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OctaFX Review

Steven Hatzakis

August 30th, 2021
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 54.54% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money. This content is intended for information and educational purposes only and should not be considered investment advice or investment recommendation.

OctaFX offers traders a mostly vanilla MetaTrader and cTrader trading platforms experience. Beyond its European license in Cyprus, OctaFX lacks regulation in major jurisdictions, which puts it at a severe disadvantage compared to other trusted forex brokers.

Top Takeaways for 2021

Here are our top findings on OctaFX:

  1. Founded in 2011, OctaFX is regulated in only one tier-2 jurisdiction (Cyprus), making it a high-risk broker for forex and CFD trading. Customers are also served by the broker’s non-regulated offshore entity in Saint Vincent and the Grenadines (SVG). doesn’t include this jurisdiction in our Trust Score calculation due to the extremely low regulatory requirements required to operate in SVG.
  2. From among its account offerings, including MetaTrader and cTrader platforms, the MetaTrader 5 (MT5) Pro account stands out but still trails industry leaders in terms of low-cost forex trading and range of markets. In total, OctaFX offers less than 50 tradeable symbols.
  3. Pricing and product offering aside, compared to leading multi-asset brokers, OctaFX also struggles to compete in areas such as research and education.

Overall Summary

Overall 3.5 Stars
Trust Score61
Offering of Investments 3 Stars
Commissions & Fees 4 Stars
Platforms & Tools 3.5 Stars
Research 3 Stars
Mobile Trading 3.5 Stars
Education 3 Stars

Is OctaFX Safe?

help 61
Trust Score

OctaFX is considered high-risk, with an overall Trust Score of 61 out of 99. OctaFX is not publicly traded and does not operate a bank. OctaFX is authorised by zero tier-1 regulators (high trust), one tier-2 regulator (average trust), and zero tier-3 regulators (low trust). Learn more about Trust Score.

Regulations Comparison

Year Founded2011
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses0
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score61

Offering of Investments

OctaFX offers less than 50 tradeable instruments. By comparison, industry leaders Saxo Bank, IG, and CMC Markets all offer over 10,000 tradeable instruments.

The following table summarizes the products available to OctaFX clients.

Cryptocurrency: Cryptocurrency trading is available through CFDs, but not available through trading the underlying asset (e.g. buying Bitcoin). Note: Crypto CFDs are not available to retail traders from any broker's UK entity, nor to UK residents.

OctaFX offering of investments:

Forex Trading Yes
CFD Trading Yes
Tradeable Symbols (Total) 52
Forex Pairs (Total)28
US Stock Trading (Non CFD) No
Int'l Stock Trading (Non CFD) No
Cryptocurrency (Physical) No
Cryptocurrency (CFD) Yes
Social Trading / Copy-Trading Yes

Commissions and 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. All in all, when it comes to pricing, OctaFX struggles to compete against the lowest cost MetaTrader brokers.

MetaTrader: Spreads are lowest in the MT4 Micro account where the broker offers only 39 tradeable instruments; the EUR/USD typical spread is listed as 0.7 pips, whereas the MT5 Pro account provides the full range of 45 tradeable products, and spreads are slightly higher at 1.1 pips.

cTrader: Compared to its other account types, the cTrader ECN account at OctaFX is more limited in terms of the product range, with only 28 forex pairs and two metals. It uses a $6 per round-turn standard lot ($3 per side) commission-based fee structure, which is added to typical spreads of 0.4 pips, bringing the all-in cost to 1 pip.

MetaTrader vs cTrader: The MT5 Pro account offering stands out as it is similarly priced with the cTrader ECN account offering, but offers nearly double the range of tradeable instruments.

OctaFX pricing summary:

Minimum Deposit$25
Average Spread EUR/USD - Standard0.6 (August 2021)
All-in Cost EUR/USD - ActiveN/A
Active Trader or VIP Discounts No
Execution: Agency Broker Yes
Execution: Market Maker Yes

Platforms and Tools

OctaFX is primarily a MetaTrader broker, offering the suite of platforms from MetaQuotes Software Corporation, including MetaTrader 4 (MT4) and MetaTrader 5 (MT5). cTrader, including the cAlgo platform, is also available.

Copy Trading: OctaFX offers a web interface for copy trading (providers are known as Masters) that connects to its MetaTrader 4 (MT4) platform offering. Overall, OctaFX’s copy trading experience lacks a community-feel, which is an attribute the best copy trading brokers all share.

From over 3340 systems available on OctaFX’s copy trading offering, 630 providers were profitable in the last three months or about 18% of all strategies. Overall, I found the layout useful, although I would like to see more performance statistics incorporated to help traders differentiate from among the Masters (providers of each strategy).


OctaFX trading platform:

Virtual Trading (Demo) Yes
Proprietary Platform Yes
Desktop Platform (Windows) Yes
Web Platform Yes
Social Trading / Copy-Trading Yes
MetaTrader 4 (MT4) Yes
MetaTrader 5 (MT5) Yes
cTrader No
DupliTrade No
ZuluTrade No
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes


OctaFX has a decent basis for its research offering as it provides a little of all essential content types, including that from third parties. However, when compared to research leaders IG, Saxo Bank, and CMC Markets, OctaFX has room to enhance its research offering.

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. OctaFX also produces video content such as its regular Market in a Minute post on YouTube alongside several archived webinars and some educational content.


OctaFX research:

Daily Market Commentary Yes
Forex News (Top-Tier Sources) Yes
Weekly Webinars Yes
Autochartist Yes
Trading Central (Recognia) No
Delkos Research No
Social Sentiment - Currency Pairs No
Economic Calendar Yes


OctaFX provides a section on its site dedicated to forex education, which contains 19 primary articles. However, there are mostly platform tutorials and user manuals in terms of both materials and video content. Beyond the trading glossary and dozens of Frequently Asked Questions (FAQ), there isn’t much educational content in terms of understanding market dynamics and how to trade. It's worth mentioning the broker does have a blog and YouTube channel, yet I was still left wanting more.


OctaFX education:

Has Education - Forex or CFDs Yes
Client Webinars Yes
Client Webinars (Archived) Yes
Videos - Beginner Trading Videos Yes
Videos - Advanced Trading Videos No
Investor Dictionary (Glossary) Yes
Tutorials/Guide (PDF or Interactive) No

Mobile Trading

Since OctaFX is a MetaTrader and cTrader-only broker, it provides both the standard iOS and Android versions of the MT4 and cTrader mobile apps. No proprietary mobile app is offered.

OctaFX mobile trading:

Android App Yes
Apple iOS App Yes
Alerts - Basic Fields Yes
Watch List Yes
Watch List Syncing No
Charting - Indicators / Studies30
Charting - Draw Trendlines Yes
Charting - Trendlines Moveable No
Charting - Multiple Time Frames Yes
Charting - Drawings Autosave Yes
Forex Calendar Yes

Final Thoughts

While OctaFX offers MetaTrader and cTrader, there is a limited offering of tradeable instruments and pricing is not competitive. No question, OctaFX needs to improve its product, pricing, and tools offering if it wants to compete with the best MetaTrader brokers.

Beyond its latest regulatory status in Cyprus, OctaFX’s lack of additional reputable licenses heavily weighs down its Trust Score. Becoming regulated in more jurisdictions, especially tier-1 jurisdictions, will go a long way to earning the trust of prospect customers.


Is OctaFX a good broker?

OctaFX is an up-and-coming broker that continues to expand its products and services as a result of its company growth after nearly 10 years in operation. Adding additional regulatory licenses in tier-1 jurisdictions would be a welcome addition to help OctaFX win even more clients’ trust.

Is my money safe with OctaFX?

Because OctaFX is only regulated in Cyprus, we consider the broker a higher risk compared to firms that are regulated in numerous tier-1 jurisdictions, when it comes to trust factors and keeping your money safe.

Founded in 2011, OctaFX holds regulatory licenses primarily in Europe through its Cyprus-based entity, Octa Markets Cyprus Ltd, regulated by the Cyprus Securities and Exchange Commission (CySEC). Your account may be eligible for certain protections from CySEC, for up to 20,000 euros from the Investor Compensation Fund (ICF), in the extraordinary event of bankruptcy of Octa Markets Cyprus Ltd.

The brand’s international entity, Octa Markets Incorporated, is based in St. Vincent and the Grenadines, where there is little to no protection provided by the regulator. The degree of security of your funds, in terms of regulatory protection, will depend on which OctaFX entity holds your account and any relevant regulations that provide customer protections.

What is the minimum deposit for OctaFX?

The minimum deposit with OctaFX varies from $25 U.S. (USD) when funding with Visa/Mastercard or 50 euros (EUR) when using Skrill/Neteller, depending on the payment method you use, to as much 500,000 Indian rupees (INR). Any applicable minimum also depends on your country of residence and which OctaFX entity you choose to establish a trading account.

OctaFX has over 50 different payment options (such as Visa, Neteller, Fasapay, bitcoin, and a large variety of local bank transfers), the availability of which may also depend on your country of residence.

About OctaFX

Founded in 2011, OctaFX is part of a group of global entities, which include Octa Markets Incorporated (based in Saint Vincent and the Grenadines), and Octa Markets Cyprus Ltd (based in Cyprus).

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 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.

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Trading CFDs, FX, and cryptocurrencies involve a high degree of risk. All providers have a percentage of retail investor accounts that lose money when trading CFDs with their company. You should consider whether you can afford to take the high risk of losing your money and whether you understand how CFDs, FX, and cryptocurrencies work. All data was obtained from a published website as of 12/14/2020 and is believed to be accurate, but is not guaranteed. The staff is constantly working with its online broker representatives to obtain the latest data. If you believe any data listed above is inaccurate, please contact us using the link at the bottom of this page.

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