6.7

OCTA Review 2024: Are They Safe For Investment?

6.7/10 (Expert Score)
Product is rated as #10
Trust
7
Fees
6
Platforms and Tools
6.5
Customer Support
5
Tradeable Instruments
5
Account Types and Terms
5
Deposit and Withdrawals
5
Research and Education
5

OCTA Overviews


OCTA 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.

OCTA Review 2024: Are They Safe For Investment?

OCTA 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.

Clients are able to trade multiple assets that include forex, stocks, crypto, indices, and commodities in the form of CFDs. The platforms that clients can use to trade include MT4 and MT 5, along with OCTA’s proprietary web terminal and mobile app, OctaTrader.

Spanning across the globe, this broker operates under multiple entities and is regulated by several authorities, including the FSCA, MISA, and CySEC.

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.

Broker Feature Overview
Type of Broker Forex CFD broker
Regulation & Licensing
  • MISA, Comoros Island (licence no. T2023320)
  • CySEC (Cyprus Securities and Exchange Commission) License: OctaFX holds a CySEC license with the number 359/17.
  • FSCA (Financial Sector Conduct Authority) License: OctaFX has a license from the FSCA with the number FSP464624.
Applicable Countries Not Allowed To Trade Russia
Cyprus
Belarus
Kazakhstan
Ukraine
United States
U.S Virgin Islands
U.S Outlying Islands
America Samoa
North Mariana Island
Assets Offered forex, crypto, stocks, indices, commodities
Platforms Available MT 4 and MT5 (Windows, Mac, Web, Android), and OctaTrader (Web and Mobile)
Mobile Compatibility Yes
Payment & Withdrawal Options

 

·         Skrill

·         Debit and credit card (Visa)

·         Bitcoin

·         Neteller

·         Local bank transfer

·         Litecoin

·         Dogecoin

·         Tether

·         Ozow (deposit)

·         Etherium (withdrawal)

Facts About OCTA
  • Founded in 2011
  • Orinoco Capital (Pty) Ltd. has the authority to operate under the OctaFX
  • Octa Markets Cyprus Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC)
  • Several authorities, including FSCA, MISA, and CySEC, regulate them
  • MT 4, MT 5 and OctaTrader available as trading software
  • Accounts vary depending on the region
  • Able to trade forex, crypto, stocks, indices, commodities

Pros and Cons


PROS
  • In operation since 2011
  • Hold numerous awards
  • MT 4 and MT 5 are available
  • Own proprietary platform
  • Wide asset range for forex and crypto
  • No commission
  • No deposit and withdrawal fees
CONS
  • Payment methods vary depending on the region
  • Account types vary depending on the region
  • A limited array of assets depending on market

Is OCTA Safe? Broker Regulations


Navigating the regulatory landscape of forex brokers can often feel like deciphering a complex map with various jurisdictions and rules. For traders looking at OCTA as a potential broker, understanding the regulatory framework it operates within is crucial. Regulations are not just formalities; they are essential pillars that ensure the safety, transparency, and reliability of trading operations, safeguarding traders’ investments and interests.

OCTA’s Regulatory Framework

OCTA is licensed and regulated by two significant authorities:

  1. Cyprus Securities and Exchange Commission (CySEC): With the license number 359/17, OCTA is authorized to offer financial services within the European Economic Area (EEA). The CySEC license is a Tier-1 license, reflecting a high level of regulatory scrutiny and compliance requirements. This accreditation allows traders within the EEA to engage with OCTA, knowing they are protected under European regulatory standards, which are among the strictest in the world.
  2. Financial Sector Conduct Authority (FSCA): Holding the license number FSP464624, OCTA is permitted to provide services in South Africa. The FSCA’s oversight ensures that OCTA adheres to the financial and operational standards required within South Africa, classified as a Tier-2 license. This indicates a strong, although not the highest, level of regulatory compliance.

Importance of Regulations to Clients

Regulations serve as a safeguard for clients’ funds, ensuring that brokers operate with integrity, transparency, and accountability. They mandate practices like segregated client accounts, participation in compensation schemes, and adherence to fair trading practices, all designed to protect the trader. For clients within the EEA and South Africa, the CySEC and FSCA licenses mean that OCTA is bound by laws that prioritize their security and interests.

Limitations and Considerations

While OCTA holds reputable licenses, it’s important to recognize the limitations. Their regulatory coverage is specific to the EEA and South Africa, placing traders outside these regions in a position where local regulatory protections may not apply. Moreover, OCTA’s declaration of compliance with international regulations and anti-money laundering policies, under the authority of MISA from Comoros Island (license no. T2023320), adds another layer of regulatory adherence. However, the absence of explicit mentions or numbers for additional regulations outside of CySEC and FSCA could be a point of consideration for those seeking transparency and comprehensive regulatory coverage.

Company Registration

Octa Markets Inc. (OctaFX) is registered in Saint Lucia under business reg. number 2023-00092. OCTA activity is supervised by the authorities of Saint Lucia.

Navigating Regulatory Transparency

While OCTA’s effort to comply with international regulatory standards is commendable, the nuanced nature of regulatory transparency and coverage highlights the importance for traders to conduct due diligence. Traders should consider both the protections offered by these licenses and the geographical limitations. Understanding the regulatory standing of a broker not only informs traders of the protections in place but also of the broker’s commitment to upholding high standards of operation and client service.

In summary, while OCTA holds significant regulatory licenses that ensure a degree of safety and reliability for traders in specific regions, potential clients should weigh these factors carefully, especially if they reside outside the covered jurisdictions. The value of regulations lies in their ability to offer a framework within which traders can operate securely and with peace of mind, making it a critical consideration in the selection of a forex broker.

Another way to judge if a broker is safe and legitimate is to check review sites like TrustPilot. OCTA, 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 OCTA website and heading to their Awards section, you can see that they have many awards that date all the way back to 2012.

  • MISA, Comoros Island (licence no. T2023320)
  • CySEC (Cyprus Securities and Exchange Commission) License: OCTA holds a CySEC license with the number 359/17.
  • FSCA (Financial Sector Conduct Authority) License: OCTA has a license from the FSCA with the number FSP464624.

What Can I Trade with OCTA?


As with most online brokers that have been around for over a decade, the assets list that OCTA 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.

Trading Instruments

Forex Trading

In terms of forex, OCTA 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

Trading with OCTA 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. OCTA offers 20:1 leverage on stocks with no commissions and pays out dividends. Remember that OCTA allows you to trade in CFD because of the aspect of leverage and short selling.

 

 

Commodities Trading

The commodities list of OCTA 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 Trading

The OCTA 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 Trading

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.

  • Cryptocurrency
  • Stocks
  • Forex
  • Indices
  • Commodities

How to Trade with OCTA?


There are three ways in which clients will be able to trade the assets OCTA provides in three ways. You should, by all accounts, know that most brokers use MetaTrader as their “go-to” trading software, and OCTA 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 OCTA 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.

Feature MetaTrader 4 and MT 5 OctaTrader (Web & Mobile)
One-Click or One-Tap Trading Yes Yes
Trade Straight off  Charts Yes Yes
Email Alerts or Push Notifications Yes Yes
Mobile Alerts Yes Yes
Stop Order Yes Yes
Market Order Yes Yes
Trailing Stop Order Yes Yes
OCO Orders (One-Cancels-The-Other) Yes Yes
Limit Order Yes Yes
24hr trading Yes Yes
Charting Package Yes Yes
Streaming News Feed Yes Yes

  • MetaTrader 4 (Windows, Mac, Android, Web)
  • MetaTrader 5 (Windows, Mac, Android, Web)
  • OctaTrader (Web, Android, iOS)

How Can I Open OCTA Account? A Simple Tutorial


Trading Account

To start forex trading with this broker a trading account is necessary unlike with delivery trading where a Demat Account (dematerialisation account) would suffice. An OCTA accout allows a trader to deposit funds and take part in forex trading as well as trade other trading instruments. Below is a simple tutorial on how to open or register for an OCTA account.

Opening an account with OCTA 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 OCTA 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.

 

Octa Sign Up New Logo

 

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 several social media platforms like 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 OCTA 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.

 

 Demo Account

Alternatively, for new and experienced traders alike with a lower risk tolerance, they may instead opt for a demo account. To open this free demo account, the trader is not required to spend any real money or funds as they will be provided with virtual practice money.

This forex broker allows you to open more than one demo account at a time and does not impose a duration limit on the account. Benefitting a trader in many ways, this demo account allows practicing with 50 trading instruments.

Copy Trading for OCTA Clients

OCTA offers copy trading or social trading through the OCTA trading app called OCTA Copytrading using the trading platforms they offer, on both MetaTrader 4 or MetaTrader 5.

This OCTA trading app designed especially for making copy trading as straightforward as possible lets traders copy orders from master traders who have chalked up more trading experience. By mirroring portfolios or orders that professionals trade (master traders) a novice trader is able to start forex trading sooner than later while diversifying their portfolio and learning how to trade.

Those interested in copy trading can download the OCTA Copytrading app from Google Play Store. For further inquiries on a copy trading feature or two, OCTA offers client assistance in the form of 24/7 live chat. Upon further checking, we are informed that their client support will respond to any further inquiries within 30 seconds.

  • Head to the OctaFX website
  • Click on the "open account" button
  • Fill in your personal details when the popup appears
  • Check your Email to verify your account
  • Fill in the required information
  • Log into the dashboard and deposit funds to trade.

OCTA Charts and Analysis


When it comes to trading resources, OCTA 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. OCTA, in terms of trading resources, offer;

 

 

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, OCTA 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.

 

Octa App

 

Then OCTA 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.

Octa has launched a new feature named “Space,” which replaces the Market Insights section on their trading app. Aimed at improving the quality of trading content, Space serves as a platform where trading experts and analysts share daily market analytics and trading strategies, assisting traders in reaching their investment goals.

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.

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

OCTA Account Types


Navigating through the myriad of account options offered by OCTA can feel like charting a course through the bustling world of Forex trading. OCTA presents traders with a selection of account types, each tailored to accommodate the diverse needs and strategies of its clientele. Let’s delve into the specifics, shall we?

OCTATrader Account

Starting with the OCTATrader, this account boasts spreads from as low as 0.6 pips, offering a competitive edge with its floating spread and markup strategy. Remarkably, there are no trading commissions, nor fees for deposits and withdrawals, making it an appealing choice for those looking to maximize their trading value. With a modest minimum deposit requirement of $25 (though $100 is recommended for a more robust trading experience), traders gain access to a wide range of instruments including 35 currency pairs, precious metals like gold and silver, energies, indices, and an impressive array of 30 cryptocurrencies.

MetaTrader 5 Account

For those inclined towards a more extensive instrument list, the MetaTrader 5 account steps up with 273 trading instruments. This includes a broader selection of 52 currency pairs, the same valuable metals, energies, and cryptocurrencies offered in the OCTATrader account, but expands significantly to include 150 stocks and 26 intraday assets. The minimum deposit remains $25, inviting traders to a world of trading possibilities with the same attractive spread starting point and no commission structure.

MetaTrader 4 Account

Echoing the foundational offerings of the OCTATrader, the MetaTrader 4 account circles back to a focus on forex and a similar instrument composition, tallying up to 76. While it mirrors the spread, commission, and deposit structure of its counterparts, it slightly narrows the field to 6 indices, maintaining the breadth in forex, metals, energies, and cryptocurrencies.

Trading Conditions and Features

Across all accounts, OCTA maintains a uniform policy of no commissions, no deposit or withdrawal fees, and no charges for inactivity, ensuring a trader-friendly environment. The base currency for each account is USD, with precision up to 5 digits and the flexibility of margin trading, featuring maximum leverage that ranges impressively up to 1:500 for forex pairs and down to 1:20 for stocks, depending on the account type.

The trading conditions also highlight a commitment to inclusivity with halal trading options, accommodating minimum order sizes from 0.01 lot, and facilitating traders with various execution types, all under market conditions. The platform also encourages using Expert Advisors (EAs), scalping, and hedging strategies, enhancing the trading experience.

Octa Account Types

Additional Perks

OCTA doesn’t stop at just offering diverse account types. They elevate the trading journey with a 50% deposit bonus, a Status Program for unlocking even more benefits, and the provision of demo accounts to hone your trading skills. The process to start is streamlined: sign up, deposit (starting at $25), verify your identity, and embark on your trading expedition.

Each OCTA trading account is designed with the trader in mind, from the beginner to the seasoned investor, providing a suite of tools and conditions to foster a successful trading environment. Whether it’s the expansive instrument list of the MetaTrader 5 account, the balanced offerings of the OCTATrader, or the focused MetaTrader 4 account, there’s a tailored experience waiting for every type of trader. Coupled with favorable trading conditions, OCTA’s commitment to empowering its clients shines through, making it a noteworthy platform for anyone looking to venture into the financial markets.

Feature OCTA OctaTrader OCTA MT 5 OCTA MT 4
Market Execution Under 0.1 second Under 0.1 second Under 0.1 second
Account Currencies USD or EUR USD or EUR USD or EUR
Available Leverage 1:500 for currencies (1:100 for ZARJPY),  1:200 for metals, 1:100 for energies, 1:50 for indices, 1:25 for cryptocurrencies 1:500 for currencies (1:100 for ZARJPY), 1:200 for metals, 1:100 for energies, 1:50 for indices, 1:25 for cryptocurrencies, 1:20 for stocks, 1:500 for intraday assets 1:500 for currencies (1:100 for ZARJPY), 1:200 for metals, 1:100 for energies, 1:50 for indices , 1:25 for cryptocurrencies
Minimum Deposit 100 USD 100 USD 100 USD
Commission Per Trade None None None
Trading Instruments 35 currency pairs + gold and silver + 3 energies < + 10 indices + 30 cryptocurrencies 52 currency pairs + gold and silver + 3 energies + 10 indices + 30 cryptocurrencies + 150 stocks + 26 intraday assets 35 currency pairs + gold and silver + 3 energies + 6 indices + 30 cryptocurrencies
Min. Lot Size Per Trade 0.01 lot 0.01 lot 0.01 lot
Max. Lot Size Per Trade 50 lots 500 lots 200 lots
Spreads Floating, starting at 0.6 pips Floating, starting at 0.6 pips Floating, starting at 0.6 pips
Demo Account Yes Yes Yes
Swap/Rollover Free Yes Yes Yes
Hedging Yes Yes Yes
Scalping Yes Yes Yes
Copy Trading Support Yes Yes Yes
Available to US Residents No No No

  • OCTA MT 5
  • OCTA MT 4
  • OCTATrader

Do I Have Negative Balance Protection with This Broker?


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. OCTA 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.

 

 

  • Yes, on all accounts

OCTA Deposits and Withdrawals


OCTA 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 market execution time for deposits is quite fast, but you should remember that for withdrawals, even though OCTA 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.

  • Minimum deposits for accounts vary depending on the method
  • Skrill
  • Debit and credit card (Visa)
  • Bitcoin
  • Neteller
  • Local bank transfer
  • Litecoin
  • Dogecoin
  • Tether
  • Ozow (deposit)
  • Ethereum (withdrawal)

Support Service for Customer


Customer support is one way to identify if a broker truly has a client’s best interests at heart. In terms of OCTA (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 OCTA 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.

OCTA Customer Support Overview
Supported Languages  English, Indonesian, Malay, Thai, Hindi, Urdu
Customer Service By OCTA
Customer Service Hours Unknown
Email Response Time Unknown
Telephonic Support Varying by region
Personal Account Manager No

  • Supported Languages: English, Indonesian, Malay, Thai, Hindi, Urdu
  • Customer Service Channels: live chat, Email, contact form, telephonic (region based)
  • Customer Service Hours: Unknown

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


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 OCTA 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.

The countries which this broker does not operate in include:

  1. Russia
  2. Cyprus
  3. Belarus
  4. Kazakhstan
  5. Ukraine
  6. United States
  7. U.S Virgin Islands
  8. U.S Outlying Islands
  9. America Samoa
  10. North Mariana Island

  • Russia
  • Cyprus
  • Belarus
  • Kazakhstan
  • Ukraine
  • United States
  • U.S Virgin Islands
  • U.S Outlying Islands
  • America Samoa
  • North Mariana Island

Special Offers for Customers


Brokers offer special promotions as a way to entice new clients to sign up with them, and OCTA 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.

  • Competitions
  • Giveaways
  • 50% deposit bonus
  • Referral program
  • IB program

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


OCTA 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

In general, the Octa trading platform is a reliable and safe one. While they have not achieved such a high rating, OCTA 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


OCTA 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.

  • Regulated by many financial authorities
  • Operating for over a decade
  • Thousands of good reviews
  • Customer support varies per region
  • Spread from 0.6 pips
  • Accounts are the same except for the trading of stocks and lots traded

FAQs


Is OCTA legit?

OCTA 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 OCTA?

You are able to withdraw money from OCTA 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 OCTA?

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

Is OCTA in South Africa?

Yes, OCTA 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 OCTA trusted?

Yes, OCTA 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, MISA, and CySEC.
OCTA Review 2024: Are They Safe For Investment?
OCTA Review 2024: Are They Safe For Investment?
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