We have conducted our OctaFX broker review to examine the broker's track record and the brokerage platform's trading tools. We compare OctaFX using our multi-point approach to review trading styles, markets, trading tools, trading charts, how OctaFX fees compare to other stock, CFD and forex brokers.
OctaFX has built a strong reputation in the forex/CFD trading space. Although the range of instruments available for trading is somewhat limited compared to other brokers, there are many innovative features that help them stand out from the crowd in other modes.
The robot and copy trading in particular are two areas where they seem to be aiming to gain an edge over the rest of the market.
Founded in 2011 and leveraging as something of a second generation broker, OctaFX offers a distinctive and user-friendly approach to trading the financial markets.
Incorporated in Saint Vincent and the Grenadines, but operating primarily in Jakarta, it has developed a strong client base in the Asia-Pacific region. However, OctaFX covers global markets, serving clients in over 100 countries and also has offices in Spain, Cyprus and Malaysia.
Suitable for both novice and experienced traders, it has a reputation for being easy to use and reliable.
Rates and fee assessment
In our OctaFX Broker review, we found that fees and commissions are structured differently based on account type.
Micro, Pro and ECN accounts use the MT4, MT5 and ECN software platforms respectively and support different trading approaches, hence varying fees.
The spreads are wider on the MT4 Micro account and there are also fewer instruments to trade with that account. Normally, the spread on a EUR/USD trade can be 1.1 pips, but if the same trade is done through the MT5 Pro account, it can go down to 0.9 pips.
When considering the pricing structure and range of instruments for trading, the MT5 Pro account is usually the best of the three options.
The cTrader account is not far off but is limited to 28 currency pairs and 2 metals markets but offers a differentiator as it is a commission based account.
Platforms and assessment tools
Trading at OctaFX is done through three trading platforms: MetaTrader 4, MetaTrader 5 and the cTrader platform. The latter is the broker's proprietary platform and the availability of both MetaTrader platforms justifies OctaFX's reputation as a serious trader.
The markets available for trading vary depending on the choice of platform, with MT5 offering the widest range of tradable instruments, namely: 28 currency pairs, 3 cryptocurrencies, 10 indices, 4 metals and 2 gold markets, energy.
MetaTrader4 offers a minimalist yet sophisticated service that suits both beginner and advanced traders and also allows you to set up user profiles for Islamic trading.
MetaTrader5 offers additional tools for traders who want to perform analysis on a more granular scale. The third option, the integrated platform, cTrader, is aimed at all traders, especially those looking for flexibility and convenience, and is a platform that can be easily customized to suit individual needs.
The cTrader website has a nice aesthetic and intuitive functionality. The variety of pop-ups and notifications about system updates or "coming soon" services create the atmosphere of a website on the move or not complete.
Perhaps it is the first of these two options because what is already there is quite impressive; as evidenced by the platform's base language which can be set to any of twenty-three different languages.
Customer Service Rating
Customer service is available 24 hours a day, Monday through Friday. The languages supported by the customer support team are English, Indonesian, Spanish, and Polish, and can be accessed by users via live chat, email, phone, or request form.
The help desk has a reputation for being quick to respond, knowledgeable, and adaptable enough to the nature of the trade to be able to answer questions for the first time.
Although not a market leader in this area, OctaFX performed well, but the lack of 24/7 support may be important to some traders.
Account profile settings can be easily updated and adjusted. In addition to standard features such as allowing merchants to decide how and when they receive notifications; There are also more advanced tools that aim to simplify the trading experience.
There are only limited ways to deposit or withdraw from trading accounts. OctaFX currently only accepts transfers in the form of: Bitcoin, Neteller and Skrill. One of the main positive features of using them is that all funds deposited using these methods can be used immediately.
On the other hand, users may be less enticed by the fees associated with withdrawing funds, with Skrill and Neteller withdrawals costing $5 and Bitcoin withdrawals costing $25. Your choice of payment type also affects the base currency your account will use.
Regardless of the reliability and efficiency of the three payment methods, the decision to limit transfers to only this type puts OctaFX at a disadvantage, especially when compared to other platforms.
Execution of commands
OctaFX works as an STP and ECN broker. This benefits traders as it gives them access to fast execution, tight spreads, zero slippage, and no pesky requotes.
Those who use cTrader to trade currency pairs will be able to trade interbank rates and the spreads in some markets are also adjusted by 0.2 pips; while a leverage of up to 500:1 is offered.
OctaFX has built a reputation for reliable and robust trade execution and industry standard add-ons such as fast trade functionality are available.
One negative feature was that we found in CTrader that we couldn't open and use more than one popup box at a time, which meant that we couldn't run certain tasks in the background waiting for the market price to change. For our commercial entry price.
Merchants used to multitask and run on the “Orders” popup while entering some data into something like the “Price Alerts” popup can get frustrated because they can't do both at once.
Likewise, leaving a pop-up open may mean that you won't be able to navigate the site as you wish until you realize your "mistake" and close the corresponding box.
One area where OctaFX stands out is its focus on trader feedback. There is even a forum where traders who want to get the most out of trading with OctaFX can benefit from posting their opinions or the opinions of others.
The range of instruments offered is relatively limited. There are a maximum of 28 currency pairs, 3 cryptocurrencies, 10 indices, 4 metals, and 2 energy markets.
It seems like enough to go on and may satisfy some of the trading community, but some traders will struggle with a product line that doesn't include: stocks, bonds, and ETFs.
To show its commitment to mobile trading, OctaFX offers users a bonus on all first repositories made through the trading app.
This includes a 50% user margin bonus, which allows you to take larger positions, but as with any broker it is always wise to read the fine print carefully before committing.
In particular, inexperienced traders should be extremely careful when trading high margins and pay close attention to the possible maximum total losses that can occur if a high margin trade backfires.
The minimum qualifying income for this promotional offer is $50.
Education at OctaFX
A wide range of educational content is available to OctaFX users in the “Trading Tools” sections. This includes an economic calendar, daily analysis posts, as well as trading signals and market information.
Video content is also provided through YouTube, with much of that content being archived. This provides a huge digital library of webinars for users to enjoy.
Access to these features is provided to demo and live account holders. The “Basic Forex Features” section is especially useful for new users and provides a breakdown of basic and more advanced trading strategies.
It is clear that the education section is of great importance to OctaFX and the material is of high quality and available in a wide variety of formats.
Easy to use
Onboarding is especially easy, as users are guided through a series of questions about the type of account they think is best for them.
Each of the three accounts corresponds to one of the three trading platforms, so users may have to engage T&C if they want to trade with a specific platform.
If this is an issue, the demo account can be a good way to test what is on offer, as it has enough privileges to allow testing of full functionality, including copy trading.
Additionally, there is a variety of documentation and videos intended to help traders get used to the site. Providing material that explains the actual mechanics of a piece of gear is a nice and often overlooked addition.
Mobile Commerce Review
Mobile trading is one of OctaFX's strengths; All apps are available for Android and Apple devices and in each carrier's app store.
The MetaTrader app offers a smooth transition from desktop to mobile trading and is a widely used tool that many traders will already be very familiar with.
The proprietary cTrader app is easy to use, robust and well-designed to facilitate mobile trade execution. Although it keeps users up to date with administrative tasks like withdrawing and depositing funds, it seems like something that was primarily designed to help traders with trading.
As with the desktop platform, the default watchlist only offers a limited range of markets and focuses on currency pairs. There are also not many analytics tools to use on the mobile app.
Perhaps it is because these areas have been reduced that the cTrader mobile experience has such a clean and crisp feel.
Getting in position to execute trades is easy: there is one-click trading as well as fully functional command screens that allow you to set stop loss trading instructions and profit targets built in.
Customer support for mobile trading is top notch and can also be reached 24 hours a day using a live chat feature.
robotic trading
OctaFX offers one of the best copy trading facilities, which means that users can set their account to automatically copy the movements of the top traders on the platform.
It is a fantastic way for new users to better understand the markets and learn new strategies. At OctaFX, copy trading is available around the demo account.
Trading signals can be easily connected to the cTrader platform. There are tutorials on how to run a cbot and free algorithms to incorporate into trading strategies.
The advice and assistance are numerous and extend to a section dedicated to the provision of VPS (Virtual Private Servers) by Algo.
The cTrader Automate service seems to become a kind of hub for the various Robo trading services. It would be a big win because at the moment all the tools are there, but they seem a bit disjointed.
crypto currency
OctaFX supports Bitcoin, Ethereum and Litecoin trading. The minimum account balance required is $100 and leverage on the cryptocurrency markets is limited to 1:2, reflecting the volatile nature of the product.
It is also possible to trade with a micro lot size with a minimum trade size as low as 0.01 lot.
Bitcoin vs. USD spreads are 1.7 pips and Ethereum vs. USD are 1.8 pips. Litecoin vs. USD has a wider spread of 6.1 pips. Crypto trading is done using the MT4 and MT5 platforms, which require coins to be loaded into the “Available Assets” list, but this is a straightforward process.
Cryptocurrency markets are considered to be highly volatile and while large price movements offer an opportunity for profit, there is clearly a risk of large losses.
The Trading Signals Connector that OctaFX offers clients is part of a suite of research and learning tools that help prepare traders for these market conditions.
As with all markets applying strategy and avoiding market guesswork, direction is crucial to long-term success.
Regulatory details
Our broker analyzes OctaFX banned countries. Octa Markets Cyprus Ltd. offers spot foreign exchange and CFDs on assets such as stock indices, spot metals and gold.
Octa Markets Cyprus Ltd advises that Forex/CFDs are leveraged products that are traded on margin and therefore trading Forex/CFDs carries a high level of risk. Forex/CFD retail client accounts often lose money.
The vast majority of retail client accounts lose money when trading Forex/CFDs. Make sure you understand the risks involved
OctaFX Conclusion
Our review of OctaFX brokers revealed that they followed the standard roadmap for a broker intending to enter the market to some extent.
Both desktop and mobile trading platforms offer a robust and reliable way to access the market and the bid and offer spreads available are among the best on the market. Getting these basics right should not be underestimated.
Trading on the site is a positive experience. The services offered in Research and Learning, Robo Trading and Copy Trading are all of the highest quality.
Using the cTrader platform is generally a very positive experience. It could be improved by addressing the issues we raised with popups, and the disjointed feel of Robo's trading section reflects a platform that gives traders what they want, but makes it harder for them.
The limited means of depositing and withdrawing is another negative factor, especially when compared to other players of a similar size in the market that offer a greater variety.
Probably the biggest disadvantage is the relatively weak regulatory situation. If OctaFX is serious about competing with the best players in the forex game, a more comprehensive regulatory and compliance regime would serve them well.