Established in 2011, OctaFX is an award-winning broker that offers trading services in forex and CFDs on stock, indices, cryptocurrency, metals, energies, and other commodities via their flexible trading platforms that are loaded with useful trading tools. The broker operates the STP and ECN models of trade executions and offers different account types to suit all types of traders, providing quality trading conditions, such as very competitive fees, good execution speeds with minimal slippage, negative balance protection, and prompt customer support. Little wonder they won the Best Forex Broker Asia in 2018.
OctaFX Review Introduction
In this OctaFX review, we will take a look at some of the most important factors worth considering when choosing a forex broker for your online trading needs. This includes trading platforms, trading tools, research and education, account funding options, customer support and broker regulation.
You may also wish to view my best forex brokers based on countless hours that I have spent researching and testing hundreds of brokers, all of which you can see in my forex broker reviews. You can also use my free trading tool to compare forex brokers including OctaFX.
OctaFX Platforms & Tools
The broker provides their clients with MetaTrader 4 (MT4), MetaTrader 5 (MT5), and cTrader platforms, which are among the most widely used trading platforms for online trading. MT4 and MT5 feature advanced charting and automated trading systems and are available as a web terminal that can load on modern browsers, desktop applications for Windows and Mac computers, and mobile apps for Android and iOS devices. The cTrader platform features cloud service, advanced charts, and a FIX API for trading with direct market access and is available as desktop applications, web terminal, and mobile apps.
In addition to the tools that come with the trading platforms, the broker provides a number of useful extra trading tools, such as the OctaFX Copytrading App, AutoChartist, Market Insights, Economic Calendar, Profit Calculator, and more.
OctaFX Research & Education
OctaFX has a good number of educational resources, including tutorial videos, guides, FAQs and a glossary of trading terminologies. Topics covered in the guides and tutorial videos range from basic trading lessons, like an introduction to trading, to advanced technical and fundamental analysis.
OctaFX Trading Accounts
The broker offers 3 account types — Micro, Pro, and ECN accounts — as well as Islam-friendly, swap-free accounts on request. The main features of the account types are as follows:
- Micro Account: This is for beginner traders and is available on MT4. The minimum deposit is $100; spreads can be floating (from 0.4pips) or fixed (2pips); and the available instruments are 28 currency pairs, 2 metals, 4 indices, and 3 cryptos.
- Pro Account: For experienced traders and available on MT5; Minimum deposit of $500; Floating spreads that start from 0.2pips (no commission); and the available instruments are 28 currency pairs, 4 metals, energies, 10 indices, and 3 cryptos.
- ECN Account: Available on cTrader; floating spreads that start from 0pips; a minimum deposit of $100; and the available instruments are 28 currency pairs, gold, and silver
OctaFX Account Funding
Account funding and withdrawal options accepted by OctaFX include wire transfer, credit card, Neteller, Skrill, and Bitcoin. Bank transfers may take a few days to clear. Accounts can be in USD or EUR.
OctaFX Customer Service
OctaFX’s customer support team is available 24/5 and can be reached via online chat, telephone, and email. You can communicate with them in English, Indonesia, Malay, Thai, Hindi, or Urdu.
The broker has an international arm that operates from St. Vincent and the Grenadines and an EU arm that operates from Cyprus as a Cyprus Investment firm. The OctaFX EU arm is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) and also abide by the rules of the European Securities and Markets Authority — the financial regulatory arm of the EU. The international arm is regulated by the Financial Services Authority of St. Vincent and the Grenadines.
OctaFX Review Summary
OctaFX is an award-winning broker that offer forex trading and CFDs on stocks, indices, cryptos, metals, and energies via MT4, MT5, and cTrader platforms. The broker provides their clients with several useful trading tools and educational resources.
It is worth mentioning that some of the trading products and services in this OctaFX review may differ or not be available to traders in some countries due to regulations. As brokers terms can change over time, please verify all information is up to date directly from the OctaFX broker website which you can visit by using the link below.
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. A large percentage of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.