OctaFX is a Forex and CFD broker who claims to have the lowest spreads in the industry. They offer access to CFD trading, commodity trading, and indices trading. At first glance, their website looks very professional and well designed. Prominent on their homepage is a string of awards presented to them over the years along with appraisals from many happy customers. They are regulated by the CySec (Cyprus Securities and Exchange Commission).
Account Types
There are three account types available to OctaFX clients:
Micro Account (MT4) – This is the most common account and is recommended for the novice trader with small investments.
Pro Account (MT5) – This is the recommended account for experienced traders and comes with lower spreads and less trading costs.
ECN Account (cTrader) – This is the recommended account for progressive traders and has more transparency in pricing.
Your account base currency can be USD or EUR. Unlike some brokers, OctaFX welcomes hedging, scalping, news trading, and Expert Advisors.
OctaFX offers protection against you losing more money than you have in your account. This is called Negative Balance Protection. If your balance becomes negative due to a stop out, they will compensate for the amount and bring your account balance back to zero. They guarantee that your risk is limited to only those funds you have deposited into your account.
You will be required to fill in a signup form when opening an account or alternatively you may sign up with your Facebook or Google account. Account verification will be required before being allowed to withdraw any funds. The documents required need to show proof of ID and proof of address.
If you want to open an Islamic account you can simply switch on the Islamic option when opening a new trading account.
Platforms
There are 3 platforms depending on your choice of account:
MT4 (Micro Account) – MetaTrader 4 is compatible with Windows, Linux and Mac operating systems. MT4 can also be accessed from a Smartphone or tablet on both iOS and Android devices.
MT5 (Pro Account) – MetaTrader 5 is a next-gen multi-asset trading platform that will replace MT4 at some point in the future. Its back-testing functions are not only faster than those of MT4, but it also allows simultaneous multi-pair testing.
cTrader (ECN Account) – cTrader is a robust and comprehensive trading platform, designed especially for Forex and CFD trading. It is available as a web platform just like MT4/MT5 and can also be accessed from a Smartphone or tablet on both iOS and Android operating systems.
Leverage
You can choose your required leverage during the signup process up to the following maximums:
Micro Account
1:500 for Currencies
1:200 for Metals
1:50 for Indices
1:2 for Cryptocurrencies
Pro Account
1:200 for Currencies
1:100 for Metals
1:50 for Indices
1:2 for Cryptocurrencies
ECN Account
1:500 for Currencies
1:200 for Metals
Trade Sizes
The minimum lot size is 0.01 lots.
Trading Costs
Trading costs for the different account types are as follows:
Micro Account: Spread Markup, Swap Fees (optional instead of overnight commissions), Overnight Commission (optional instead of Swap Fees)
Pro Account: Spread Markup, Overnight Commission (3-day fee)
ECN Account: Commission, Overnight Commission (weekend fee)
Assets
Available trading assets for the different account types are as follows:
Micro Account
28 Currency pairs
4 Indices
3 Cryptocurrencies
Gold and silver
Pro Account
28 Currency pairs
10 Indices
3 Cryptocurrencies
4 Metals
2 Energies
ECN Account
28 Currency pairs
Gold and silver
Spreads
As mentioned all over their website, OctaFX claims to have the lowest spreads in the industry. They have a live feed on their home page showing the spreads for a few Forex pairs. These spreads are coming in between 0.5 to 0.7 which are not bad but I’ve seen lower spreads elsewhere. Spreads for the different account types are as follows:
Micro Account:
Floating – starting at 0.4 pips.
Fixed (certain pair only) – starting at 2 pips.
Pro Account: Floating – starting at 0.2 pips.
ECN Account: Floating – starting at 0 pips.
Minimum Deposit
The minimum deposit is $5.
Deposit Methods & Costs
OctaFX offers the following deposit options:
- Visa
- Skrill
- Perfect Money
- Bitcoin
- Neteller
There are no commission charges with any of the above deposit methods.
Withdrawal Methods & Costs
OctaFX offers the following withdrawal options:
- Visa
- Skrill
- Perfect Money
- Bitcoin
- Neteller
Withdrawal Processing & Wait Time
All withdrawals are processed within 1-3 hours during working hours and there are no commission charges with any of the withdrawal methods.
Bonuses & Promotions
OctaFX has numerous bonuses and promotions for you to take advantage of:
Deposit Bonuses – OctaFX will give you up to a 50% bonus on every deposit you make. This is optional and if you do decide to take the bonus there are certain conditions applied to it. The formula for releasing the bonus is (bonus amount/2 = lots to trade). So for example, if you deposited $400 you would need to trade 100 lots ($200/2) before being allowed to withdraw the bonus.
Monthly Contests – OctaFX run monthly contests in demo mode and give away cash prizes to the winners.
Status Program – The more you trade the better your status. There are 4 status levels each with ever-increasing perks. Those being:
Bronze Status – You get 24/5 customer support and commission free deposits and withdrawals (everyone gets this!).
Silver Status – Along with the Bronze Status rewards you also receive trading signals by Autochartist.
Gold Status – Along with the Silver Status rewards you also receive faster deposits/withdrawals, lower spreads and less trading required to clear bonuses.
Platinum Status – Along with the Gold Status rewards you also receive fewer charges, expert advice, a personal manager and invites to VIP events.
IB Program – You can apply to become an IB (Introducing Broker) for OctaFX where you will receive a commission (up to 12 USD per lot) for your referred clients.
Educational & Trading Tools
There are a plethora of trading tools available for traders. These include a trading calculator, a profit calculator, live quotes, account monitoring, market information, an economic calendar, Forex news, interest news, and a holiday calendar.
There is also an educational section covering Forex basics with articles to read and videos to watch.
Customer Service
The following methods of contact are available to OctaXF clients:
Phone:
United Kingdom: +44 20 3322 1059
Hong Kong: +852 5808 8865
Indonesia: +62 21 3110 6972
Live Chat: I tested this for the purpose of this review and I was 6th in the queue when I asked my question. I was dealt with in less than a minute and my questions were all answered satisfactorily.
Email Form: Provided on website
WhatsApp: +34 691 370 613
Telegram: @OctaFX_bot
Physical Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Demo Account
You can open as many demo accounts as you want to practice and test your strategies. You can also win real funds by participating in the OctaFX Champion or cTrader weekly demo contests. MT4 and MT5 Demo accounts expire after 60 days of inactivity, while cTrader accounts are disabled if you don’t use them for 90 days.
Countries Accepted
Residents from the following countries are not permitted to open accounts with OctaFX – Belarus, Brazil, Myanmar, Cuba, Cyprus, Iran, Iraq, Kazakhstan, Libya, Niger, North Korea, Russia, Sudan, Syria, Ukraine, United States Virgin Islands, United States, European Monetary Union, United States Minor Outlying Islands.
Conclusion
OctaFX looks like a quality broker offering plenty of account types that will suit most trading styles. The Forex leverages are good and their spreads are relatively tight. On the negative side, their crypto offerings and leverage are poor. I can’t fault their customer service and was answered almost immediately on the few occasions I used their Live Chat feature. Overall, I’d be happy to recommend this broker to fellow traders.
