OctaFX is among the few brokerage houses actively operating for over a decade. However, its journey from being launched as a single trading platform to becoming one of the pioneers in the industry has been filled with significant milestones and many controversies. But what makes it the one you’re looking for? Let’s find out through our factual OctaFX Review 2023.
Since its launch in 2011, the platform has evolved to expand its products & services to spot and derivatives trading. Meanwhile, adding an additional tier-1 regulatory license is a step toward winning the clients’ trust. That’s not it! A lot more about the platform’s safety will be discussed in this review.
This comprehensive OctaFX Review 2023 has gathered insightful data based on the broker’s regulations, fees, scam complaints, withdrawal conditions & ease of use, helping you to make a more sound decision.
Unknown Facts About OctaFX
While OctaFX doesn’t need an introduction, there are still some unknown facts that you should be aware of before opening an account.
- The establishment of the broker dates back to 2011, making it one of the longest-running brokers in the industry.
- The broker is part of the financial conglomerate, which includes Octa Markets (Incorporated in Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd (based in Cyprus).
- Apart from spot trading, the platform offers CFD and Future Contracts trading.
- Started with just a few underlying assets; today, it offers over 1000+ instruments to trade in.
- The broker offers quick withdrawal that typically takes 3-5 hours.
- New traders can access upto $1,00,000 worth of virtual funds in a free demo account.
- The broker offers a sign-up bonus of $8 for registering on the platform. This is exceptional in the industry.
How Safe Is It To Trade With OctaFX?
It is a decent & safe broker, holding tier-1 and tier-2 regulatory licenses. It is a high-trust broker regulated by the Cyprus Securities and Exchange Commission (CySEC License No. 372/18) and registered with the Financial Services Authority of St Vincent and the Grenadines (SVG FSA).
Formerly, it held the UK’s Financial Conduct Authority (FCA) license from 2015 to 2017. While there are many complaints over the OctaFX scam on the internet, we didn’t find any solid evidence proving these fake claims and reviews.
Additionally, the broker has been felicitated with several industry awards and recognitions:
- Best ECN broker 2021 (World Finance)
- Decade of Excellence in Forex Asia 2021 (Global Banking and Finance Review)
- Best Forex Broker Asia 2021 (Global Banking and Finance Review)
- Most Transparent Broker 2020 (Forex Awards)
- Best Forex Broker APAC 2019 (Global Banking & Finance Review)
- Best Mobile Trading App 2019 (European CEO Magazine).
Above all, the broker has over 12 years of proven track record, ranking among the world’s most trusted brokers. Meanwhile, its services in 150+ countries, 10M+ mobile app downloads, and 20+ industry awards indicate its stability and trustworthiness.
Based on our findings from OctaFX Review 2023 and OctaFX Scam Report, we conclude it is a low-risk and legit broker.
What Does OctaFX Offer For Fund Safety?
The broker implements strict security standards to maximise the clients’ safety, both in terms of funds and data. In addition, it offers Negative Balance Protection and keeps the clients’ deposits segregated from funds.
At the same time, the European entity of the broker abides by the laws of MiFID II and the EU 5th Anti-Money Laundering Directive.
Additionally, as a member of the investor compensation fund under EU Directive 2014/49/EU, it offers 90% fund protection upto a limit of €20,000.
Are OctaFX Fees In Line With Global Industry Standards?
The absence of Commissions and other non-trading fees makes OctaFX a low-cost broker. The traders are exempted from paying withdrawals, deposits, and inactivity fees.
However, there are spreads and the service fee charged for using the platform. Take reference from the table below to precisely look into its broker fee structure:
|Assets||Minimum Markup over Raw Spreads||OctaFX Trading Fees Explained|
|Forex||0.6 Pips||$6.00 per 1.0 standard round lot|
|Stocks||0.6 Pips||$6.00 per 1.0 standard round lot|
|Cryptocurrencies||0.6 Pips||$6.00 per 1.0 standard round lot|
|Indices||0.2 pips||$2.00 per 1.0 standard round lot|
|Commodities||0.3 pips to 1.7 pips||$3.00 to $17.00 per 1.0 standard round lot|
It is worth noting that the fees decrease further with an account balance exceeding $2,500. The total cost of trading with this broker ranks on par with global industry standards, as per our findings from OctaFX Review 2023.
What Can You Trade With OctaFX?
The range of financial instruments available on the platform spans all major asset classes. Meanwhile, the broker has the upper hand over offering high leverage on these instruments.
Traders can access up to a 1:500 leverage ratio. Below, we have presented a full list of available trading instruments alongside the maximum leverage accessible with them.
|Asset Classes||No Of Assets Available||Maximum Leverage|
Based on our OctaFX Review 2023, the list of available products are comparatively higher than the most online CFD brokerage platforms.
OctaFX MT4 Or MT5: Which Account Type Should You Choose?
Alongside a free demo account offering $100,000 worth of virtual funding, the broker offers two account types: MT4 & MT5. While MT4 accounts are well suited for beginners, MT5 accounts are more of a thing for professional traders.
To choose the right account type for you, consider the following factors: Trading experience, Trading style, Financial goals and Bonuses & promotions. Here’s a quick comparison table easing your search for the best trading account:
|MetaTrader4 (MT4 Account)||MetaTrader5 (MT5 Account)|
|Minimum Deposit||25 USD||25 USD|
|Spreads||0.6 – 0.7 Pips||0.6 – 0.7 Pips|
|Margin Call/Stop out||25%/15%||25%/15%|
|Available Assets Classes||All except Stocks CFDs||All including Stock CFDs|
|Depth of market, economic calendar, and full-size tick charts|
What Are OctaFX Withdrawal & Deposit Conditions?
During our investigation for OctaFX Review 2023, we were really impressed to know that the broker offers a decent range of payment options for funding and withdrawals.
Both EUR and USD are the available base currencies on the platform. Meanwhile, the absence of deposit and withdrawal fees is really an appreciated step.
It is worth noting that the minimum deposit requirements and processing times vary depending on your chosen payment method.
To know the available payment methods, minimum deposit requirements & processing time, refer to the table below:
|Minimum Deposit||Minimum Withdrawal||Processing Time|
|Bitcoin||0.00037 BTC||0.00009 BTC||
|Neteller||50 EUR||5 USD||
|Cryptocurrency (ETH)||0.02 ETH||0.005 ETH||
|Skrill||50 USD||5 USD||
|Debit Cards/Credit Cards (Mastercard)||50 USD||–||Instant|
How User-Friendly Are OctaFX Trading Platforms?
The broker offers a user-friendly interface through its MT4, MT5, Copy trading and Mobile trading platforms. In addition, the broker’s website, desktop & mobile versions are intuitive enough that even a beginner can start trading right away after signing up.
You can also get direct access to educational and analysis material through these available trading platforms. In addition, the dedicated section for educational & research offerings includes a long list of tools: Trading Tiger Academy, Forex Basics, Tutorials, Autochartist, Market Insights, YouTube Channel and Forex News.
At the same time, the OctaFX copy trading platform is the most straightforward platform we have reviewed so far. It seemed the platform was designed keeping in mind the beginners. To get started, just choose the Strategy Providers and click “Copy.”
So, our OctaFX Review 2023 conclude the trading platforms offered by the broker are user-friendly and straightforward, yet the most powerful.
Is OctaFX Bonus Real Or Fake?
The OctaFX bonus is real and the most legit way to increase your account balance. The broker constantly runs several promotional campaigns to offer bonuses for a specific period of time. Here’s a full detail of ongoing OctaFX bonuses & promotions:
- 50% Deposit Bonus – Traders can get up to 50% off their first deposit upon signing up.
- Fixed-Rate Deposit – The platform offers Indian users to make deposits at a fixed rate of $100, which can also be withdrawn at the same fixed rate.
- Demo Contests – These monthly contests run for a duration of 4 weeks, and the participant with the highest demo account balance at the end of the period gets eligible to win 500 USD.
Our OctaFX Review 2023 indicate the broker’s bonuses & promotions are real and generous. You, too, can sign up to avail all these benefits.
Do People Make Money From OctaFX?
Yes, traders have made good money with OctaFX and that’s not our personal opinion. You can gauge this by the fact that the broker has been witnessing around a 10% increase in its client base every year.
The broker’s reduced spreads, zero commissions and traders-centric conditions could be another reason behind traders making good money with it.
At the same time, the OctaFX Copy trading feature allows traders to cash out 90% of their profits. However, as with any trading platform, there is the potential to make money, but you can’t ignore the risk of losing money.
Making money with this broker greatly depends on several factors, including a trader’s knowledge and experience, trading strategy, risk management, and market conditions.
To What Extend Does OctaFX Customer Support Help?
OctaFX extends customer support through various channels that are open 24/7 through live chat and 24/5 through phone, email, WhatsApp, and Telegram. In addition, clients from the UK, Hong Kong, and Indonesia can access local phone support.
At the same time, the Finance Department operates from 06:00 to 22:00 (EET), while the customer verification department is available from 08:00 to 17:00 (EET) to assist with account setup and resolving issues.
Here’s a detailed contact list of OctaFX customer support:
- Phone Number: +357 25 251 973
- Email: firstname.lastname@example.org
Our experience showed that the support team is quick to respond and comes with accurate answers.
Has OctaFX Scammed Anyone?
While scrolling down several forums for OctaFX reviews, we didn’t find any trader complaining about being scammed by the broker. While some users have complained over its withdrawal policy, but not even a single review indicates it as a scammer.
Meanwhile, the broker’s reliability can be gauged by the fact that it is a highly recommended and rated broker on Trustpilot. It has secured a 4.4/5 star rating based on over 4000 reviews.
Final Verdict On OctaFX Review 2023
Overall, the whole finding based on OctaFX Review 2023 indicates the broker is both reliable and user-friendly to get started with. In addition, the tier-1 regulatory approvals make it one of the safest and most trusted brokers.
Additionally, the generous bonuses, hassle-free & quick withdrawals, plenty of products and reasonable customer support can be said to be OctaFX’s USP.
Ultimately, we would like to rate this broker 4.7/5 and put it on our list of highly recommended CFD brokers. So, now that you have insightful data on this broker, hopefully, you have understood why opening an account with it would be a good decision.
Can I Trust OctaFX?
It is a CySEC- regulated broker with a good reputation in the industry, so it can be considered trustworthy.
Is OctaFX Legal In India?
Despite not being regulated by the RBI and SEBI, Indian traders can still trade with this broker as it allows them to use INR as a base currency. Also, it holds a regional office in Mumbai, Maharashtra.
Is It Easy To Withdraw Money From OctaFX?
Yes, the broker is known for hassle-free and fast withdrawals, typically taking 1-3 hours to process.
Which Country Owns OctaFX?
It is a St. Vincent and Grenadines-based brokerage firm with several offices in Cyprus, India and several other countries.
How Can I Withdraw Money From OctaFX?
To withdraw money, sign into your account using the OctaFX login, select the “Withdraw” option, choose a withdrawal method, fill in the required details, and submit the request.
Is OctaFX Good For Earning Money?
Whether it is good for earning money depends on various factors such as your trading strategy, market conditions, and personal financial goals, so it’s advisable to thoroughly research and consider your options before investing.
How Long Does Octafx Withdrawal Take?
The processing time for withdrawals typically takes 1-3 hours. However, it may take over 24 hours in some cases.
What Is The Minimum Deposit For OctaFX?
The minimum deposit to open a live trading account is $25.
How Do I Open An OctaFX Real Account?
To open a real account, follow these steps:
- Go to the website and click on the “Open an Account” button.
- Choose the type of account you want to open – either a standard or ECN account.
- Fill out the registration form with your personal information and create a unique username and password.
- Verify your email address by clicking on the verification link sent to your email.
- Log in to your account and complete the account verification process by submitting the required documents.
- Upon completing the verification process, you can make a deposit and start trading with the broker.
How Do I Deposit And Withdraw Money From OctaFX?
To deposit and withdraw money, follow these steps:
- Log in to your account and go to the “Deposit” section.
- Select the payment method you want to use.
- Follow the instructions to complete the deposit process. The deposit will typically be processed within a few minutes to several hours, depending on the payment method.
- Log in to your account and go to the “Withdraw” section.
- Choose the payment method you want to use for the withdrawal.
- Enter the amount you want to withdraw and follow the instructions to complete the withdrawal request.
How To Retrieve OctaFX Login Details?
To retrieve your lost login details, follow these steps:
- Go to the OctaFX login page and click on the “Forgot Password” link.
- Enter the email address associated with your account.
- Follow the instructions to reset your password. It will send an email with a link to reset your password.
- If you have forgotten your email address or username, contact OctaFX support for assistance.