OctaFX Review 2024: Fees, Platforms, Apps, Safety, Pros & Cons

Based in St. Vincent and the Grenadines, OctaFX is a prominent forex and stock broker. Besides providing retail trading services, the broker also takes pride in having a first-class social trading facility. This review article will look at the platforms, trading apps, account types, fees, spreads, commissions, and the safety precautions it employs to keep customer information secure.

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Used By

1,000,000+ Users

Established in


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67.65% of retail investors' accounts lose money.

Spreads From

EURUSD 0.5 pips

What Can You Trade on OctaFX ?

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Indices
  • Crypto

OctaFX Platforms


OctaFX Funding Methods

SkrillVisaWire TransferUnionPayMaster CardNetellerPaypalFasapayBPayBitcoin

OctaFX Review 2024: Fees, Platforms, Apps, Safety, Pros & Cons

Based in St. Vincent and the Grenadines, OctaFX is a prominent forex and stock broker. Besides providing retail trading services, the broker also takes pride in having a first-class social trading facility. This review article will look at the platforms, trading apps, account types, fees, spreads, commissions, and the safety precautions it employs to keep customer information secure.

  • author Usman Ahmed
  • Last updated 06/12/2023

67.65% of retail investors' accounts lose money.

Regulated By


Used By

1,000,000+ Users

Established in


Spreads From

EURUSD 89 Points



What Can You Trade?

  • Stocks
  • ETFs
  • Forex
  • Commodities
  • Indices
  • Crypto

Funding Methods

SkrillVisaWire TransferUnionPayMaster CardNetellerPaypalFasapayBPayBitcoin
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Assets: Stocks, Indices, Forex, Commodities, Cryptocurrencies & ETFs
Min Deposit: $10
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78% of retail investors' accounts lose money.


OctaFX is a forex broker headquartered in St. Vincent and the Grenadines. It offers trading instruments from multiple global exchanges and provides services to people in over 150 different countries. The firm asserts that it complies with all applicable local and international laws and regulations, while CySEC is the only regulator overseeing it. 

OctaFX Main Features

Minimum Deposit$50
RegulationCYSEC & SVGFSA
Number of Markets145+
CFD TradingNo

In this OctaFX review, we’ll explore its 200+ financial instruments, which include currency pairs, CFDs, indices, cryptocurrencies and commodities. We’ll also look at the account types, payment methods, spreads, fees & commissions, safety measures and trading platforms. A quick overview of the clientele feedback will also be discussed to help you assess whether the company is trustworthy or  not. So, let’s get into more details about the broker.  


  • Low Minimum Deposits 
  • Swap-Free Accounts 
  • Full Suite of MetaTrader Platforms (MT4 & MT5).
  • Proprietary Trading App
  • Rich Research and Educational Resources
  • Copy Trading Services
  • Excellent Customer Support


  • Single Regulation
  • Fewer Trading Instruments

Available Assets at OctaFX

OctaFX offers a limited product portfolio with only 200+ tradable assets across several asset classes, including forex, stocks, commodities, indices, and cryptocurrencies. Let’s quickly review and find out what we have available under each category. 


At OctaFX, traders can buy and sell shares in any market and any direction using stock CFDs. Without needing to own any stock, customers may still have exposure to a wide variety of trading opportunities thanks to the streamlined trading platform and the availability of 145+ stocks, such as Apple, Tesla, Amazon, and more.


Regarding index trading, investors assess market performance using stock prices. Even though an index comprises a statistical value, it is possible to speculate for changes in index values via derivatives. The Dow Jones, NASDAQ, Nikkei, and Eurostoxx 50 are just a few of the 10+ widely traded indices you can trade with OctaFX.


Exchanging one currency for another is the most common practice worldwide. The broker claims to have been keeping an eye on the financial stability of economies for over a decade. And that’s why it can give you the most accurate prices possible with minimal spreads. There are 30+ currency pairs available, including majors like EUR/USD, GBP/USD, and USD/JPY. 


Commodities are valuable to traders because they use them to diversify an investment portfolio away from the ebb and flow of the currency and stock markets. The most frequent method for modern investors to participate in commodities trading is through derivatives. You can speculate on a commodity’s price without actually purchasing it. Gold, Silver, Crude Oil, and Natural gas make part of the commodities available to trade on OctaFX. 


When added to a portfolio, cryptocurrencies help diversify investments beyond stocks, bonds, and other conventional financial assets. Although there is little data on how cryptocurrency markets have performed compared to equities and bonds over time, they certainly have higher volatility. That’s why investors stake interests in cryptocurrencies. OctaFX allows investors to speculate over their prices via 25+ crypto CFDs.

Stocks Trading at OctaFX

Trading stocks refers to buying and selling shares of a company(s) listed on a stock exchange. When traders purchase stock in a company, they effectively buy a fraction of its total ownership. Trading stocks is a challenging endeavour that also comes with a high degree of risk, but with proper understanding, you can take steps to mitigate those risks and improve your chances of success. It’s helpful to have some familiarity with the stock market and an understanding of the fundamentals. While there are two methods to stake your investment in the stock market, such as purchasing actual shares or trading them as CFDs, OctaFX supports the latter. 

While stock trading involves other crucial steps, such as picking and analysing stocks, how and in what stocks a person chooses to invest relies on their outlook and long-term financial goals. The next step for the investor is to begin trading and placing orders once you finalise a broker. OctaFX welcomes anyone with internet access to join and open a trading account. Traders may also opt for margin-based trading since the company offers a leverage of up to 1:20 for trading stock CFDs. 

Available Stock Exchanges at OctaFX

Clients can trade stocks like Apple, Amazon, and Tesla on the world’s sixteen (16) exchanges in countries like the U.S., U.K., Europe, Japan, Singapore, and Australia.

 Here is the table for some of the supported exchanges on OctaFx.

Countries Stock Exchanges 
United States of AmericaNew York Stock Exchange 
American Stock Exchange 
Miami Stock Exchange 
Philadelphia Stock Exchange 
SwitzerlandSix Stock Exchange 
B.X. Exchange
Canada Montreal Exchange 
Vancouver Stock Exchange 
Canadian Securities Exchange 
Alberta Stock Exchange
TSX Venture Exchange
AsiaShanghai Stock Exchange
Tokyo Stock Exchange
Korean Stock Exchange
Bombay Stock Exchange
Shenzhen Stock Exchange, China.
Taiwan Stock Exchange
Thailand Stock Exchange
EuropeFrankfurt Exchange
London Stock Exchange

Stock Trading Fees & Commission at OctaFX

OctaFX maintains a commission-free trading environment. You won’t have to pay extra fees while trading stocks since the broker quotes spread inclusive of all the commissions. Unlike other brokerage firms, the company doesn’t even charge swap rates for holding stock positions overnight. 

Stock Trading Leverage at OctaFX

Positions are often “leveraged,” using borrowed money. Brokers provide clients with leverage to increase their market potential within their budget constraints. However, leverage is also known to be a two-edged sword. While it maximises your market exposure, it also raises the proportion of your assets at risk due to market fluctuations. OctaFX offers its clients leverage of up to 1:20 when trading share CFDs.

OctaFX Regulations

OctaFX holds regulations from the Cyprus Securities and Investment Commission (CySEC) and fully complies with AML directives. Though the company also claims to have been regulated by the Financial Services Authority in Saint Vincent and the Grenadines (SVG), but the SVGFSA isn’t authorised to regulate forex or stock financial intermediaries, nor does it issue licences to such institutions. Below we list the relevant entities and mention their respective geographical details. 

Octa Markets Cyprus Ltd: The entity holds regulations from the Cyprus Securities and Exchange Commission (CySEC). The registered office address of the company is 1, Agias Zonis and Thessalonikis Corner, Nicolaou Pentadromos Center, Block: B’, Office No. 201, 3026, Limassol, Cyprus.

  • Licence No. 372/18
  • Registration Number: HE359992

Octa Markets Ltd: The company is based in Saint Vincent & Grenadines and registered with St. Vincent & Grenadines Financial Services Authority (SVGFSA). The broker’s official address is Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines.

  • Registration No. 19776 IBC 2011.

OctaFX Fees and Commissions

Brokers typically get paid through commissions, spreads, and other fees. Specific fees, like spreads, commissions, and swaps, relate to trading. On the other hand, costs associated with making a deposit or withdrawing money from an account or with administrative tasks like currency conversion are universal. Let’s review them separately. 

Trading Fees

The company boasts a lot about its competitive pricing structure. 


OctaFX spreads are priced differently depending on which division of the company handles your trading. For instance, the E.U. entity offers a minor advantage of 0.5 pips over the SVG entity when trading majors like EUR/USD pair. Since the company doesn’t provide a time frame for its average spreads, comparing them in real-time with the average industry standard isn’t possible. 


The broker doesn’t charge any commissions since it embeds all such costs into spread charges.

Rollover Rate/ Swap Fees

Clients don’t have to worry about swap charges because the company doesn’t apply any fees for holding overnight positions. 

Non-Trading Fees

Let’s quickly review some non-trading costs you can incur when dealing with OctaFX. 

Deposit/Withdrawal Fees

The broker doesn’t require clients to pay deposits and withdrawal fees.

Currency Conversion Fees

Clients can transfer funds in multiple currencies, but they will likely incur currency conversion charges on transferring funds in a currency different from their account’s base currency. While the broker hasn’t listed the conversion percentage, it applies the official exchange rate at the moment of transaction

Account Types at OctaFX

To cater to the trading needs of newbies and expert professionals, the company offers two account types, including MT4 and MT5 accounts. Below we briefly review each account type. 

Demo Account

OctaFX offers a demo account with a virtual balance of up to $10,00,000. You can practise your trading skills as long as you wish. The broker’s demo account doesn’t expire. Moreover, you can reinstate the account balance whenever it replenishes. 

MT5 Account

Aimed at newbies, the company offers 145+ stocks, 30+ forex pairs, 25+ cryptocurrencies, and 8+ indices with a minimum trade size of 0.01 lot and a maximum leverage of 1:500 in the MT5 trading account. The company keeps the margin call at 25% while the stop-out level is defined as 15%. 

MT4 Account

Traders with more experience prefer signing up for the MT4 account. It includes access to 145+ stocks CFDs, 30+ currency pairs, 30+ digital assets, and a handful of commodities. The smallest trade size in an MT5 Pro account is 0.01 lots, and the maximum leverage is 1:500. All other perks and benefits appear identical to the MT5, except that stock trading isn’t available in the MT4 account. 

Note: The company doesn’t charge swap-fee on overnight positions. Therefore, clients practising sharia laws don’t need to sign up for an Islamic account separately. 

OctaFX Trading Platforms

OctaFX provides access to all MetaTrader platforms, including MT4 and MT5. The company also offers a custom-built proprietary trading platform – OctaTrader. Clients can access all the supported platforms using an internet-connected device or download and install them on their computers and android or iOS-based mobile phones. Both MetaTrader 4 and 5 are widely acknowledged as the most powerful and flexible trading platforms, while OctaTrader also comes with powerful features required for a meaningful trading experience. We’ll review OctaTrader for illustration purposes. 

OctaFX Desktop Trading Platform

OctaTrader allows clients to access the markets from the comfort of their PCs connected to the internet. Below we review how it feels to trade stocks using the OctaFX trading platform. 

User-Friendly Interface

OctaTrader has a user-friendly interface that makes it easy for traders to navigate and execute trades. 

Charting Tools

OctaTrader has advanced charting tools, technical analysis indicators, and customization options to help traders make informed trading decisions.

Multiple Order Types

Unfortunately, OctaTrader doesn’t support multiple order types, including market orders, limit orders, and stop orders, giving traders less control over their trades. The only option you have is the pending order.

Fundamental Analysis

You can use the toolbox to receive the latest business news from across the world directly to the platform. That way, you can make informed trading selections and always be up-to-date.


OctaTrader doesn’t have a history section either where clients can view their performance, rectify errors and boost efficiency.

How to Open an Account with OctaFX Desktop Trading Platform

Let’s review the steps you must follow to open an account with OctaFX on the desktop. 

  1. Visit the broker’s official website and locate the button labelled “Open an account” in the upper right-hand corner of the home screen.
  2. Provide your name and email address, then create a password to continue.
  3. Choose your desired entity and country of residency from the drop-down menu and enter your date of birth before proceeding.
  4. Confirm whether you wish to set up your account using a single step or go through the step-by-step process to open an account with the broker. 
  5. Select your preferred account type, trading platform and leverage exposure.   
  6. Click on the new deposit button to add some funds to your account and choose your preferred payment option, such as Credit cards, Debit cards, Skrill, Neteller, Bank Transfers, etc.
  7. Select your account’s base currency and the amount you wish to deposit. You can also enter the value manually. Moreover, you need to confirm how you want to avail of the bonus.
  8. Review the amount and click confirm to proceed to the authorisation page. Provide your payment details and authorise them to complete funds transfers. Navigate to the trading terminal and sign in using your login credentials received in your email inbox.
  9. Navigate to the market watch, and select your desired financial instrument.
  10. Review and configure your trading preferences, and you are all set to open your first position.

OctaFX Mobile Trading App

Thanks to the OctaFX trading app, investors now have the freedom to trade whenever and wherever they like. In addition to the broker’s proprietary mobile trading app, mobile-based versions of the MT4 and MT5 trading platforms are also available to clients. Here we review the OctaFX mobile trading app. 


The broker has spent enough time designing the app. The sleekly designed app offers easy navigation and accessibility. Even clients with little to no trading experience can use the app independently. 

Funds Management

As soon as you log in, you come across the funds’ management section on the side navigation panel. You can see your available accounts, transaction history, and payment details here. 

Trading Tools

Economic calendars, webinars, market insights, and a profit calculator make part of the trading tools accessible via the broker’s mobile trading app. 

How to Open an Account with OctaFX Mobile Trading App

Opening an account with OctaFX using the mobile involves the following steps. 

  1. You can access the app on your mobile device when you have downloaded it from the appropriate app store, i.e. App Store or Google Play Store.
  2. Navigate to the top right corner of your smartphone screen and tap the button labelled “Sign Up.” Enter your details, such as name, and email ID, then click the proceed button.
  3. To move forward, select your country, enter date of birth and provide your mobile number.
  4. Check your inbox, verify your email and click the option “proceed.”
  5. Verify your email address and ensure that your disclaimer indicates that you are not a resident of the United States.
  6. Configure your account settings to proceed further.
  7. Read the terms & conditions before checking the box to indicate your acceptance.
  8. Authenticate your identity by uploading the supporting papers requested. After your account has been validated, you can begin adding funds.
  9. Select your preferred payment methods from the options available, such as Debit Cards, credit cards, Neteller, Skrill, Bank transfers, etc, and authenticate transaction details to complete funds transfers.

OctaFX Payment Methods

OctaFX supports multiple payment methods for deposits and withdrawals. We will review the available options and the time it takes to process funds under each category. 


There are various ways to fund your account, from the more conventional (credit card, bank transfer, direct deposits) to the more modern (cryptocurrency, other electronic payment systems). Clients can also use common e-wallet services such as Skrill, Neteller, and PerfectMoney. The minimum deposit to sign up with OctaFX is $50, while the broker also offers a 50% deposit bonus to customers outside of the European Union. All payments are processed within 30 minutes except for bank transfers. The broker takes between 1-3 business days to process bank transfers. 

MethodDeposit Processing Time
Credit Cards Instantly
Debit Cards Instantly
Cryptocurrencies3-30 minutes
Wire TransferUp to 1-3 Business Days


Concerning withdrawals, it only takes a few clicks to transfer your earnings to your chosen bank account or electronic wallet. Notably, the company releases funds to the original payment methods. Also, third-party transfers are not supported. Therefore, you must use your own account. OctaFX’s fast withdrawal timeframes range between 3 to 30 minutes. The company neither charges any fee nor applies a minimum threshold on withdrawals. 

Account Base Currency

Customers can fund their accounts in various currencies, including USD, EUR, CHF, GBP, etc.

OctaFX Research and Education

The market research provided by the broker is both comprehensive and diverse. The company doesn’t focus on one particular media genre but offers many options. Market Insights is where you’ll find all the research information, including economic calendars, daily analysis articles, and automated technical analysis powered by the Autochartist plugin for MetaTrader. The economic calendar helps clients know when markets worldwide will be closed for holidays and when they will reopen. The interest rate tracker and the daily and weekly forecasts are also great. While the company publishes daily technical and fundamental articles, it has a series of videos called OC LiveTrader that it streams live on its YouTube channel. Other helpful resources include a glossary and a dedicated FAQs section.

A component of the broker’s educational facility is devoted to teaching newcomers about forex and has about 20 articles. Moreover, there’s an 11-part video series covering the Forex and stock trading introductory course. In short, the company has a robust research and educational offering, making it better than average. However, the broker still lags below those of market leaders. 

OctaFX Customer Services

OctaFX’s multilingual customer support team remains available around the clock, Monday through Friday. While clients can connect with the company using the live chat feature, a phone number, WhatsApp, and Telegram, an email address is also an option to raise your queries and concerns. The helpful Frequently Asked Questions area is most valuable for those confident in finding answers to their queries and resolving them independently. The company also ensures its representation on social media platforms like Facebook, Twitter, Instagram, Youtube, LinkedIn, etc.  

OctaFX Online Reviews

What Reddit Users Say About OctaFX

Though OctaFX seems to be a popular name in the Reddit community, people hold diverse opinions about signing up with it. While some clients believe the company offers valuable brokerage services coupled with budgeted costing schedules, others consider it an outright scam. Notably, a group of traders also seemed sceptical and wanted to know whether opening an account with OctaFX is worthwhile. Some members also claimed that OctaFX spends heavily on advertising and promotional campaigns but struggles to deliver.

In response to a query about the legitimacy of the broker raised by a junior member on Reddit, someone suggested avoiding signing up with it and shared a notification link issued by the Securities Commission Malaysia, whereby the authority has warned people to stay away from OctaFX. However, many people objected to this stance and claimed that calling a broker scam just because it doesn’t hold registration or regulation from a particular regulatory authority is unfair. 

What Quora Users Say About OctaFX

Unlike Reddit, Quora members don’t look much happier with the OctaFX. Except for a few people, the majority were casting their votes against it. People believe that the broker is only good at customer support. It always resolves your queries instantly as long as it is not relevant to withdrawals. Members also raised their concerns over the regulatory status of the company. Some say the broker is neither registered nor regulated anywhere, while others acknowledge its registration in the Caribbean Islands. 

A member also shared an incident with the broker. According to him, he lost money with the broker despite being promised to receive a good return using the copy trading services. He believed the company only focused on advertisement instead of ensuring the overall level of its services. Other members also accused the broker of poor trade execution, ambiguous copy trading services and a slow withdrawal process. To cut a long story short, the Quora community is unlikely to recommend someone signing up with OctaFX.

TrustPilot Users’ Review About OctaFX

Compared to Reddit and Quora, the situation is entirely different regarding the broker’s reputation on Trustpilot. The company holds a rating of 4.5 out of 5 stars after 3.8K+ reviews, with 74% of the users voting in favour of it.

Clients seem extremely satisfied with the brokerage services. While some praised the seamless signup process and deposit bonus, others rejoiced at the company’s instant trade execution policy and copy trading feature. A limited number of customers also complain about the broker’s withdrawal issues. Overall, the broker enjoys the vote of confidence from clients on Trustpilot. 

ForexPeaceArmy Users’ Review About OctaFX

Much like Reddit and Quora, the FPA community divides into two groups; one in favour and the other against the broker. Those who praise the broker believe that it is not the broker who should be responsible for a trader’s loss, but clients must also admit their mistakes.

On the other hand, people who denounce the broker argued that the company manipulates pricing and withholds clients’ funds for no reason. The broker has secured an overall rating of 3 out of 5 stars after 323 reviews on the FPA. 

Other Products and Services

Although we’ve already covered much detail about the broker, here are some other products and services OctaFX offers. 


OctaFX provides a bonus of 50% on each deposit, in addition to a status programme with four tiers that reward active traders. In addition, it runs a programme called Trade & Win, in which each lot is a prize lot that clients can use to claim or exchange for other prizes.

Referral Programs

There is also a programme for referring friends to OctaFX. There are even contests for demos when real money is at stake. There is a set of terms and conditions that traders should familiarise themselves with before participating in the promotion.

Is OctaFX Safe?

For some investors, the fact that the broker holds regulations in only one jurisdiction – namely, Cyprus – could be a cause for concern. You also do not have any form of insurance protection. However, the broker maintains separate bank accounts for its customers’ investments. In addition to using Secure Socket Layers (SSL) online encryption and two-step authentication, OctaFX safeguards the financial data of its customers by keeping it out of the hands of unauthorised individuals. Because the payment methods are also protected by 3D Visa authorisation, it is unlikely that hackers will be able to steal your confidential data. Even though there are limited regulatory checks in place, OctaFX does not appear to have any fraudulent activity so far. 

Bottom Line

OctaFX is a competitive choice for both newbies and skilled professionals looking for a budgeted trading option. The broker features a straightforward signup procedure with a fast verification system and a wide variety of deposit and withdrawal choices. Clients can also have the flexibility of choosing their preferred account types while the pricing structure is also in line with the average industry standards. Besides providing excellent research and educational resources, the broker provides first-class multilingual assistance to clients round the clock.

To assist you in determining whether or not OctaFX is a good fit for trading stocks, we have provided you with as much information as possible. In addition to listing the advantages and disadvantages of joining the broker, we discussed its price structure, examined OctaFX’s trading platforms & educational materials, reviewed OctaFX safety measures, and stated the supported payment methods. We also discussed what clients think of the company on Reddit and Quora. This review will assist you in making a more informed trading decision. If you need to refresh your memory on some critical points discussed in the article, please continue reading the rest of the frequently asked questions (FAQs) below.

Q & A

The broker was founded in 2011.

To login, follow these steps:

  1. Go to the OctaFX website and click on the “Login” button.
  2. Enter your account username and password in the fields provided.
  3. Click on the “Login” button to access your account.

Note: Those who don’t have an account yet will need to sign up for one before they can log in. To sign up, click on the “Sign up” button on the broker’s website and complete the registration process.

Yes, OctaFX offers a mobile app for both Android and iOS devices, and it includes the option for copy trading. You can access the copy trading feature on the broker’s mobile app and copy the trades of successful traders to increase your chances of making profits.

OctaFX is considered a legitimate forex broker by many industry sources and has generally positive reviews from its clients. However, it’s important to always do your own research and due diligence before investing with any broker. Consider factors such as regulation, reputation, financial stability, and transparency of their business practices. It’s also recommended to only invest with funds you can afford to lose, as stock trading carries a high level of risk.

The perception of trustworthiness of a broker like OctaFX can vary from person to person, as it depends on various factors such as personal experience, regulations, financial stability, and overall market reputation.

However, it is regulated by international financial authorities, such as the Financial Services Authority (FSA) of St. Vincent and the Grenadines and the Cyprus Securities and Exchange Commission (CySEC), which provides some level of protection to clients. They also adhere to strict security measures to protect client funds and offer negative balance protection to their clients.

The minimum deposit required to open an account with the broker is $50. This relatively low minimum deposit requirement makes it accessible to a wide range of traders, including those with limited funds to invest.

Yes, the broker offers its own proprietary trading platform, known as the OctaTrader. It offers a range of features to support different types of trading, including forex, commodities, indices, and cryptocurrencies.

No, it does not currently offer the ability to trade stocks through its MetaTrader 4 (MT4) platform.

The best way to reach OctaFX customer support will depend on your specific needs and the nature of your request. If you require an immediate response, using the live chat or phone support option may be the quickest and most efficient way to get the help you need.

The broker may offer promo codes as part of its promotional campaigns or special offers from time to time. However, the availability of promo codes and the specific terms and conditions associated with them can vary, so it’s best to check the OctaFX website or contact their customer support team for the latest information.

The minimum withdrawal amount for the broker’s clients is $5. However, it’s important to keep in mind that different withdrawal methods may have different minimum and maximum limits, as well as processing times and fees. So, it’s best to consult the website or contact their customer support team for the most up-to-date information on withdrawal conditions and requirements.

The broker provides leverage up to 1:20 for trading stock CFDs.

OctaFX offers a starting spread of 0.5 pips on stocks like Shell Plc. 

Yes! It offers 25+ cryptocurrencies to trade. However, their availability depends on your jurisdiction. For instance, the broker doesn’t facilitate UK-based clients for trading crypto CFDs amid FCA restrictions. 

Yes, a beginner can learn how to trade on OctaFX. The broker offers educational materials such as trading guides, webinars, and video tutorials to help traders get started with trading. Additionally, the broker provides a demo trading account where beginner traders can practise trading with virtual money before they start trading with real funds.