Review Sections:
Please Note: OctaFX was not included in the 2020 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2020 guide for a look at the top rated forex and CFDs brokers.
Founded in 2011, Octa Markets Incorporated (OctaFX) is based in St. Vincent and The Grenadines, and offers the MetaTrader and cTrader platforms. The broker provides 28 forex pairs, three cryptocurrency CFDs, and CFDs on four metals, two energies, and 10 indices, for a total of 47 instruments.
Is OctaFX Safe?
OctaFX is considered high-risk, with an overall Trust Score of 53 out of 99. OctaFX is not publicly traded and does not operate a bank. OctaFX is authorised by zero tier-1 regulators (high trust), zero tier-2 regulators (average trust), and zero tier-3 regulators (low trust). Learn more about Trust Score.
Regulations Comparison
| Feature | OctaFX |
|---|---|
| Year Founded | 2011 |
| Publicly Traded (Listed) | No |
| Bank | No |
| Tier-1 Licenses | 0 |
| Tier-2 Licenses | 0 |
| Tier-3 Licenses | 0 |
| Trust Score | 53 |
Offering of Investments
The following table summarizes the different investment products available to OctaFX clients.
| Feature | OctaFX |
|---|---|
| Forex: Spot Trading | Yes |
| Currency Pairs (Total Forex pairs) | 28 |
| CFDs - Total Offered | 42 |
| Social Trading / Copy-Trading | Yes |
| Cryptocurrency traded as actual | No |
| Cryptocurrency traded as CFD | Yes |
Commissions & Fees
OctaFX’s commission and fees vary depending on one of the three available account types chosen: MT4 Micro, MT5 Pro, or the cTrader ECN account.
Comparably, spreads are highest in the MT4 Micro account where the broker offers only 37 tradeable instruments; the EUR/USD typical spread is listed as 1.1 pips, whereas the MT5 Pro account provides the full range of tradeable products, and spreads drop slightly to 0.9 pips.
Compared to its other account types, the cTrader ECN account at OctaFX is more limited in product range with only 28 forex pairs and two metals, and uses a $6 per round-turn standard lot ($3 per side) commission-based fee structure, which is added to typical spreads of 0.3 pips, bringing the all-in cost to 0.9 pips. Therefore, the MT5 Pro account stands out as it similarly priced as the cTrader ECN account, but nearly double the range of tradeable instruments.
| Feature | OctaFX |
|---|---|
| Minimum Initial Deposit | $5 |
| Average Spread EUR/USD - Standard | 1.0 (as of May 19) |
| All-in Cost EUR/USD - Active | 0.5 (as of May 19) |
| Active Trader or VIP Discounts | No |
Research
OctaFX provides a range of research content under its Traders’ Tools section, including an economic calendar, market insights, and daily analysis posts, as well as trading signals from AutoChartist. The broker also produces video content such as its Market in a Minute daily post on YouTube, and provides a few archived webinars and educational content.
OctaFX has a decent basis for its research offering as it provides a little of all key content types including that from third parties.
| Feature | OctaFX |
|---|---|
| Daily Market Commentary | No |
| Forex News (Top-Tier Sources) | No |
| Weekly Webinars | No |
| AutoChartist | Yes |
| Trading Central (Recognia) | No |
| Delkos Research | No |
| Social Sentiment - Currency Pairs | No |
| Economic Calendar | Yes |
Platforms & Tools
OctaFX is primarily a MetaTrader broker, offering the suite of platforms from MetaQuotes Software Corporation, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5). To learn more, read our full MetaTrader guide.
While MT4 and MT5 come standard, with little variation in functionality from broker to broker, there can be significant differences in how the platform is set up for trading spreads and commissions, execution, and other tools, features, and administrative areas.
OctaFx also launched cTrader and the related suite of retail trading platforms from Spotware Systems, including the cAlgo platform. To learn more about cTrader, read our cTrader guide.
| Feature | OctaFX |
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | No |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| Social Trading / Copy-Trading | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| cTrader | Yes |
| Charting - Indicators / Studies (Total) | 51 |
| Charting - Drawing Tools (Total) | 31 |
| Charting - Trade From Chart | Yes |
| Watchlists - Total Fields | 7 |
| Order Type - Trailing Stop | Yes |
Mobile Trading
OctaFX offers mobile trading iOS and Android mobile trading applications for Metatrader and cTrader platforms, available directly from the respective developers on the iTunes store and Google Play. To learn more about MT4, read our guide to MetaTrader, and for Spotware Systems read our guide to cTrader.
| Feature | OctaFX |
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Trading - Forex | Yes |
| Trading - CFDs | Yes |
| Alerts - Basic Fields | Yes |
| Watch List | Yes |
| Watch List Syncing | No |
| Charting - Indicators / Studies | 30 |
| Charting - Draw Trend Lines | Yes |
| Charting - Trend Lines Moveable | No |
| Charting - Multiple Time Frames | Yes |
| Charting - Drawings Autosave | No |
| Forex Calendar | No |
Other Notes
In 2017, OctaFX introduced cryptocurrency CFD trading on bitcoin, ethereum, and litecoin. Around the time of our review, OctaFX launched a mobile administrative app (non-trading) for customers to be able to access back-office account features such as those found in its web portal.
Final Thoughts
While OctaFX offers two popular platform suites, including MetaTrader and cTrader, the broker’s lack of regulatory license in a major jurisdiction weighs down on its trust score, as customers are not afforded the protection that accompanies being licensed in a major or emerging regulatory hub. Acquiring a license in an emerging or major jurisdiction would help win customers’ trust, as the island nation of St. Vincent and The Grenadines has yet to implement a robust framework for forex regulation that includes enforcement of compliance standards.
Forex Risk Disclaimer
"There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses." Learn more.
About the author: Steven Hatzakis Steven Hatzakis is the Global Director of Research for ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. Steven is an active fintech and crypto industry researcher and advises blockchain companies at the board level. Over the past 20 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.
