Over the past decade OctaFX has managed to establish itself as one of the leading brands in the world of forex trading. The broker has been repeatedly recognized with awards for the high quality of its services. In 2022 alone OctaFX was named a Best Global Broker Asia 2022 by Global Business Review Magazine and received awards from leading financial publications in India, Indonesia, Pakistan, Mexico, Malaysia and Nigeria.
The broker offers very favourable trading conditions, transparency, advanced trading software, convenient and charge-free fund transactions, educational materials and attractive bonuses and promotions.
OctaFX operates through two companies – Octa Markets Cyprus Ltd based in Cyprus and Octa Markets Incorporated incorporated in Saint Vincent and the Grenadines (SVG).
The first legal entity is licensed and regulated by the Cyprus Securities and Exchange Commission (CySEC) and manages the broker’s activities in the member countries of the European Union. It offers its services through the octafx.eu domain.
Regulatory standards and client protections
Brokers operating in the European Union must comply with the strict requirements for transparency, stability and consumer protections imposed by the European Securities and Markets Authority (ESMA).
To ensure the long-term financial stability of the financial services provider, EU brokers must maintain a minimum net capital of at least EUR 730 000. Companies must also participate in an Investor Compensation Fund. This fund covers up to EUR 20,000 of retail clients’ funds in the event that the broker becomes insolvent. In addition, customer funds should always be kept in separate bank accounts from the company’s operating funds.
In the event of a dispute, the retail client has the right to refer to the Financial Ombudsman. Transparency and investor protection is also guaranteed by an obligation for the broker to report their clients’ transactions on a regular basis.
The high level of protection of course comes with some limitations. Brokers in the EU cannot offer very high leverage to retail traders. The maximum level allowed is 1:30 when trading major currency pairs, 1:20 for non-major pairs, gold and major indices, 1:10 for other commodities and non-major indices, and 1:2 for cryptocurrencies. Brokers must also provide negative balance protection in case margin calls and stop outs do not function properly.
European regulations also prohibit brokers from offering bonuses, promotions, loyalty programmes and prize games.
However, these restrictions do not apply to OctaFX customers using the services of an SVG-based company. If local law allows them, clients can use the services of the offshore company through the octafx.com domain.
Virtually all leading forex brokers maintain subsidiaries offshore. This allows them to offer competitive terms in emerging markets in Asia and Africa. Although these operations are not subject to strict regulatory scrutiny, unlike activities in the European Union, brokers such as OctaFX offer high quality and reliable services to all their clients to maintain brand reputation.
Octafx.com clients can benefit from much higher leverage – up to 1:500 for most currencies, 1:200 for metals, 1:100 for energy, 1:50 for indices and 1:25 for cryptocurrencies.
The main reason most financial regulators restrict high-leverage trading is the danger of surprising and excessive losses in a highly volatile market. These risks are somewhat mitigated by the fact that OctaFX guarantees negative balance protection even for clients of its offshore division.
Bonuses, promotions and prize games
Clients of Octafx.com do not receive guarantees from the Investment Compensation Fund, but can instead benefit from a wide range of bonus programs.
All traders can participate in the Status Program, with a deposit of just $5 unlocking the first Bronze level. Customers with higher balances receive benefits such as lower spreads, accelerated financial transactions, expert advice and access to VIP events.
The client can receive a bonus of 50% for each deposit. This allows trading with higher amounts and therefore higher potential profits. But it should be borne in mind that if the trader’s own funds are withdrawn after the bonus has been claimed, the bonus will be cancelled. Participation in some promotional programs increases the available bonus to up to 100%.
The bonus funds themselves are also withdrawable, with OctaFX claiming to have paid out over $15 million in bonus funds to date. Of course, the ability to withdraw the bonus funds given to you comes with conditions. To withdraw the bonus, you must trade a number of standard lots equal to the bonus amount divided by two. That is, if you have used a bonus of $200, you must trade 100 lots.
Apart from that, high volume trading allows the customer to participate in the “Trade and Win” program. For every lot traded, the customer receives one “prize lot” that can be exchanged for gifts ranging from t-shirts to high-end laptops.
If you convince an acquaintance to sign up for an OctaFX account through your referral link, you can become part of the Invite-a-Friend program. As a reward, you will receive $1 for every lot traded by your friends. They also have an incentive because they get the option to redeem 100% deposit bonus instead of 50%.
At the time of writing this review Octafx.com is also offering the opportunity to participate in a four-week contest for traders using the MetaTrader 4 platform. Participants with the best trading results receive a cash prize that can be withdrawn.
Octafx.com provides investors with a very solid selection of trading software. This includes MetaTrader 5 (MT5), which is currently the most widely used advanced trading platform in the industry, and MetaTrader 4 (MT4), an older version of the software that is still very popular with many traders.
For a second decade, MetaTrader platforms have maintained a leading position because they provide traders with convenience and advanced functionality. The software features a host of charting tools and technical indicators, as well as a one-click trading function.
The functionality that has made MetaTrader a market leader is the ability to use Expert Advisor bots for automated trading. These customisable scripts can also be used to back test trading strategies. The platforms’ huge user base means that you can benefit from a large number of community-created scripts.
Here is what the MT4 desktop app looks like:
The newer MT5 offers 64 bit architecture and has more technical indicators, timeframes, and analytical objects. MT5 also has a built-in economic calendar and market depth option, which features the volume of bids and offers for financial security at different prices.
The functionality of both platforms can be extended and customised through various plugins and software extensions, such as Autochartist – a powerful technical analysis tool that provides real-time trade notifications and analyses via email and mobile applications.
The software can be used in the form of a full-fledged desktop application, a web-based version or mobile apps. Here is what MT5 web version looks like:
Last year, MT users using iPhones and iPads were unpleasantly surprised by Apple’s decision to remove the MT4 and MT5 mobile apps from its AppleStore.
This is not such an issue for OctaFX clients because the broker has developed its own mobile trading app. Last year, the broker also introduced a web-based version of its own platform called Octatrader. Here’s what it looks like:
It should be noted that the entire range of trading platforms is only available to Octafx.com clients. Those trading through Octafx.eu can do so only through MetaTrader 5.
All platforms can be used through unlimited Demo accounts. These include the opportunity to earn up to $500 on a monthly basis trading in a training mode with no deposits required, and learn basic trading skills for secure trading. The broker also offers novice traders a large number of videos and other educational materials as well as handy extras like an economic calendar and a profit calculator.
Octafx.com offers another option that is very suitable for beginners or for people who do not have a lot of time – copy trading. This service, also known as social trading, allows you to automatically copy the trades of a proven trader of your choice and thus benefit from their flair and experience.
The broker itself does not charge fees for this service. The copied traders, or Master Traders, choose for themselves what commission to receive. The levels can vary between 0% and 50% of the profits made.
Both Octafx.com and Octafx.eu offer very favourable trading conditions. The broker does not charge commissions, and the trader pays only a floating spread whose average levels are below 1 pip.
OctaFX ‘ clients also do not pay swap, which makes the broker’s services suitable for investors who comply with the requirements of the Muslim faith against interest.
OctaFX recommends a minimum deposit of €100 or $100. The minimum amount allowed on the deposit menu is €50 or $50.
As stated, clients of the Cypriot company can only use the MetaTrader 5 platform. They also only have access to one account type. Through it they can trade 28 currency pairs, 2 metals, 2 energies and 10 indices.
Deposits can only be made in euros. The minimum transaction volume is 0.01 lots and the maximum is 100 lots.
Clients of the offshore company have a choice between two accounts depending on the platform used – MT4 and MT5.
The number of tradable instruments available is also significantly higher. MT4 acacute has access to 35 currency pairs, gold and silver, 3 energies, 4 indices and 30 cryptocurrencies. The MT5 account can trade more indices as well as 150 stocks.
The base currency of the accounts can be either US Dollar or Euro. The maximum order volume reaches 200 lots for the MT4 account and 500 lots for the MT5 account.
OctaFX promises market execution in under 0.1 second for all its clients.
|Platform||MT5||MT4, MT5, OctaTrader|
|Tradable instruments||28 currency pairs, 2 metals, 2 energies and 10 indices.||35 currency pairs, gold and silver, 3 energies, 4-10 indices, 30 cryptocurrencies and 150 stocks with MT4 account|
|Bonuses and promotions||No||Deposit Bonus, Referral bonus, Status program, Trade and Win|
One thing Octafx.com clients have in common with Octafx.eu clients is that they do not have to pay fees when depositing and withdrawing funds.
OctaFX clients in the European Union can make transactions via Visa and MasterCard credit/debit cards, the Skrill e-wallet, and banking institutions based in Switzerland and Latvia.
The minimum deposit amount is EUR 50 and the minimum withdrawal amount varies between EUR 0.01 and EUR 50 depending on the payment method.
Octafx.com customers on the other hand have the option to deposit and withdraw funds via Skrill, Neteller, Bitcoin and other cryptocurrencies. The minimum deposit amount is $50 or the equivalent in cryptocurrency and the minimum withdrawal amount is $5.
It is no coincidence that OctaFX is one of the most recognizable brands in the forex industry. The broker has proven itself over time, but does not rest on its laurels and continues to innovate.
Whether you are a seasoned investor or just entering the world of financial trading, OctaFX would be a good choice. Clients of this broker can count on competitive trading conditions and proper treatment.
However, it cannot be denied that you will only be able to enjoy the full benefits of OctaFX if the laws in your country allow you to be a client of the broker’s offshore company.
CySEC’s regulations and oversight ensure stability, transparency and security. But on the other hand, trading through Octafx.com includes more incentives in the form of bonuses and promotions, a greater choice of software and tradable instruments, as well as the option for riskier bets.