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OctaFX Review

Steven Hatzakis

Steven Hatzakis | August 8th, 2020

CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% 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 2020

Here are our top findings on OctaFX:

  • 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). ForexBrokers.com doesn’t include this jurisdiction in our Trust Score calculation due to the extremely low regulatory requirements required to operate in SVG.
  • 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.
  • Pricing and product offering aside, compared to leading multi-asset brokers, OctaFX also struggles to compete in areas such as research and education.

Special Offer:

Overall Summary

FeatureOctaFX
Overall 3 Stars
Trust Score63
Offering of Investments 2 Stars
Commissions & Fees 3 Stars
Platform & Tools 3.5 Stars
Research 3 Stars
Mobile Trading 3 Stars
Customer Service .1 Stars
Education 2.5 Stars

Is OctaFX Safe?

help 63
Trust Score

OctaFX is considered high-risk, with an overall Trust Score of 63 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

FeatureOctaFX
Year Founded2011
Publicly Traded (Listed) No
Bank No
Tier-1 Licenses0
Tier-2 Licenses1
Tier-3 Licenses0
Trust Score63

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.

FeatureOctaFX
Forex: Spot Trading Yes
Currency Pairs (Total Forex pairs)28
CFDs - Total Offered17
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. 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.

FeatureOctaFX
Minimum Initial Deposit$5
Average Spread EUR/USD - Standard1.1 (July 2020)
All-in Cost EUR/USD - Active1.0 (July 2020)
Active Trader or VIP Discounts No

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). 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).

Gallery

FeatureOctaFX
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 Yes
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

Research

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.

Gallery

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

Education

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. All in all, I was left wanting more.

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.

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

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.

About OctaFX

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

OctaFX Trading Features

FeatureOctaFX
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 Yes
Charting - Indicators / Studies (Total)51
Charting - Drawing Tools (Total)31
Charting - Trade From Chart Yes
Watchlists - Total Fields7
Order Type - Trailing Stop Yes

OctaFX Research Features

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

OctaFX Mobile App Features

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

2020 Review Methodology

For our 2020 Forex Broker Review we assessed, rated, and ranked 30 international forex brokers over a five month time period. Each broker was graded on 105 different variables and, in total, over 50,000 words of research were produced.

While encouraged, broker participation was optional. Each broker had the opportunity to complete an in-depth data profile and provide executive time (live in person or over the web) for an annual update meeting.

All data submitted by brokers is hand-checked for accuracy. Ultimately, our rigorous data validation process yields an error rate of less than 1% each year, providing site visitors quality data they can trust. Learn more about how we test.

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 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.

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 web site as of 01/20/2020 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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