OctaFX Review 2024 | Is OctaFX a Scam or Legit Forex Broker?

Item: OctaFX
Rating: 4
Author: George Milios

Read our OctaFX review to find out if OctaFX is a scam or a reliable forex broker. Unbiased Forex brokers reviews that serve the interests of our users.

OctaFX Review and Analysis

Overview

Octafx Review OctaFX is a Forex ECN broker registered in St.Vincent and the Grenadines offering to trade on Forex, Indices, Metals and Cryptocurrencies via CFDs, across the MetaTrader and cTrader suite of trading platforms as well as their own OctaFX Trading App.

Investor Protection & Regulations

OctaFX provides users with the ability to trade with OctaFX.eu which is regulated by the Cyprus Securities and Exchange Commission (CySEC) or OctaFX.com which is registered as an IBC in St. Vincent and the Grenadines and offers negative balance protection and segregation of client funds.

Tradeable Products

The tradable products available from OctaFX vary depending on the type of account opened (MT4 Micro, MT4 Pro, cTrader ECN) but covers Forex, Indices, Metals and Cryptocurrencies.

Fees and Commissions

Octafx fees and commissions OctaFX offers three different trading accounts (MT4 Micro, MT5 Pro, cTrader ECN) with varying spreads and commissions, with some accounts commission-free and some accounts with spreads from just 0.2 pips.

Trading Platform

Octafx trading platform OctaFX offers globally recognised trading platforms such as MetaTrader 4, MetaTrader 5 and cTrader, for Windows Desktop, Web (Windows and Mac).OctaFX offers the MetaTrader 4, MetaTrader 5 and cTrader mobile trading apps for Android and iOS, as well as the OctaFX Trading App to create, manage and keep track of a user’s different trading accounts.

Account Types

OctaFX offers three main types of trading accounts called MetaTrader 4 Micro, MetaTrader 5 Pro and cTrader ECN. They also offer Copy Trading accounts, as well as swap-free account and demo trading accounts.

Deposit and withdrawal

Octafx Deposit and Withdrawal While OctaFX offers commission-free deposits and withdrawals, the options are limited to Neteller, Skrill, or Bitcoin and are subject to minimum amounts.

Usability

OctaFX offers a variety of trading accounts, trading tools and trader education that is suited for both beginner and advanced traders.

Customer Support

Octafx customer support OctaFX offers 24 hours a day, 5 days a week customer support through Live Chat, Email, Phone, WhatsApp and an Enquiry Form across multiple languages including English, Indonesian, Hindi, Chinese and more.

Education and Research

OctaFX offers a wide range of educational articles, videos and tutorials for traders starting out and advanced traders alike.

Overall Conclusion – Final Thoughts

OctaFX is a broker with a customer-centric approach. In addition, their bonuses and trading competitions make the company especially interesting as many brokers are no longer offer these promotions.

OCTAFX Social proof

OCTAFX Social proof is the reviews, testimonials, and social shares that customers provide about OCTAFX that help lead others to make any purchase decisions. Last Updated Date: 21/08/2024
Channel	OctaFX Social proof
Instagram	Account with 3.2k followers
Facebook	Account with 535k followers
Twitter	Account with 59 followers
Youtube	Account with 1m subscribers and 2.4k uploaded videos
Telegram	Account with 139k followers
Discord	Does not have a Discord channel

Traders comments and Reviews about OCTAFX

Sites like Trustpilot provide excellent third-party social proof. Please be aware that there is no guarantee whether or not fake reviews are or are not present. These can lead to bias and compromise the reliability of reviews.
TrustPilot	OctaFX TrustPilot Customer Reviews, Feedback and Complaints
Trustpilot	On Trustpilot, OctaFX has currently 7.5k number of reviews with a TrustScore (the overall measurement of reviewer satisfaction) of 4.40/5.00. Reviewers embracing OctaFX most frequently mention A very supportive customer services, and The platform is very user friendly. OctaFX also has a fast and reliable support team that will provide you with all the necessary information you require from them or if you are unsure of anything. OctaFX firm's reply behavior to negative reviews is up to the standard having replied to 98% negative reviews with a response time to their negative reviews in less than 1 days.

OctaFX Read TrustPilot Customer Reviews, Feedback and Complaints

Real Benefits according to the Positive Users' Reviews

A very supportive customer services
The platform is very user friendly

Main Complains according to the Users' Reviews

Withdrawal takes ages

Deposit and withdrawal are very fast, Octafx app is extremely smooth without delay, the spread is a bit high compared to other brokers, but with smothness limit order matching, it is still quite good.

TrustPilot Reviews' Key takeaway

Broker's Features	OCTAFX Availability
Commissions	❌
Hedging	✔
PAMM	❌
Scalping	✔
Accepts US traders	❌
24 hour trading	✔
Swaps	✔
Demo account	✔
Daily analysis	❌
Automated trading	✔
Mobile trading	✔
Trading by phone	❌
1st deposit bonus	❌
Forex contests competitions	✔
Bonuses Promotions	✔
Interest charges on the balance	❌
Free education	✔
Expert advisors	✔
Partnership programs	✔
Trust management	❌
24 hour support	✔

Bonuses: Upcoming & Ongoing Competitions and Giveaways

50% Bonus on Initial Deposit – OctaFX

OctaFX Welcome Trading Bonus – Take advantage of 50% Deposit Bonus, this offer is only available for the new client for their initial deposit. Let’s grab the opportunity to start your Live trading with a 50% Bonus (up to) which will help a trader trade more comfortably and easily.

Ending Date: Tuesday 31 December, 2024

Terms: This bonus supports the margin. Offer is Applicable to New Clients ONLY.

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Latest News

Octa has been awarded Malaysia's Best Trading Platform for 2024

Octa has been awarded Malaysia's Best Trading Platform for 2024 by Brands and Business Magazine recognizing its innovative technology, user-friendly interface, strong security, and comprehensive educational resources. The award is granted to ... [show/hide]

businesses and brands that create breakthrough concepts, contribute to society, and drive synergies across platforms.

Tuesday 20 August, 2024

OctaFX Calls Allegations by India ‘Unsubstantiated’ as Authorities Seize $9.6M

Indian authorities raided OctaFX offices, seizing $9.6 million amid allegations of false promises of high returns. OctaFX, which earned $119.5 million from its Indian operations, called the allegations "unsubstantiated." The raids in Mumbai, ... [show/hide]

Kolkata, Delhi, and Gurgaon were conducted under anti-money laundering laws. Authorities linked OctaFX's local management to its international entities and are investigating further. OctaFX denies promising quick returns, emphasizing their educational efforts on responsible trading.

Thursday 01 August, 2024

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People Also Asked

Is OctaFX regulated?

Yes, OctaFX is regulated by top-tier regulators, FCA UK inclusive.

Where is OctaFX based?

OctaFX is based in London

How does OctaFX make money?

OctaFX charges a spread between the bid price and ask price. It does NOT charges a commission.

How do I deposit in OctaFX account?

With OctaFX you can deposit money via the following means; Credit Card, Cryptocurrencies, FasaPay, Neteller, Skrill.

How do I withdrawal in OctaFX account?

OctaFX lets you request a withdrawal of funds from your account via the following means; Credit Card, Cryptocurrencies, FasaPay, Neteller,.

What is the minimum deposit for OctaFX?

OctaFX has $5 minimum deposit.

What are the available account base currencies with OctaFX?

OctaFX trading accounts are offered in EUR, USD. If your country's currency isn't included in the list, you will need to open an account with another currency base.

What is the max leverage in OctaFX?

OctaFX has a maximum leverage is 1:500 for professional traders.

Does OctaFX use MetaTrader?

OctaFX platforms: Yes, OctaFX use MetaTrader as well as the following platforms: cTrader, MT4, MT5

What type of broker is OctaFX?

OctaFX appears to be a ECN, STP broker which offers market access to a variety of traders.

Does OctaFX accept US clients?

No, OctaFX does not accept US clients

Does OctaFX offers Islamic accounts?

Yes, OctaFX offers Islamic accounts

What financial instruments can I trade?

You can trade a wide variety of instruments with OctaFX: You can trade a wide variety of instruments with OctaFX: Gold, Silver, Cryptocurrency, Indices

By trading with securities you are taking a high degree of risk. You can lose all of your invested money. You should start trading only if you are aware of this risk. All the opinions expressed on our site by individual author is solely their own and does necessarily represent or correspond to the views of the site’s management. No information or opinion contained on this site should be taken as a solicitation or offer to buy or sell any currency, equity or other financial instruments or services.

OctaFX

3.5 / 5

Rating breakdown

Top alternative : OspreyFX