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OctaFX Review

Steven Hatzakis

Written by Steven Hatzakis
Edited by John Bringans
Fact-checked by Blain Reinkensmeyer

April 06, 2023
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.

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Steven Hatzakis has led research at ForexBrokers.com since 2016, bringing over 20 years’ experience from the online brokerage industry. Having moderated numerous forex and finance industry panels across the globe, Steven holds a Series III license in the US as a Commodity Trading Advisor (CTA).

OctaFX
4/5 Stars Overall
  • Minimum Deposit: $25
  • Trust Score: 69
  • Tradeable Symbols (Total): 229
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Ultra-fast execution, lowest spreads.

(74-89% of retail CFD accounts lose money)

OctaFX Overview

Founded in 2011, OctaFX is part of a group of global entities, which include Octa Markets Incorporated (based in Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd (based in Cyprus). OctaFX has a 229 tradeable symbols and a minimum deposit as low as $25 when funding with Visa/Mastercard.

Reviewing OctaFX over the past three years on ForexBrokers.com, I have found that OctaFX offers a basic, low-cost MetaTrader platform experience alongside its proprietary web and social copy-trading platform.

It has made great strides with its pricing options for traders, but suffers from a limited range of tradeable instruments and a lack of variety in its educational content. OctaFX holds just one regulatory license.

thumb_up_off_alt Pros

  • Regulated in Cyprus, a tier-2 jurisdiction
  • Well-organized research
  • New proprietary platform for social copy-trading

thumb_down_off_alt Cons

  • Very limited regulatory protection
  • Listed spreads do not have corresponding date ranges, limited tradeable symbols
  • Lacking in areas such as education.
  • No longer offers cTrader

Offering of Investments: Below-Average (3.5 Stars)
OctaFX offers fewer than 230 tradeable instruments. By comparison, industry leaders Saxo Bank, IG, and CMC Markets all offer over 10,000 tradeable instruments. Cryptocurrency trading at OctaFX is available through CFDs (except for UK residents), but not available through trading the underlying asset (e.g. buying Bitcoin).

Commissions & Fees: Average (4 Stars)
All in all, OctaFX has improved its pricing and appears to keep pace with the lowest-cost MetaTrader brokers, but with no date range available for its average spread claim, we were unable to make an exact comparison.

Platforms & Tools: Average (4 Stars)
Though OctaFX provides access to its proprietary OctaTrader web trading platform, OctaFX is primarily a MetaTrader broker, offering MetaQuotes Software Corporation’s suite of platforms that include MetaTrader 4 (MT4) and MetaTrader 5 (MT5). For copy traders OctaFX offers a web interface (providers are known as Masters) that connects to its MetaTrader 4 (MT4) platform offering.

Research: Average (4 Stars)
OctaFX’s market research is well organized and varied in its content. Rather than specializing in any one field, OctaFX provides a wide assortment of content types. However, when compared to research leaders IG, Saxo Bank, and CMC Markets, OctaFX has room to enhance its research offering.

Mobile Trading: Average (4 Stars)
OctaFX does have a proprietary app for social copy trading (the OctaFX Copytrading app), yet it still trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps, read our guide to Best Forex Trading Apps.

Education: Below-Average (3.5 Stars)
OctaFX’s website has a dedicated forex education section with roughly 20 articles for beginners. The OctaFX Youtube channel has archived webinars, and also hosts its Forex Basic Course video series that spans 11 parts.

OctaFX Competitor Comparison

Here's a quick look at OctaFX against four of our top-ranked brokers that also have regulatory licenses in CYSEC: Interactive Brokers, FOREX.com, XM Group, HFM (HF Markets)


Feature Interactive Brokers logoInteractive Brokers FOREX.com logoFOREX.com XM Group logoXM Group HFM logoHFM OctaFX logoOctaFX
Overall Rating 5/5 Stars 5/5 Stars 4.5/5 Stars 4/5 Stars 4/5 Stars
Trust Score 99 99 90 85 69
Offering of Investments 5/5 Stars 5/5 Stars 4/5 Stars 4/5 Stars 3.5/5 Stars
Commissions & Fees 5/5 Stars 4.5/5 Stars 4/5 Stars 4/5 Stars 4/5 Stars
Platform & Tools 5/5 Stars 5/5 Stars 4/5 Stars 4/5 Stars 4/5 Stars
Research 5/5 Stars 4.5/5 Stars 4.5/5 Stars 4/5 Stars 4/5 Stars
Mobile Trading 5/5 Stars 5/5 Stars 4/5 Stars 4/5 Stars 4/5 Stars
Education 4.5/5 Stars 4.5/5 Stars 4.5/5 Stars 3.5/5 Stars 3.5/5 Stars

Compare OctaFX Competitors

Select one or more of these brokers to compare against OctaFX.

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Is OctaFX safe?

health_and_safety Helping investors avoid scams

ForexBrokers.com Trust Score is a proprietary algorithm that enables traders to easily assess a broker’s overall trustworthiness. Launched in 2017, we currently collect, track, and rate 25 international regulator databases.

Trust Score
69
ForexBrokers.com

OctaFX is considered high-risk, with an overall Trust Score of 69 out of 99. OctaFX is not publicly traded and does not operate a bank. OctaFX is authorised by zero tier-1 regulators (high trust), two tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Learn more about Trust Score.


Feature OctaFX logoOctaFX
Year Founded 2011
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses 0
Tier-2 Licenses 2
Tier-3 Licenses 0

Best Broker Guides

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The ForexBrokers.com annual forex broker review (six years running) is the most cited in the industry. With over 5 million visitors served since our founding and over 50,000 words of research across the site, we spend hundreds of hours testing forex brokers each year. Here's how we test.

See how over 60 brokers stack up by reading our best of broker guides.

Offering of investments

OctaFX offers fewer than 230 tradeable instruments. By comparison, industry leaders Saxo Bank, IG, and CMC Markets all offer over 10,000 tradeable instruments.

Cryptocurrency: Cryptocurrency trading at OctaFX is available through CFDs, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents.

The following table summarizes the products available to OctaFX clients.

Feature OctaFX logoOctaFX
Forex Trading (Spot or CFDs) Yes
Tradeable Symbols (Total) 229
Forex Pairs (Total) 40
U.S. Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Social Trading / Copy Trading Yes
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Disclaimers Note: Crypto CFDs are not available to retail traders from any broker's U.K. entity, nor to U.K. residents (except to Professional clients).

Commissions and fees

OctaFX has struggled with pricing in the past, but has vastly improved in this category and is now gaining on the lowest-cost MetaTrader brokers.

Account types: Any commissions or fees you pay at OctaFX will depend on your chosen account type and the OctaFX entity under which your account is regulated. European clients will choose the broker’s EU entity, whereas international clients are served from OctaFX’s offshore entity in Saint Vincent and The Grenadines (SVG). In the EU, only MT5 is promoted and thus a single account is available, whereas the SVG entity offers accounts for both MT4 and MT5.

Spreads: OctaFX’s spread pricing varies depending on which of its entities regulates your account. For example, its EU entity is slightly better for the EUR/USD pair with 0.5 pips listed as the average spread, compared to 0.9 pips for the SVG entity. It’s worth noting that OctaFX did not provide a date range for its average spread data, and thus the values don’t carry as much weight as spreads that have a corresponding date reference. All in all, OctaFX has improved its pricing and appears to keep pace with the lowest-cost MetaTrader brokers, but with no date range available for its average spread claim, we were unable to make an exact comparison

Feature OctaFX logoOctaFX
Minimum Deposit $25
Average Spread EUR/USD - Standard 0.9 info
All-in Cost EUR/USD - Active N/A
Active Trader or VIP Discounts No
ACH or SEPA Transfers No
PayPal (Deposit/Withdraw) No
Skrill (Deposit/Withdraw) Yes
Visa/Mastercard (Credit/Debit) Yes
Bank Wire (Deposit/Withdraw) Yes

Mobile Trading Apps

OctaFX does have a proprietary app for social copy trading (the OctaFX Copytrading app), yet it still trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps, read our guide to Best Forex Trading Apps.

Apps overview: Since OctaFX is a MetaTrader-only broker, iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) app come standard and are both available for download from the Apple App Store and Google Play store, respectively. OctaFX also offers its proprietary OctaFX Copytrading app for social copy trading – which I was unable to install or test due to geolocational restrictions I encountered on Google Play.

Feature OctaFX logoOctaFX
Android App Yes
Apple iOS App Yes
Mobile Alerts - Basic Fields Yes
Watchlists - Total Fields 7
Watchlist Syncing No
Charting - Indicators / Studies (Total) 30
Charting - Drawing Tools (Total) 15
Mobile Charting - Draw Trendlines Yes
Mobile Charting - Multiple Time Frames Yes
Forex Calendar Yes

Other trading platforms

Though OctaFX provides access to its proprietary OctaTrader web trading platform, OctaFX is primarily a MetaTrader broker, offering MetaQuotes Software Corporation’s suite of platforms that include MetaTrader 4 (MT4) and MetaTrader 5 (MT5).

OctaTrader: OctaFX’s newly launched web platform delivers a simple trading experience, offering the basics needed for essential trading operations without any frills or advanced features. OctaTrader has a long way to go if it wants to compete with the trading platforms offered by the best brokers, but this proprietary web platform is a good start.

Copy trading: OctaFX offers a web interface for copy trading (providers are known as Masters) that connects to its MetaTrader 4 (MT4) platform offering. OctaFX’s copy trading offering continues to improve year over year – though it still has room to improve.

There are over 10,000 trading systems known as "Master Traders" to copy on OctaFX's Copytrading app, and a few new tools were recently added to make it easier for you to compare the performance rankings when selecting which traders to copy.

For example, the "minimum expertise" field lets you choose between newer systems, all the way up to those with legend status. I was also pleased to see a risk score assigned to each trader, to help users differentiate between traders with historically conservative results versus those that have had more volatility and risk. It would be useful to be able to sort the columns from highest to lowest, but that feature is not yet available when looking at the Master Rating results page.

Pro tip: It's important to remember that past performance is not indicative of future returns, and although choosing trading systems with consistent historical returns can increase the statistical probability compared to traders that are less consistent, when it comes to projecting potential future rates of returns, other factors must be considered, including your personal goals and risk tolerance.

For instance, consider the timing or when to copy or when not to, whether there are any existing open positions, and the number of followers a trader has, as well as the percentage of profit sharing (i.e. performance fee), among other data and tools available when making selections.

Feature OctaFX logoOctaFX
Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
DupliTrade No
ZuluTrade No
Charting - Indicators / Studies (Total) 30
Charting - Drawing Tools (Total) 15
Charting - Trade From Chart Yes
Watchlists - Total Fields 7
View More

Market Research

OctaFX’s market research is well organized and varied in its content. Rather than specializing in any one field, OctaFX provides a wide assortment of content types. However, when compared to research leaders IG, Saxo Bank, and CMC Markets, OctaFX has room to enhance its research offering.

Research overview: OctaFX’s research content lives in its Market Insights section, which features an economic calendar, daily analysis posts, as well as automated technical analysis by way of MetaTrader’s Autochartist plugin. My favorite features were the interest rates tracker, daily and weekly forecast articles, and the economic calendar – which was useful for keeping track of national holidays and global trading hours.

Market news and analysis: OctaFX produces daily articles that cover technical and fundamental analysis across popular trading symbols including forex and CFDs. It also offers its OC LiveTrader series, which consists of video content that is live-streamed on its YouTube channel, which recently surpassed one million subscribers. The quality of OctaFX’s research material is a touch above with what you’d typically find with the average broker, although still trails behind the rich content offered by the best brokers in this category.

Feature OctaFX logoOctaFX
Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Autochartist Yes
Trading Central (Recognia) No
Social Sentiment - Currency Pairs No

Education

While OctaFX has improved its educational offering with webinars and live trading session recordings, its educational articles and videos suffer from a lack of variety.

Learning center: OctaFX’s website has a dedicated forex education section with roughly 20 articles for beginners. The OctaFX Youtube channel has archived webinars, and also hosts its Forex Basic Course video series that spans 11 parts.

Features like its trading glossary, platform tutorials, and dozens of Frequently Asked Questions (FAQs) help to flesh out OctaFX’s educational offering. That being said, there isn’t much educational content for learning how to trade or understand market dynamics. It's worth mentioning that the broker does have a blog and a YouTube channel, yet I was still left wanting more.

Room for improvement: OctaFX’s educational offering would benefit from an overall expansion of its articles and videos, and an increase in the range of topics covered. Arranging the educational content by experience level would strengthen its ease-of-use, and balance the overall experience.

Feature OctaFX logoOctaFX
Has Education - Forex or CFDs Yes
Client Webinars Yes
Client Webinars (Archived) Yes
Videos - Beginner Trading Videos Yes
Videos - Advanced Trading Videos Yes
Investor Dictionary (Glossary) Yes

Final thoughts

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OctaFX offers the full MetaTrader suite, albeit with a fairly limited offering of tradeable instruments. There’s no question – if OctaFX wants to compete with the best MetaTrader brokers, it needs to make improvements in its range of products and its research and education.

Though it has been granted regulatory status in Cyprus, OctaFX’s lack of additional reputable licenses heavily weighs down its Trust Score. Becoming regulated in more jurisdictions – especially tier-1 jurisdictions – will go a long way towards building trust with existing and prospective customers.

Read next. See how over 60 brokers stack up by reading our best of broker guides.

Compare OctaFX Competitors

Select one or more of these brokers to compare against OctaFX.

Compare Brokers
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About OctaFX

Founded in 2011, OctaFX is part of a group of global entities, which include Octa Markets Incorporated (based in Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd (based in Cyprus)

Is OctaFX a good broker?

OctaFX is an up-and-coming broker that has been in operation for nearly 10 years. Its growth has enabled OctaFX to continue to expand its products and services. Adding additional regulatory licenses in tier-1 jurisdictions would be a step toward winning more client trust.

Is my money safe with OctaFX?

As OctaFX is only regulated in Cyprus, we consider the broker to be a higher risk than those firms that are regulated in numerous tier-1 jurisdictions.

Founded in 2011, OctaFX holds regulatory licenses primarily in Europe through its Cyprus-based entity – Octa Markets Cyprus Ltd – which is regulated by the Cyprus Securities and Exchange Commission (CySEC). Your account may be eligible for certain CySEC protections – in the extraordinary event of Octa Markets Cyprus Ltd.’s bankruptcy, for example, you’ll be protected for up to 20,000 euros from the Investor Compensation Fund (ICF).

The brand’s international entity, Octa Markets Incorporated, is the brand’s international entity. It is based in St. Vincent and the Grenadines (SVG), and it provides little to no regulatory protection. The security of your funds – in terms of regulatory protection – will depend on which OctaFX entity holds your account, and which –if any – relevant regulations provide customer protections.

What is the minimum deposit for OctaFX?

Minimum deposits at OctaFX will vary depending on your country of residence and your chosen payment method. They can go as low as $25 (USD) when funding with Visa/Mastercard, to 50 euros (EUR) when using Skrill/Neteller to as much as 500,000 Indian rupees (INR). It’s important to note that minimum deposits and trading costs will also depend on which OctaFX entity you choose for establishing your trading account.

OctaFX has over 50 different payment options, such as Visa, Neteller, Fasapay and bitcoin, as well as a large variety of local bank transfers. The availability of these payment methods may also depend on your country of residence.

2023 Review Methodology

At ForexBrokers.com, our reviews of online forex brokers and their products and services are based on our collected data as well as the observations and qualified opinions of our expert researchers. Each year we publish tens of thousands of words of research and detailed forex guides, and we monitor dozens of international regulator agencies (read more about how we calculate Trust Score here).

Our research team conducts thorough testing on a wide range of features, products, services, and tools (collecting and validating thousands of data points in the process). We test all available trading platforms for each broker – whether they are proprietary or come from third-party providers – and evaluate them based on a host of data-driven variables.

We also take an in-depth look at each broker’s commissions and fees, such as bid/ask spreads – including the average spread data for some of the most popular forex currency pairs. We research other trading costs, such as inactivity or custody fees, minimum deposit requirements, VIP rebates and/or discounts, and a range of other important fee-based data points.

Some of the other important research categories that are factored into our testing include mobile trading accessibility and capability, availability of market research and educational content, and each broker’s overall Trust Score.

Read our full explanation and accounting of our research and testing process to learn more about how we test.

ForexBrokers.com 2023 Annual Awards

For the ForexBrokers.com 2023 Annual Awards, brokers were evaluated against ForexBrokers.com’s 8 Primary Categories: Commissions & Fees, Offering of Investments, Platforms & Tools, Mobile Trading Apps, Research, Education, Trust Score, and Overall.

Primary Categories

OctaFX logoOctaFX Overall Rating Offering of Investments Commissions & Fees Platforms & Tools Research Education Mobile Trading Apps Trust Score
Rating 4/5 Stars 3/5 Stars 4/5 Stars 4/5 Stars 4/5 Stars 3.5/5 Stars 4/5 Stars 67
Rank #1
Streak #1
Best in Class
Best in Class Streak

Forex Risk Disclaimer

There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Read more on forex trading risks.


About the Editorial Team

Steven Hatzakis
Steven Hatzakis

Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).


John Bringans
John Bringans

John Bringans is the Senior Editor of ForexBrokers.com. An experienced media professional, John has close to a decade of editorial experience with a background that includes key leadership roles at global newsroom outlets. He holds a Bachelor’s Degree in English Literature from San Francisco State University, and conducts research on forex and the financial services industry while assisting in the production of content.


Blain Reinkensmeyer
Blain Reinkensmeyer

Blain Reinkensmeyer has 20 years of trading experience with over 2,500 trades placed during that time. He heads research for all U.S.-based brokerages on StockBrokers.com and is respected by executives as the leading expert covering the online broker industry. Blain’s insights have been featured in the New York Times, Wall Street Journal, Forbes, and the Chicago Tribune, among other media outlets.


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