OctaFX Review 2020

OctaFX Rated 4/5

OctaFX Guide

OctaFX are an online broker founded in 2011 offering Forex trading.

OctaFX are a global broker and have a head office in St. Vincent and the Grenadines.

When trading in the financial markets it can be very time consuming to find a broker that meets your needs.

Often you have to visit and read many broker websites all of which have different uses of language. The wording can be very confusing. In our review of OctaFX we break down the pros and cons. What OctaFX are able to offer, what countries OctaFX are available in. Who OctaFX are regulated by and more.

Having a reliable and capable broker is crucial to your success in online trading. Make sure that your broker is not fake or unreliable to avoid losing your investment. Ensure that your needs fit the profile of your broker as well, in order for you to have a good working profitable relationship.

Benefits of trading with OctaFX

  • Regulated by: Financial Conduct Authority (FCA)
  • Headquarters Country : St. Vincent and the Grenadines
  • Foundation year 2011
  • Min Deposit : 5
  • Used by over 30,000 traders
  • OctaFX is not available in the following countries : US
Open OctaFX's Website

Losses can exceed deposits

At the bottom of this review you can also learn about some pretty good alternatives to OctaFX

With this review we hope to help you see if OctaFX is a good fit for you.

It is a common myth that online trading is confusing. It is only difficult for people who have not done the research. In this article, you will learn important information regarding OctaFX that will help you get off to a good start in the world of online trading.

OctaFX Review Table of Contents

OctaFX what you should know

OctaFX offer one way to trade: Forex.

With OctaFX you will need a minimum deposit of $5. You can sign up for a demo account to acquaint yourself with OctaFX platform.

OctaFX are able to accommodate various levels of traders whether you are experienced or a beginner.


Are OctaFX safe?

When choosing a broker like OctaFX the administrative body and regulatory status of the broker is very important. Brokers who conduct trades without supervision of a regulatory body do so at their own discretion. Any capital you invest is at risk.

Established in 2011, and in operation for 9 years OctaFX have a head office in St. Vincent and the Grenadines.

OctaFX is regulated. This means OctaFX are supervised by and is checked for conduct by the Financial Conduct Authority (FCA) regulatory bodies.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to OctaFX, this will be honored. If OctaFX violate any regulatory rules their regulated status could be stripped.

Any payments funded to OctaFX accounts by traders are held in a segregated bank account.

For added security OctaFX use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Try creating two accounts when you are working with OctaFX. One is the real account, with your real money and the other is your demo account. The demo account is your experimental account.

Open a demo account Visit OctaFX

Losses can exceed deposits

Full disclosure: We may receive a commission if you sign up with a broker using one of our links.

Broker OctaFX eToro XTB IC Markets
Year Established 2011 2006 2002 2007
Head Office St. Vincent and the Grenadines Cyprus, UK Poland Australia
Regulation Financial Conduct Authority (FCA) Financial Conduct Authority (FCA), Cyprus Securities and Exchange Commission (CySEC) Financial Conduct Authority (FCA), FCA number FRN 522157, Cyprus Securities and Exchange Commission (CySEC), CySEC Licence Number: 169/12, Comisión Nacional del Mercado de Valores, Komisja Nadzoru Finansowego Australian Securities and Investment Commission (ASIC), Financial Services Authority (FSA), Cyprus Securities and Exchange Commission (CySEC)
Used By 30,000+ 12,000,000+ 250,000+ 60,000+
Negative balance protection Yes No Yes Yes
Guaranteed Stop Loss Yes No Yes No
Learn More Visit OctaFX Visit eToro Visit XTB Visit IC Markets
Risk Warning Losses can exceed deposits 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk Losses can exceed deposits

OctaFX Pros and Cons

What we like about OctaFX

  • Used by over 30,000 traders
  • Established in 2011
  • Regulated by Financial Conduct Authority (FCA)
  • Min. deposit from $5

What we don't like about OctaFX

OctaFX Financial Regulation and Supervision in more detail

We have checked and OctaFX is regulated and supervised by reputable organisations. You are able to check every OctaFX supervisory and regulatory body given below. Regulation gives you some recourse for those who have issues with OctaFX. Regulatory authorities protect the traders with things like reimbursement schemes that regain the client's investment in the event the broker becomes insolvent.

The brokerage firms have to comply with a variety of rules and criteria determined by the recognized international authority with the intention to provide secure trading and stay licensed. The whole notion of regulation is to protect OctaFX traders and provide a safe trading environment.

OctaFX is governed and supervised by reputable financial regulatory bodies. Regulatory bodies monitor the behavior of the brokers and if things go wrong they will take necessary action. Before trading online with a broker such as OctaFX you should be sure they're legitimate online agent.

OctaFX Awards

OctaFX have won numerious industry awards over the 9 years they have been operating as a financial broker. We list the most notible awards and mentions for OctaFX below.

  • Fx Daily Info Best ECN/STP Broker 2019
  • Fx Daily Info Best Forex Broker Asia 2019
  • Global Banking and Finance Review Best Forex Broker Asia 2018
  • European CEO Magazine Best FX Broker 2018
  • European CEO Magazine Best Trading Conditions 2018
  • Forex Awards Best Copy trading Platform 2018
  • Forex Awards Best Trades Execution 2017
  • European CEO magazine Best Trading Conditions 2017
  • UK Forex awards Best Forex ECN Broker 2017
  • European CEO magazine Most Transparent Broker 2017
  • Forex Report Magazine Best Trading Conditions 2016
  • FX Empire Best International Broker 2015
  • Forex Traders Best Islamic Account Forex Broker 2015
  • European CEO magazine Best STP Broker 2015
  • FX Empire Most Reliable Broker 2014
  • Global Banking and Finance Review Best ECN Broker Asia 2014
  • World Finance magazine Best Broker Central Asia
  • Global Banking and Finance Review Fastest Growing Micro Forex Broker 2012

OctaFX General Fees

  • OctaFX doesn't charge withdrawal fees
  • OctaFX doesn't charge inactivity fees
  • OctaFX doesn't charge deposit fees
Broker OctaFX eToro XTB IC Markets
Min Deposit 5 200 0 200
Withdrawl Fees No Yes varies No
Inactivity Fees No Yes No No
Deposit Fees No No No Varies
CFD Commission Fees No No Yes Yes

OctaFX Commissions

  • OctaFX doesn't charge commission on CFD instruments.

What can you trade with OctaFX?

You can trade a wide variety of instruments with OctaFX over instruments infact.

If you are looking at trading currency pairs OctaFX offer over currency pairs.

Compare OctaFX with eToro and XTB below.

Losses can exceed deposits

Broker OctaFX eToro XTB IC Markets
Instruments Available 100 1,500 232
Platforms MT4, MT5, Web Trader, cTrader, Tablet & Mobile apps Web Trader, Tablet & Mobile apps MT4, Mirror Trader, Web Trader, Tablet & Mobile apps MT4, MT5, Mirror Trader, ZuluTrade, Web Trader, cTrader, Mac
FX / Currencies Visit OctaFX Visit eToro Visit XTB Visit IC Markets
Forex pairs offered 50 50 65
Major forex pairs Yes Yes Yes Yes
Minor forex pairs Yes Yes Yes
Exotic forex pairs Yes Yes Yes
Cryptocurrencies No Yes Yes Yes
Commodity CFDs Visit OctaFX Visit eToro Visit XTB Visit IC Markets
Commodities Offered 0 0 21 19
Metals Yes Yes Yes Yes
Energies Yes Yes Yes Yes
Agricultural No Yes Yes Yes
Indiced & Stock CFDs Visit OctaFX Visit eToro Visit XTB Visit IC Markets
Stocks Offered 957 1696 100
UK Shares No Yes Yes No
US Shares No Yes Yes Yes
German Shares Yes Yes Yes Yes
Japanese Shares Yes Yes Yes Yes

Trading on OctaFX web platforms and other applications

OctaFX is one of the few brokers that offer both of the MetaTrader platforms; MT4 and MT5. To see how the two platforms compare, you can read our comparison of MT4 vs MT5 here.

OctaFX is one of a handful of brokers that offer the cTrader platform developed for traders. For a list of forex brokers that offer the cTrader platform, check out our comparison of MT4 brokers.

OctaFX also offer mobile apps for Android and iOS, making it easier to keep an eye on and execute your trades while you’re on the move.

See OctaFX's platforms

OctaFX Trading benefits :

  • Allows scalping
  • Allows hedging
  • Offers STP
  • Low min deposit
  • Guaranteed stop loss
  • Offers Negative Balance Protection

OctaFX Trading Accounts Offered :

  • Demo account
  • Micro account
  • Mini account
  • Standard account
  • Zero spread account
  • STP account
  • Islamic account

Can I try OctaFX before I buy?

OctaFX offer a demo account so you can try before putting down funding payments. Open a practice account & learn to trade

OctaFX withdrawl and funding methods.

OctaFX offer the below funding payment methods. learn more about OctaFX

  • Credit cards
  • Bank Transfer
  • Neteller
  • UnionPay
Broker OctaFX eToro XTB IC Markets
Bank transfer Yes Yes Yes Yes
Credit Cards Yes Yes Yes Yes
Paypal No Yes Yes Yes
Skrill No Yes Yes Yes
Payoneer Yes Yes
Neteller Yes Yes Yes Yes

How can I start trading with OctaFX?

When opening a trading account with OctaFX, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on OctaFX trading platforms here.

Performing trades with OctaFX

OctaFX allow you to execute a minimum of trade of 0.01 Lot. This may vary depending on the account you open. OctaFX allow you to execute a maxium trade of 10 Lot. As OctaFX offer STP execution, you can expect tighter spreads with more transparency over the price you‘re paying to execute your trades.

As with most brokers, margin requirements do vary depending on the instruments.

OctaFX Leverage and OctaFX CFDs Explained

let's take a look at some of the basics of using OctaFX leverage.

OctaFX offer CFD are a leveraged product for this example we describe ten times leverage.

So you have a ten thousand dollar position but you only tie up a thousand dollars a tenth of the value on your account. You have a situation where a small sum of money is controlling a much bigger financial position. This is your leverage.

So what effect does leverage have on your profits and losses well put simply it magnifies them in both directions.

OctaFX leverage magnifies both profits and losses when trading.

Let's say for example you buy ten thousand dollars worth of General Electric (GE) using contracts for difference ( CFDs ) using the OctaFX trading platform.

let's say General Electric (GE) rises 10% because its results are positive your position which was worth ten thousand dollars is now worth $11,000.

It's grown by $1000 10% in value this represents a hundred percent increase on the funds initially committed on your leverage CFD trade.

Our initital investment of ten thousand dollars for the trade and has made a thousand dollars in profit because the price is up ten percent.

The OctaFX leverage goes both ways. If General Electric (GE) Falls 10% on week results your position which was worth ten thousand dollars is now worth only nine thousand dollars. It has fallen by a thousand dollars.

OctaFX CFDs are typically used for short to medium term trades. For example OctaFX intraday trading.

Limiting Your Risk When Trading with OctaFX Negative Balance Protection

We should say something about negative balance protection with OctaFX. When trading using leverage an adverse move could result in losing more than your trading account balance at OctaFX. Your OctaFX account could potentially become negative. We recommend you making use of negative balance protection. Using negative balance protection ensures your losses will always be limited to the current balance of the money in your account.

Education resources at OctaFX

To trade effectively with OctaFX, it's important to get a have a good understanding of the OctaFX trading tools and the markets.

OctaFX offer a good selection of educational resources. Spend some time reading up on how the markets and trading works, making active trades, active trading times, and managing risk.

Having an analytical approach may be a good way to approach trading with OctaFX.

Take time to look around the OctaFX platforms and train yourself to think more systematically and logically about the markets. It's a new skill-set for many, but it is what the market requires of you.

Customer Support at OctaFX

OctaFX support a limited number including English

OctaFX have a triple AAA grade support rating because they offer a wide range of languages, live chat, email and phone support.

OctaFX customer service support multiple languages from all over the world. Having a broker that can hire people from various locations in the world who can better communicate with you in your local language is a huge advantage well trying to deal with issues.

Livechat Support at OctaFX

OctaFX does not offer LiveChat Support.

Email Support at OctaFX

We sent several emails to OctaFX and answer times overall were excellent. The fastest response from OctaFX was less than 2 minutes and the slowest response was 3 hours. Support response times may vary for you with OctaFX, but this was our experience sending 10 emails at varying times.

The team resolved and answered our queries. Overall very good email support from OctaFX.

Phone Support at OctaFX

We called OctaFX and the call was answered very quickly. The call was answered in less than 1 minutes.

The OctaFX phone support team were able to successfuly answer our questions and issues over the phone. We tested the multilingual OctaFX team by calling in varying languages. OctaFX made an effort to make sure our queries were answered.

Overall great phone support from OctaFX.

See how OctaFX Support Compares Against Other Brokers

Broker OctaFX eToro XTB IC Markets
Support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
  • Live chat
  • Phone support
  • Email support
Languages English English, German, Spanish, French, and Italian English, Spanish, Czech, Chinese, German, French, Italian, Polish, Portuguese, Romanian, Slovenian, and Turkish English, Japanese, Chinese, Polish, Afrikans, Danish, Dutch, German and more
Learn More Visit OctaFX Visit eToro Visit XTB Visit IC Markets
Risk Warning Losses can exceed deposits 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money. Your capital is at risk Losses can exceed deposits

What you will need to open an account with OctaFX

As OctaFX is regulated by Financial Conduct Authority (FCA), every new client must pass a few basic compliance checks to ensure that you understand the risks of trading and are allowed to trade. When you open an account, you'll likely be asked for the following, so it's good to have these handy:

  • A scanned colour copy of your passport, driving license or national ID
  • A utility bill or bank statement from the past three months showing your address

You'll also need to answer a few basic compliance questions to confirm how much trading experience you have, so it's best to put aside at least 10 minutes or so to complete the account opening process.

While you might be able to explore OctaFX's platform straight away, it's important to note that you won't be able to make any trades until you pass compliance, which can take up to several days, depending on your situation.

To start the process of opening an account with OctaFX you can visit their website here.

CFDs are leveraged products and can result in the loss of your capital. All trading involves risk. Only risk capital you're prepared to lose. Past performance does not guarantee future results.
This post is for educational purposes and should not be considered as investment advice. All information collected from https://www.octafx.co.uk/ on 12th August 2018.

Watch this OctaFX Informational Video

Is OctaFX A Good Broker?

We spent over 3 months examining OctaFX in depth. Although OctaFX are not perfect we found many really useful aspects with the overall offering from OctaFX. Our personal experience of trading with OctaFX was very good. Weighing up many points OctaFX is a good broker.

  • OctaFX have a good track record of offering Forex.
  • OctaFX has a history of over 9 years.
  • OctaFX has a reasonable sized customer support of at least 10.
  • OctaFX are regulated by Financial Conduct Authority (FCA). This means OctaFX fall under regulation from a jurisdiction that can hold a broker responsible for its misgivings; or at best play an arbitration role in case of bigger disputes.
  • OctaFX have regulation from a Tier 1 reputable country.
  • OctaFX has the ability to get deposits and withdrawals processed within 2 to 3 days. This is important when withdrawing funds.
  • OctaFX have an international presence in multiple countries. This includes local OctaFX seminars and training.
  • OctaFX are able to hire people from various locations in the world who can better communicate in your local language.

OctaFX Risk Disclaimer

Losses can exceed deposits

OctaFX not quite right?

Check out these OctaFX Alternatives

We have spent years researching the best alternatives to OctaFX. Click the links below to learn more.

If you feel some of the above OctaFX are not quiet what you are looking for or perhaps you would just like to see some alternatives. See our highly rated list of OctaFX alternatives below.

Related OctaFX Comparisons

If you would like to see how OctaFX stands up against other brokers you can read some of our OctaFX comparisons below. We compare side by side some of our top rated OctaFX versus comparisons. Read some indepth OctaFX VS pages below.

OCTAFX Frequently Asked Questions

Can I try OctaFX before I buy?

OctaFX offer a demo account so you can try before you put down and payment. Learn more here

What funding methods do OctaFX accept?

OctaFX offer the following funding payment methods accept Credit cards, Bank Transfers, Neteller, Wire Transfer, among other payment methods.
Learn more here

Losses can exceed deposits

Is OctaFX safe?

OctaFX are considered safe as they are regulated by and checked for conduct by the Financial Conduct Authority (FCA). Any payments funded to OctaFX accounts by traders are held in a segregated bank account. For added security OctaFX use tier-1 banks for this. Tier 1 is the official measure of a banks financial health and strength.

Is OctaFX trading good?

OctaFX is considered good and reputable to trade with. OctaFXOctaFX is used by over OctaFX active traders. OctaFX offers Forex trading. Minimum deposit with OctaFX is mindeposit.

Is OctaFX trading Legit?

OctaFX was founded in St. Vincent and the Grenadines in 2011. OctaFX has been facilitating trade on the financial markets for over 9 years. OctaFX offers clients Forex trading. All funds deposited to OctaFX are held in segregated tier 1 bank accounts for security. OctaFX is regulated by Financial Conduct Authority (FCA) so can be considered legit.

Is OctaFX a good broker?

OctaFX is overseen by the top tier financial regulators Financial Conduct Authority (FCA) so can be considered a good broker.OctaFX allows Forex trading.

Is OctaFX trustworthy broker?

OctaFX can be considered trustworthy. All money funded to OctaFX is placed into a segregated tier 1 bank account. this means your money in not held by OctaFX directly but a tier 1 bank. The broker has no direct access to your funds so cannot misappropriate your money. Also OctaFX is regulated by Financial Conduct Authority (FCA).

What is the minimum deposit for OctaFX?

The minimum deposit to trade with OctaFX is 5.

How long do OctaFX withdrawals take?

Withdrawing money from OctaFX processing time varies but averages 2-5 days.

Is OctaFX regulated?

OctaFX is regulated by Financial Conduct Authority (FCA).

Is OctaFX a market maker?

OctaFX is a market maker. Stocks, currency and other commodities and instruments will be purchased by OctaFX even if no buyer is lined up.

How can I start trading with OctaFX?

When opening a trading account with OctaFX, you will need to sign up here. Once you have received your login details by email, submitted your identification documents for account validation, and made a deposit; the next step is to download the trading platform of your choice. You can find detailed guidance on OctaFX trading platforms here.

Is my money safe with OctaFX?

OctaFX is regulated by Financial Conduct Authority (FCA). One of the most important criteria for traders when choosing a broker like OctaFX is the regulatory body and regulatory status of the broker. Brokers who conduct business without regulation do so at their own discretion and pose a direct risk to the security of their clients money.

Regulated brokers will not manipulate market prices. When you send in a withdrawal request to OctaFX, this will be honored. If they violate any regulatory rules their regulated status can be stripped.

Is OctaFX a con?

OctaFX is regulated and well established having been in business for over 9 years. OctaFX is definitely not a con.

Can you make money with OctaFX?

Although traders have had great success with OctaFX. Trading on the financial markets with OctaFX is not a get rich scheme. If you educate yourself, practise with a demo account and carefully plan your trading your chance of success will greatly increase. Never trade with money you cannot afford to lose. Losses can exceed deposits.

Does OctaFX have fees?

OctaFX doesn't charge withdrawal fees. OctaFX doesn't charge inactivity fees. OctaFX doesn't charge deposit fees.

When was OctaFX founded?

OctaFX was founded in 2011.

How many people use OctaFX?

OctaFX is used by over 30000 registered traders.

What is OctaFX Headquarters country?

OctaFX has its head quarters office in St. Vincent and the Grenadines.

Does OctaFX offer negative balance protection?

OctaFX offers negative balance protection. With Negative balance protection means traders cannot lose more money than they have deposited.

Does OctaFX offer guaranteed stop loss?

OctaFX offers guaranteed stop loss protection. With guaranteed stop loss protection risk is managed. Traders are guarenteed to close your trade at your specified price. Stop Loss orders are guaranteed only during market hours and under normal trading conditions.

Does OctaFX allow scalping?

OctaFX offers scalping.

Does OctaFX allow hedging?

OctaFX offers hedging.

Does OctaFX offer CFD trading?

OctaFX offers CFD trading.

Does OctaFX offer STP?

OctaFX offers STP trading.

How many people use OctaFX?

OctaFX is used by over 30000 traders.

Is OctaFX an ECN broker?

OctaFX does not offer ECN trading.

Does OctaFX offer a demo account?

OctaFX offers a demo account.

Does OctaFX offer an Islamic account?

OctaFX offers a Islamic accounts.

What are the funding methods for OctaFX?

OctaFX accept the following funding methods : Credit cards, Neteller, UnionPay, Bank Transfer.

OctaFX review written by Andrew Blumer and Mark Hansen

We hope you found our review of the OctaFX brokerage firm useful.

This article was written by our financial editor Mark Hansen and Andrew Blumer.

Mark was previously of the Kiel Insitute and has worked with financial organisations across Europe, Australia, South East Asia, South Africa and the Middle East. Mark has over 15 years experience in financial analysis, forecasting, financial modeling idenifying new market opportunities in Stocks, CFD's, Forex and Commodities.

Andrew has a well-established career in fintech and came up with comparebrokers.co to make trading on financial markets more transparent and accessible.

Whether you want to trade Forex, Stocks, Commodities or Indices we will help you find the best online broker for you from 400+ brokers for clients based in the UK, Europe, Asia, South Africa and Australia.

OctaFX review written by Mark Hansen of Comparebrokers.co