OctaFX is one of the widely known names among all the brokerages across the trading sphere. Possessing more than 1.5 M live trading accounts, the brokerage was fabricated back in 2011 and is located at Saint Vincent along with in the Grenadines.
 

Not only that, they have formed a 2nd operational base which is located at Jakarta inside Indonesia. Moving on, at the EU continent, the brokerage is known by Octa Markets Cyprus Ltd which is located at Limassol in Cyprus with a regulation rendered by CySEC.
 

Now, let's get a closer look at how the broker has won several awards as well as gaining a HUGE takeover.

Broker Details

  • Minimum Trade Size: 0.01
  • Maximum Leverage: 500:1
  • Minimum to Open Live: $5
  • Established: 2011
  • Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines
  • Contact: +442033221059
  • Regional offices: Cyprus
  • Prohibited countries: Belarus, Brazil, Cuba, Cyprus, Iran, Iraq, Kazakhstan, Libya, Niger, North Korea, Russia, Sudan, Syrian Arab Republic, Ukraine, United States, Virgin Island US
  • Trading platforms: MT4, MT5, cTrader
  • Web Trading: Yes
  • Mobile Trading: Yes
  • Currencies: (25+)
  • Cryptocurrencies: (3) Bitcoin, Litecoin, Ethereum
  • CFD: (10+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
  • EAs/Robots: Yes
  • News Spike Trading: Yes
  • Scalping: Yes
  • MAM: No
  • PAMM: No
  • ZuluTrade: No
  • Deposit Methods:

    VISA, awepay, Bitcoin, FasaPay, Local Bank Deposits, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay

  • Withdrawal Methods:

    VISA, awepay, Bitcoin, FasaPay, Local Bank Transfers, Neteller, paytm, Skrill, UnionPa

Trading Conditions

OctaFX is offering three types of trading accounts to the retail market traders which include:
 

  • Micro trading account
  • Pro trading account
  • ECN trading account
     

Note: The minimum trading volume is 0.01 lots and which is accounted for by all the trading accounts provided by OctaFX.
 

Besides, it's the spreads, available assets, and deposit amounts that make the actual variations between the trading accounts provided by OctaFX. A minimum amount of 100 USD is required for the micro and ECN accounts. On the other hand, the PRO trading accounts require a minimum deposit amount of 500 USD.
 

Note: OctaFX also provides Islamic swap-free accounts so that Muslims all across the globe don't have to face any halal or haram-related delusions while trading.
 

Besides, OctaFX is known for providing decent spreads, and living up to that expectation they are providing around 0.7 pips for EUR/USD, 2 pips for XAU/USD, 3.5 pips on NAS100, 3.1 pips for BTC/USD. Apart from that, you'll also be getting fixed spreads accounts for MT4 trading accounts. 
 

As per the leverage, it's up to 1:500 for currency trading in the MT4 accounts, and in MT5, it's 1:200. 


Note: For the European traders the leverage rate is 1:30.

Products

OctaFX provides all the essential market assets for the traders so that they can experience an ultra-wide range of trading assets. 
 

Specifically, they are providing,
 

Forex: More than 30 currencies to choose from.
 

Indices:10+ indices are available to trade which obviously include the US30 along with NASDAQ
 

Commodities: You'll be able to choose from gold as well as silver, and also brent along with crude oil.


Cryptocurrencies: You'll be able to choose from the 3 most traded cryptocurrencies including BTC, ETH, and LTC.

Regulation

OctaFX or also known as Octa Markets Ltd is a regulated Foreign exchange brokerage company that is empowered by one of the tightest regulatory bodies CySEC itself. Besides, the brokerage is regulated under license number 372/18 which is operational at St. Vincent and the Grenadines.
 

Hold on a bit.. that’s not it!
 

Additionally, Octa Markets Ltd is also regulated by the FSA (Financial Services Authority). Though sometimes it doesn't count as FSA is not known for regulating Forex brokers. Apart from that, you'll be getting negative balance protection from OctaFX.

Platforms

When it comes to trading platforms, OctaFX literally comes top of the list with their wide range of trading platforms which obviously includes:
 

  • MetaTrader4 
  • MetaTrader5
  • WebTrader
  • cTrader 
     

Let's break it down in a bit...
 

The MT4 trading platform is probably the most flexible and easy-to-use trading platform out there. It will give you access to use your personalized EA's, 30+ trading indicators, advance charts, and graphs, market trends, and much more!
 

Note: OctaFX only provides the MT4 trading platform to their non-EU clients.
 

On the other hand, the MT5 is available for all traders and it is known as the next-gen platform through its prominence performance and speed accuracy. In the MT5 you'll be getting 8+ pending orders, 44+ analysis, various trading indicators, trading calendars, trends, and much more!
 

Moving on, OctaFX also provides a web trader platform that is customized for both MT4 and MT5 trading platforms. Additionally, you'll also be getting access to cTrader which is specially designed for Forex and CFD trading. The platform contains 26+ trading charts, up to 70 types of technical indicators, more than 28 timeframes, and much more!

Mobile Trading

For mobile trading, OctaFX provides the MetaTrader 4 and cTrader platforms for both android and IOS devices. Though the mobile trading app is heavily customizable, it only lacks one thing that is you won't be getting any MT4 support on this app.
 

Besides, it features:

Source:Forexbrokers.com
 

So, if you want to experience a fluent c trader and MT4 trading experience then it might prove to be the ideal choice for you.

Bonus & Promotion

Like many other regulated brokerages, OctaFX also provides various trading bonuses from time to time. At certain time periods, OctaFX provides both 50% and 100% trading bonuses to its clients across the trading sphere.
 

Moving on, you can participate in the Trade&Win competition where you'll be able to win attractive gift packages including t-shirts and gadgets. Despite that, they also hold a car contest every 3 months.
 

Be sure to participate in all of them!

Deposits & Withdrawals

Well, the transaction method of OctaFX varies from country to country. Therefore you'll be eligible to use Debit and Credit cards, Perfect Money, BTC, i.e but it will be dependent on your country of residence.
 

Besides, for Thailand, Indian, and Nigerian traders local bank transactions are available. But keep in mind that the minimum deposit or withdrawal amount is 5 usd for Perfect money,  50 euro or equivalent for both BTC and bank cards.
 

No commission is charged while undergoing transactions except Perfect Money charges 0.5% on deposits and the withdrawal process takes generally 1-3 hours max.

Customer Support

OctaFX offers 24/7 effective and active customer support for all its clients so that they can get the best help possible. If you want to contact them via telephone then use the following contact numbers instead:
 

  • For non-EU clients: +44 20 3322 1059
  • For EU clients: +357 25 251 973
     

 Besides, you can also mail them for any queries along with hop on a live chat with them whichever you prefer. Also, you can follow their social media pages for all the updates regarding bonuses and necessary updates.

Research & Education

Thinking about all the new and advanced traders of the Foreign exchange industry, OctaFX has created a dedicated educational program.

Though it's mostly blogs and tutorials for the market traders, there are also few things that even PRO's should look out:
 

They feature:

Source:Forexbrokers.com
 

Besides, the broker does have its own youtube channel which is really worth following. If you like you can check it out.

Comparison

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frequently asked questions

Yes, simply switch on the Islamic option when opening a new trading account. Please note that swap-free accounts do not offer any benefits over regular accounts. There is a fixed fee for using swap-free accounts.
Commission = pip price * swap value of the currency pair.


The fee does not count as interest and depends on the direction of the position (i.e. buy or sell).

MT4 and MT5 trading hours are 24/5, starting at 00:00 on Monday and closing at 23:59 on Friday server time (EET/EST). cTrader server time zone is UTC +0, however, you can set your own time zone for charts and trading information in the right bottom corner of the platform.

3 hours

We usually process withdrawal requests for 1–3 hours, but it's up to your payment system how long it will take the money to reach the destination. For different local banks, these limits may vary.

Open MT4, then click "File" > "Login with trading account". In the pop-up window, enter your account number, trader password and select "OctaFX-Real' for real accounts or "OctaFX-Demo" if you log in with a demo account.

OctaFX offers CFDs on 10 of the most popular indices, including Dow JonesNASDAQ, Nikkei, and EuroStoxx.

OctaFX trading servers are in London. OctaFX has a wide network of servers and data centers located throughout Europe and Asia that ensures low latency and stable connection.

OctaFX is one of those Forex brokers that have an excellent reputation in the financial markets due to their unique service offering, which caters to the different requirements of a wide variety of retail traders.

  1. Submit the signup form to open your first account. Fill in all the required information and click "Open account", or simply sign up with your Facebook or Google account.
  2. Check your email for a message titled "Confirm your email address" and click the button "Confirm email" and you will be redirected to our site.
  3. Fill in all the required information and click "Continue", then select the trading platform: MT4, MT5, and cTrader. You can see Trading platform comparison here
  4. Select Make a deposit into the account. During this step, you'll get an email titled Welcome to OctaFX! It contains your trading account credentials and OctaFX PIN. Make sure you keep this email.
  5. Your trading account has been opened successfully! Select one of the deposit options to make a deposit, or click Or verify my identity to verify your Personal Area.

Please note: Make sure your credentials match your documents as you'll be asked to confirm your personal data during verification. Please also bear in mind that since you can only use your own bank account, credit/debit card, or e-currency wallet, your personal info should match the account or cardholder's name as well.

All review here

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Newlen Tonway

Khulna , Bangladesh
2021-06-01 11:51:58

Very Fast Withdrawal Process

  • Service use : Live
  • Length of use: 0-3 Months

The withdrawal time takes 24 hours where required maximum of 72 hours. Loved their fast withdrawal process.