Review of the OctaFX Forex and CFD Broker

Review of the OctaFX Forex and CFD Broker title=
4.5/5
OctaFX is a regulated forex and CFD broker that offers copy-trading and forex trading, as well as stock index and commodity CFDs.
Min. deposit
$100
Website address
Demo account
Yes
Currency
EURUSD
Supported languages
DeuEng
Active
Yes
Payment Methods
Credit CardDebit CardFasaPayMastercardNetellerSkrillVisaWire Transfer
Instruments
CFDsCommoditiescryptocurrenciesForexindices
Min. trade price
0.01 lots
Regulated By
CySECSVGFSA
MetaTrader 4
No
MetaTrader 5
Yes
cTrader
No
OmniTrader
No
AlgoTrader
No
TradingView
No
Trading Central
No
Autochartist
Yes
eSignal
No
STP Account
No
ECN Account
Yes
DMA Account
No
MAM Account
No
PAMM Account
No
LAMM Account
No
Demat Account
No
Mobile Apps
Yes (iOS & Android)
Margin Trading
Yes
Volatility Index
No
Spot Trading
Yes
Perpetual Swaps
No
ELWs
No
REITs
No
AI / Machine Learning
No
Robo Advisor
No
P2P Trading
No
Negative Balance Protection
Yes
VPS Hosting
Yes
Tournaments
No
Demo Competitions
Yes
Managed Accounts
No
Market Maker
No
Auto Trading
Yes
Social Trading
Yes
Copy Trading
No
Trade Signals
Yes
Islamic Account
Yes
Inactivity Fee
0
Guaranteed Stop Loss
No
Stock Exchanges
Dow JonesFTSE UK IndexNasdaq
Commodities
GasolineGoldNatural GasOilSilver
Crypto Spread
Variable
Crypto Lending
No
Crypto Staking
No
Crypto Mining
No
Crypto Auto Market Maker
No
Crypto Coins
AAVE, ADA, ALGO, ATOM, AVAX, BTB, BTC, DASH, DOGE, DOT, ETH, IOTA, LINK, LTC, MANA, MATIC, NEAR, SOL, ZEC
Ladder Options
No
Boundary Options
No
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* The amount that will be credited to the account in the case of a successful deal

*General Risk Warning: Your capital might be at risk

Trustpilot Real Time Reviews

Star

The Trustpilot rating is 4.5,
according to 5310 reviews

4.5 Stars
Ampofo Samuel
Ampofo Samuel
stars
gh
Excellent broker, quality interface, Good customer care, Low Spread, Fast Deposit & Withdrawal! The Payment method, I wish you guys should add more. I'm from Ghana 🇬🇭 in the West African. We find it little difficult to make a Deposit into our account. Try to add ( MTN Mobile Money ) into the Payment Options for Direct Deposit 🙏✅

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Maqsood Ahmed
Maqsood Ahmed
stars
pk
Nice experience with octafx plz stable in spread at news time and Sydney session these are so high otherewise it's ok

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Muhammad Khawar Sarfraz
Muhammad Khawar Sarfraz
stars
pk
Company doing well with thare client Werry good for those who are interested to forex trade thay should go through to. The octafx.thay sre verry profational &more experienced.have a good experience with octafx thanks

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Ikechukwu Paul Ebirim
Ikechukwu Paul Ebirim
stars
ng
I love the fact that the bonus attached to my deposit is not removed even when I make withdrawals. Octafx is fast and reliable. I am pleased to be on this platform.

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Jose Eduardo Garcia Colin
Jose Eduardo Garcia Colin
stars
mx
I love the way you guys give us the opportunity to copy a master as i don´t know anything about trading and this is a good opportunity for us who wants to earn a little extra of course having in mind that we can also lose but this is a risk. I´m new this is my first week

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Selvanayagam C
Selvanayagam C
stars
in
Your service are always welcome one, and i have to earn money because I losed every thing what I have invested even though I have lot of hope

View all

Content

OctaFX is a regulated forex and CFD broker that offers copy-trading and forex trading, as well as stock index and commodity CFDs. Cryptocurrency and shares trading are available if you reside outside of Europe. What draws many customers to OctaFX? It doesn’t charge commissions on trades.

OctaFX

OctaFX operates two websites, .com and .eu. The .com website is unregulated but offers more assets to trade, including stocks. The .eu domain is regulated and has a much smaller selection of assets to trade.

ProsCons
OctaFX.eu is regulated in Cyprus.OctaFX.com is not regulated anywhere.
No commission costs.Few trading assets when registered through the regulated website (.eu). No stock trading. Stock trading is available on OctaFX.com
If looking for a forex broker, all commonly traded pairs are available.OctaFX.eu only offers the MetaTrader5 trading platform.
OctaFX.com offers MetaTrader4 and 5, and the OctaTrader platform (though it is unregulated).Spreads can be high compared to other forex brokers.
All client deposits are held in a segregated account.
No fees on deposits or withdrawals
Free demo account and deposit bonuses.

Is OctaFX Safe to Deposit and Trade With?

Is OctaFX Safe to Deposit and Trade With?

OctaFX’s .eu website is regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySec).

A downside of the broker is if you register through the OctaFX.com website, it is unregulated.  Regardless of which website you sign up through, client funds are held in a segregated account. This is important because your funds are held in trust, separate from the business accounts of OctaFX.

This means if OctaFX were to fail, your funds are protected. Another advantage of OctaFX is that it offers negative balance protection, which means if you lose more money than you deposited, you are not liable for paying back the debt.  The company was founded in 2011, which means it has been in operation for more than a decade.

All combined, your money is likely safe with this broker. However, keep in mind that trading with a broker that is regulated in multiple locations, especially a major global market like Canada, Japan, Australia, the US, or the UK, is generally preferred. OctaFX.com has a 4.4 out of 5 rating on Trustpilot.

rating on Trustpilot

Further reading

What are OctaFX’s Trading Fees?

What are OctaFX’s Trading Fees?

OctaFX doesn’t charge commissions; their fee is included in the spread, which is the difference between the price you can buy and sell at.

The spreads offered by OctaFX are competitive compared to other no-commision brokers, although they are definitely not the cheapest. I also found that while their advertised spread is quite low, the actual spread you receive while trading (or even on their quotes page) is quite a bit higher.

For example, the OctaFX website says the typical EUR/USD spread is 0.5 pips. That is quite good for a non-commission broker. In actual trading, it tends to range between 1.0 and 1.5 pips. Here are the spreads witnessed during the US session:

EUR/USD1.0 – 1.5 pips
GBP/USD1.0 – 1.5 pips
USD/JPY1.0 – 1.5 pips
Nas1002.0 – 2.5 pips
Bitcoin (.com website only)$20 – $25
Gold2.0 – 30 pips ($0.2 -$0.30)
Further reading

OctaFX Product Offerings

OctaFX Product Offerings

The products offered by OctaFX vary depending on whether you sign up through their .eu or .com website.

OctaFX Product Offerings

OctaFX.com offers more than 230 instruments to trade, including forex, crypto, stock indices, commodities, and stocks. OctaFX.eu offers 42 assets to trade, including 28 forex pairs, 10 stock indices, and 4 commodities (gold, silver, Brent oil, and West Texas oil).

This should be enough to satisfy most forex traders. If you specifically want to trade CFDs, then other brokers have more options.

Further reading

OctaFX Promotions and Bonuses

OctaFX Promotions and Bonuses

Bonuses vary depending on which OctaFX website you sign up with.

OctaFX.com offers more than 230 instruments to trade, including forex, crypto, stock indices, commodities, and stocks. OctaFX.eu offers 42 assets to trade, including 28 forex pairs, 10 stock indices, and 4 commodities (gold, silver, Brent oil, and West Texas oil).

OctaFX Promotions and Bonuses

This should be enough to satisfy most forex traders. If you specifically want to trade CFDs, then other brokers have more options.

Further reading

What is the Minimum Deposit and Withdrawal Amount at OctaFX?

What is the Minimum Deposit and Withdrawal Amount at OctaFX?

The minimum deposit amount is $50 or €50. Regardless of the deposit method, the minimum deposit amount is the USD or EUR equivalent. For example, if depositing Bitcoin, be sure to send at least $50 worth.

Minimum Deposit and Withdrawal Amount at OctaFX

The minimum withdrawal amount is $5 or €5, or the equivalent in crypto. The minimum to withdraw via Tether is 20. If withdrawing to a bank, the minimum withdrawal is €50 (only applicable to .eu customers). With OctaFX.com, you can deposit and withdraw EUR, USD, or crypto. With OctaFX.eu, you can only deposit and withdraw EUR.

OctaFX Deposit and Withdrawal Methods

OctaFX has a solid assortment of deposit and withdrawal methods. Here are the deposit methods for OctaFX.com. Note that you can’t withdraw to Mastercard (only deposit).

BitcoinMastercard
SkrillTether (TRC-20, ERC-20)
NetellerDogecoin
EthereumLitecoin

The deposit and withdrawal methods for OctaFX.eu are more limited:

Visa/MastercardRietumu Bank
SkrillBlueOrange Bank
Swissquote Bank

You may deposit and withdraw to your credit card (up to the amount deposited with it).

Further reading

OctaFX Account Types

OctaFX Account Types

With OctaFX.com there is only one account type, and that is a MT5 account. With OctaFX.eu there are two account types. The only difference is the trading platform: MT4 or MT5.

Scalping, hedging, and news trading are allowed. The minimum deposit is €50 or $50. There are no commissions and no withdrawal or deposit fees. Here are the MT5 account details for an OctaFX.eu account:

details for an OctaFX

Further reading

OctaFX Trading Platforms and Apps

OctaFX Trading Platforms and Apps

Once again, the trading platforms and apps you have access to depend on the website you sign up with. In all cases, you have access to the MT5 trading platform.

With OctaFX.com, you have access to the MetaTrader 4 and 5 trading platforms. These are offered by most forex brokers. WithOctaFX.com you also have access to the OctaTrader platform, which is created by OctaFX.

the OctaTrader platform

MetaTrader is available on Windows computers. All the platforms are also available via an app on your Android or Apple device.

For OctaFX.eu users, only the MetaTrader5 platform is available. It is available on desktop (Windows) and via an online version for Apple computers. It is available for download on Android and Apple phones. If you are interested in trading stocks with OctaFX.com, you will need MT5.

Further reading

OctaFX Support and Education

OctaFX Support and Education

OctaFX offers around the clock support, as well as educational resources where traders can learn about trading.

When researching brokers, it’s important to choose one with a responsive customer service team in case you run into any issues. OctaFX offers support 24/7. You can access support via live chat on the site or through the following contact choices:

Phone number (Cyprus): +357 25 251 973

Customer support:clientsupport@octafx.eu

Marketing & Partnership: marketing@octafx.eu

For OctaFX.com, you can send them an email via the Contact Us page. Educational resources on OctaFX.eu are limited, but there is a wide array of articles, webinars, and daily market updates on OctaFX.com.

market updates on OctaFX.com

OctaFX Copy Trading

Copy trading is when you copy the trades of someone you have opted to follow. The trades can be automatically placed in your account.

OctaFX Copy Trading

With the OCtaFX CopyTrading program you can become a master trader by sharing your track record and letting other people copy your trades – or, you can choose to copy the trades of master traders. Copy trading offers a simple way to follow trade signals of more experienced traders.

If you become a master trader and other traders copy your trades, you can earn an extra income by charging your clients/copiers a commission on each trade.

Further reading
OctaFX FAQs

OctaFX FAQs

From what countries does OctaFX accept clients?

OctaFX.eu accepts clients from Europe, excluding Belgium and the UK. OctaFX.com doesn’t accept clients from Canada and the US.

How long do OctaFX withdrawals take?

Once a withdrawal is submitted, it is typically processed within several minutes. Bank transfers may take 3-7 days to reach their destination.

Does OctaFX requote prices?

A requote is when a broker rejects your order and then asks if you would like to make the transaction at a different price. OctaFX does not requote.

What leverage does OctaFX offer?

OctaFX.eu offers up to 30:1 leverage on forex pairs, 20:1 on stock index CFDs, and 10:1 on commodity CFDs. OctaFX.com offers up to 500:1 on forex pairs, 200:1 on metals, 100:1 on energies, 50:1 on indices, 25:1 on crypto, and 20:1 on stocks.

Does OctaFX allow scalping, hedging, and news trading?

Yes, you can use these trading styles with OctaFX.

What account currencies does OctaFX offer?

OctaFX.eu only offers euro accounts. OctaFX.com offers euro and US dollar accounts.

Final Thoughts on OctaFX

OctaFX offers reasonable trading conditions. They don’t charge commissions, but their spreads are not the cheapest. They offer a limited number of trading platforms, but MT4 and MT5 are suitable for most traders’ needs.

OctaFX.eu is regulated in Cyprus, but OctaFX.com is not regulated at all. Ideally, brokers are regulated in a major financial center, although since it has been in operation since 2011, funds are likely safe with this broker. For other broker options, check out our list of Forex Broker Reviews.

Further reading