OctaFX Review

Min. Deposit5$ Demo AccountYes, Free
  • Rating
  • 28 industry awards.
  • Zero commission.
  • 50% deposit bonus.
  • Fast banking.
  • 24/7 support.
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OctaFX is a Forex broker that claims to deliver the best FX trading conditions in the market. It offers a cost-effective trading experience, which both beginners as well as seasoned traders greatly appreciate. The broker maintains the highest industry standards of safety and security and attempts to improve its standards and conditions with every passing year.

OctaFx Fact Sheet 2020

  • OctaFx does not charge swaps on orders held overnight.
  • The online broker executes 97.5% of the trade orders without slippage.
  • You don’t have to pay commissions on withdrawals and deposits.
  • Over 1.5 million traders have opened accounts at OctaFx.
  • The company has executed over 288 million trades so far.
  • OctaFx is the winner of over 28 industry awards.
  • The online broker has expanded into 100 countries.
  • Traders have received $2,847,729 in bonus funds so far.
  • Low spreads allow you to earn 25% more than at other Forex brokers.
  • Enjoy features such as 0% commissions, 50% deposit bonus, and loyalty program.

Open a Demo Account at OctaFX

Open a Demo Account at OctaFX

If you want to practice Forex trading without risking your own money, you can open a demo account at OctaFX. As the holder of a demo account, you qualify to participate in a number of contests with real money prizes.

If you are a beginner, you can use your demo account to learn trading. If you are a seasoned trader, you can use your demo account to test new Forex strategies. Demo accounts are free and unlimited at OctaFX.com.

The steps to opening a demo account at OctaFX.com are as follows:

  • Clicking “Open Demo Account” starts the registration procedure.
  • This opens the sign in form on the left of the website.
  • Enter your name and email address.
  • Create a strong password.
  • Submit your details by clicking “Open Account.”
  • Alternatively, you can sign up to your demo account with Facebook and Google.

You can switch to a live trading account whenever you wish. If you want to open a live trading account right away, you will find that the sign in procedure is the same.

Promotions – Bonus Offers and Contests at OctaFX.com

OctaFX.com offers a number of contests for demo account holders. You can also participate in a Status Program and claim a bonus of 50% every time you deposit.

Bonus Offers at OctaFX.com

The following are the interesting details:

Contests: If you hold a demo account at OctaFX, you can participate in contests and win cash prizes that can be withdrawn. OctaFX runs these contests on its MT4 platform.

CTrader Weekly Demo Contests: Also designed for demo account holders, this contest is run on OctaFX.com’s CTrader platform and gives demo account holders a chance to win cash prizes that can be withdrawn.

50% Bonus: The steps to claim your 50% bonus are as follows:

  • Choose a suitable type of account.
  • Load your account with at least $50.
  • Activate your free 50% bonus on your deposit amount.
  • You have to trade lots equal in number to half the bonus amount to become eligible to withdraw your bonus.

Status Program: com’s Status Program includes levels such as Bronze, Gold, Silver, and Platinum. Each level has its own benefits, which you can unlock when you level up.

  • Bronze players get commission-free transfers and 24/5 customer support.
  • Silver players get all the benefits of Bronze players along with trading signals by Autochartist.
  • In addition to Bronze and Silver benefits, Gold players get benefits such as faster bonus withdrawals, lower spreads, and accelerated transfers.
  • Platinum players get to enjoy all the benefits of the previous levels plus advantages such as expert advice, zero trading charges, invites to VIP events, and personal account managers.

List of Assets at OctaFX

OctaFX currency pairs

OctaFX offers the following markets to trade on:

  • Currency Pairs– Trading currency pairs can bring you huge returns in the shortest time frame. Trade currency pairs such as EUR/USD, USD/JPY, GBP/USD, and AUD/USD, to mention just a few.
  • CFDs Trade CFDs on MT5 pro accounts and MT4 micro accounts. Among the available instruments are Nasdaq, London Stock Exchange, Euronext, Nikkei, and Stoxx, to mention just a few.
  • Cryptocurrencies– OctaFX supports trading in digital currencies such as Litecoin, Ethereum, and Bitcoin.
  • Commodities– Trade a variety of commodities such as crude oil, silver, and gold on the OctaFx trading platform.
  • Stocks and Indices– You can make profits on the price movements of 10 indices without actually have to purchase the stocks.

Trading Platforms at OctaFX

OctaFX offers three major trading platforms—MetaTrader 4, MetaTrader 5, and cTrader for a variety of devices, including desktop computers, Android, and iOS.

MetaTrader 4

 OctaFX MT4

This is the most popular trading platform in the world and you can download it free of charge at Octa FX.

The MT4 web platform allows you to trade in browser on any operating system. You can access all the major trading tools, including chart trading and one-click trading.

You can download MT4 for desktop. It is a highly customizable platform, including features such as market indicators, charting tools, EAs, scripts, real-time market execution, and advanced risk management, among others.

MT4 for Android and iOS allows you to manage your trades on the move. You can download the apps on the Google Play Store and the Apple App Store, respectively.

MetaTrader 5

 OctaFX MetaTrader 5

Though not as popular as MT4, it is still the most used trading platform in the industry. You can download MT5 for in-browser trading, desktop, Android, and iOS.

CTrader

 OctaFX cTrader

This is the most advanced customizable and chart-rich Forex trading software in the world. You can download cTrader for in-browser trading, desktop, and mobile devices.

The following are some of the features of cTrader:

  • 26+ pre-built cTrader chart views
  • Fully customizable trading interface
  • 50 chart templates that can be saved for creating trading strategies
  • Process different orders at the same time
  • Transparency in pricing
  • Level II quotes
  • Advanced risk management

Types of Accounts at OctaFX.com

 OctaFX account types

You can choose the following types of accounts based on your trading requirements, level of expertise, and trading styles and strategies:

MT4 Micro Account

Highly recommended for novice traders, this account has the following features:

  • Floating spreads start at 0.4 pips and fixed spreads start at 2 pips
  • No commission
  • Recommended deposit is $100
  • Trade 28 pairs of currencies, 3 cryptocurrencies, 4 indices, and 2 metals
  • Up to 1:500 leverage for currencies, 1:200 for metals, 1:50 for indices, and 1:2 for cryptocurrencies
  • Optional swap

MetaTrader 5 Pro Account

Highly recommended for experienced traders, this type of account is popular for its lower trading costs and low spreads. Here are the basic features:

  • Spreads start at 0.2 pips
  • No commission
  • Deposit at least $500
  • Trade 28 currency pairs, 4 metals, 2 energies, 10 indices, and 3 cryptocurrencies
  • Get up to 1:200 leverage for currencies, 1:100 for energies and metals, 1:50 for indices, and 1:2 for cryptocurrencies
  • Trade a minimum volume of 0.01 lot to an unlimited volume
  • Market execution in less than 0.1 second
  • No swap

CTrader ECN Account

This type of account is highly recommended for progressive traders because of its transparent pricing models. The following are the basic features of this account:

  • Spreads start at 0 pips
  • No commission
  • Deposit at least $100
  • Trade 28 pairs of currencies, 2 metals
  • Get leverage of up to 1:500 for currencies and 1:200 for metals
  • No swap

Islamic Accounts

OctaFX claims to deliver the best Islamic accounts in the industry. It is the winner of ForexTraders.com Best Islamic Account Forex Broker Award. The basic features of this account include the following:

  • You don’t have to pay interest on positions held overnight.
  • Check the box against “Swap Free” when you open your Islamic account.
  • Islamic accounts are available for all types of accounts.
  • Instead of swap, OctaFX charges a fixed fee.

Trader Tools and Analytics at OctaFX

Use the following trader tools and analytics to improve your trading skills, create better trading strategies, and boost your trading profits at OctaFX:

  • Trading Calculator
  • Profit Calculator
  • Live Quotes
  • Economic Calendar
  • Market Insights
  • Forex News
  • World Bank’s Interest Rates
  • National Holidays Calendar

Account Monitoring

 Account Monitoring

The account monitoring feature allows you to view the charts, performance, orders, history, and profits of an account. You can view the account of any trader at OctaFX so that you can learn the secrets of their trading success. You can also allow other traders to monitor your account and learn from you.

Free Forex Trading Signals from Autochartist

First you have to participate in OctaFX’s Status Program and achieve at least the Silver level. Then you have to download and install the Autochartist plugin. You will now receive free automated alerts with a trend prediction accuracy of 83%.

Get the Best Trading Education at OctaFX

 OctaFX Forex education

OctaFX offers the best trading education through the following:

  • Forex Basics: Check out the section to learn the basics of ECN trading, risk management, trading strategies, technical analysis, and Forex trading.
  • Video Tutorials: OctaFX offer several video tutorials that provide valuable information to traders.
  • Step-by-step Guides: You will find plenty of how-tos at OctaFX.com. You can get started with guides such as “How to Make a Deposit at OctaFX Forex Trading Account” and “How to Start Trading MetaTrader 4/5 Desktop.”
  • Glossary: Check the glossary to get the meanings of commonly used trading terms and expressions.
  • FAQ: Visit the Frequently Asked Questions (FAQ) section for answers to commonly asked trader questions.

Making Deposits and Withdrawals at OctaFX – Banking Information

 Making Deposits and Withdrawals at OctaFX

OctaFX accepts all the popular payment methods across the world, but their availability depends on your country of residence. You can use the following methods to load your online trading account at OctaFX.

  • Perfect Money
  • Visa
  • Bitcoin
  • Skrill
  • Neteller

The minimum deposit amount varies according to currency and payment method; so does the processing time frame. Most of the banking options at OctaFX are instant, but some may take a few hours to a few days.

Banking at OctaFX has three features:

  • No hidden charges and no commission
  • Advantageous fixed rates for currency conversion
  • 50% bonus boost on each of your deposits

In addition, OctaFX provides negative balance protection to all its clients, ensuring that no client can lose more than his/her initial investments. Even if the balance goes negative because of Stop Out, the company will make the required compensation and reset the balance to zero.

Your funds are safe and secure at OctaFX because the CFD & Forex broker takes the following measures:

  • In compliance with financial regulations, OctaFX maintains client deposits in separate bank accounts.
  • The Forex broker secures your personal area with the latest 128-bit digital encryption technology.
  • OctaFX recommends that you submit copies of your identification documents to verify your account. This ensures complete security for all your transactions.
  • Only you can access your OctaFX account to withdraw funds as every fund withdrawal requests email confirmation.
  • OctaFX applies 3D secure technology while processing credit/debit card transactions.
  • The broker has a team of technical specialists and security engineers who monitor its technical environment round the clock to prevent loss or damage of data and other technical issues.

Customer Support at OctaFX

 OctaFX support

We could identify the following methods to get help and information at OctaFX:

  • Visit the FAQ: The FAQ section provides answers to commonly asked questions. So you are likely to find the information you are looking for in this section.
  • Social Media Interaction: You can interact with fellow traders and OctaFX staff on the social networking sites Facebook, Twitter, Instagram, and YouTube.
  • Live Chat:This is the fastest way to get in touch with a customer support agent. Click on the blue-and-white icon at the bottom right of the website to open the live chat window. Fill in the required details to initiate chat.
  • Telephonic Support: You can call the number +442033221059 (UK), +85258088865 (Hong Kong), and +622131106972 (Indonesia).
  • WhatsApp: Send a Whatsapp message to +34691370613
  • Telegram: Send a Telegram message to @OctaFX_bot.
  • Write To: Write to OctaFX at Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.

OctaFX customer support is available 24/5 from Monday to Friday. You can rest assured of immediate responses to your queries as the FX broker gives top priority to customer satisfaction.

OctaFX FAQs

FAQ

👉 What do I do after opening an account at OctaFx?

OctaFx.com will send you an email with your account credentials as soon as you open an account. After that, you have to download and install a trading platform. You will find the download links and instructions on the website. Also, you will find plenty of information on opening accounts and trading in the education section.

👉 What is the Personal Area at OctaFx.com?

The Personal Area is a feature that allows you to open accounts, manage existing accounts, request payouts, deposit funds, initiate account-to-account fund transfers, retrieve forgotten passwords, and claim bonus offers. You can sign in to your Personal Area through your Personal Area password and registration email address.

👉 What can I do with Account Monitoring at OctaFx.com?

You can use Account Monitoring to share your charts, profits, performance, history, and trade orders with other traders. All you have to do is add your account to Monitoring. You can also use this feature to compare the stats of successful traders and learn their secrets.

👉 Why should I verify my account at OctaFx.com?

Here are the reasons to verify your account at OctaFx.com: • Verification protects you from fraud and makes sure that your details are accurate. • It also ensures authorized and secure transactions. • You can withdraw your profits only after verifying your account. The verification procedure takes just a few minutes at OctaFx. If you submit your supporting documents at weekends or overnight, the online broker may take up to three hours to verify your account.

👉 What currencies does OctaFX support?

You can deposit in any currency of your choice, but OctaFx will convert it into USD or EUR. You can open separate EUR and USD accounts if you wish. The online broker does not charge a commission for making deposits and withdrawals.

👉 What is the status program at OctaFx.com?

Status Program is OctaFx.com's way of rewarding loyal traders. You can achieve a higher status by maintaining a higher balance. When you level up, you will unlock special benefits such as priority customer support, deposits and withdrawals with zero commission, premium gifts, low spreads, personal manager, VIP events, and others. OctaFx.com's status program is free to join.

👉 How long do demo accounts last at OctaFx.com?

The online broker deactivates MT5 and MT4 demo accounts if you leave them inactive for 30 days. It deactivates cTrader accounts if you leave them inactive for 90 days and demo contest accounts at the end of the round.

Should You Sign Up at OctaFX?

We recommend OctaFX because it gives you the maximum opportunities to profit from your trading activities. You can profit more because of its low spreads, fast execution, and no swaps on overnight trades.

Octa Forex executes as many as 97.5% orders without slippage. You can make deposits and withdrawals without paying any commission to the online broker. Plus, you can maximize your profits by copying the trades of expert traders through the CopyTrading App.

There are a few cons to trading at OctaFX. Many traders feel that the list of assets is too small. The company offers customer support only 24/5 and not round the clock. But the benefits of trading at OctaFX are definitely more than the disadvantages.

We suggest that you explore the various trading opportunities at the FX & CFD broker and sign up if you like what you see.