OctaFX is a relatively well-known and well-established online broker that offers customers the ability to trade a number of assets, most notably forex currency pairs.
The site boasts low fees, state-of-the-art technology and one of the most efficient customer support portals around.
- About OctaFX
- Opening an Account
- How Long Does the Account Creation Process Take?
- What’s the Minimum Deposit?
- Identity and Verification
- Can OctaFX Be Trusted?
- Research and Assistance
- Demo Accounts
- Desktop Experience
- Mobile Experience
- Investment Options
- Commissions and Fees
- Deposits & Withdrawals
- Customer Support
With more than 300,000 active accounts from over 100 countries, it’s clear OctaFX are running a slick operation.
In this OctaFX review, I’m going to be giving you an in-depth look at what the site has to offer.
I’ll be covering everything, from a brief background of the company to a look at their fees, plus I’ll look at commissions, investment options, trading platforms, and deposits and withdrawals.
Let’s kick things off with a look at who OctaFX are.
OctaFX review was last updated in May 2020. Author – Jonathan Mann.
OctaFX was established back in 2008.
They’re headquartered in St Vincent and the Grenadines, and the holding company that oversees the broker’s activity is called Octa Markets Ltd.
OctaFX also has a subsidiary company called Octa Markets Cyprus Ltd.
This company is located in Cyprus and exists so that the online broker was able to acquire a license in Cyprus to operate.
OctaFX has become a popular choice with traders thanks to the fact that they’re a straight through processing ECN broker.
What this means, is that they do not have any dealing desks, allowing for lower fees.
They utilize state-of-the-art technology, and their platform is enjoyed by traders of all levels, including complete beginners and more advanced traders.back to menu ↑
Opening an Account
Let’s take a look at these below.
First, you’ve got the Micro Account.
This comes with floating spreads, starting at 0.4 pips. Fixed starts at 2 pips.
There are no commissions charged on the Micro Account, and you get full access to all currency pairs along with a few CFDs.
The Micro Account is based on MetaTrader4; you won’t be able to access the other two trading platforms.
The second account is the Pro Account.
This appears to be the most popular account available at OctaFX, although the minimum deposit is slightly higher.
The spreads are floating and start at 0.2 pips.
The Pro Account runs on the MetaTrader5 trading platform, and there are no markups or commissions.
The third and final account type is the ECN Account, and this runs on the cTrader trading platform.
The minimum deposit for this account is low (I’ll talk more about this in just a moment) and the spread is floating, starting at 0 pips.
The ECN account runs on the cTrader trading platform – you won’t be able to access MetaTrader4 or MetaTrader5.
OctaFX also offers an Islamic account, and this account is 100% Shariah compliant. You do not pay any interest on any overnight positions you place.
To create an Islamic account, you just need to check the “swap free” account when you’re registering your initial account.back to menu ↑
How Long Does the Account Creation Process Take?
OctaFX accounts are opened immediately, which means it’ll take no more than a few minutes to get all up and running.
You will need to confirm your email address and/or phone number.back to menu ↑
What’s the Minimum Deposit?
The minimum deposit depends entirely on which account you choose to open.
If you open either the Micro Account or ECN Account, the minimum deposit is just $100.
If you choose to open the Pro Account, the minimum deposit is $500.back to menu ↑
Identity and Verification
You will need to undergo an identification verification process at some point – this is standard across all reputable trading platforms.
You’ll need to provide proof of name and address, and accepted documents include driving licenses, passports and utility/phone bills.back to menu ↑
Can OctaFX Be Trusted?
Pretty much the only downside to OctaFX is the fact that they’re not regulated in a huge number of markets.
Currently, their main regulator is the Cyprus Securities and Exchange Commission, and most traders will be trading under this jurisdiction.
However, because Cyprus is located within the European Union, OctaFX are able to offer their trading facilities to customers from most European countries.
I was pleased to see that OctaFX segregates all client funds in special accounts.
This is essentially a ring-fenced bank account, and it protects your funds in case the company enters insolvency.
It also means that OctaFX is not able to use client funds to run their business, so in essence, your funds are protected at all times.
I don’t have any issues with recommending OctaFX to traders both new and old, and I’ve seen nothing to indicate that the site is untrustworthy.back to menu ↑
Research and Assistance
It’s almost universally accepted that all reputable online brokers offer a substantial range of educational trading tools these days.
OctaFX are no exception, and their educational platform is pretty good.
They’ve put together a wide variety of materials and resources designed to help you get the hang of trading and their website.
The vast majority of these resources are available completely free of charge on their website, although they do offer some paid products too.
The biggest part of their educational offering is their videos.
These are short, yet informative tutorials that help you with everything from setting up your MetaTrader4 account to navigating around the trading platform and getting to grips with how everything works.
I really like that they’ve even set up a video on how to determine which account type is best for you.
All their videos are incredibly well-made, and it’s clear they’ve not been rushed in the slightest.
The next part of their educational section is the “Forex Basics” area.
This is where you’ll find a ton of resources about trading currency pairs, and these pieces are written by experienced traders and authors.
This section covers everything from technical and fundamental analysis to charting and indicators.
Be warned; these guides are long, but that’s the point.
They’re designed to be as comprehensive and informative as possible.
The final section of OctaFX’s education portal is their glossary and manuals section.
Trading glossaries are something I’m seeing increasingly often at online brokers, and they’re designed to provide you with a complete A-Z overview of trading terminology.
Their manuals also tell you more about their website, how it works and how to do things like navigate the user-interface and charts.back to menu ↑
OctaFX offers all customers a demo account. It takes just a couple of seconds to set up, and once active, you’ll be given a large sum of (demo) money so you can try out the trading platform without risking any of your own money.
If you run out of money, it’s easy to reset your account, and this gives you the perfect opportunity to try out all three trading platforms risk-free.
OctaFX also runs occasional competitions on their demo accounts, which means you can actually end up winning real money if you do well!back to menu ↑
There are three main trading platforms available at OctaFX: MetaTrader4, MetaTrader5 and cTrader.
Below, I’ll be taking a look at these in detail.back to menu ↑
MetaTrader4 is the best-known trading platform on the planet, and it’s used by millions of brokers on a regular basis.
The system is developed by a company known as MetaQuotes, and the trading platform comes packed with a ton of tools and resources designed to make your trading experience as easy and hassle-free as possible.
For example, you’ll find a number of different technical analysis indicators and charts, and you can also program some of your own basic trading algorithms and bots using the platform.back to menu ↑
If you’ve opted to open a Pro Account, you’ll find yourself using the MetaTrader5 trading platform.
This is a slightly more advanced version of MetaTrader4, and it offers a larger selection of features for more advanced traders.
From my experience, MetaTrader5 can take quite a bit of getting used to, and the interface is quite a bit different from its predecessor, so I’d only really recommend using it if you’re competent with MetaTrader4 already.
I do like the added functionality of MetaTrader5, and there are plenty more options when it comes to setting up your own trading bots and algorithms.
However, as I mentioned earlier, it does take some getting used to, and I don’t find the user-interface to be as easy to navigate as its predecessor.back to menu ↑
If you’re looking for low spreads on the STP, then cTrader is the trading platform you’ll want to be using.
It’s one of the most sophisticated platforms I’ve come across, however it can take quite a bit of work and time to get to grips with.
However, it’s packed full of features.
For example, you’ll find yourself able to access the FIX API.
I also found that orders are processed far more quickly when compared to the MetaTrader4/5 platforms.
With cTrader, you can also set up to 28 different chart timeframes, and I like how you’re able to save these charts as templates.
This allows you to easily and quickly bring them up for future use.back to menu ↑
I think it’s fair to say that OctaFX has done an excellent job when it comes to their mobile apps.
They offer traders a wide variety of options to trade from their mobile devices, and they have their own proprietary app that is generally designed to be used for account management.
However, you won’t be able to place trades directly from OctaFX’s app.
nstead, you’ll need to download the MetaTrader4 app.
This is the world’s most popular (and commercially successful) mobile trading platform, and it allows you to make trades in real time, with up-to-date and relevant news feeds, charts and analytics available at the touch of a button.
It’s free to download on iOS and Android devices, and it can be used to log into your OctaFX account.back to menu ↑
When it comes to investment options, OctaFX offers a fairly decent selection of assets to choose from, although their forex section could be more comprehensive.
At the time of writing, they offer just 28 different currency pairs, and this is way less than the vast majority of online brokers I review.
Still, they do offer all major currency pairs and a few minor ones, but don’t expect to see many exotic pairings.
I was pleased to find that OctaFX offers a few cryptocurrencies, although they’re all major ones, namely Bitcoin, Litecoin and Ethereum.
However, I read that they are looking to expand upon their cryptocurrency offering, and it’s likely they’ll be offering more in the near future.
This review will be updated accordingly if and when this happens.
Cryptocurrencies are available on the Micro and Pro accounts but not on the ECN account.
When it comes to CFDs and equities, unfortunately, OctaFX only offers indices.
You will not find any single stocks when it comes to commodities, and they only offer gold and silver on the Micro Account.
However, if you’re trading on the Pro Account, you’ll find a bit more choice, including four metals, two energies and a total of 10 indices.back to menu ↑
Commissions and Fees
As I’ve already mentioned in this OctaFX review, there are three main account types.
Each of these accounts has its own fees in place. You should be careful to choose the account with the fees that best complement how you trade.
Below, you can view our detailed chart showing some of the fees associated with the three main accounts at OctaFX.
In general, OctaFX offers some of the lowest spreads around – especially when compared against many of their main competitors.
I should also point out that if you’re running a Micro Account you may end up having to pay a swap fee at times. This may be charged as an actual fee, or a rebate.
However, the other accounts don’t have any swap fees.back to menu ↑
Deposits & Withdrawals
There’s plenty of ways to make deposits and withdrawals at OctaFX.
I should point out, however, that they only currently offer two currencies; USD and EUR.
They accept all major debit and credit cards, including VISA and MasterCard, and you’ll find yourself able to use a couple of EWallets too, like Skrill and Neteller, as well as bank transfer.
They also offer BRI, BCA, Mandiri, BNI, and, more recently, they’ve added Bitcoin as a payment method.
Bitcoin is useful as it allows you to make instant, fee-free deposits and withdrawals.
Deposits are mostly credited to your account instantly, although those made via bank transfer can take a few days to process.
Withdrawals are equally as straightforward, although you will need to make sure that your free margin exceeds the withdrawal amount before proceeding.
Generally speaking, withdrawals at OctaFX are processed within 3 hours. However, you must make your withdrawal back to the same payment method that you deposited with.
This is a legal requirement and is something that OctaFX don’t have any control over.
There generally aren’t any fees to make withdrawals, plus OctaFX will often cover the fees charged by payment companies like Skrill and Neteller.back to menu ↑
I’m pleased to report that OctaFX has a pretty good customer support portal.
It’s available 24 hours a day, 5 days a week, so it’s pretty consistent with most other online brokers I’ve come across.
On their website they proudly proclaim to have just a 7-second response time for live chat queries, and they claim to be able to resolve most queries in less than 3 minutes.
That’s pretty impressive, and a quick look at their reviews online shows this to be largely true.
Below, I’ll look at the three main ways to contact the customer support team.
Live Chat: Live chat is definitely the best way of getting in touch with OctaFX’s customer support team.
True to their word, I was connected with an operator in a matter of seconds, and they went out of their way to help me with my initial questions.
The live chat facility works well and can be accessed from all pages of their website.
To get started, simply press on the chat bubble icon, enter your name and a brief description of your query and you’ll be connected with an operator in a matter of seconds.
Phone: OctaFX allows you to phone their customer support team directly and they have dedicated phone lines set up in the United Kingdom, Hong Kong and Indonesia.
These numbers are not toll-free, however. Customer support via phone is available in a number of languages, including English, Indonesian, Malay, Thai, Hindi and Urdu.
They also operate a WhatsApp support line, although this is for text messaging only.
Email: OctaFX operates a ticket-based email support system.
It works well and response times are typically quicker than the vast majority of other online brokers I’ve reviewed, with the average response time averaging between two and four hours.
I should also point out that OctaFX operates a substantial FAQ section.
This is designed to be used as a first point of reference for those having problems and needing support.
The FAQ answers many of the most common questions, and it may well help resolve your problems/issues, so it’s worth spending a few minutes looking at it before deciding to contact the customer support team.back to menu ↑
On the whole, I’m relatively impressed with the operation OctaFX is running.
They’re definitely one of the more competitive brokers I’ve come across, and their offering is likely to appeal to all different types of traders, ranging from complete beginners to advanced experts.
Their low spreads and fees also make for great trading, and I’ve also got to complement their customer support facility – it’s one of the best I’ve had the pleasure of reviewing.
Unfortunately, the real issue with OctaFX is their licensing. While they are regulated in Cyprus, they’re not regulated in any of the larger jurisdictions like the UK or Australia.
This will likely be a turn-off for many traders, particularly those looking to trade larger volumes and those wanting complete protection.
- Low spreads
- Diversity of trading tools
- Fast account opening
- Good for beginners
- Customer Support could be improved
- Offer of tradable instruments could be better
- Should be regulated under a major jurisdiction
Details: OctaFX Review
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