OCTAFX Review 2023

OctaFX is an award winning forex and CFD broker owned and operated by OctaFX founded in 2011 and have offices in UK, Cyprus, Estonia and Saint Vincent and the Grenadines (SVG). European customers are served from the  broker’s EU licensed website, whereas international customers are served from the broker’s website operated offshore in Saint Vincent and The Grenadines (SVG). OctaFX is one of the best Forex brokers in the market today, for traders all round the world. OctaFX no longer accepts clients from the UK.

OctaFX Review

OctaFX offers access to CFD trading, commodity trading and indices trading with award-winning Forex trading conditions. As well as access to the Forex market, OctaFX offers a variety of promotions that can help you. The broker has the following features:

  • OctaFX got licensed by the Cyprus Securities and Exchange Commission (CySEC) in 2018. The website Octafx.com is operated by OctaFX Markets registered in Saint Vincent and the grenadine.
  • OctaFX boasts of important features which include 50% bonus on deposit, negative balance protection, no commissions on deposits and withdrawals, no swap, no slippage and no delays.
  • OctaFX 50% bonus on deposits helps clients start Forex trading on higher margins, increasing their account balance. 
  • Negative balance protection compensates the account balance to zero, in situations when account balance is prone to becoming negative.
  • OctaFX now offers its own proprietary OctaFX Copytrading app for social copy trading, the popularity which is highly on the increase.
  • The broker offers to its global clients up to 35 currency pairs including gold and silver, 3 energies, 10 indices, 30 cryptocurrencies and 150 stocks.

OctaFX is Known For:

Generous promotions and bonuses, OctaFX Copytraing app is good for international Forex traders.

OctaFX Broker
Overall:
4.1/5

OctaFX Summary

Pros

  • EU regulated
  • Popular Forex platforms
  • Low cost of trading
  • Very low initial deposit
  • 0% deposit fees
  • Offers both in-house and third party research contents
  • Copytrading app connects with MT4 and platforms.

Cons

  • Comparably low asset portfolio
  • Average educational content
  • SVG subsidiary are not overseen by any regulatory authority.

Forex Broker Expert is recognised for being a source of ground-breaking, high-quality, factual content that doesn’t leave any stone unturned. Tens of thousands of traders have used our reviews as a springboard to greater levels of trading success. Industry Best Practices.

OctaFX offers two choices of trading accounts, OctaFX MT5 and OctaFX MT4 account types. Minimum deposit, spreads, commissions, leverages, payment methods as wells as choice of trading platforms depend on the OctaFX subsidiary you operate your account from. For example, in the EU, only the MT5 account is available to choose, whereas their SVG subsidiary offers both MT4 and MT5 accounts. OctaFX offers both in-house and third party trading resources for education and research. The in-house training resources can be seen at their Traders’ Tool section and includes economic news and market analysis. OctaFX partners with AutoChartist to provide trading signals. What is more, OctaFX offers a youtube video trading sections to teach newbies the rudiments of Forex trading.

3.2/5

Safety of Funds

OctaFX is considered safe because it is licensed by top tier authority like the Cyprus Securities and Exchange Commission (CySEC). The SVG subsidiary is not overseen by any regulatory agency.

4/5

Trading Platforms & Tools

OctaFX offers MT4 and MT5 platforms. Mobile trading are available in iOS and Android for Metatrader and its in-house Octatrading app that offers a Copy trading benefit. As at now OctaFX does not offer the cTrader platforms.

4.6/5

Minimum Deposit

OctaFX allows clients to start trading live with just $25. Minimum trade size is 0.01 Lot.

5/5

Leverages

Maximum leverages allowed at OctaFX extend upto to 1:500 for currencies.

4/5

Spreads and Commissions

EUR/USD typical spread is listed as 0.6 pips on the MT4 and MT5 accounts. No commissions.

4.5/5

Deposit and Withdrawal Method

Credit or debit Visa cards, Bitcoin, Skrill, Neteller, Fasapay.

Conclusion

OctaFX is an Excellent Forex Broker that offers everything it takes to open a basic forex account. MT4 is the most widely used forex platform, available to the broker’s clients as Mac, iPhone/iPad and Android versions, as well as a Web Trader version. MT4 provides all the tools and resources a trader needs: a number of technical indicators, advanced charting package, wide range of Expert Advisers (EAs) and extensive back-testing environment.

Overall:
4.2/5

2023 Review Methodology

Here at the Forex Broker Expert, we have reviews of more than 200 Forex brokers and trading software. The number one item we check when reviewing a broker to see if they are a scam is a safety score. We use a Safety score algorithms to asses risk level. They major criteria we use in grouping a Forex broker in to risk levels include total years in business, which regulatory licenses each firm holds, is the broker publicly traded in any stock exchange as well as our manual in house check.

Different Forex brokers offer different account types which goes by different names like standard, classic, premium, VIP or gold. The most popular minimum deposit for a Forex basic account is $250. Leverages can go as high as 1:200. As for the pips charged on these accounts, EURUSD is usually the pair with the lowest spread and the ideal thing is that each type of account is unique and will either have fixed or floating pips depending on which account portfolio you have chosen. Learn more about the industry best prectices here.

About Our Team

Firstly, congratulations on doing your research and due diligence! we’re dedicated to helping you get started trading online and have your own forex account. Most importantly, we want to help you make a success of it. Since starting up in 2010, we’ve connected hundreds of thousands of readers to the right forex trading platform for their needs.
We do this through conducting our own research. We’re constantly testing (and re-testing) the most popular forex brokers on the market to give you completely impartial advice about every single broker we feature on our site. We even get people just like you to give them a go and give us their feedback.
Our aim is to provide you with the very best information so you can make an informed decision about which forex broker is best for you – and feel happy with your choice!

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