OctaFX

50% bonus on each deposit
Payouts:
Min Deposit: $100

Octafx

  • Bonus
  • MT5
  • 24/7 Customer service
  • Copytrading
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Details

Broker Octafx
Website URL https://www.octafx.com/
Founded 2011
Headquarters Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Minimum 1st Deposit $100
Bonus 50% bonus on each deposit
Leverage 500:1
Spread From 0.2 Pips
Free Demo Account Yes
Regulation FSA (Saint Vincent and the Grenadines), CySEC
Account Types OctaFX MT5 , OctaFX MT4
US Traders Allowed No
Overall Score

Pros

  • Bonus
  • Easy account opening
  • Good trading platforms
  • Wide range of instrument types
  • 24/7 customer service
  • Copytrading

Cons

  • Two different entities

Our Review

  1. What is OCTAFX?
  2. OCTAFX Pros and Cons
  3. Awards
  4. Safe or a scam?
  5. Leverage
  6. Accounts
  7. Fees
  8. Spreads
  9. Deposits and Withdrawals
  10. Market Instruments
  11. Trading Platforms
  12. Customer Support
  13. Education & Research
  14. Conclusion

What is OCTAFX?

OCTAFX is a tech-savvy brokerage company that has been operating since 2011 and offers numerous investment opportunities and capabilities.

Since the beginning, OCTAFX operated as an offshore brand located in SVG with offices in the UK, however since 2017 OCTAFX has closed this entity and moved to Cyprus.

Under a European CySEC license OCTAFX operates a global offering, therefore check carefully under which regulation you will fall as it may propose different trading conditions.

OCTAFX Pros and Cons

OCTAFX has low stock and stock index CFD fees and charges no inactivity fee. The account opening process is fast and simple, while deposits and withdrawals are free of charge and user-friendly. The customer service and education materials are excellent.

Negative points OCTAFX has a limited product portfolio covering only CFDs. There are only a few account base currencies, and there is no investor protection for non-EU clients.

 

Awards

OCTAFX is highly rated for customer service and continues to win awards for best forex broker Best Forex Broker

OCTAFX is a principal partner of leicester city football club in the premier league.

Safe or a scam?

OCTAFX brand is not a scam, as it is a well regulated broker and more Importantly boasts top tier regulation in every region the OCTAFX brand operates in, which benefits from a high score from us in terms of trustworthiness.

Regulation is most important to ensure safety of funds for investors of all levels. Unregulated entities provide a high potential to lose all funds.

Is OCTAFX a legit company?

Absolutely, the brand OCTAFX is a legit broker, authorised and regulated by top tier global jurisdictions.

How are you protected?

OCTAFX is a regulated broker that adheres to strict standards and compliance, there are strict rules towards money protection while OCTAFX keeps traders’ funds in segregated accounts. In addition, being a Cyprus Investment Firm OCTAFX falls under the Compensation Scheme, which protects the client’s investments in case of the broker’s insolvency issue.

Leverage

leverage enables you to increase your trade size with the possibility to greater increase your initial deposit in the short term bringing potentially higher gains. As usual, offered leverage depending on some factors including your level of expertise, residence, which instrument you trade as well as falls under regulatory restrictions. trading with a European entity you may maximum use 1:30 leverage for major currency pairs. International OCTAFX may offer high leverage ratios up to almost 1:1000 or even 1:3000.
High leverage trading involves a greater degree of risk, which may be not the best option for new traders.

Accounts

While opening an account you may choose between Standard Account, Crypto Account and Cent Account, which is a perfect option for beginners due to its much lower requirements and risks involved. However, note since OCTAFX operates through two entities EU and International the conditions and trading proposals may vary.

International traders can sign up with the alluring opportunity of 6 Account types, very high leverage of up to 1:3000, deposit bonus, cash back programs and much more. However, make sure you learn all the risks involved with high leverage and use of bonuses as well, in trading, there is always a risk of loss.
The account types at OCTAFX offer both demo and live trading accounts.
A deep dive into the accounts OCTAFX sees a choice for clients of two options – Standard, Cent

Cent Account – is a basic account with low minimum deposit €10 and spreads from 1 pip.

Standard Account – for experienced traders minimum deposit €100 and spreads from 1 pip.

How do I open an OCTAFX account?

The process of opening account is pretty simple and requires you to follow the OCTAFX sign-up link where you will be guided through a simple account opening process.

Opening an account step by step

  1. Access OCTAFX Sign-up page
  2. Enter your personal data first and last name, country of residence, email, phone, etc.
  3. Answer online questionnaire about your trading knowledge and expectations
  4. Select account type
  5. Verify your account by uploading your personal identity documentation.
  6. Once your account is activated and processed you can deposit funds.

Fees

Costs are typically built into the spread and further defined by the account type you choose. In addition, you should always consider other fees like non-trading fees, withdrawal fees and swaps, which we will cover in more detail later.

Generally, OCTAFX offer tight floating spreads while Standard MT4 spreads start from 0.9 Pips available on both platforms MT4 or MT5, OCTAFX add on a commission charge per order.

An overview of the Non Trading Fees

OCTAFX will charge you an inactivity fee incase you didn’t show any trading activity for a period of six months or more.

Despite this, there is no deposit fees and some withdrawals are free also, which we will discuss further later, overall the OCTAFX fee structure is quite transparent.

OCTAFX Spreads

Since there are two account types, you will have an option either to trade with a Standard spread Account starting from 1 pip, or while trading with Cent account be offered tight spreads. Thus, typical spread on Standard account for EUR USD pair is 0.9, and Cent Account EUR USD spread is 3 pips. The international offering is slightly different since there are ECN accounts available with raw spread and commission charge per lot.

Deposits and Withdrawals

OCTAFX provide a good selection of withdrawal options and 0$ fee for both withdrawals and deposits. However, always make sure to check with your payment provider directly in case any fees are waived, also depending on your country of origin. Withdrawal of money isn’t a complicated process, as you need to enter into your trading account management area and submit a withdrawal request. Typically OCTAFX process withdrawals within 1-2 business days, however allow additional processing time for your payment provider.

OCTAFX make it simple and straight forward to fund your account with multiple options that exist to deposit and withdraw from your account.

Deposit options

To fund an account you may choose the following methods, which may vary according to your geographic location. OCTAFX deposits are processed quickly, within minutes your money will be available in your account.

  • Credit Cards
  • Bank wire transfers (using GBP, PLN, USD, EUR, RUR)
  • E-wallets (Neteller, Skrill, Alfa-Click, WebMoney, Western Union, Dotpay, Yandex money, Qiwi wallet, Bitcoin via Skrill, and counting)

OCTAFX minimum deposit

OCTAFX minimum deposit requirement is $/€/£ 10 for Cent Account and 100$ for a Standard Account. Deposit fees are typically covered by OCTAFX.

Bonus

OCTAFX does offer a Bonus through out the year available in different geographic locations so watch out to avail of benefit from offers. At the moment for example there is a promotion of 30% bonus available in certain geographic locations, you may claim the Welcome Bonus of 30%, while you should register for an account then select the bonus promotion, deposit funds and start trading. Also note, every bonus program applies specified terms and conditions on how it should be used or accessed.

Market instruments

OCTAFX offers a wide range of markets and many account features, which are amongst the best in the industry. OCTAFX offers transparent conditions across major Forex & Metal pairs. All connected by split-second execution through the STP model. There are around 40 currency pairs, and 6 Indices based on CFD trading, along with Metals and Energies.

OCTAFX Trading Platforms

OCTAFX use the industry’s leading software third party providers MT4 and MT5.

Web Trading Platform

As the OCTAFX platform is MT4 or MT5 software both offer various versions available either as WebTrading platforms or as an app that can be installed on any mobile device. Web trading software is a great option if you are a beginner or regular lot trader, as the platform is accessible straight from the browser and does not require any installation, so it is easy safe and navigated.

Desktop Trading Platform

If you require more tools along with powerful customisation you are recommended to choose the Desktop version. MetaTrader supports all kinds of devices including PC, MAC via third party apps as well as accessible Multi Terminal that is useful for money managers.

Via the desktop MT4 and MT5 software included are risk management tools, as well as trading indicators – Pivot points strategy and trading signals. Along with calculators that are designed to bridge the gap between new and existing traders.

Mobile Trading Platform

OCTAFX accounts are accessible mobile or tablet devices, so you will always have access to your account. The Design is user friendly and the app is packed with tools and alerts so you can remain in control.

Social Trading

The OCTAFX platform also enables automated trading which is the execution of orders automatically based on traders you follow.

Or you may follow the Social Trading leaderboards and trade manually. By following these strategy managers, which you can choose through numerous criteria or filters to follow. In reverse, professionals may become managers and gain extra income by sharing trades.

Customer Support

Customer service from the OCTAFX operation is really strong, which is available through various sources including Online Live Chat, Phone, emails, Messenger applications etc.

OCTAFX enjoys positive feedback from clients in terms of its good reputation, OCTAFX also supports a great range of languages, so you always may count on help whenever you need it.

There are established customer service desks in Europe, Africa and Asia to cover the global needs of traders.

Education

The main approach of OCTAFX is to be a client oriented broker, looking after the trader’s funds, education and well being. OCTAFX have a solution to meet your style of trading and needs and provide outstanding service.

In terms of education, OCTAFX host regular educational events in cities around the world while satisfying the demand to start the trading journey and offering support to everyone who would like to engage in trading.

There are webinars, seminars, platform tutorials, trading tools, research tools, a superb glossary, Forex news, Economic Calendar, Market outlooks and expert Analyst analysis.

OCTAFX education is one of the best we see in the industry, so this point is definitely well organised and highly recommended for new traders.

Research

OCTAFX promote a Forex Contest, which is held regularly and is one of the best ways to test your strategy, polish your trading skills and build confidence. The contest is available for entry across both Demo and Live accounts and is an ideal way for both experienced and “fresh” traders, to grow in the business. For recent results check the official OCTAFX website.

Conclusion

Concluding the OCTAFX Review, OCTAFX offers a measured degree of quality trading opportunities for new and existing traders across a number of account types. Other advantages with OCTAFX include, fees, customer service, trade-able CFDs and leverage, which is determined based on trader experience and knowledge, tight spreads are also a major plus with spreads from 0.1 pips and low deposit requirements of $10 for cent accounts.

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