OctaFX Review 2023: Are They Safe For Investment?

OctaFX Overviews

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OctaFX is an online CFD broker that was founded in 2011. They have a good reputation, have accumulated numerous awards, and have thousands of positive reviews from clients and other broker review sites. We are going to take a look at this broker in detail to see what features and services are on offer, how good they are, and if you should consider them as a broker, you would want to use.

Facts About OctaFX

Pros and Cons

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Is OctaFX Safe? Broker Regulations

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Two financial authorities regulate OctaFX. These are the FSCA and the Financial Advisory and Intermediary Services (FAIS). You can find this information if you head to the OctaFX website and then scroll down to the “footer” section of the page. You can see this in the image below.

 

 

One thing to be aware of is that the FSC and CySEC also regulate OctaFX; however, due to the website redirecting you to the correct entity, depending on your region, this is sometimes left out.

It is essential to understand that brokers will need to be regulated depending in which regions they operate and under what entities. In the case of OctaFX, the company Orinoco Capital (Pty) Ltd is authorized to act under the OctaFX brand and trademarks.

Also, if a broker operates in many regions, then there will be specific authorities in those regions that the broker will need to get a license from. This ensures the “trust” reputation that clients are looking for, and, moreover, these authorities oversee these brokers to ensure that the company is operating correctly, and that said broker is undertaking no fraudulent or criminal activities.

Another way to judge if a broker is safe and legitimate is to check review sites like TrustPilot. OctaFX, in this case, has almost 4,000 reviews with a rating of 4.5 out of a possible 5-star rating. This is pretty decent compared to some of the other “legitimate” brokers we have reviewed in the past.

 

 

Lastly, if you are looking for another way to tell if the company holding your capital is reputable, it is to see if they hold any awards for “best business” practices. This is a great way to tell if the broker is operating in a genuine manner. Awards can be in the form of best broker, customer support, trading platform, etc. Looking through the OctaFX website and heading to their Awards section, you can see that they have many awards that date all the way back to 2012.

What Can I Trade with OctaFX?

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As with most online brokers that have been around for over a decade, the assets list that OctaFX offers its clients is quite substantial. They provide the usual assets such as forex, stocks, commodities, indices, and cryptocurrency. Let’s look at what they offer in more detail.

Forex

In terms of forex, OctaFX will let you trade the major, minor and some exotics. Their forex instrument list is not small, but it is not the biggest either. However, if you are new to trading, then the amount they offer is sufficient because, for the most part, traders tend to stick to trading major pairs unless they have ample experience.

Stocks

Trading with OctaFX will give you access to trade stocks from 16 stock exchanges around the world. This will let you trade some of the largest and most popular companies like Apple, Amazon, Tesla, Netflix, Google, and more. OctaFX offers 20:1 leverage on stocks with no commissions and pays out dividends. Remember that OctaFX allows you to trade in CFD because of the aspect of leverage and short selling.

 

 

Commodities

The commodities list of OctaFX is quite limited, and you will only be able to trade gold, silver, oil and natural gas. This might not be a problem for new traders, but being able to deal in coffee, sugar and the rest is sometimes what traders are looking for.

 

 

Indices

The OctaFX indices asset list is also quite limited, only offering the most popular that are available. Once again, this is not bad because the liquidity for the most popular instruments is always the largest, and this is typically where the big moves happen.

Crypto

Lastly is crypto and this broker offers an extensive list which is on par with the forex list they offer. They do not have all the currencies, but most of them are tradable. Again, this is true for the biggest and most popular cryptocurrencies. They don’t specifically have a page dedicated to the crypto they offer; however, you can view their “live quotes“, where you can get a breakdown.

How to Trade with OctaFX?

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There are three ways in which clients will be able to trade the assets OctaFX provides in three ways. You should, by all accounts, know that most brokers use MetaTrader as their “go-to” trading software, and OctaFX is no different.

They offer MetaTrader 4 and 5 for all platforms except for iOS, as Apple removed this from their platform in 2022. However, it is still available in the form of a web terminal, and you can still get it on Android or Mac. This means that if you do not have a PC, there are still many ways that you can access the markets.

 

 

We discussed MT4 and MT5 many times in reviews and on the PipPenguin site, so we will not go into details on what the software offers, along with its features and functionality. You can visit the OctaFX site here for a breakdown of their MT4 and here for their MT5 information. It should be noted that they don’t offer anything more than what other brokers and their MetaTrader platforms provide.

 

 

We do want to touch on their proprietary platform, which is called OctaTrader. This web platform is a simplified trading platform also available for smart devices (Android and iOS). It offers the basic functionality that one would expect from trading software, and you can expect features like alerts, one-click trading, deposits and withdrawals, brokerage information, and customer support.

 

 

Beyond that, there are no other features that it includes, and you could say that its web terminal is almost like a ported mobile trading app. If you are looking for more features, then you would be better off sticking to the gold standard that is MetaTrader.

How Can I Open OctaFX Account? A Simple Tutorial

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Opening an account with OctaFX mimics the process of many other online brokers. The steps are pretty simple, and we will guide you through them, but for the most part, it’s pretty straightforward, so you should not be confused at any point. Remember that for opening a live account with all brokers, you will need to fill in and provide personal information and documentation for verification at some point.

The first thing you will do is head to the OctaFX website. Remember that you will be redirected depending on your region, but this should not be a problem because the site layouts for all regions are identical when registering.

Click on the “open account” button that you will find at the top section located just above the header. It will be directly next to the “log in” button. Note that you may also find the “open account” button elsewhere on the site.

 

 

After that, you will gain access to a popout menu that should appear on the right side of the screen. This is somewhat different from other brokers, who may redirect you to a signup page.

 

 

Here you will fill in your name, last name, Email address, and password. You do also have the option to create an account using social media, which includes Facebook, Google, or Apple. Following that, you have input your correct details; you will need to check your Email account to complete the registration process.

 

 

When you do this, you will be redirected to the next section of their registration process. You will need to provide a lot more information regarding your region, employment status and trading experience.

 

 

After this, you will be prompted to choose what type of trading account you will open;

• Standard
• Custom

 

 

You have then created your OctaFX account and will be taken to the dashboard, where you can deposit and start trading. Remember that you will need to verify your identity when wanting to withdraw.

 

 

OctaFX Charts and Analysis

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When it comes to trading resources, OctaFX has quite an array. Note that, another way you can tell if a broker is “serious” about their business and their clients is to see what type of resources and trading education the broker offers to clients and non-clients alike. This is by no means the best way, but when you see a broker offer free courses, trading academies (like ZFX), and other resources, you can tell that time and effort were put into it, and they are looking to help their clients in all possible ways. OctaFX, in terms of trading resources, offer;

• Market Insights
• Forex News
• Webinars
• Forex basic articles
• Forex basic videos
• Platform tutorial articles
• Platform tutorial videos
• Glossary

 

 

They also offer a trading and profit calculator along with economic and holiday calendars, but these types of resources are common among good brokers, and you should be able to tell what they do and how they work.

Their Market Insights section is an up-to-date section that covers both technical and fundamental analysis. You can expect to find a posting on various assets and possible positions every one to two days.

 

 

Then there is their Market News section which is updated as financial news happens and can be regarded as a news feed and a current report that deals with the global financial sector. Thus you may find news reports that exceed 50 articles a day depending on how the markets and financial sectors are doing.

Next up, OctaFX have webinars that are held pretty frequently. The only thing is that they are all in English, but they do cover a wide variety of topics, including live trading sessions, Learning sessions, stock trading sessions, and more. A great feature is that their proprietary OctaTrader app has a function that allows you to view the webinars directly from your phone.

 

 

Then OctaFX has free material that relates to learning the basic concepts of forex and trading in the form of articles and videos. The article section is pretty comprehensive but only covers the most basic concepts of trading as a whole, while their video section is based on understanding and learning how to actually trade and the basics of technical analysis. These resources are a nice grounding if you don’t know anything about trading, but we would classify the amount of available information as average.

Lastly, their platform tutorials regarding the article section are more like a FAQ section that provides information on the OctaTrader dashboard and software where you will find answers on depositing and how to trade using the app. You will also find details on verifying your account and using the Autochartist plugin they provide for MetaTrader.

The information here is substantial to what they offer but does not go further than that. Regarding the video section, you will only be able to find three videos on MetaTrader explaining the first steps of each, with each video only being 2 minutes in length.

OctaFX Account Types

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We are not quite sure if OctaFX offers different trading account types for various regions, but based on our research and opening an account with them, it seems like they only provide two versions, with both being identical, except that the MT 5 account lets you trade stocks. The two accounts are also aptly named;

• OctaFX MT 5
• OctaFX MT 4

 

 

You can assume that the details we provide apply to both accounts. The spread is variable, starting at 0.6 pips having a no commission markup. The minimum deposit is 100 USD, while the leverage will differ for various instruments. The highest leverage available is that of 1:500, which is only for forex.

 

 

The base currencies are USD or EUR, with a margin call of 15 and 25%. The only other difference in the accounts is the number of lots you are allowed to trade, with the MT 4 account being restricted to 200 while the MT 5 account has 500.

 

 

Do I Have Negative Balance Protection with This Broker?

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Negative balance protection is a policy that some brokers offer but should be considered by all. It is a way to safeguard a client’s capital and is another way to make new traders feel at ease when trading for the first time. OctaFX has an entire page dedicated to this policy, and they offer it to all their clients on all the available accounts.

If you don’t know what negative balance protection is, it is a policy that a broker has that will cover any losses you incur if holding a bad position. If your balance goes negative, the broker will cover the losses and reset your account back to zero. Essentially, you can never lose more than what you deposit.

 

 

OctaFX Deposits and Withdrawals

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OctaFX has a multitude of methods for depositing and withdrawing funds from your account. Remember that you will need to verify your identity if you wish to withdraw but not if you want to deposit and trade. In terms of card methods, only Visa is an option, but you do many e-wallet options along with bank transfers and crypto transfers. Note that depending on your region, these methods may change slightly.

There is a minimum deposit required which is different for each method, but remember that the minimum amount for each account in order to trade is 100 USD. This can be a bit confusing at times. There is also no commission involved when depositing or withdrawing which is typically considered the right way by many reputable brokers.

 

 

Then for withdrawals, the methods are the same except that you can withdraw Ethereum and the option for OZOW is not available.

 

 

The execution time for deposits is quite fast, but you should remember that for withdrawals, even though OctaFX state that the funds are processed quite fast, you may not receive the funds in the allocated time frame because of the processing time required by the payment gateways.

Support Service for Customer

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Customer support is one way to identify if a broker truly has a client’s best interests at heart. In terms of OctaFX (for the region we were in), the only available customer support was live chat and a contact form. It would help at this point to remember that depending on where the company operates, it may not have a full customer support team for that region.

 

 

For example, if you head to the OctaFX website for the EU, you will find support channels for telephone, mail, live chat, and Email.

 

 

If you are unsure about what to do and have an issue, we suggest always contacting live chat support if it is available because, more likely than not, your problem would get resolved immediately.

Then this broker also has a diverse and well-rounded FAQ section where if you feel like you do not want to chat to support, you will most likely be able to find the answers you are looking for here.

Prohibited Countries: Where Can I Not Trade with this Broker?

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It is important to understand that brokers that operate under various entities and on an international level are restricted in some countries, meaning they are not allowed to operate in them. This is due to many factors and ones which are beyond this article’s scope.

The regions in which OctaFX are not allowed to operate include the USA, Canada, Belgium, the UK, and other jurisdictions outside the European Union. Remember that the SEC (Securities Exchange Commission) has tight regulations regarding brokers in the USA, and most online international brokers will not be allowed to operate there. You then also have countries which are banned, like China, North Korea, etc.

Special Offers for Customers

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Brokers offer special promotions as a way to entice new clients to sign up with them, and OctaFX has a few that clients can look forward to. The first is the competitions they run, but it should be noted that these are “seasonal,” meaning that they come and go and are usually different. This means we can not give you a full breakdown of their competitions because they might be outdated in a few weeks or months.

However, you can view their archive of previous competitions to see what they typically do and what they have given away as prizes in the past.

They also have a giveaways promotion which you can enter as a client just by trading, and depending on the lots you trade, you are able to receive prizes. Anything from merch to a MacBook laptop is up for grabs in these giveaways.

 

 

Another offer that they have is a 50% bonus on each deposit. This may seem like a great incentive, but there is a catch. You are only eligible for the promotion if you trade a specific number of lots.

 

 

Lastly (which is not really a promotion), they offer an IB and referral program which is a typical way for the broker to earn more clients and a way for you to make money through referrals. These programs work the same way as all other IB and referral programs from brokers we have reviewed on this site.

For referrals, you can earn 1 USD per each standard lot traded, and if you sign up as part of the IB program, the amount you can make will vary because it will depend on how many clients you can obtain.

OctaFX Review Conclusion: Reputable Broker with Easy-to-use Platform

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OctaFX is a multi-regulated broker that has been in operation since 2011. They have almost 4,000 sterling reviews, and their various entities have won numerous awards over the years. As such, we regard this broker as a solid and reliable broker.

PIPPENGUIN

OctaFX is a multi-regulated broker that has been in operation since 2011. They have almost 4,000 sterling reviews, and their various entities have won numerous awards over the years. As such, we regard this broker as a solid and reliable broker.

Due to the nature of them offering negative balance protection and having been operating in the financial sector as a broker for over a decade, you should feel quite safe if you choose to use this broker for your trading.

Summary and Key Takeaways

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OctaFX operates in many various regions under different entities, and according to your region, you will sign up with that entity. They also offer multiple account types depending on your region, but the only difference between them is the ability to trade stocks and the number of lots you are able to trade.

They have a wide asset list, but the array of assets is limited to each product except for forex and crypto. The spreads are average, and the minimum deposit on accounts is 100 USD with the methods of depositing and withdrawing, including bank transfers, Visa, and e-wallets.

FAQs

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Is OctaFX legit?

OctaFX is real. They are an online forex broker that has been in operation since 2011. They are regulated by several authorities, including;

• Financial Sector Conduct Authority (FSCA)
• Financial Advisory and Intermediary Services (FAIS)
• Financial Services Authority (FSC)
• Cyprus Securities and Exchange Commission (CySEC)

Can I withdraw money from OctaFX

You are able to withdraw money from OctaFX by several different means. This includes by card, bank transfer, e-wallet, and cryptocurrency. Note that the withdrawal methods may vary slightly depending on the region you are in.

Which country owns OctaFX?

A country does not own OctaFX. OctaFX is the property of Orinoco Capital (Pty) Ltd and Octa Markets Cyprus Ltd, which use the brand and trademark to operate.

Is OctaFX in South Africa?

Yes, OctaFX is available to South African residents. South African clients will need to take responsibility for obtaining the necessary tax clearance certificates associated with their foreign investment allowances.

Is OctaFX trusted?

Yes, OctaFX is trusted. They were founded in 2011, hold numerous awards, have thousands of good reviews, and are regulated by several financial authorities, including the FSCA, FAIS, FSC, and CySEC.