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OctaFX Review 2024: What We Do and Don’t Like
Luis Clark
- URL: https://www.octafx.com
- Minimum Initial Deposit: $25
- Maximum Leverage: 1:500
- Platform App: Desktop, Mobile, Web
- No. of Cryptos: 30
- Fiats Available: USD (Any currency can be deposited to be converted to USD)
- Withdraw Method: Bank transfer, Bitcoin, Skrill, Neteller, Litecoin, Dogecoin, Tether TRC-20, Perfect Money, Ethereum
- Payment Method: Bank transfer, credit card, debit card, e-wallets (Skrill, Neteller, Perfect Money), Bitcoin
- Trading Fees: Up to 140.0 in stocks spread, up to 12.0 in crypto CFD trading, Commissions are included as spread mark-ups
- Headquarter: Saint Lucia
- Year Founded: 2011
- Promotion: $8 Welcome bonus
OctaFX Review: Our Opinion
OctaFX is an easy-to-use Forex trading and CFD trading platform more suited to beginners and intermediate traders searching for a provider with a user-friendly trading platform. The broker stands out for its copy trading features which make it seamless for newbie traders to quickly start trading.
Advanced investors interested in cryptocurrency CFD trading may find the trading platform a little too limiting as it offers only a limited number of cryptocurrencies. That said, OctaFX makes up for this with its array of technical analysis tools and charting options which experienced traders will find attractive.
Important Risk Warning: Investing in and/or trading CFDs, financial instruments, commodities, and other assets involves a significant level of risk. There is a possibility of losing all the funds you have deposited. Prior to engaging in any such activity, it is essential that you fully understand and acknowledge the associated risks. Please be advised that Skrumble.com does not offer investment or any other form of advice. The information provided in our review should not be construed as financial advice in any way.
An Overview of OctaFX
Founded in 2011, OctaFX is an online broker offering trading services such as CFD trading (commodities and cryptocurrency trading) and Forex trading.
Since its inception, clients have opened over 21 million trading accounts from more than 180 nations of the world.
OctaFX has received over 58 forex industry awards as well.
Currently, the broker offers 230 trading instruments, a 50% deposit bonus alongside an $8 welcome bonus, and 3 cryptocurrency pairs for weekend trades.
Its trading services are offered via the OctaFX trading app, MetaTrader 4, and MetaTrader 5. OctaFX also offers a popular copy trading program that allows newbie traders to mirror the trades of professional traders.
Pros
- Suitable for beginners and intermediate traders
- Supports any fiat currency
- Offers copy trading
- Zero commission on trades
Cons
- Limited cryptocurrencies available
Key Features of OctaFX
Copy Trading
OctaFX social/copy trading allows inexperienced traders to copy the trading strategies of experienced traders to maximize profit. The copying trader is referred to as the Copier while the trader being copied is known as the Master Trader or Master.
OctaFX social/copy trading is only available on the MetaTrader 4 platform.
To use copy trading on the platform, you must have a verified OctaFX account with a funded wallet.
OctaFX allows Copiers to copy any number of Masters and close any copied trade manually whenever they choose to. The list of all current subscriptions can be seen in the Copier Area.
The size of copy proportion for every particular Master is determined by the Copier. Copiers can also add support funds to protect their investment from market movements. The support funds do not influence the profit directly but they will be used to support the Copier’s trading strategies.
The Copier can unsubscribe from the Master and stop copying their trades at any time. To unsubscribe from a Master click ‘Stop Copying’. All trades must be closed for the Copier to unsubscribe. Once the unsubscription is done, all funds invested with the Master Trader and the profit made will be returned to the Copier’s wallet.
OctaFX does not display stop loss/take profit orders in the Copier Area, but if any of the Master trader’s accounts triggers these orders, the copied trades will all be closed.
Copiers can choose to copy the Master Trader orders in an equal (x1), double (x2) or triple (x3), or any other preferred proportion.
The copier’s leverage ratio is set at 1:500. If a copier wishes to adjust the leverage ratio, they can contact the customer support team.
Once the Copy trading feature is activated, the Copier’s trades will be executed based on the orders made in the Master Trader’s account. The trades are executed automatically, at the market price.
The maximum volume of copied trades on OctaFX is 100 lots while the minimum volume of copied trades is 0.01 lots. Copied orders with a volume below 0.005 lots will be rejected while copied trades from 0.005 lots and above are rounded to 0 01 lots. OctaFX always rounds up the volume of any order to the nearest hundredth decimal point.
If the copied trade volume is bigger than 100 lots, the trade will not be opened on the Copier account.
If the Master Trader changes equity or leverage either by withdrawal or deposit, all the copied trades will maintain their initial volume in the Copier’s account.
OctaFX can restrict the number of Master accounts the Master Trader can create. It can also reduce the commission set by the Master and unsubscribe Copiers from the Master without prior notice.
It also monitors the trading activities of Master Traders to ensure that they do not engage in malpractice. Masters who manipulate their statistics are given the ‘Suspicious activity’ warning and may be excluded from the Master Rating.
Masters who copy or imitate other Masters’ nicknames will have their nicknames amended or deleted.
The Master Trader determines the commission amount for copying orders. Commissions can range from 0% to 50% of the Copier’s gain. The commission amount is set the moment the Copier begins to copy the Master’s trades. If a master changes the commission amount, it does not affect the amount due under the Copier’s subscription.
All commission charges accumulated within one week are paid to the Master’s Wallet on Sundays.
OctaFX offers copy trading bonus to Copiers. The bonus is 50% of the funds invested by the Copier at the beginning of copying the master. The bonus is not considered an integral part of the Copier’s investment and cannot be withdrawn. It can only be applied once for a particular master within the set dates or the promotion.
If the Copier stops copying the master or the equity of the Copier’s account becomes less than the bony size, the bonus is canceled. Once a bonus is canceled, it cannot be reactivated or applied again.
An important feature of the OctaFX social/copy trading is the OctaFX Social Trading Investment App.
OctaFX Social Trading Investment App
This is a social trading app that allows traders to invest online and earn in the Forex market by simply following experienced traders and copying their trades.
The app displays a list of Master Traders, the number of followers, gain, and Commission amount. You can tap on each Master to view their detailed performance stat and trading strategy.
Once you begin copy trading, the app gives access to detailed statistics on how your investments are performing. This includes your profit amounts, equity, floating profit, percentage of your gain, and the breakdown of your investment success with every Master Trader.
The Copy trading app allows Copiers to follow different Master Traders, this helps to minimize possible risks. Copiers can also set a Balance Keeper Percentage to protect their investments. This will pause the copying if the Copier’s investment goes below the set percentage.
The OctaFX Social Trading Investment app allows users to fund their wallets using several payment methods. Available payment methods include Local bank transfer, Skrill, Netteler, Direct carrier billing, Direct wire transfers with Visa or Mastercard, etc.
The Copy trading app is not only available to OctaFX account holders. It allows users to create a stand-alone account and sign with their Google or Facebook account. Existing OctaFX users can sign in to the app using their OctaFX login credentials.
OctaFX Demo Account
The OctaFX Demo Account is a free account that can be used to practice trading cryptocurrency CFDs and Forex trading. The demo account provides the same trading experience as real accounts and simulates actual market movements. But unlike the real account where actual money is used for trading, the demo account uses virtual money.
The demo account is completely free and gives users unlimited demo access to practice with. It is equipped with all the features available on the real account. This allows traders to trade and test their trading strategies in a realistic trading environment but without incurring any actual loss of funds.
The demo account is suitable for new traders who need time to get familiar with tools and how to trade in the volatile market. With it, inexperienced traders can learn to read charts and use levels, graphic objects, Fibonacci retracements, etc.
The demo account is also perfect for experienced traders who wish to back-test or forward-test their strategies and practice their trading skills before proceeding to trade in the Live accounts.
The demo account features live trading signals, trading assets, and charts.
OctaFX runs a demo contest where participants who trade with their demo accounts can win real money. The demo contest runs for a month and has a $1,000 prize fund.
To win any of the prizes, contestants are expected to have the highest balance at the end of the contest rounds.
Below are the prices for the first to fifth-place winners:
- First place — $500
- Second place— $300
- Third place — $100
- Fourth place — $60
- Fifth place — $40
There is no initial deposit of real funds required to participate in the demo contest. OctaFX provides the virtual money in the demo account for the contest.
Contestants are allowed to use different trading strategies including automated trading, hedging, or reversal trading.
While OctaFX supports most of the trading techniques, any form of abuse of pricing and/or quoted or any kind of arbitrage will result in disqualification.
To participate in the demo contest, login into your Personal Area on OctaFX. Open the menu on the right and click ‘Open Champion Demo Contest’.
Only trades performed on the MT4 trading platform are eligible for the contest.
Cryptocurrencies Available on OctaFX
Octafx supports 30 crypto CFDs. Available cryptocurrency CFDs include Bitcoin, Ethereum, Litecoin, Cardano, Bitcoin Cash, Binance Coin, XRP, Polkadot, Decentraland, Binance Coin, Ethereum Classic, Filecoin, Solana, Uniswap, Algorand, Avalanche, Aave, DOGE coin, Chainlink, Near Protocol, etc.
OctaFX Review: Fees and Spread
OctaFX does not charge commissions on trades as most brokers do. Instead, they add a markup to the spread being charged when a client opens or closes a trade.
The trading platform also doesn’t charge commissions or fees on deposits and withdrawals. There are also no swap fees on all major currency pairs and zero inactivity fees.
That said, trading costs at OctaFX are charges via spreads on the various supported financial instruments. Below are a few examples of the type of spreads charged OctaFX on Forex and CFD trading instruments.
Forex Trading
- EURUSD: 0.9
- GBPUSD: 1.0
- USDJPY: 1.1
Cryptocurrency CFDs
- ADAUSD: 2.5
- AXSUSD: 3.6
- BTCUSD: 2.8
- BNBUSD: 12.0
Here is a link to the full spread schedule for OctaFX.
OctaFX Review: Payment Methods
OctaFX offers several payment methods which include Bank account transfers, credit cards, debit cards, e-wallets (Skrill, Neteller, Perfect Money), and Bitcoin.
All payment methods are instant except deposit bank transfer which can take between 1 to 4 hours or at most 1 business day.
The platform also doesn’t charge for deposits.
That said, to deposit to your account follow these steps:
- First, sign in to your Personal Area and tap or click Deposit. Find the deposit button at the top of the main menu. This is the same for both the mobile and desktop versions of the OctaFX platform.
- Next, choose the account you want to deposit into. Then select your preferred payment method. The list of available payment methods is based on the country of residence you specified when you were opening your OctaFX account.
Depending on the payment method you choose, the steps to add funds to your account will differ.
OctaFX covers all fees applied by payment systems. Including the Bitcoin miner’s fee if you are up for that method.
OctaFX Review: Security
OctaFX is compliant with several international legislation and regulation standards. It stores customers’ funds in segregated accounts which ensures that the funds are secure, untouched, and not mixed up with the company’s funds.
The platform also has negative balance protection for clients. This means that clients cannot lose more than they invested. If the balance becomes negative OctaFX will compensate the trader’s account and adjust the account balance to zero.
OctaFX has a team of professional technical specialists and security engineers that monitor the company’s technical environment around the clock. The job of this team is to develop and maintain top-level protection to prevent data loss, damage, or any form of technical issues.
OctaFX also protects users’ personal data and financial transactions. The SSL-protected Personal Area is secured with 128-bit encryption.
The platform also uses 3D secure technology when processing credit and debit cards, this makes Visa transactions safe and transparent.
Email confirmation is required for all withdrawal requests. OctaFX also requires that clients use the same payment details for deposits and withdrawals. This will prevent the transfer of funds to unauthorized third parties.
Supported Countries
OctaFX is available in over 180 countries worldwide. Supported countries include Malaysia, Pakistan, Nigeria, Ghana, Singapore, Indonesia, etc.
Licenses Held by OctaFX
OctaFX is registered and licensed by the Cyprus Securities and Exchange Commission (CySEC).
Opening a OctaFX Account
To open an OctaFX account go to https://www.octafx.com and click or tap the open account button at the center of the page to begin creating your account.
On the next page fill out the form requiring you to input your email address and select a password. Alternatively, you can sign up using your Google, Facebook, or Apple ID.
You must use your real email address or one that you have access to as the broker will require that you verify the inputted email.
Hit the Sign Up button to proceed.
Next, open your email and check the inbox for a message from OctaFX. If you do not find it in your inbox you can check your spam folder.
Once you open the email you should see a Confirm button. Click on it to verify your email address.
You will be redirected to a registration page where you will be required to enter your details. Enter your details and click or tap Continue to proceed.
As with your email address ensure that the personal details entered are correct, as the broker will require that you verify your identity to withdraw money.
Next, configure your new OctaFX account.
You can choose between a standard or custom account. The standard account gives you a quick start with one of the most popular trading platforms; MetaTrader 5. And this comes with the leverage of 1:500.
With the custom option, you will be able to adjust your account type between a real account and a demo account. It also allows you to choose your trading platform and your leverage ratio manually.
Lastly, hit Create Account to finalize the registration process.
After signing up you will need to check your email inbox to find the login and password to your trading account.
That’s it! You have successfully created your OctaFX trading account.
Ensure that you complete your KYC verification as you will be unable to withdraw money without it.
The process is relatively straightforward and simply requires you to upload a government-issued ID such as a passport, driver’s license, etc. And a proof of address which can be a utility bill, bank statements, or residency permit.
Different Types of Accounts on OctaFX
OctaFX offers 2 types of accounts which differ based on the trading platform used to access them:
- MetaTrader 5 Account
- MetaTrader 4 Account
OctaFX MetaTrader 5
OctaFX recommends this account type for innovative traders as it offers smart tech trading.
The spread on this account is a floating one and starts at 0.6 pips. There are also no commissions with this account type. Rather, the broker charges a mark-up on spreads.
Financial instruments available include 25 currency pairs, 10 indices, 30 cryptocurrencies CFDs, 3 energies, and 150 stock CFDs.
Concerning leverage here’s what maximums are offered:
- 1:500 for currencies (1:100 for ZARJPY)
- 1:200 for metals
- 1:100 for energies
- 1:50 for indices
- 1:25 for cryptocurrencies CFDs
- 1:20 for stocks
The maximum volume for this account is 500 lots with a minimum volume of 0.01 lots.
OctaFX MetaTrader 4
This account type is recommended for traditional traders by OctaFX as it offers an easy start for newbie traders.
Just like the previous account type, OctaFX does not charge commissions here. The broker charges its fees via spreads and a markup.
This account also has floating spreads starting at 0.6 pips.
For supported trading instruments, the MetaTrader 4 account offers 35 currency pairs, gold and silver, 3 energies, 4 indices, and 30 crypto CFDs.
It also has a similar maximum leverage package as with the MetaTrader 5 except that it does not offer CFDs on shares:
- 1:500 for currencies (1:100 for ZARJPY)
- 1:200 for metals
- 1:100 for energies
- 1:50 for indices
- 1:25 for cryptocurrencies
The minimum volume is 0.01 lot and the maximum volume is 200 lots.
This account offers the features of the previous account type except for trading on stocks.
All accounts on OctaFX are swap-free.
Demo Accounts
OctaFX offers demo accounts for users who want to test their trading strategies or are just starting with forex and crypto CFDs trading and need practice.
With the demo account, you can trade with virtual funds and there are zero risks involved.
You also won’t have to make a deposit and will not be able to withdraw profits made from the Forex and crypto CFDs demo trading account.
OctaFX broker allows you to create any number of demo accounts, however, it closes inactive ones after a while.
The demo accounts are funded with $5,000 in virtual money by default but you can claim up to $1,000,000 in virtual money later.
Trading Experience on OctaFX
The overall trading experience with OctaFX is that the platform is simple to use but may be considered basic by experienced traders.
OctaFX only offers 2 primary trading platforms which are MetaTrader 4 and MetaTrader 5. This offers a lot of flexibility for traders who may want to migrate their accounts in the future. But traders who may want other options as trading platforms would find OctaFX limiting.
Users can execute trades via mobile, web, or desktop devices. OctaFX also supports both iOS and Android devices.
In general, the trading experience is what you would expect from a traditional Forex and CFD trading provider. Apart from the copy trading feature, there are no unique trading features that make OctaFX stand out from its competitors.
Different Platforms Used to Trade
OctaFX offers 3 primary trading platforms which include MetaTrader 4, MetaTrader 5, and OctaTrader.
Each of these trading platforms has its pros and cons, trading instruments, and available tools for market analysis. You’ll be able to choose your preferred option when creating a new trading account.
Generally, the MetaTrader 4 is recommended for all types of traders including beginners while the MetaTrader 5 is best suited for tech traders.
OctaTrader is for users who want to trade CFDs or Forex on the go using their mobile devices.
All platforms support forex currency pairs, cryptocurrency CFD, Energies, Indices, and Metals. Only MetaTrader 5 supports stock CFD trading.
OctaFX also features a MetaTrader 5 ECN platform that allows for fixed commissions and spreads from 0.1.
How to Trade Cryptocurrencies on OctaFX
Trading crypto CFDs on OctaFX isn’t the same as on a cryptocurrency exchange.
OctaFX offers CFD trading, meaning you cannot buy or own a cryptocurrency on the platform. Rather, you can only be exposed to the price movements of the particular cryptocurrency pears that you intend to buy or sell.
To begin trading cryptocurrency CFDs you need to launch your MetaTrader 4 or MetaTrader 5 account using the login details from OctaFX.
Next, choose cryptocurrency, and pick a currency pair to begin cryptocurrency CFD trading.
OctaFX Review: Customer Service
OctaFX offers customer support via phone, email, Live Chat, and inquiry forms.
Customer support is available in different languages including English, Thai, Urdu, Indonesian, Hindi, and Malay.
Information on the OctaFX platform shows that the first response from the support team following a support request from a customer is 7 seconds. The average full resolution time for complaints is 3 minutes.
OctaFX also has an education section that is fully equipped with information about trading on the platform and the crypto market in general.
The resources available in the education section and Help Center is often enough to help customers resolve their problems without contacting the support team.
Customer Satisfaction
OctaFX customer reviews on third-party review platforms show that the platform is easy to use and offers good service to customers.
Does OctaFX Offer Education?
Yes, OctaFX offers an education center. The resource center provides video courses on Forex basics as well as articles targeted primarily at beginners.
Is OctaFX Right for You?
OctaFX is right for beginner and intermediate traders looking for an easy-to-use platform with average spreads for trading forex and crypto CFDs.
Final Thoughts
OctaFX is a user-friendly broker that caters best to new traders who want to eliminate the noise and professional jargon that comes with platforms tailored to experienced investors.
It also offers a limited/average selection of cryptocurrency pairs when compared to other brokers, which makes it a limiting option for crypto enthusiasts.
For a more comprehensive and possibly superior trading experience, our OQtima review provides valuable insights.
FAQ
Most frequent questions and answers
No, OctaFX does not work in the United States.
Yes, you can make money in OctaFX by studying the financial markets and buying or selling a currency pair, CFDs, metals, or commodities. However, Forex and CFD trading is extremely risky and you can lose your entire investment without proper knowledge.
You can also generate profit by copying other successful traders with OctaFX’s social trading feature.
The broker’s EU entity is licensed by the CySEC and has never experienced a widespread data or security breach.
Yes, OctaFX Trading is legal in countries where they are supported. In regions where they are not, like the United States OctaFX Trading is illegal.
We always try to provide the most accurate information available, and make sure our team follow through.
If you want to know more about our Crypto Exchanges Review Methodology follow the link below
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