Founded in 2011 in Cyprus, OctaFX has, naturally, obtained a license from a top tier EU jurisdictional regulator – CySEC. The EU clientele enjoys special security measures and investment possibilities along the most advanced technological solutions for online trading.
International clients are served through an offshore office in the SVG, so they might not be as protected and offered the same trading conditions as EEA traders.
Either way, the broker is licensed and keenly follows the regulatory rules it falls under, but more on that later in this OctaFX review.
Throughout this review we’ll focus on everything OctaFX has to offer. This includes great pricing, small fees, most advanced trading platforms, unique educational programs and responsive support. Of course, every investment is a risk to some extent so we’ll discuss that, too.
OctaFX Pros and Cons
OctaFX is a Forex brokerage with properly regulated legal status and a strictly defined set of rules it follows.
Some of the notable advantages of investing here is the variety of tradable financial products offered. All instruments can be bought and sold via premium platforms – MT4, MT5 and the OctaFX software.
Becoming an OctaFX client costs only $25 and switching between the Demo and Live account is performed smoothly. If you’d like to keep investing with OctaFX, you don’t have to worry about the fees following transfers as there are none. However, depositing methods are somewhat limited and dependent on the area of your residence.
However, as we’ve already mentioned, some risks exist. First and foremost, the offshore entity that serves the international clients is in the notorious SVG. Furthermore, phone support isn’t available 24/7, only via live chat can you contact customer service agents at any hour and day.
|Headquarters||Cyprus and SVG|
|Platforms||MT4, MT5, Octatrader|
|Instruments||Forex, Stocks, Indices, Commodities, Crypto|
|EUR/USD Spread||From 0.6 pips|
|Base Currencies||EUR, USD|
|Education||Articles, Webinars, Glossary|
Regulation and Security of OctaFX
Since OctaFX was established in Cyprus, it falls under the licensing standards of the Cyprus Securities and Exchange Commission. Being one of the leading EEA regulatory institutions, CySEC demands from brokers to meet some pretty harsh standards if they mean to obtain this prestigious license:
- Operational capital of at least 730.000 EUR
- Leverage restriction to 1:30
- Negative balance protection
- Compensation fund and access to the financial ombudsman
- Transactions reporting and transparency
In addition to jurisdictional criteria, EEA companies abide by ESMA and MiFID which include enhanced customer protection and mandatory transparency, especially in terms of money transactions.
All these conditions make CySEC and EEA regulatory rules very strict, and brokerage companies have to invest a lot in getting this license. OctaFX apparently has what it takes to have a CySEC trading certificate. The broker stands for a reliable and trustworthy online financial services provider.
However, we do warn international clients that they’re served by OctaFX through an offshore firm in the SVG. Saint Vincent and the Grenadines is a lawless zone that doesn’t have a financial authority that supervises brokers in this area.
OctaFX Account Types Available
The only two account types at OctaFX are:
- OctaFX MT4 – recommended for beginners
- OctaFX MT5 – more popular with advanced traders and professionals
For an easy start and especially if your trading knowledge is somewhat limited, OctaFX recommends starting with a OctaFX MT4 account. On the other hand, there is the OctaFX MT5 account for innovative traders, long-term investors and generally professionals who are good at managing risk and trading big.
The main difference between the two account types is the maximum volume, which is 500 for OctaFX MT5 and 100 for OctaFX MT4.
Some of the features that come with both accounts are:
- Floating spreads starting from 0.6 pips
- No commission
- Recommended deposit is $100
- Margin call/ Stop out level at 25%/15%
- Hedging, scalping and expert advisors
Trading Software Overview
Becoming an exceptional trader with an edge on every market is impossible without having the latest technological discovery at your side. OctaFX understands that very well, and therefore provides the most advanced trading platforms today:
- MT4 and MT5
There’s not much to say about the most popular software solutions in the industry that we haven’t already mentioned in the previous reviews. In addition to that, high ratings and positive reviews left by millions of traders worldwide, speak of MetaQuotes platforms and their abilities. Equipped with progressive features, top notch tools, indicators and timeframes, as well as testers and expert advisors, MetaTrader software is far ahead of all other traders on the market.
Now, OctaFX offers their own, trader-focused platform – Octatrader. This newly created platform is already gaining popularity among existing and new clients. You see, it’s main task is to simplify the trading process but also help investors improve their decision making skills. Some of the impressive features you can access on Octatrader are:
- One-click trading
- Terminal alerts and notifications
- Information on brokerage promotions and programs
- Seamless deposits and withdrawals
- Regularly updates statistics
- Support in connection with the platform developers
OctaFX Trading Instrument Offered
Being quite thorough and informative, OctaFX allows website visitors to preview all instruments available for trading. Since all the data you need is available on the official OctaFX website, we will list some most commonly traded financial products and leverage available for them:
- 35 most volatile currency pairs with leverage up to 1:500 (EUR/USD, GBP/USD, USD/JPY, AUD/USD)
- 150 stocks from 16 exchanges, 1:20 maximum leverage (Amazon, Tesla, Google, Apple, Nike, BMW, Nvidia)
- Up to 10 most popular indices, 1:50 maximum leverage (Dow Jones, Nasdaq, Dax, Nikkei, Stoxx)
- Commodities: Metals with leverage up to 1:200 (Gold and Silver) and Energies with 1:100 maximum leverage (United States Natural Gas, Brent Crude Oil, and West Texas Intermediate crude oil)
- 30 cryptocurrencies with 1:25 maximum leverage (Bitcoin, Ethereum, Litecoin, Ripple, Bitcoin Cash, Polkadot, Cardano)
OctaFX Offers Bonuses and Promotions
One of the probably most attractive offers that OctaFX has is the 50% bonus on every deposited amount. This bonus is even withdrawable but only if you reach the trading volume requirement. Of course, the idea is to keep you trading at OctaFX and keep being their client.
To power up your status with OctaFX you can join some of the available Status Programs after you’ve deposited at least $5. Bronze, Silver, Gold and Platinum, these programs add more features you can use. These bonuses can be fee-free transfers, 24/7 support, no swaps, signals, tighter spreads, personal manager and advice from experts.
The more you deposit and trade the more chances you have to win special rewards like T-shirts, smart watches, phones and laptops.
OctaFX Funding Process
In comparison to other multinational brokerage houses, we have to admit OctaFX has partially limited funding options. Mostly determined by the location of the client and the regulatory rules the area falls under there are several money transferring channels.
For international clients, deposits and withdrawals are processed via:
- Bitcoin, Litecoin, Tether, Dogecoin
- Skrill, Neteller
European clientele only has access to a single funding source – wire transfers. While this is very secure, the waiting time is slightly longer compared to Crypto depositing and E-wallet transfers.
What’s indeed beneficial to investors worldwide is that OctaFX doesn’t charge fees and all deposits and withdrawals are completely free. Processing the withdrawal requests at OctaFX takes 1-2 working days.
Education and Resources
Progressing as a trader and achieving profitable results is easier when you have your broker supporting you. OctaFX does that by providing:
- Traders Tools – trading calculator, profit calculator, live quotes, and monitoring
- Analytics – market information, economic calendar, market insights, forex news, interest rates, holiday calendar
- Education – webinars, articles, video courses, glossary.
With special attention to helping traders in the beginning of their journey, OctaFX has greatly designed articles under their Forex Basics subpage. With detailed explanations and guides on how to comprehend the Forex market to its smallest details, OctaFX helps traders start off. Every article on the basics of trading has an equivalent in the form of a video tutorial.
More advanced traders and customers of the broker can attend free webinars which are organized often. These give investors a chance to discuss with Forex experts and build effective trading strategies.
Be it so that you cannot find an answer to your question from the FAQs page, several ways of contacting customer service exist. Whether you prefer to describe your problem in a written form or you like the spoken word more, you can quickly get in touch with the dedicated team of OctaFX through:
- Live chat
- Fill-in form for replies to an email address
If you want to contact the OctaFX agent in the shortest notice possible, you can refer to the Live chat option located on the site. This channel is available to all OctaFX users every day at any hour. What’s more, the channel supports several languages for clients that aren’t native English speakers.
OctaFX Overall Summary
When a top tier regulator like CySEC issues a business license for performing the brokerage activities, it’s a sign of the company being legitimate, transparent and honest. Our OctaFX review has tried to point out all the most important benefits of partnering up with this broker. On the other hand, this review has also tried to direct your attention at potential disadvantages in OctaFX’s business.
The broker is properly regulated in the EU. All the OctaFX clients residing there can enjoy the highest security standards and safety of funds. International clients are served through the offshore office in the SVG, which is far less safe. Either way, it is up to you to make a final decision as we’ve focused on presenting facts.
FAQs About OctaFX Brokers
How Do I Open an OctaFX Account?
By following several simple steps, including leaving your personal info and contact number, you can open an account at OctaFX.
How Long Does an OctaFX Withdrawal Take?
Processing the withdrawal requests at OctaFX takes 1-2 working days.
Does OctaFX Offer Demo Account?
Yes, you can practice trading and get familiar with trading conditions at OctaFX through a trial account.
What Is the Minimum Deposit at OctaFX?
The minimum deposit for new members at OctaFX is $25, although the company recommends depositing at least $100 to unlock all features and access.
Does OctaFX Have a Mobile Trading Application?
OctaFX has a dedicated mobile app for buying and selling financial instruments.