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OctaFX Review 2024

We’ll be talking about one of the lowest spread provider forex brokers in the market and that is OctaFX. Founded in 2011 in St. Vincent and the Grenadines, OctaFX is making sure to provide its clients with the best trading experience they can have.

OctaFX review 2024 is where I will explain how OctaFX is proud to present fast execution for the trades to the customer to make sure the trades would finish as fast as possible.

The broker’s website,, has over 12 million trading accounts opened by clients from all over the world. Where the broker is covering 150+ countries with trades in both forex and CFDs.

I reviewed OctaFX based on the following criteria.

With the best forex broker in Pakistan, India, Malaysia and Nigeria in 2022, the broker is making sure the investors are aware of all their awarded awards in the forex and trade markets.

Through this OctaFX review 2024 we’ll have a look at major points to be covered about the broker, Is OctaFX a scam or legit? we’ll also cover the account types, spreads, minimum deposit, and leverage offered by the broker. You’ll find the answer to the question Is OctaFX regulated? within this article so keep reading.

Generally, regulation is the most important and critical point within a forex broker and so it’ll be our first point to discuss within this review.

Regulation of OctaFX

Since scams and fraud are quite the issue in the forex market, I thought it would only make sense to make the first and foremost important section of this Octafx review discuss the regulation and safety of funds. Regulations are technically the first and foremost criterion to determine the trustworthiness of any forex broker. I got many queries about the OctaFX scam or the possibility of the forex broker being a reliable one. I recommend reading along to find out the answer yourself.

Regulations aren’t generally handed out especially when it comes to the financial sector and brokers must follow certain strict rules in order to be able to get such regulations to continue their trading process.

And so, in case of financial institutions are a follower of those rules set by the regulators, restrictions are directly applied and a freeze in operation might take place which also would affect the reputation of the organization locally and internationally depending on their operating locations and headquarters.

Since the rules are set for a reason, the purpose of the rules within the forex market regulations is to protect against the risk of a complete loss of capital. also protection to the investor against fraud and untrusted brokers.

As the Forex market is decentralized, there are several governmental and independent supervisory bodies around the world that regulate the market, such as National Futures Association, the Commodity Futures Trading Commission, the Australian Securities, and Investments Commission, and the Financial Conduct Authority. They set rules and standards for foreign exchange brokers, IBs, and signal sellers to ensure fair and ethical business behaviour.

Gaining the licenses doesn’t mean the broker or the institution won’t have to review or update their rules and technology. as it’s another issue to maintain the license. Any financial organization with a license to trade in the forex and CFDs market, must follow and always update some criteria in order to keep up with the constant appraisal taking place by the financial regulators.

Some of those criteria are: having a license, succeeding in the audits and informing clients on products and services updates, keeping the clients accounts segregated from the organization’s operational accounts, and so on.

Let me tell you through this Octa fx review that the broker was authorized and regulated by the UK’s Financial Conduct Authority (FCA) until recently. The FCA is one of the most reputable regulators worldwide. That is, FCA requires some strict rules that agents must adhere to in order to obtain the license. For instance, the brokers must hold at least £730,000 in tangible assets to prove their financial stability. In addition, they have to keep client funds must be held in segregated accounts separate from the company’s operational funds.

Except for the numerous strict requirements for licensed entities, the financial regulator in the UK also provides a compensation scheme.

octafx regulation

Released in 2011, OctaFX had several licenses, including SVG registration, and opened the UK branch, but suspended this presence in 2017 and lost the FCA license.

Account Types and Spreads of OctaFX

This section of this OctaFX review will break down the details of the account types offered and the features of each of them and to which type of traders is each account directed or most suitable.

There are 2 OctaFX account types offered that will be reviewed in this Octafx review which are

OctaFX MT5

Floating spreads are offered in this account where they start from 0.6 pips. No commissions are applied to transactions on this OctaFX account type. With a minimum deposit of $100 where the maximum leverage offered for forex trading is 1:500. The leverage changes depending on the instrument used, in which 1:100 is the leverage used for ZARJPY in forex trading. Whereas, 1:200 for metals, 1:100 for energies, 1:50 for indices, 1:25 for cryptocurrencies, and 1:20 for stocks are the offered leverages for different trading tools. There are different instruments offered with this account type which include 35 currency pairs, Gold and silver trading, 3 energies, 10 indices, 30 cryptocurrencies and 150 stocks all offered for trade at OctaFX MT5. The minimum lot to be traded with ith account types is the nano lot which is 0.01 of the standard lot. Whereas, the maximum traded volume is 500 lots. The option to trade on indices, stocks and cryptocurrencies is provided along with scalping and hedging options.

OctaFX MT4

The best account type for traditional trades where floating spreads take place starting from 0.6 pips. No commissions are applied to this OctaFX account type for transactions and the minimum deposit offered for trading on the OctaFX MT4 is $100. Different instruments are offered for trading 35 currency pairs, gold and silver, 3 energies, 4 indices, and 30 cryptocurrencies excluding stocks as they’re not offered on this account. The maximum leverage offered for currencies is 1:500 whereas it differed according to the traded instrument used. So, 1:200 for metal is the offered leverage and 1:100 is the maximum leverage for energies trading, 1:50 for indices and 1:25 for cryptocurrencies trading. The maximum volume of trade here is 200 lots whereas the minimum lot volume that can use is the nano lot. No swaps take place on this account type and trading on stocks is unavailable.

The 2 OctaFX account types share the following features it can be applied to both accounts which include:

  • Market execution in under 0.1 second
  • 5-digit precision
  • The minimum tradable volume is the nano lot
  • Accepted deposit currencies are USD or EUR
  • The margin call is 25% and the stop-out level is 15%
  • Hedging and scalping availability
  • Expert advisors
  • No swaps applied
  • Trading on indices
  • Trading with cryptocurrencies

Demo Accounts

OctaFX offers a free demo account to new forex beginners to practice trading in forex with no limits. It acts as a real account except no real funds are invested, virtual funds and virtual profits or losses allow investors to apply and follow different trading strategies and find the best one that works for them. Some investors use the demo account to test out their knowledge and information in the case of beginner traders and in case of professional traders, the demo account represents the perfect opportunity to try out new trading techniques and tactics and test their level of success or failure and their impact in the real market of forex and CFDs trading.

IslamicOctafx review Account

In case you were a trader who doesn’t want to add swaps to your trade in the buy or the sell transactions, or in case you are a trader following the Islamic belief or from an Islamic country then this part of the OctaFX review is for you since I’ll show the conditions of the Islamic account since it’s already presented to the previously mentioned types of traders in the market.

OctaFX won the best Islamic forex account awarded by world fiance in the year 2020 and the broker has been improving ever since. You do not need to pay interest-based or any other charges when you trade with the Islamic account with OctaFX.

Trading Platforms of OctaFX

Many aspects are there to be considered before choosing a forex broker to trade with, and trading platforms are definitely one of those aspects. I’ll make sure to get all the information you need about the types and features of the trading platforms offered by OctaFX via this section of the OctaFX review, so read along.

OctaFX offers the most well-known and used platforms in the market from Metaquotes which are Metatrader 4 and Metatrader5.

Metatrader 4 is the most famous platform within the forex market as it has easy features. Being quick and flexible to deal with while trading allowed the investors to trade with ease. Metatrader 4 can be accessed on every device. Its features were designed to facilitate the investing procedure for trades which include algorithmic trading, technical indicators, and expert advisors.

MetaTrader 5, is the updated and improved version of MT4. MT5 was designed to be a multi-functional user-friendly platform that enhances auto trading systems, technical tools, and copy trading. the next-gen platform supports scripts, libraries, customer indicators, and expert advisors.

MetaTrader 5 (MT5), offering more than MT4 does, also includes features and trading functionalities that are better than many other online trading platforms available today.

Both trading platforms allow CFDs and cryptocurrencies trading along with following the easy accessibility user friendliness methods to allow all trades everywhere at any time access. You can access both platforms from the web, IOS, android, and windows.

Educational Materials

OctaFX offers both written and visual educational materials to its investors. In this part of this OctaFX review, I will explain the educational topics that are offered to educate traders of OctaFX. The topics range is quite wide and covers everything a new trader might need to learn and all technical topics a professional trader would use to apply a new strategy.

The tutorials contain a How to section where all the steps of any procedure you might need to take are explained in detail, with step-by-step visuals to make it easier for the clients. The FAQs are covering any and all questions you might ever wonder about regarding any topic. There are also educational courses presented in video forms for newbie forex and CFDs traders along with video tutorials on how to use the MT4 and MT5 platforms.

Customer Services

For me, support and assistance anytime anywhere is one of the most important factors for me to choose the forex broker I’ll be trading with. And so I realized that the case must be the same for my readers too, and so this section via this OctaFX review is to discuss the level of customer service and support offered by OctaFX.

OctaFX offers their customers 24/7 customer support, all week even on weekends. The customer service response rate was quite fast based on my personal experience and the live chat option just makes getting in touch, when support is needed, easier and faster.

You can also follow the broker’s news and updates on their social media platforms provided on their website for smoother and more up-to-date content and news. the option of sending an email to the broker is also available and the reply rate is quite satisfactory.

Trading Instruments

OctaFX provides multiple CFDs to its clients to trade with. the range varies from currency pairs to cryptocurrencies and so many others.

Forex: 35 currency pairs are offered from the most volatile pairs with a maximum leverage of 1:500 when trading. Majors, minors and exotics are also offered for a trade where spreads can reach 0.6 pips.

Stocks: 16 stocks exchange are offered, where you can have a diversified trading portfolio by adding them to your trading account. Apple, Tesla, Amazon, Netflix and more are offered for trading.

Indices: 10 of the most popular indices are offered for trading including Dow Jones, NASDAQ, Nikkei, and Eurostoxx 50 with maximum leverage of 1:50 and no commission applied.

Сommodities: they are the tradeable physical assets such as metals, including gold, silver, platinum, and copper as well as crude oil, natural gas, and other resources. Gold and silver are available for trading with OctaFX with 1:200 maximum leverage. while commodities like the United States Natural Gas, Brent Crude Oil, and West Texas Intermediate crude oil are available with maximum leverage of 1:100.

Cryptocurrencies: Not only the broker is offering cryptocurrency trading, but also it’s providing 30 of the most well-known cryptocurrencies with 1:25 maximum leverage including tokens like Bitcoin, Ethereum, Litecoin, Ripple bitcoin cash, and more.

Payment Methods

Funding and withdrawal options in OctaFX are diverse, so you can choose what works for you and which one is easier. The broker is providing options to deposit and withdraw in USD or Euro.

For example, you can deposit and withdraw using visa debit and credit cards with a minimum deposit of $25. While using credit and debit cards from MasterCard would give you options to fund or withdraw €50.

The options to use Neteller and Skrill are also available. Bitcoin is also available as another way with fast execution time. No commission was added to any of them.

Compared to other brokers who offer more deposit and withdrawal methods available in the market, the broker here is lacking when it comes to the options provided. And that, in itself, is a great disadvantage for OctaFX.

Conclusion of OctaFX Review 2024

Octa FX is a multi-award-winning forex and CFDs broker that has a great base of clients from all over the world. The broker provides fierce trading conditions. The OctaFX scam is surely a closed matter by now since the regulation and licenses were explained all in the designated section at the beginning of this Octafx review.

OctaFX offers the most used and well-known trading platforms from Metaquoets yet they seem to be not enough in comparison with other brokers who provide the same platforms and more. With all the updated and new technologies in the market, it seems like Octa FX is falling behind with its updates.

Through this updated Octafx review 2024, I explained the deposit and withdrawal options don’t seem to be sufficient considering the wide variety of options available with other brokers. The broker used to be regulated by one of the best regulators yet they lost it and now their regulation is under review.

If you have any second thoughts about trading or opening an account with Octa FX, I’d recommend checking my article on the top forex brokers list where you can find other broker houses with different trading conditions.

Rating: 5.4