Please Note: OctaFX was not included in the 2019 annual review. As a result, this broker's ratings may be outdated.
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.
Trading with a forex broker traders can trust is crucial to success. Unfortunately, forex fraud and scams are common in the industry.
Here at ForexBrokers.com, we maintain the largest independent regulatory database available on the web. Using 28 different variables, we have created a proprietary 1-100 score (the higher the better) of overall trustworthiness, which we call the Trust Score. Here is our trust summary of OctaFX.
|Publicly-Traded Company (Listed)||No|
|Regulated in Major Hub||No|
|Regulated in Emerging Hub||No|
|Authorised in the European Union||No|
|CFTC Registered (USA)||No|
|FCA Regulated (UK)||No|
|IIROC Authorised (Canada)||No|
|FINMA Authorised (Switzerland)||No|
|ASIC Authorised (Australia)||No|
|SFC Authorised (Hong Kong)||No|
|MAS Authorised (Singapore)||No|
|FSA Authorised (Japan)||No|
|FMA Authorised (New Zealand)||No|
|CySEC Authorised (Cyprus)||No|
Offering of Investments
The following table summarizes the different investment products available to OctaFX clients.
|Minimum Initial Deposit||$5|
|Currency Pairs (Total Forex pairs)||28|
|CFDs - Total Offered||42|
|Exchange Traded Securities: US||No|
|Exchange Traded Securities: International||No|
|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.
|Average Spread EUR/USD - Standard||0.90|
|All-in Cost EUR/USD - Active||N/A|
|Active Trader or Premium/VIP||No|
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.
|Daily Market Commentary||No|
|Forex News (Top-Tier Sources)||No|
|Trading Central (Recognia)||No|
|Social Trading / Copy-Trading||Yes|
|Social Sentiment - Currency Pairs||No|
|Client Webinars (Archived)||Yes|
|Videos - Beginner Trading Videos||Yes|
|Calendar Includes Forecasts||No|
|Economic News Sentiment||No|
|Trade Ideas - Backtesting||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.
|Virtual Trading (Demo)||Yes|
|Desktop Platform (Windows)||Yes|
|Desktop Platform (Mac)||No|
|Social Trading / Copy-Trading||Yes|
|Charting - Drawing Tools (Total)||31|
|Charting - Indicators / Studies (Total)||51|
|Watchlists - Total Fields||7|
|Order Type - Trailing Stop||Yes|
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.
|Apple iOS App||Yes|
|Charting - Draw Trend Lines||Yes|
|Charting - Can Turn Horizontally||Yes|
|Charting - Technical Studies/Indicators||30|
|Watch List Syncing||No|
|Trading - Forex||Yes|
|Trading - CFDs||Yes|
|Alerts - Basic Fields||Yes|
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.
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.
Reviewed by 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 19 years, Steven has held numerous positions within the international forex markets, from writing to consulting to serving as a registered commodity futures representative.