OctaFX Review 2024 | Is OctaFX a Scam or Legit Forex Broker?
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3.5 / 5

Rating breakdown

Security
80%
4.0/5
Ease of Use
80%
4.0/5
Tradable Assets
60%
3.0/5
Deposit and withdrawal
80%
4.0/5
Trading Fees
60%
3.0/5
Support
60%
3.0/5

Top alternative : OspreyFX


Is OctaFX safe? Yes OctaFX is a safe and secure broker. However, No broker is perfect, and OctaFX is no exception. While they do have a lot of pros, there are plenty of reasons why you might be looking for an alternative to OctaFX. So which brokers are better than OctaFX? Want to jump straight to the answer?

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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 ReviewOctaFX 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 commissionsOctaFX 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 platformOctaFX 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 WithdrawalWhile 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 supportOctaFX 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.

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

octafx default bonus image
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.

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

Are you Satisfied with what They Offer?