🗺️ Headquarter2 Devonshire Square, London, England, EC2M 4UJ
⚖️ RegulationsMiFID, Central Bank of Ireland, FSA, ASIC, BVI, FFAJ, FSCA, ADMG – FRSA
💰 Type of brokerECN/STP
💰 Minimum Deposit$200
💰 Maximum Leverage1:400
📊 Type of platformMetaTrader 4, MetaTrader 5, c-Trader
💳 Deposit Cryptocurrencies, FasaPay, Neteller, Ngan-Luong, Skrill, Wire Transfer
👛 WithdrawalChina UnionPay, Cryptocurrencies, FasaPay, Neteller, Skrill, Wire Transfer
🎮 Demo account providedYes
Open A Free AccountOctaFX.com
Start Copy Trading OctaFX – Copy Trading

What’s Octa FX?

OctaFX has been providing clients with a wide range of trading options with low initial deposits since it was launched in 2011. Based in St. Vincent and the Grenadines, OctaFX currently accepts clients from 185 countries and is regulated both by local authorities in St. Vincent and the Cyprus Securities and Exchange Commission (CySEC).

Lovers of football will be pleased to know that OctaFX is currently the sponsor of Southampton Football Club.

Octa FX may be a newcomer, but it has already received some significant awards. The Global Banking and Finance Review and the Forex Report Magazine have both awarded OctaFX a high level of recognition. In 2014, it was awarded Best ECN Broker in Asia, as well as the Best Broker Central Asia.

OctaFX stands out for its accessibility and excellent spreads. At just $50, the minimum deposit required to open an OctaFX account is among the lowest in the industry. OctaFX offers tight spreads on almost all of its currency trading pairs – even on exotic pairs.

Octa FX offers three types of platform– MetaTrader 4, MetaTrader 5, and cTrader – offer a range of features that we’ll cover below in more detail. All three account types are also available as Islamic accounts that are fully Shariah-compliant. There is also a demo account that gives traders the opportunity to test out the OctaFX platform before they commit to a trading account.

Pros Cons
Easy account setup and low minimum opening balanceDoes not hold a banking license
Scalping, hedging, and EAs are all permitted strategiesLimited options on trading instruments
Copy Trading availableHolds only one 2-Tier Regulatory body
Access leverage up to 500:1 with negative balance protection
Fast response from customer support
No registration fees or commissions

Is Octa FX Legit?

Yes, Octa Fx is very much a legitimate company and trading platform. OctaFX is based in the Caribbean nation of St. Vincent and the Grenadines. The company has a dual regulatory listing, both through the local authorities and the Securities and Exchange Commission of Cyprus (CySEC), an EU member state. Moreover, EU services are ESMA compliant and all traders benefit from the addition of negative balance protection for all accounts to assure an extra layer of account protection.

According to the broker’s website, OctaFX.com also offers further protection to clients by:

  • Segregating client funds.
  • Offering negative balance protection on accounts.
  • Having an SSL-protected personal area and secure withdrawal rules.

Account Types

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 200 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 200 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.

Product Range

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.

The following table summarizes the different investment products available to HYCM clients.

FeatureOctaFX
Forex: Spot TradingYes
Currency Pairs (Total Forex pairs)28
CFDs – Total Offered17
Social Trading / Copy-TradingYes
Cryptocurrency traded as actualNo
Cryptocurrency traded as CFDYes

Fees

With no commissions and no fixed fees, OctaFX derives its revenue from the spread on the various asset types it offers. Even with this ECN/STP broker model, the spreads on currencies and other assets are extremely competitive and are on par with many online trading platforms.

There are swaps on the Micro account, but the Pro account charges a 3-day fee on swaps and the ECN account has a weekend fee for trades that are executed outside of normal trading hours. With the exception of the ECN account, the other account types offer free rollovers.

Apart from trading costs, one area where OctaFX really stands out is the absence of fees for its speedy deposits and withdrawals.

Trading Fees of HYCM vs Similar Brokers

Asset/ PairHYCM FeesOctaFX FeesAvaTrade Fees
EUR USD1.2 pips0.5 pips1.3 pips
Crude Oil WTI6 pips2 pips3 pips
Gold322040
Inactivity FeeYesYesYes
Fee rankingLow, AverageLowHigh

Research And Education

The Trader’s Tools section is where OctaFX publishes comprehensive research and useful tools for day-to-day trading. It consists of eleven sub-categories, and the homepage features a refreshingly clean design. Aside from the economic calendar, profit and trading calculators, the interest rate and national holidays tabs offer a nice touch for a quick overview. Market insights, Forex news, and technical analysis are where research is published. It is updated multiple times per day and consists of written content and charts. The overall quality and presentation offer genuine value for new traders seeking fresh trading ideas.

OctaFX Review traders tools

Furthermore, With OctaFX, there are several forms of educational resources available to all clients. You can read their instructional articles if you prefer reading your way to learning, or browse their video materials. OctaFX also has articles on the basics of Forex, which are mostly a brief how to guide, Finally, you can learn through video tutorials that will help you understand how things work in OctaFX.

If you are in need of a comprehensive course and how to effectively trade in the market, you should check out trading academy and diversity.


What We Like About Octa FX

OctaFX Copytrading:

OctaFX Copytrading offers an opportunity to automatically copy leading traders and forget about long hours of building your own trading strategy. Choose from the best Masters of Forex and diversify your trading portfolio.

How it works:
  • Surf through the ratings of our Master Traders and select the best ones for you.
  • Invest money, choose your desired income rate, estimate tolerable risks, and that’s it—sit back and watch your balance grow.
A brief summary of what you’ll get with OctaFX Copy trading:
  • Huge return rate: more than 20% monthly gain
  • No advanced knowledge required – the best traders work for you
  • No restrictions on the minimum deposit – you can start earning with even 50 USD
  • No complicated software or downloads required – on tuning is done on the website or through Mobile App.

AutoChartist

AutoChartist is a charting tool that offers traders automated alerts, notifies you on price movements to allow you to adjust accordingly, and provides you with the option to optimize your stop-loss and take-profit levels. With OctaFX, AutoChartist gives you the space to grow as a trader and to be in full control of your trading strategy.

ProsCons
Automated alerts17% inaccuracy on price predictions
Notifications on price movementsNeed to be a Silver Member to get access
83% accuracy on price predictions
Optimization of stop-loss and take-profit levels.

Mobile Trading

Users can download the MetaTrader 4, MetaTrader 5, and cTrader Android and iOS trading app directly from the Google Play or Apple Store or from the OctaFX website which provides useful step by step instructions on how to install, as shown below:

The OctaFX MetaTrader 4 Mobile Trading App offers a variety of order types and execution modes, three types of chart view (bars, candlesticks and line) as well as nine different viewable timeframes and thirty different trading indicators and useful instructions on how to get started from their website:


Customer Support

Customer support is available 24/5, easily accessible via live chat or through messaging applications WhatsApp and Telegram. Alternatively, traders may use the webform to submit queries. The FAQ and tutorial sections attempt to answer the most common questions, limiting the need for customer support.

OctaFX Review customer support

Deposits and Withdrawals

With OctaFX, there is a range of deposits and withdrawals that are commission-free and they also provide a fifty percent deposit bonus for traders in the Deposit section of the OctaFX Personal Area. Online payment services such as BitCoin, Neteller, and Skrill, with a minimum deposit for 50USD are also available.

As for the withdrawal options, there is a minimum amount of 5USD required. Traders will need to define their accounts by verifying their name and location; this is done effectively and efficiently through the OctaFX Personal Area.

Most online payment services are provided for traders and users of OctaFX, since it is an online financial services provider with no-dealing-desk.

OctaFX does not ask for a deposit fee or a withdrawal fee. All you need is a minimum deposit to be able to open an account and use it to trade. There are various deposit methods, both virtual and manual options, whichever you prefer.

The minimum deposit required is 50 USD, which is mostly applied on all online payment options available.

OctaFX Review deposits and withdrawals

How can I start trading with Octa FX?

New account applications are processed online. OctaFX merely requests a name, e-mail, and password to complete the first step. Alternatively, traders may use their Facebook or Google account.

Octa FX compliances with AML regulations, which means verification is necessary; a copy of the trader’s ID and one proof of residency document generally satisfies this requirement. 

In Conclusion

OctaFX is a good broker and solid broker to trade with.

They provide traders of all skills three types of accounts: Micro Account, Pro Account, and ECN Account. Each account type corresponds with the trading platforms such as MT4, MT5, and cTrader. OctaFX also offers an in-house trading application and a copy-trading application.

OctaFX is a no-dealing-desk brokerage firm, and the payment services of BitCoin, Neteller, and Skrill, as online payment services, are available. You can also deposit and withdraw funds with Wire Transfers and CreditDebit Card. It is up to your preference and whether you choose to deal with OctaFX virtually or manually.

RISK WARNING: Your capital is at risk. Trade with caution, these products might not be suitable for everyone so make sure you understand the risks involved.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. Some of the links in this webiste’s
 articles and comparison tables are affiliate links, which means we receive a commission should you open an active account. This does not increase the cost to you for using a broker and is how the site is funded and covers the costs of running this website.

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