Octa FX Forex Broker
Launched in 2011, Octa (previously known as Octa FX) has risen to become a top forex broker. It’s supervised by the Cyprus Securities and Exchange Commission (CySEC), within the European Union, and Octa offers superior trading terms. A multitude of pro platforms, like MetaTrader5 and cTrader, are available for traders. This places Octa as a trustworthy option in the forex market.
Pros
- A good choice of trading platforms
- Low minimum deposit
- No commission
- Competitive spreads
- Free deposits and withdrawals
Cons
- Limited choice of deposit and withdrawal methods
- CTrader platform is no longer available
Octa FX Review Summary
Octa FX is a customer-oriented broker which provides many trading tools, platforms and account choices. We’d like to emphasize that this platform is really easy to use. The rules are also pretty friendly: there are no charges for being inactive, as well as for depositing money into account or withdrawing them out of it. The spreads are competitive, especially in forex and shares, the platform possesses its own educational and research materials.
Octa is regulated by the Cyprus Securities and Exchange Commission (CySEC). However, we can notice the lack of additional reputable licenses which heavily weighs down the platform’s robustness. Nevertheless, OCTA claims to give customers segregated accounts as well as protect them from negative balance. It would be nice if they included third-party account insurance (like policies from Lloyds of London) seen at some other popular offshore brokers. When it comes to availability, Octa FX works with most countries of the world.
All in all, for more than 10 years of operation, Octa FX could have recommended itself as a dependable broker with advantageous conditions.
Who is Octa FX for?
Octa FX is good for beginners. There are plenty of educational and research materials, user-friendly interface, low minimum deposits and competitive spreads. However, it also serves well for experienced ones, who get used to MetaTrader. Nevertheless, it should be remembered that Octa does not provide trading with some instruments such as ETFs and stocks. Traders who usually work with different types of assets may feel a lack of platform possibilities.
Supported Countries
Octa FX has a global reach, with a particular focus on expanding in Asia through its international brand. While originally gaining prominence in the European market, Octa’s registration in St. Vincent and the Grenadines contributes to its expansion into Asia. Actually, the broker is available in most countries, there are only several exceptions and here they are: American Samoa, Belarus, Cyprus, Guam, Kazakhstan, Northern Mariana Islands, Puerto Rico, Russia, Ukraine, United States Virgin Islands, United States, United States Minor Outlying Islands, and the Marshall Islands. Due to such an availability, the platform is available in 13 languages.
Octa FX trading platforms
Octa FX gives three kinds of strong trading systems: MetaTrader 4 (MT4), MetaTrader 5 (MT5) and OctaTrader. The platforms are available on web, desktop (both Mac and Windows) and a mobile app. We will delve into each platform.
OctaTrader platform
Octa has its own web platform called OctaTrader. It comes with tools like one click trades, alarms and watchlists. A trader can place every standard order type (market, limit, stop loss) within the platform.
It offers a charting package from TradingView with over 100 technical indicators included as default and customization options available for another couple thousands more. The chart package contains 11 chart types on 11 timeframes and other drawing tools like trend lines, Fibonacci etc.
Meta 4 & 5
MetaTrader 4 & 5 are complete trading systems that allow you to make different types of trading orders, CFD trading and other advanced trading features. MetaTrader 5 and MetaTrader 4 are available for both desktops and web. However, there are slight differences between the versions. For example, the desktop version offers 38 technical indicators (classic trend indicators, volume indicators, oscillators), while the web version offers 30 indicators for technical analysis. Both web and desktop versions are able to give worthy trading experience with One-click trading, Trade history, etc.
Mobile apps
Octa offers complete mobile trading applications for MT4, MT5, and OctaTrader on Android and Apple devices. With these applications, users can trade, view interactive charts and make use of technical analysis tools while away from their computers.
Octa FX Trading Account Types
Octa FX provides three main account types. The account type names and offered trading platforms are much alike. For example, Octa trader account can be described as intuitive and versatile. Meta 5 trader account is definitely for advanced and experienced traders. It offers a diverse range of trading instruments, competitive leverage and minimum deposit of 25$. Though Meta trader 4 account is considered to be more simple and popular, the minimum deposit remains the same – 25$. Traders can access a wide range of currency pairs, popular CFDs including silver, gold, crude oil, indices, and trade 30 cryptocurrencies.
Here is a comparison spreadsheet which will help to define which suits you:
| Index | Octa trader | Meta Trader 5 | Meta Trader 4 |
| Base Account currency | USD | USD | USD |
| Trading instruments | 35 currency pairsgoldsilver3 energies10 indices30 cryptocurrencies | 52 currency pairsgoldsilver3 energies10 indices30 cryptocurrencies150 stocks26 intraday assets | 35 currency pairsgold silver3 energies6 indices30 cryptocurrencies |
| Minimum deposit | 25$ | 25$ | 25$ |
| Spread | From 0,6 pips | From 0,6 pips | From 0,6 pips |
| Maximum leverage | Forex 1:500(ZARJPY 1:100)Metals 1:200Energies 1:200Indices 1:200Crypto 1:100 | Forex 1:500(ZARJPY 1:100)Metals 1:200Energies 1:200Indices 1:200Crypto 1:100Stocks 1:20Intraday assets 1:500 | Forex 1:500(ZARJPY 1:100)Metals 1:200Energies 1:200Indices 1:200Crypto 1:100 |
| Maximum order size | 50 lots | 500 lots | 200 lots |
| Commission | No | No | No |
All account types offer quite beneficial conditions. Everything completely depends on your trading style. If you play safe or you only start your trading path – Meta trader 4 account is an excellent decision, if you need more tools – Meta trader 5 account and Octa trader accounts are your choice.
Account Application
- Visit the official site and go to the Sign Up page.
- Enter your email and password.
- Confirm your Email Address in your inbox, open it, and press Confirm Email—you will be redirected to the broker site.
- After confirming the email, enter your name, country of residence, and phone number.
- Fill in all the required information and press Continue. Next, finish setting up your trading account, and you’re ready to go.
Tradable Assets on Octa FX
OCTA provides an extensive range of trading instruments. From our point of view, the given variety of tradable instruments by OCTA is slightly higher than average. Traders can have a complete portfolio that matches their investment objectives and strategies because the platform presents many currency pairs, stock derivatives, indices, cryptocurrencies, commodities, and shares. Users should take note of the risks involved in every asset class and decide on what they want to achieve financially, so that they trade with reason and stay safe.
The following is a list of the main types of tradable assets in OCTA:
- 52 pairs of currencies
- 5 Commodities
- 150 Global Stock CFDs
- 10 Indices
- 30 Cryptocurrency CFDs
Deposits
| Payment Method | Minimum Withdrawable Amount | Deposit/Withdrawal Commissions | Third-Party Fee Coverage | Additional Security |
| Credit/Debit Cards | 50 EUR | None | Yes | 3-D Secure technology for online payments |
| Bank Wire | 50 EUR | None | Yes | 3-D Secure technology for online payments |
| Skrill | 5 EUR | None | Yes | 3-D Secure technology for online payments |
In Europe, Octa facilitates convenient funding methods for traders. Accepted payment methods include credit/debit cards (VISA, MasterCard), bank wire, and Skrill. The minimum withdrawable amounts can be different (it depends on your withdrawal method). For example, with bank wire and cards it is 50 EUR, and with Skrill it is just 5 EUR.
Octa imposes no deposit or withdrawal commissions, regardless of the chosen payment method. This is one of the great benefits of this broker.
Withdrawals
| Withdrawal Method | Minimum Withdrawable Amount | Withdrawal Commissions | Third-Party Fee Coverage |
| Credit/Debit Cards | 50 EUR | None | Yes |
| Bank Wire | 50 EUR | None | Yes |
| Skrill | 5 EUR | None | Yes |
European traders can easily withdraw their funds using different methods provided by Octa. The rules are the same as for deposits. For the credit/debit cards as well as bank wire, it is not possible to take out amounts that are less than 50 Euros, while Skrill allows for a minimum of five Euros. There are also no withdrawal charges by Octa.
Octa FX License and Regulatory Compliance
In Europe, the operations of Octa FX are managed by Octa Markets Cyprus Ltd, which is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) (the license number 372/18). This ensures that the broker corresponds to the European Securities and Market Authority (ESMA) standards as well as the Market in Financial Instruments Directive (MiFID II). The EU arm of Octa FX guarantees openness via adherence to monetary and moral laws requiring it to have at least €730,000 of operating capital. The clients’ money is kept separate and safe. It also provides negative balance protection, so that client risk is controlled. Despite being under no obligation to provide negative balance protection, Octa FX still gives this safety measure to its customers.
Customer Support
Octa FX gives priority to customer support and helps through different means. Live chat and email are the available ways for traders to get in touch with customer support. Moreover, this forex trading broker offers a broad FAQ section which covers almost everything about forex trading, plus free educational materials to help new consumers enter the trading sphere.
The Octa FX Forex Broker has an impressive number of positive reviews in relation to its client services on Trustpilot. It contains 6514 reviews that shaped this positive reputation of the brokerage. Many customers in the online forex community have left positive comments about the excellent customer service.
Moreover, there is multilingual support provided by the platform for traders who speak different languages. OCTA’s customer support can communicate in twenty-eight languages including English, Hindi, Urdu, Spanish, Arabic, Malay, Indonesian, Malay, Chinese, Portuguese, Thai, Deutsch, Bengali, Vietnamese, and Turkish.
Octa FX customer protection
Among FX customer protection measures we can emphasize negative balance protection, Segregation of Client Funds, Investor Compensation Fund (ICF), 3-D Secure Technology and Regulatory Compliance.
For instance, if a client’s account balance becomes negative because stop-outs or margin calls fail due to high market volatility or important economic events, the platform restores their account balances back up to zero as compensation. Another example of customer protection is the following: in case Octa FX can’t pay money which it owes customers, there is a special fund called the Investor Compensation Fund that may be able to give some money back to those people.
FAQ
Can I open an Islamic-friendly account?
Actually all the account types of Octa FX can be called Islamic friendly. According to Islamic standards, there is no accumulation, collection, or payment of interest rates.
What is the Octa FX minimum deposit?
The minimum deposit requirement with Octa FX is 25$.
What are market opening hours in Octa FX?
OctaTrader, MT4, and MT5 allow you to trade Forex through the whole weekday from Monday till Friday. On weekends, Forex trading is unavailable. The trading hours for all currency pairs are 24/5, starting at 12:00 AM on Monday and closing at 11:59 PM on Friday server time (EET/EST). When it comes to crypto, it is traded 24/7.
Does Octa FX have withdrawal fees?
Octa FX typically does not charge withdrawal fees.
How can I open a demo account?
Log in to your profile, scroll down the Dashboard page, press Create Account next to Your Accounts section, then choose a trading platform and press Demo beneath the Account type.
How long does it take to withdraw money from an account at OCTA?
It can take up to 3 hours for OCTA Forex broker to process the request. The time depends on the withdrawal method.