OctaFX Review 2024: Is it worth it?

Is OctaFX Safe to Deposit and Trade With?

OctaFX’s .eu website is regulated in Cyprus by the Cyprus Securities and Exchange Commission (CySec).

A downside of the broker is if you register through the OctaFX.com website, it is unregulated.  Regardless of which website you sign up through, client funds are held in a segregated account. This is important because your funds are held in trust, separate from the business accounts of OctaFX.

This means if OctaFX were to fail, your funds are protected. Another advantage of OctaFX is that it offers negative balance protection, which means if you lose more money than you deposited, you are not liable for paying back the debt.  The company was founded in 2011, which means it has been in operation for more than a decade.

All combined, your money is likely safe with this broker. However, keep in mind that trading with a broker that is regulated in multiple locations, especially a major global market like Canada, Japan, Australia, the US, or the UK, is generally preferred. OctaFX.com has a 4.4 out of 5 rating on Trustpilot.

What are OctaFX’s Trading Fees?

OctaFX doesn’t charge commissions; their fee is included in the spread, which is the difference between the price you can buy and sell at.

The spreads offered by OctaFX are competitive compared to other no-commision brokers, although they are definitely not the cheapest. I also found that while their advertised spread is quite low, the actual spread you receive while trading (or even on their quotes page) is quite a bit higher.

For example, the OctaFX website says the typical EUR/USD spread is 0.5 pips. That is quite good for a non-commission broker. In actual trading, it tends to range between 1.0 and 1.5 pips. Here are the spreads witnessed during the US session:

OctaFX Product Offerings

The products offered by OctaFX vary depending on whether you sign up through their .eu or .com website.

OctaFX.com offers more than 230 instruments to trade, including forex, crypto, stock indices, commodities, and stocks. OctaFX.eu offers 42 assets to trade, including 28 forex pairs, 10 stock indices, and 4 commodities (gold, silver, Brent oil, and West Texas oil).

This should be enough to satisfy most forex traders. If you specifically want to trade CFDs, then other brokers have more options.

OctaFX Promotions and Bonuses

Bonuses vary depending on which OctaFX website you sign up with.

OctaFX.com offers more than 230 instruments to trade, including forex, crypto, stock indices, commodities, and stocks. OctaFX.eu offers 42 assets to trade, including 28 forex pairs, 10 stock indices, and 4 commodities (gold, silver, Brent oil, and West Texas oil).

This should be enough to satisfy most forex traders. If you specifically want to trade CFDs, then other brokers have more options. Other brokers like ExpertOption offer higher bonuses and better promotional offers.

What is the Minimum Deposit and Withdrawal Amount at OctaFX?

The minimum deposit amount is $50 or €50. Regardless of the deposit method, the minimum deposit amount is the USD or EUR equivalent. For example, if depositing Bitcoin, be sure to send at least $50 worth.

The minimum withdrawal amount is $5 or €5, or the equivalent in crypto. The minimum to withdraw via Tether is 20. If withdrawing to a bank, the minimum withdrawal is €50 (only applicable to .eu customers). With OctaFX.com, you can deposit and withdraw EUR, USD, or crypto. With OctaFX.eu, you can only deposit and withdraw EUR.

OctaFX Deposit and Withdrawal Methods

OctaFX has a solid assortment of deposit and withdrawal methods. Here are the deposit methods for OctaFX.com. Note that you can’t withdraw to Mastercard (only deposit).

The deposit and withdrawal methods for OctaFX.eu are more limited:

You may deposit and withdraw to your credit card (up to the amount deposited with it).

OctaFX Account Types

With OctaFX.com there is only one account type, and that is a MT5 account. With OctaFX.eu there are two account types. The only difference is the trading platform: MT4 or MT5.

Scalping, hedging, and news trading are allowed. The minimum deposit is €50 or $50. There are no commissions and no withdrawal or deposit fees. Here are the MT5 account details for an OctaFX.eu account:

OctaFX Trading Platforms and Apps

Once again, the trading platforms and apps you have access to depend on the website you sign up with. In all cases, you have access to the MT5 trading platform.

With OctaFX.com, you have access to the MetaTrader 4 and 5 trading platforms. These are offered by most forex brokers. WithOctaFX.com you also have access to the OctaTrader platform, which is created by OctaFX.

MetaTrader is available on Windows computers. All the platforms are also available via an app on your Android or Apple device.

For OctaFX.eu users, only the MetaTrader5 platform is available. It is available on desktop (Windows) and via an online version for Apple computers. It is available for download on Android and Apple phones. If you are interested in trading stocks with OctaFX.com, you will need MT5.

OctaFX Support and Education

OctaFX offers around the clock support, as well as educational resources where traders can learn about trading.

When researching brokers, it’s important to choose one with a responsive customer service team in case you run into any issues. OctaFX offers support 24/7. You can access support via live chat on the site or through the following contact choices:

Phone number (Cyprus): +357 25 251 973

Customer support:[email protected]

Marketing & Partnership: [email protected]

For OctaFX.com, you can send them an email via the Contact Us page. Educational resources on OctaFX.eu are limited, but there is a wide array of articles, webinars, and daily market updates on OctaFX.com.

OctaFX Copy Trading

Copy trading is when you copy the trades of someone you have opted to follow. The trades can be automatically placed in your account.

With the OCtaFX CopyTrading program you can become a master trader by sharing your track record and letting other people copy your trades – or, you can choose to copy the trades of master traders. Copy trading offers a simple way to follow trade signals of more experienced traders.

If you become a master trader and other traders copy your trades, you can earn an extra income by charging your clients/copiers a commission on each trade.

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