Is OctaFX Safe?
OctaFX is considered Average Risk, with an overall Trust Score of 70 out of 99. OctaFX is not publicly traded and does not operate a bank. This broker is authorized by one Tier-1 regulator (Highly Trusted), one Tier-2 regulator (Trusted), zero Tier-3 regulators (Average Risk), and zero Tier-4 regulators (High Risk).
Investment Products
OctaFX offers fewer than 230 tradeable instruments. By comparison, industry leaders Saxo Bank, IG, and CMC Markets all offer over 10,000 tradeable instruments.
Cryptocurrency: Cryptocurrency trading at OctaFX 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 U.K. entity, nor to U.K. residents.
Fees
OctaFX has struggled with pricing in the past, but has vastly improved in this category and is now gaining on the lowest-cost MetaTrader brokers.
Account types: Any commissions or fees you pay at OctaFX will depend on your chosen account type and the OctaFX entity under which your account is regulated. European clients will choose the broker’s EU entity, whereas international clients are served from OctaFX’s offshore entity in Saint Vincent and The Grenadines (SVG). In the EU, only MT5 is promoted and thus a single account is available, whereas the SVG entity offers accounts for both MT4 and MT5.
Spreads: OctaFX’s spread pricing varies depending on which of its entities regulates your account. For example, its EU entity is slightly better for the EUR/USD pair with 0.5 pips listed as the average spread, compared to 0.9 pips for the SVG entity. It’s worth noting that OctaFX did not provide a date range for its average spread data, and thus the values don’t carry as much weight as spreads that have a corresponding date reference. All in all, OctaFX has improved its pricing and appears to keep pace with the lowest-cost MetaTrader brokers, but with no date range available for its average spread claim, we were unable to make an exact comparison.
Mobile trading apps
OctaFX does have a proprietary app for social copy trading (the OctaFX Copytrading app), yet it still trails behind industry leaders such as IG and Saxo Bank. For our top picks among trading apps, read our guide to Best Forex Trading Apps.
Apps overview: Since OctaFX is a MetaTrader-only broker, iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) app come standard and are both available for download from the Apple App Store and Google Play store, respectively. OctaFX also offers its proprietary OctaFX Copytrading app for social copy trading – which I was unable to install or test due to geolocational restrictions I encountered on Google Play.
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). OctaFX also provides financial services through its intermediary, Orinoco Capital.
Is OctaFX a good broker?
OctaFX is an up-and-coming broker that has been in operation for nearly 10 years. Its growth has enabled OctaFX to continue to expand its products and services. Adding additional regulatory licenses in Tier-1 jurisdictions would be a step toward winning more client trust.
Is my money safe?
OctaFX is regulated in Cyprus by the Securities & Exchange Commission (CySEC) and in South Africa by the Financial Sector Conduct Authority (FSCA). OctaFX holds just one Tier-1 license and one Tier-2 license, resulting in a grade of “Average Risk” within the ForexBrokers.com Trust Score rating system.
Founded in 2011, OctaFX holds a regulatory license in Europe via its Cyprus-based entity – Octa Markets Cyprus Ltd – which is regulated by the Cyprus Securities and Exchange Commission (CySEC). Your account may be eligible for certain CySEC protections – in the extraordinary event of Octa Markets Cyprus Ltd.’s bankruptcy, for example, you’ll be protected for up to 20,000 euros from the Investor Compensation Fund (ICF). In South Africa, OctaFX provides financial services to clients through an intermediary, Orinoco Capital, which is licensed by the Financial Sector Conduct Authority (FSCA).
Octa Markets Incorporated is the brand’s international entity. It is based in St. Vincent and the Grenadines (SVG), and it provides little to no regulatory protection. The security of your funds – in terms of regulatory protection – will depend on which OctaFX entity holds your account, and which –if any – relevant regulations provide customer protections.
What is the minimum deposit?
Minimum deposits at OctaFX will vary depending on your country of residence and your chosen payment method. They can go as low as $25 (USD) when funding with Visa/Mastercard, to 50 euros (EUR) when using Skrill/Neteller to as much as 500,000 Indian rupees (INR). It’s important to note that minimum deposits and trading costs will also depend on which OctaFX entity you choose for establishing your trading account.
OctaFX has over 50 different payment options, such as Visa, Neteller, Fasapay and bitcoin, as well as a large variety of local bank transfers. The availability of these payment methods may also depend on your country of residence.
