OctaFX Broker Review – Can This Forex Broker be Trusted?

Photo of author

By Anthony Gallagher

Last Updated

Octafx Review

Advertising Disclosure

OctaFX Broker Review

  • Commissions & Fees
  • Investment Offerings
  • Trading Platforms
  • Customer Service
  • Education and Research
  • Trustworthiness


OctaFX is a forex broker that boasts a large number of users and many features and tools. OctaFX has many aspects that set it aside from other forex brokers. Read our thorough review to learn all about OctaFx.


  • OctaFX are one of the few brokers to provide trading platforms from both MetaQuotes and Spotware in the form of Metatrader, and cTrader. This increases the range of options available to traders in a positive way.
  • Fees, commissions, and spreads are among some of the most competitive which have been noted in the sector.
  • The extensive range of research and education tools offered provide traders with an excellent opportunity to learn and grow.


  • Regulation outside of the regularly considered financial hubs may unnerve many traders. This is particularly true after so many years in the industry without having implemented regulatory oversight from a more stringent body.
  • The range of products offered, particularly with only 28 forex currency pairs to trade, is considered rather few.

About OctaFX

OctaFX is a broker which was founded in 2011 and is based and regulated in Saint Vincent and the Grenadines. Having been in the industry for a number of years, they have amassed a large number of active traders who utilize their trading platforms which include both Metatrader and cTrader.

The broker also offers copy trading services which have attracted a number of both new and experienced traders. Here, as with other top broker reviews, we will take an in-depth look at the features and services which OctaFX has to offer, and how it compares with industry competitors.

Octafx Landing Screen

OctaFX Account Opening

OctaFX offers three distinct account types to users. Each of these account types functions primarily with a different trading platform. The account types offered are a Micro Account, which utilizes MT4, a Pro Account, which uses MT5, and an ECN Account which avails of the cTrader platform.

The Micro Account may be a cause for confusion as it is not quite as micro as traders may expect when compared with other Micro Accounts from FXTM and others. The OctaFX offering of a Micro Account still features quite sizable deposits and trading capabilities.

Minimum Deposit

Octafx Deposit Methods

OctaFX features a variable minimum deposit depending upon the account type which is open. The minimum deposit is either $100 for a Micro or ECN Account, or $500 for opening of a Pro Account.

This minimum deposit could be considered as slightly higher than some competitors, particularly in terms of the Micro Account which OctaFX offers.

Availability and Ease of Opening

The broker offers its range of services to most countries of the world. The exceptions to this rule are the United States, Belarus, Brazil, Myanmar, Cuba, Cyprus, Iran, Iraq, Kazakhstan, Libya, Niger, North Korea, Russia, Sudan, Syria, and Ukraine.

Aside from these exceptions, opening an OctaFX demo account is very easy. Simply register your basic personal information through the broker’s website, and you are ready to begin virtual trading.

Opening an OctaFX live account requires a little more time and information, but is still relatively hassle-free. Here you can just utilize the broker website to electronically upload proof of your identity and residence. Following this, you are ready to trade forex and many other markets.

Product Offerings

Octafx Account Options

OctaFX offers a range of products across several markets in the industry. This varies slightly depending upon the account type, but includes trading opportunities on 28 forex currency pairs, 4 metals, 2 energies, 10 indices, and 3 cryptocurrency CFDs.

The range of products offered, while it does cover all of the major areas for trading which may be of interest, is not as extensive as offered by many other brokers of a similar stature. This is particularly true of the forex currency pairs being offered.

OctaFX Commissions and Fees

OctaFX do not charge any commission on trading regardless of the account type which is used. Like many other brokers, they instead opt to build-in their markup to the prices offered.

Spreads range anywhere from a floating 0 pips spread through the ECN Account, to a fixed starting spread of 2 pips with the micro account. The average EUR/USD spread through a Micro Account with OctaFX is noted as 1.1 pips and significantly lower through either of the other account options. Despite the limited availability of markets, this can be consider competitive on the wider scale within the industry.  

Non-trading Fees

The broker does not feature any type of deposit or withdrawal fee. Neither do they engage in the charging of an inactivity fee. This will be a pleasant surprise to many casual or infrequent traders since almost all brokers charge a fee of some form on inactive accounts.

This high level of competiveness in terms of fees and charges helps OctaFX regain an edge from some other areas where they are not quite as competitive with other major brokers.  

OctaFX Platforms and Tools

Octafx Mt4 Webtrader

OctaFX offers platforms in all variations, web-based, desktop, and mobile, from Metatrader, and cTrader. This means traders can access MT4, MT5, and cTrader platforms depending upon their account type.

Desktop Platform

Octafx Trader Market Order

Traders can choose from a range of MT4, MT5, or cTrader desktop and web-based platforms. These are all very well-known and equally respected platforms which cater for almost every trader in the industry within some form.

MT4 is the dependable and highly efficient platform in terms of functionality and ability to customize charts with more professional tools and indicators than any other on the market. This robust, if visually rudimentary format has suited many traders throughout the years who value the attention to detail and concise ordering process they can avail of.

MT5 is visually a slight step up from its counterpart, though it still encapsulates much of the same trading power and ability to customize almost every area of charting and layout. This layout is much the same as MT4 with the main controlling functions handled through the side toolbars.

The cTrader desktop platform is also well-respected within the sector and offers a more modernized visual which may appeal to some traders. As with MT4 and MT5, traders are free to customize much of the layout and implement their own automated trading strategies where required. The platform is very user-friendly and intuitive in the same manner with the charts displayed in the central console window, and many of the controls operating on the periphery. The contrasting colors and market hart displays make it very easy for traders to read and identify trends on charts, and this appeals quite often to newer traders in the sector.

Ultimately, all platforms feature an effective and concise ordering system which accounts for various types of order and position and is very quick to execute.

Mobile Trading Platform

Octafx Profit Calculator

The mobile trading platforms provided by OctaFX again are supplied by means of MT4, MT5, and cTrader. These are all available on Android and iOS and provide more than sufficient function for trading on the move. All the mobile trading platforms offered are easily navigable and provide access to economic calendars, market news, and in-depth professional indicators to be applied to the charts.

The OctaFX app can be used to manage your accounts and switch between mobile trading platforms. This provides excellent facilities to manage your positions and keep up to date with the latest market movements as well as make financial changes to your balance and other positions. This application is, as yet, only available on Android.

Education and Research

This is another area where OctaFX come to the forefront. They offer an impressive range of educational options which can assist both new and experienced traders. These are offered through the broker’s dedicated education section and include strategy tutorials, basics, and a range of video guides to help traders develop and overcome the most common barriers to entry in trading.

This is matched by the diverse range of both independent and third-party research tools provided. Trading signals are provided by Autochartist, and again the broker features a dedicated area of their site for trading tools. These include the latest in market news and insights, as well as reports, video analysis, and a wide range of calculators and an economic calendar.

OctaFX Differentiators

Octafx Deposit Bonus

The fact that OctaFX is based and regulated in Saint Vincent and the Grenadines is the first and primary differentiator. This may not be viewed positively by those traders who welcome more stringent oversight, though it does open the opportunity for the broker to offer greater leverage, and bonuses. This is something which they avail of with the offering of a 50% deposit bonus attracting many traders.

They are also one of the few brokers to utilize both Metatrader and cTrader platforms. This will be largely welcomed by traders, and certainly opens OctaFX to a wider demographic, particularly among those more experienced traders.

Customer Service

Customer support is available on a 24/5 basis when the markets are open, and comes in a number of forms. These include phone support based in the UK, Hong Kong, and Indonesia, email contact, and a website based live chat facility which was both extremely prompt and helpful when tested. Both email and telephone contact were also answered in a fast time, and provided considered and effective answers to a range of test questions.

OctaFX Trustworthiness

This is the vital element of any trading broker, and one where OctaFX may struggle to a certain degree. It is quite clear from their major presence in the industry, and responsive customer care, that they are a trustworthy broker, although this is not immediately clear based on licensing and regulation alone.

The fact remains that many traders will not completely trust a broker who is not regulated in a developed hub with a respected financial regulator. It does appear that OctaFX recognize this and are working on becoming regulated by CySEC according to a company insider. Until that point however, they will have to accept that many potential traders could turn away based on the fact they have been around since 2011, and are still loosely regulated.


Ultimately, OctaFX perform very well in certain areas. This is indicative of a broker who has been in the industry for a long time as they have, and knows how to respond to the requirements of traders. This is quite clear in their extensive education, trading platform, and research offerings, along with competitive pricing.

Frustratingly though for a large broker, the point of contention, even after so many years, is regulation. It has to be said however, if OctaFX does manage to secure a CySEC license in the near future, combined with the strength of some other areas, they will become an even more major presence in the sector.

Photo of author

Anthony Gallagher

Anthony Gallagher is a financial journalist and forex expert with years of experience in the industry. Anthony's writing is informed by personal trading experience, which he uses to help other forex traders improve their results. Anthony has tested dozens of forex trading tools and written hundreds of articles for many well-known sites in the industry. He is recognized for his insightful analyses of global markets and data-driven trade ideas.

Leave a Comment