OctaFX review 2024

Position Company Logo Information Bonuses Min. Dep Regulation Open an account
  • 100+ assets and pairs to trade
  • Free Demo Account Available
  • Copytrading Available
  • Fast Withdrawals
  • 95%+ Payouts Available
  • Free 150% Bonus On Deposit
Minimum Deposit: $20
  • Fast Deposits
  • Custom & Professional Trading Deske
  • Trading Signals
  • Free 100% Bonus On Deposit
Minimum Deposit: $250
  • 24/7 Support Available
  • 100+ Markets To Trade On
  • Free 100% Bonus On Deposit
Minimum Deposit: $250
  • 0.01 Trades Available
  • Low Commission and Fees
  • Free 100% Bonus On Deposit
Minimum Deposit: $250
  • Proprietary Trading Platform
  • Free Trading Signals
  • Market Analysis & Free DEMO
  • Free 100% Bonus On Deposit
Minimum Deposit: $100
  • Slow Withdrawals (48 hours +)
  • KYC Required
No deposit bonus Minimum Deposit: $5
  • Slow Withdrawa>
  • Not Available in All Countries
  • High Initial Deposit
  • Not Regulated
No deposit bonus Minimum Deposit: $10
  • Efficient Bot for Auto Trading
  • 90%+ Profit Orders
  • Free To Use (with specific brokers)
  • Free 100% Bonus On Deposit
Minimum Deposit: $250
  • Slow Support (tickets replied in 3 days usually)
  • No Copytrading
No deposit bonus Minimum Deposit: $250
  • Low Profit Rates (average 60%)
  • Only 20+ Markets To Trade On
No deposit bonus Minimum Deposit: $100
  • Not Convenient Trading Platform
  • No Initial Deposit Bonuses
No deposit bonus Minimum Deposit: $10
  • Only Metatrader Available
  • No Demo Account
No deposit bonus Minimum Deposit: $25
  • Not Available in All Countries
  • Not Regulated
No deposit bonus Minimum Deposit: $100
  • Very Slow Withdrawals (up to 7 days)
  • No Regulation
  • No Copytrading
No deposit bonus Minimum Deposit: $10
  • Not Available in All Countries
  • Low Profit Rates (average 60%)
No deposit bonus Minimum Deposit: $10
  • Not Convenient Trading Platform
  • No Initial Deposit Bonuses
No deposit bonus Minimum Deposit: $2
  • Only Metatrader Available
  • No Demo Account
No deposit bonus Minimum Deposit: $500

Finding a reputable and reliable online broker is crucial for trading success. With so many brokers to choose from, conducting thorough due diligence is essential before opening an account. In this OctaFX broker review, we provide an in-depth and unbiased assessment of their trading conditions, platforms, asset classes, costs, customer service, and safety for traders.

octafx trading

What is OctaFX?

OctaFX is an online broker that offers trading in forex, stocks, commodities, cryptocurrencies, and indices through contracts for difference (CFDs). Founded in 2011, OctaFX is headquartered in St. Vincent and the Grenadines and has offices in several countries. For clients in the European Union, the broker is subject to regulation by the Cyprus Securities and Exchange Commission (CySEC).

Pros and Cons of OctaFX Trading

Advantages of OctaFX Disadvantages of OctaFX
Regulated by CySEC for EU clients, providing protection up to €20,000 per client Not regulated in most countries outside of the EU
Offers the popular MetaTrader 4 and MetaTrader 5 trading platforms Limited educational resources compared to other brokers
Commission-free trading, only spread markups Website and platforms are only available in a few languages
Spreads start from as low as 0.6 pips on major currency pairs Limited range of tradable assets compared to other CFD brokers
Supports scalping, hedging, and algorithmic trading through expert advisors Spreads are higher during volatile market conditions
Fast execution speeds and low slippage rates
Excellent customer support is available 24/5

Overview of Trading Conditions and Offers at OctaFX

OctaFX offers over 50 currency pairs, cryptocurrencies, commodities, global stocks indices, and equity CFDs. Popular assets include the major forex pairs, gold, oil, natural gas, Bitcoin, major stock indices like the S&P 500, and stocks like Apple and Tesla. The minimum deposit at OctaFX is $25 for international clients and €50 for clients regulated under CySEC. The minimum transaction size is 0.01 lots.


OctaFX Bonuses Explanation

OctaFX offers a 50% deposit bonus up to $500 for new clients outside of Europe. To qualify for the maximum $500 bonus, a trader needs to make an initial deposit of $1000. The bonus funds can be used for trading but cannot be withdrawn until the required trading volume is met.

The bonus terms dictate a trading volume requirement equivalent to 30 lots for every $1 of bonus received. So a trader who gets the full $500 bonus would need to trade 15,000 lots (30 lots x $500) before it can be withdrawn. The volume calculation includes all closed trades on the account, regardless of profit or loss. Only profitable closed trades add to volume.

EU regulated accounts cannot receive bonuses due to ESMA regulations that prohibit brokers regulated in Europe from offering bonuses and other promotions to retail clients.

Trading Fees: How Much Does it Cost to Trade at OctaFX?

OctaFX uses a spread-only pricing model with no commissions. Spreads start at 0.6 pips on major currency pairs and vary based on market conditions. There are no fees for deposits or withdrawals. Swap-free Islamic accounts are available upon request. Inactive accounts are not charged an inactivity fee.

Charts and Analysis

OctaFX offers the industry standard MetaTrader 4 and MetaTrader 5 trading platforms, which are renowned for their charting capabilities and analytics tools. The key features are:

  • Chart Types: Line, candlestick, bars, Heiken Ashi, Renko, Kagi, Point & Figure, and more. This allows traders to visualize price data in different ways.
  • Timeframes: All major and minor timeframes from 1 minute to 1 month are available for analysis, allowing both short and long term traders to examine the markets effectively.
  • Indicators: Over 30 built-in technical indicators that include moving averages, Bollinger bands, RSI, MACD, stochastics, ADX and more.
  • Drawing Tools: Trend lines, channels, Fibonacci retracements, fans and more can be drawn directly on the price chart. 
  • Multiple Chart Windows: The desktop platforms support simultaneous display of many charts to monitor different assets and timeframes in a single workspace.

The advanced charting makes conducting technical analysis straightforward right from the platforms themselves rather than relying on third-party charting tools.

How to Trade with OctaFX

OctaFX offers desktop, web, and mobile versions of MetaTrader 4 and MetaTrader 5 for trading. The process of executing trades is simple and intuitive:

  • Open a live or demo account on the OctaFX website. Fund your live account or request a demo account.
  • Download MetaTrader 4 or MetaTrader 5 desktop platform on your Windows PC or laptop. Mac users can download the MT4 Mac version.
  • Install the platform, launch the software, and log in using your OctaFX account details. This will open your trading platform interface and account.
  • Analyze the markets using charts, technical indicators, trading tools, economic calendar, etc. Look for trading opportunities based on your strategy.
  • Execute buy or sell trades by clicking the appropriate button on the platform. A dealing form will open to set trade size, stop loss, take profit, etc.
  • Set stop losses to control downside risk and take profits to lock in gains. Use risk management suitable for your strategy.
  • Monitor your open positions and pending orders. Modify or close existing trades when ready.

The process is very similar on the mobile and web trader versions of the platforms. The tools and options may be arranged differently but the core functionality remains the same.

Mobile Trading via the OctaFX App

In addition to the desktop platforms, OctaFX also offers custom mobile trading apps for Android and iOS devices, allowing you to trade on the go. The apps provide a seamless experience, integrating seamlessly with your desktop account and workspace.

The OctaFX mobile app provides traders with the ability to:

  • Monitor price charts and markets, including technical analysis.
  • Execute instant orders with one click trading.
  • Manage open positions, orders, account balances.
  • View account details, history, and statements.
  • Conduct deposits and withdrawals.
  • Access economic calendar and daily news.
  • Receive push notifications on price alerts, account activity, etc.

The mobile experience retains the core functionality of the desktop platform in an intuitive and user-friendly interface optimized for smaller screens. Traders who need to monitor and manage their account on the go will find the mobile app very useful.

How to Download the OctaFX Mobile App

The OctaFX mobile trading apps can be downloaded for free for iOS and Android devices:

  • iOS device users can download the OctaFX Trading App from the Apple App Store. 
  • Android smartphone/tablet users can download the OctaFX Trading App from the Google Play Store.

After downloading, install the app and log in using your existing OctaFX account credentials. Your account, workspace, and settings will be mirrored across both desktop and mobile access.

How to Trade Different Assets on OctaFX

A benefit of trading with a multi-asset broker like OctaFX is the ability to diversify across different asset classes from a single account and platform. Trading instruments across forex, indices, stocks, commodities, and cryptocurrencies is straightforward:

  • Forex: Go to the Market Watch panel in MetaTrader and click on the + symbol to add desired currency pairs to watchlist. Click buy/sell on the chart or terminal to trade.
  • Indices: Go to Indices section and choose an index CFD to trade, like S&P 500, Nasdaq 100, FTSE 100 etc. 
  • Stocks: Go to Stocks section and select a stock CFD like Apple, Amazon, HSBC,C etc.
  • Commodities: Go to Commodities section to trade spot gold, silver, oil, etc.
  • Cryptocurrencies: Go to Cryptocurrencies section and pick a crypto like Bitcoin, Ethereum, or Litecoin to trade.

Can You Trade Forex on OctaFX?

Yes, trading forex is a major offering at OctaFX. They provide access to over 50 major, minor and exotic currency pairs. These forex pairs can be traded 24 hours a day, 5 days a week, from Monday to Friday. Trading volumes are highest when multiple global markets are open like during the London/New York overlap.

OctaFX offers competitive spreads on forex pairs starting at 0.6 pips. Traders can trade forex on MetaTrader 4, MetaTrader 5, the mobile apps, and the proprietary OctaFX web platform. Multiple order types, advanced charting, and trading tools cater to diverse forex trading strategies.

Can You Trade Binary Options on OctaFX?

No, OctaFX does not offer binary options trading on its platforms. Binary options are a high risk trading instrument where a trader speculates if an asset will be above or below a strike price at expiration time. OctaFX only provides trading in CFDs on forex, stocks, commodities, cryptocurrencies and indices.


What is the maximum leverage at OctaFX?

The maximum leverage depends on the account type – for Micro and Pro accounts it is 1:500, for ECN accounts, it is up to 1:200, and clients in the OctaFX loyalty program can access 1:1000 leverage. However, high leverage beyond 1:30 carries significant risks.

Does OctaFX require a minimum deposit?

Yes, OctaFX requires a minimum initial deposit to open a live trading account. The minimum deposit varies based on the account type. For Micro accounts, the minimum is just $25. For standard Pro accounts, it is $50. ECN Pro accounts that offer raw institutional spreads have a $500 minimum deposit. For traders in the European Union trading under CySEC regulations, the minimum is €50 on the specialized MT5 account. 

What trading platforms does OctaFX offer? 

OctaFX provides access to the globally popular MetaTrader 4 and MetaTrader 5 trading platinrms. These platforms are available in multiple formats including downloadable desktop platforms for Windows PCs, web-based browser platforms, and customized mobile trading apps for iOS and Android devices. 

How can I contact OctaFX customer support?

OctaFX Customer support is available 24 hours 5 days a week, only closed on weekends. Traders can contact support in multiple ways including live chat through the website and platforms, email, telephone and via social media on Telegram and WhatsApp. Support is multilingual with agents available in English, Chinese, Indonesian and other languages. 

Does OctaFX offer demo accounts?

Yes, OctaFX provides free demo accounts to traders after a quick signup process. The demo accounts come loaded with virtual funds of $10,000 and provide full access to the MetaTrader platforms. This allows new traders to practice and get familiar with the platforms risk-free before putting real money on the line.