OctaFX Review 2022 - Things You Should Know

Along with its social copy-trading platform, OctaFX provides a basic, low-cost MetaTrader platform experience.

It has made significant progress in terms of pricing alternatives for traders, but it suffers from a limited selection of tradeable instruments and a lack of variety in its teaching content. In addition, OctaFX only has one regulatory license.

Pros

• OctaFX, which was founded in 2011, is regulated in only one tier-2 country (Cyprus), making it high-risk forex and CFD broker.

• Maintains an expanding collection of well-organized research, including trade ideas, daily updates, weekly forecasts, and third-party content.

• OctaFX has developed a new unique platform for social copy-trading.

Cons

• Customers served by the broker's unregulated offshore entity in Saint Vincent and the Grenadines (SVG) are not protected by regulation.

• OctaFX appears to provide reasonable trading fees, however, its quoted spreads lack appropriate date ranges and are associated with a limited assortment of just over 50 tradeable symbols.

• In areas such as education, OctaFX fails to compete with the biggest multi-asset brokers.

• OctaFX no longer supports the cTrader platform.

Is OctaFX secure？

OctaFX is not a publicly-traded company and does not run a bank. OctaFX is licensed by 0 tier-1 regulators (high trust), 1 tier-2 regulator (medium trust), and 0 tier-3 regulators (low trust).

Investment proposal

OctaFX provides fewer than 50 trading instruments. For instance, market leaders Saxo Bank, IG, and CMC Markets all provide over 10,000 tradeable instruments.

Cryptocurrency trading is offered at OctaFX through CFDs, but not through trading the underlying asset (e.g. buying Bitcoin). It should be noted that crypto CFDs are not offered to retail traders through any broker's U.K. business, nor are they available to U.K. residents.

OctaFX investment offerings:

Fees and commissions

OctaFX has previously battled with price, but has substantially improved in this area and is now gaining ground on the lowest-cost MetaTrader brokers.

Account types: Any commissions or fees you pay at OctaFX will be determined by your account type and the OctaFX entity that regulates your account. European clients will use OctaFX's EU entity, while foreign clients will use OctaFX's offshore entity in Saint Vincent and The Grenadines (SVG). In the EU, only MT5 is promoted, hence only one account is provided, whereas the SVG entity provides accounts for both MT4 and MT5.

Spreads: The spread price at OctaFX varies based on which of its businesses is in charge of your account. For the EUR/USD pair, for example, its EU entity is marginally better at 0.5 pips, compared to 0.7 pips for the SVG entity. It's worth mentioning that OctaFX didn't provide a date range for its average spread statistics, so the values don't carry as much weight as spreads that do. Overall, OctaFX's price has improved and appears to maintain pace with the lowest-cost MetaTrader brokers, although we were unable to do an exact comparison due to the lack of a date range for its average spread claim.

OctaFX Pricing Summary

Apps for mobile trading

Even though OctaFX has proprietary software for social copy trading (the OctaFX Copytrading app), it lags behind industry leaders like IG and Saxo Bank. Read our Best Forex Trading Applications guide for our top selections among trading apps.

Other Trading Platforms

OctaFX is primarily a MetaTrader broker, providing MetaQuotes Software Corporation's platform suite, which includes MetaTrader 4 (MT4) and MetaTrader 5 (MT5) (MT5).

Copy-trading: OctaFX provides a web interface for copy trading (providers are referred to as Masters) that connects to its MetaTrader 4 (MT4) platform. OctaFX's copy trading product has expanded, and I believe it now ranks among the finest copy trading brokers - while there is still space for improvement.

Over the last three months, 2,432 of the 6,201 systems offered on OctaFX's Copytrading software have either broken even or achieved profitability - accounting for around 39% of all strategies. I liked the layout, however, I would want to see more performance information to help traders distinguish themselves from the Masters (providers of each strategy).

Conclusion

OctaFX provides the entire MetaTrader suite, albeit with a somewhat limited selection of tradeable instruments. There's no doubt about it: if OctaFX wants to compete with the best MetaTrader brokers, it needs to increase its product offering as well as its research and education.

Despite being awarded the regulatory status in Cyprus, OctaFX's lack of further credible licenses significantly reduces its Trust Score. Becoming regulated in more jurisdictions, particularly tier-1 jurisdictions, will go a long way toward establishing trust with current and prospective clients.

OctaFX FAQS

Is OctaFX a reputable broker？

OctaFX is a new broker that has been in business for nearly ten years. OctaFX has been able to expand its products and services as a result of its expansion. Adding more regulatory licenses in tier-1 jurisdictions would be a step toward increasing client trust.

Is my money secure at OctaFX？

Because OctaFX is exclusively regulated in Cyprus, we believe the broker to be riskier than firms regulated in multiple tier-1 jurisdictions.

OctaFX, which was founded in 2011, holds regulatory licenses primarily in Europe via its Cyprus-based firm, Octa Markets Cyprus Ltd, which is regulated by the Cyprus Securities and Exchange Commission (CySEC). Your account may be eligible for some CySEC safeguards - for example, in the unlikely event of Octa Markets Cyprus Ltd.'s bankruptcy, you'll be covered by the Investor Compensation Fund for up to 20,000 euros (ICF).

Octa Markets Incorporated, the brand's international entity, is the brand's international entity. It is based in St. Vincent and the Grenadines (SVG) and offers few to no regulatory safeguards. In terms of regulatory protection, the security of your funds will be determined by whatever OctaFX organization controls your account and which – if any – relevant rules provide consumer protections.

What is the OctaFX minimum deposit？

Minimum deposits at OctaFX vary depending on your country of residency and payment method of choice. They can range from $25 (USD) when funded with Visa/Mastercard, to 50 euros (EUR) when funded with Skrill/Neteller, and up to 500,000 Indian rupees (INR). It is crucial to remember that the minimum deposit and trading expenses will also vary according to on which OctaFX company you select to open your trading account with.

OctaFX accepts more than 50 different payment methods, including Visa, Neteller, Fasapay, and bitcoin, as well as a wide range of local bank transfers. These payment methods' availability may also be affected by your country of residency.

About OctaFX

OctaFX was founded in 2011 and is part of a global group that includes Octa Markets Incorporated (located in Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd. (based in Cyprus).