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Overall

OctaFX offers the popular MetaTrader and cTrader platforms, yet its lack of regulation in a major jurisdiction puts it at a disadvantage compared to other forex brokers, as the broker is based in St. Vincent and the Grenadines.

Steven Hatzakis | September 2nd, 2019

help 53
Trust Score
Dislikes
  • Lack of regulatory status in a major jurisdiction
  • Only forex and metals available on cTrader
  • Prohibits arbitrage strategies
  • Sets current market price at its sole discretion

Review Sections:

Please Note: OctaFX was not included in the 2019 annual review. As a result, this broker's ratings may be outdated. Read our Best Forex Brokers 2019 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

FeatureOctaFX
Year Founded2011
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses0
Tier-2 Licenses0
Tier-3 Licenses0
Trust Score53

Offering of Investments

The following table summarizes the different investment products available to OctaFX clients.

FeatureOctaFX
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)28
CFDs - Total Offered42
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.

OctaFX MT5 spreads

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.

FeatureOctaFX
Minimum Initial Deposit$5
Average Spread EUR/USD - Standard1.0 (as of May 19)
All-in Cost EUR/USD - Active0.5 (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 Research Market Insights

OctaFX has a decent basis for its research offering as it provides a little of all key content types including that from third parties.

FeatureOctaFX
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.

MetaTrader4 Desktop Forex Brokers

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.

cTrader web platform

FeatureOctaFX
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 Fields7
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.

FeatureOctaFX
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 / Studies30
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.


Steven Hatzakis

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.

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Trading CFDs, FX, and cryptocurrencies involves 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 web site as of 02/18/2019 and is believed to be accurate, but is not guaranteed. The ForexBrokers.com 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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