Overall Star Ratings:
Overall Rating : (4.78/5)
OctaFX was founded in 2011. The holding company for OctaFX is called Octa Markets Ltd. They also have a subsidiary company that is based in Cyprus and is called Octa Markets Cyprus Ltd. This is the entity that holds their CySec regulatory licence.
Although they are a global broker that is able to accept clients from over 120 countries. There are some jurisdictions where they cannot accept clients and these include the likes of the USA.
Who is the Product Recommended for?
We would recommend all types of traders to register for OctaFx for their low deposit requirements, tight spreads, good sign up bonus , and excellent customer support.
Source: (OctaFX Youtube Channel)
(FCA) – Financial Conduct Authority
(CySEC) – Cyprus Securities & Exchange Commission
OctaFX maintains three account types. During our checks MT4 Micro seemed the most common choice. With a minimum deposit of $100, traders have access to 39 assets with a maximum leverage of 1:500. The MT5 Pro account offers all 45 trading instruments but requires a $500 deposit, with increased margin requirements. Both choices are commission-free. The commission-based cTrader account is available for just $100. It features the least number of assets with 30, but the maximum leverage is 1:500, unlike 1:200 in the MT5 account.
OctaFX also provides a Copytrading platform allowing Traders to earn an additional revenue stream. It is ideal for those traders with smaller portfolios to leverage their potential income. Traders can create multiple master accounts for different markets & strategies, with the ability to adjust commissions adds to the flexibility.
Opening an account with OctaFX is easy. An online application form processes new accounts, and traders can use their Google or Facebook account to complete the process. Account verification is mandatory to comply with KYC requirements. A copy of the trader’s ID and one proof of residency document will satisfy this step. OctaFX require a minimum deposit of $5. You can sign up for a demo account to acquaint yourself with the platform if you choose.
Pricing and Fees:
OctaFX was established in 2011 and they are based in St Vincent & The Grenadines. They do not operate a dealing desk and can therefore give you some of the lowest fees in the industry. Moreover, they are using STP (Straight Through Processing) technology, which is well known in the industry and they have some of the lowest rates on the market.
Markets and Products:
Forex, CFDs, Cryptocurrency
Deposits and Withdrawals:
For deposits and Withdrawals there is a range of funding options at OctaFX both on the fiat money side as well as in crypto.
For fiat side deposits, you can pay in either EUR or USD. They can take payment via and of the major credit cards, through an e-wallet or through traditional bank wires / deposits. OctaFX also supports Bitcoin deposits and withdrawals on the platform. Deposits are free of commissions and can take anywhere from 3-30 minutes whereas withdrawals take 1-3 hours to process and up to another 30 minutes to send Bitcoin, also free of commissions.
OctaFX has included a host of educational materials and resources for their traders. Most of these resources are actually available free of charge on their website and can be viewed by you right now. This will give you a good grasp before you dive in with an account.
Bitcoin, Litecoin, Ethereum
OctaFx offers mobile trading for both Android and IOS users. Get updates directly on your mobile phone/ tablet, trade, and check out the latest news and articles.
Customer support is available 24/7 and is best reached via live chat. A webform is equally accessible, and traders may alternatively call. OctaFX ensures swift access to a customer services representative in case the unlikely need for additional assistance arises. OctaFX also proudly states that they will respond on live chat within 10 seconds with less than 5 minutes required to clear most support queries.
The Bullet Proof forex team tested this and opened up a live chat and got an immediate response. We found the Support agents knowledgeable about the products on offer as well as their rules & regulations.