OctaFX Overall rating

	Rating	Weight
User Rating	4.7 (47 reviews)	3
Popularity	2.8	3
Regulation	5.0	2
Pricing rating	4.0	1
Features	Not rated	1
Customer Support	Not rated	1

We tested OctaFX using real-money live accounts. Our reviews are unique in that they do not have any bias for or against any broker and are driven purely on the underlying data we compile from live account testing, regulatory data, and opinions from customers. We list all brokers and do not charge a fee for it. We offer additional visibility for a fee, but our review content cannot be influenced. Read our About Us page to read our editorial guidelines and how we make money.

Trustworthiness & Regulation

OctaFX, founded in 2011, has been in business for over a decade, making it a well-established broker. It has received a high user rating of 4.7 out of 5 from 48 total user reviews, 38 of which are from verified real trading accounts. Despite this, OctaFX is ranked 35 out of 1101 forex brokers by our experts, indicating there is room for improvement from a professional standpoint.

The broker operates under several regulatory frameworks. Octa Markets Cyprus Ltd is regulated by CySEC in Cyprus, which ensures segregated client money and provides a deposit compensation scheme. Other entities, such as Orinoco Capital (Pty) Ltd in South Africa and Octa Markets Ltd in Comoros, offer high leverage up to 1000:1 but do not provide a deposit compensation scheme.

Octa Markets Incorporated in Santa Lucia is non-regulated. This variety of regulatory standards might be a concern for some traders, although the broker ensures segregated client money and negative balance protection across all its entities.

OctaFX's popularity rating is relatively high at 3.8 out of 5, reflecting a strong presence in terms of account openings, client activity, and web traffic. It ranks 77 out of 1101 brokers for organic traffic, with 270,348 organic monthly visits.

However, it is important to note that even highly regulated and successful financial firms can fail, so always approach trading with caution.

Company	Licenses & Regulations	Segregated Client Money	Deposit Compensation Scheme	Negative Balance Protection	Rebates	Max. Leverage Retail Clients
Octa Markets Cyprus Ltd	Cyprus - CY CYSEC		up to €20,000			30 : 1
Orinoco Capital (Pty) Ltd	South Africa - ZA FSCA					1000 : 1
Octa Markets Ltd	Comoros - ML MISA					1000 : 1
Octa Markets Incorporated St Lucia						1000 : 1

Deposit Insurance

OctaFX provides a deposit compensation scheme through its CySEC-regulated entity, Octa Markets Cyprus Ltd. This scheme compensates investors if the authorized financial firm fails.

However, for its other entities regulated in South Africa, Comoros, and Santa Lucia, OctaFX does not offer a deposit compensation scheme. Traders should consider this when choosing under which regulatory framework to open their accounts.

Spreads and Costs

OctaFX offers competitive spreads across various asset classes. When compared to other leading brokers, its average spreads are generally in line with industry standards.

For example, its forex average spread is 2.03 pips, which is comparable to other brokers such as Pepperstone (1.98) and IC Markets (1.56). In commodities, OctaFX's average spread is 0.24, slightly higher than IC Markets but competitive overall.

Combined Spread/Commission Costs by Asset Class Compared to Market Leading Brokers

Note: Crypto averages comprise (BTCUSD, ETHUSD), forex averages comprise (EURUSD, USDJPY, GBPJPY, EURGBP, AUDNZD, CADCHF), indices averages comprise (US30, AUS200), and commodities average comprises (XAUUSD, XAGUSD). Data is sampled every 10 seconds for 24 hours to calculate the average. Forex is stated in pips, and the others are stated in base currency. All spreads including both spread and commission calculated in.

Our data comes from our sophisticated spread analyzer tool, which collects live account information and syncs with our performance analytics system. To compare all brokers and instruments with the latest live data, visit our spread analyzer tool. A spread is the difference between the bid (sell) and ask (buy) price of an asset and can vary widely between brokers and account types.

Some brokers charge higher spreads but no commission, while others charge both, making it crucial to assess the total cost, which includes both spread and commission. Our values reflect this all-in cost. Note that some brokers may set low costs on popular pairs like EURUSD but higher rates on other instruments.

Many brokers also advertise "as low as" spreads that may not reflect the true average or include commissions. Comparing true all-in cost averages across various instruments and asset classes is vital for accurate assessment.

Combined Spread/Commission Costs Per Instrument Compared to Market Leading Brokers

Comparison to other Brokers

OctaFX stands out with its high user ratings and competitive spreads across various asset classes. However, other than Cyprus CySEC it lacks regulation from major financial authorities, which might be a drawback for some traders.

In comparison to other brokers like IC Markets and Pepperstone, which offer tighter spreads and higher regulatory standards, OctaFX's strengths lie in its user satisfaction and extensive range of trading platforms.

Its swap-free Islamic accounts and lack of inactivity fees add to its appeal. Despite these advantages, its lower expert rating and limited regulatory oversight should be carefully considered.

Trading Platforms - Mobile, Desktop, Automated

OctaFX offers a range of trading platforms to cater to different trader preferences. MetaTrader 4 and MetaTrader 5 are available for desktop, mobile, and web, supporting automated trading through MQL4 and MQL5 programming languages, respectively.

These platforms are renowned for their comprehensive charting tools, technical analysis, and ease of use for creating automated trading systems.

OctaTrader, the proprietary platform, is available for mobile and web trading but does not support automated trading.

What Can you Trade?

OctaFX offers a diverse range of tradable instruments, including 35 forex CFDs, 34 crypto CFDs, 150 stock CFDs, 10 stock index CFDs, 5 commodities CFDs, and 100 shares with no leverage.

Traders can choose between CFDs and owning real assets, with CFDs allowing for leveraged trading, which can amplify both gains and losses. For more details on the available instruments, visit OctaFX's assets web page.

Available Leverage

OctaFX offers leverage up to 1000:1 for retail clients through its South African and Comoros entities, which is considerably high compared to industry standards. Under CySEC regulation in Cyprus, leverage is limited to 30:1, reflecting the regulatory requirements.

This high leverage provides traders with the potential to significantly amplify their trading positions. However, it's essential to understand the risks associated with high leverage, as it can lead to substantial losses as well as gains.

Prohibited Countries

OctaFX cannot open client accounts for residents of several countries, including the USA, Canada, Belgium, and several other jurisdictions where financial regulations prohibit or restrict its services. For a complete list of prohibited countries, it is advisable to visit the broker's website.

OctaFX Account types

	OctaTrader	MetaTrader 5	MetaTrader 4
Maximum leverage	1000:1
Mobile Platform	Proprietary	MT5 Mobile	MT4 Mobile
Trading platform	Proprietary	MT5	MT4
Spread Type	Variable Spread		Fixed Spread , Variable Spread
Minimum Deposit	25
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	OctaTrader
Maximum leverage	1000:1
Typical Spread	0.7 pips
Trading platform	Proprietary
Mobile platform	Proprietary
Spread type	Variable Spread
Minimum deposit	25
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	MetaTrader 5
Maximum leverage	1000:1
Typical Spread	0.5 pips
Trading platform	MT5
Mobile platform	MT5 Mobile
Spread type	Variable Spread
Minimum deposit	25
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

	MetaTrader 4
Maximum leverage	1000:1
Typical Spread	1.1 pips
Trading platform	MT4
Mobile platform	MT4 Mobile
Spread type	Fixed Spread Variable Spread
Minimum deposit	25
Minimum Trade Size	0.01
Trailing Stops
Scalping Allowed
Hedging Allowed
Islamic Accounts

OctaFX Web traffic

Our web traffic data is sourced from SimilarWeb and sums the traffic data of all websites associated with a broker. Organic visits are visits the broker didn't pay for, based on the available data. This data updates once monthly and can be based on data purchased from internet service providers, traffic metrics sourced by a third party such as Google Analytics that the company chooses to share with SimilarWeb, etc.

OctaFX Profile

24 hour support

Segregated Accounts

Islamic Accounts

Accepts Canadian clients

Accepts Japanese Clients

Non expiring demo

Trading API

Cent accounts

Negative balance protection

Social trading

Regulatory deposit insurance

Trailing stops

Bonuses

Interest on margin

Fixed spread

Variable spread