OctaFX is an online broker that offers you the option to choose between the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) investment platforms, offering the possibility to select the investment platform that best suits your style and trading strategies when negotiating financial instruments. In addition, the broker offers excellent fees and the possibility of opening accounts quickly without complications. If you are interested in trading currencies and CFDs on indices and cryptocurrencies, OctaFX is a solid choice.
While it is true that OctaFX is a broker that has good characteristics in several aspects, we strongly believe that Capital.com is the best online trading platform because it is one of the easiest and cheapest ways to trade CFDs on equities, commodities, indices, Forex pairs and cryptocurrencies anywhere in the world. Capital.com offers you zero fees on intra-day trading, a lightning-fast web platform and their proprietary Negative Balance Protection. Also, Capital.com gives you the best chance at financial success with a clean, easy-to-use interface.
|Ease of Use||8|
|Deposit & Withdrawal Options||3|
|Demo Account & Educational Resources||8|
|Safety & Regulation||8|
What is OctaFX?
OctaFX is a broker founded in 2011 and is registered in the islands of Saint Vincent and the Grenadines. Furthermore, OctaFX is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC).
In addition, OctaFX offers copytrading tools with which you can emulate the strategies of other winning investors. Please note that it is not possible to trade with OctaFX in some countries:
|Belarus||Iran||Niger||Syrian Arab Republic|
|Cyprus||Libya||Sudan||Virgin Islands, U.S.|
Pros & Cons
- Free educational materials.
- No commissions on deposit & withdrawal.
- 50% bonus on every deposit.
- The spreads offered by OctaFX are competitive.
- The broker is not listed on any stock exchange.
- It is not possible to trade fixed income instruments.
- OctaFX does not offer its financial statements publicly.
- There is no customer support via phone.
OctaFX offers you the possibility of opening standards trading accounts that you can configure depending on the type of platform you choose. Take into account that the broker offers you three different accounts:
|Accounts||Investment platform||Recommended for|
|Micro||Metatrader 4||beginner traders (small investment)|
|Pro||Metatrader 5||Expert traders (lowest spreads and less trading costs)|
Each of these Investment platforms offers you different characteristics when trading. In the following sections, you will see which are the main differences between each of them.
At OctaFX, the fees will depend on the type of investment platform you decide to use. Take into account that the broker offers you three different alternatives so that you can choose the one that best suits your needs and trading style. Also, OctaFX does not charge fees for deposits or withdrawals.
|Metatrader 4||Metatrader 5||cTrader|
|Spread||Floating, starting at 0.4 pips||Floating, starting at 0.2 pips||Floating, starting at 0 pips|
|COMMISSION/SPREAD MARKUP||No сommission, Markup||No сommission, Markup||No markup, Commission|
|RECOMMENDED DEPOSIT||$100 USD||$500 USD||$100 USD|
|INSTRUMENTS||28 currency pairs + gold and silver + 2 energies + 4 indices + 3 cryptocurrencies||28 currency pairs + gold and silver + 2 energies + 10 indices + 3 cryptocurrencies||28 currency pairs + gold and silver|
|LEVERAGE||1:200 for metals; 1:50 for indices and energies; 1:2 for cryptocurrencies||1:100 for metals and energies; 1:50 for indices||Up to 1:500 for currencies 1:200 for metals|
OctaFX offers very good rates and possibilities to save money when trading on its platform. In addition, you can choose the investment platform with the spreads that best suit your plans. For this reason, the broker has a 10/10.
OctaFX Fees Score: 10/10
#2 Signup Process
The process of opening a trading account at OctaFX is entirely online. To verify your account you will have to provide some personal information such as:
- National identity card or any other government-issued photo ID
- Your name
- Date of birth
In general, the verification process is quick and does not take more than an hour.
How To Open An Account With OcatFX
Here are the steps you must follow to operate with your OctaFX trading account:
- Submit the signup form to open your first account.
Fill in all the required information and click “Open account”, or simply sign up with your Facebook or Google account.
Check your email for a message titled “Confirm your email address” and click the button “Confirm email”.
- Personal information
Fill in all the required information
- Select the trading platform
You must choose between MT4, MT5 and cTrader
- Confirmation email
You’ll get an email titled “Welcome to OctaFX”. It contains your trading account credentials and OctaFX pin.
The broker loses 1 point in this category because you will have to wait a day to be able to verify yourself. Maybe one day it could be seen as something short term but if you are a day trader, a day of hard work in the stock market can represent a good profit.
OctaFX Signup Process Score: 9/10
#3 Minimum Initial Deposit
The minimum deposit in OctaFX will depend on the deposit alternative you choose at the time of funding your account:
|PAYMENT METHOD||MINIMUM AMOUNT|
Below we show you the minimum initial deposit required by other brokers:
|Broker||Minimum Initial Deposit|
|Interactive Brokers||$0 USD|
The minimum deposit required by OctaFX is low compared to other brokers. Take into account that once you can see the amount on the platform you can start your trading career without waiting. For this reason, the broker gets an excellent rating in this category.
OctaFX Minimum Initial Deposit Score: 10/10
#4 Ease of Use
As we’ve mentioned before, OctaFX offers you the opportunity to choose between 3 different types of investment platforms so that you have the possibility of choosing the one that best suits your needs and with which you feel most comfortable when investing.
Perfect for those who have just started trading online and more experienced traders looking for a sophisticated platform. The platform offers you the following features:
- Built-in market for Expert Advisors and Custom Indicators.
- Interactive customizable charts.
- Reliable Virtual Private Server service.
- CFD trading.
- Cryptocurrency trading.
Combines simple interface of its predecessor with a number of new features covering the needs of both technical and fundamental traders; a wide range of chart timeframes, indicators and graphical objects for more profound technical analysis. The platform offers you the following features:
- Stop-Limit orders.
- Built-in economic calendar.
- Advanced one-click trading tools.
- Highly customizable interface.
- CFD trading.
- Cryptocurrency trading.
A convenient, feature-rich environment that allows for greater flexibility in placing trades. It is a highly customizable platform that can meet the needs of any trader. The platform offers you the following features:
- Level II quotes.
- Server trailing stop.
- Cloud service to keep all accounts and templates in one place.
- One-click-trading and advanced chart trading.
The OctaFX app will allow you to trade from anywhere. You will have the following characteristics when you use the investment platform on your mobile device:
- Language support: Bengali, Chinese, English, Hindi, Indonesian, Malay, Portuguese, Spanish, and Thai.
- Create trading accounts, modify leverage, enable swap-free options, edit and restore passwords.
- Make deposits and withdrawals using the most popular payment options.
- View your detailed overall or account operation history, apply convenient filters to it and cancel your previous deposit.
- Start trading in a compatible trading platform app.
- Top up your demo account.
- View contest statistics and access your contest accounts.
It is true that the broker offers several investment platforms. However, you could waste time choosing which one is the one that suits your trading style and, for this reason, the broker loses two points.
We recommend that you take a look at the section about the demo accounts of the broker that we present later in this article. That aspect could save you money in the testing phase of each of these platforms.
OctaFX Ease of Use Score: 8/10
#5 Deposit & Withdrawal Options
As we mentioned at the beginning of the article, OctaFX does not charge fees for deposits or withdrawals. But, the broker does not offer you much variety when making deposits and withdrawal.
Next you will see the funding alternatives that the broker offers you:
|PAYMENT METHOD||MINIMUM AMOUNT||COMMISSION||EXECUTION TIME|
|Bitcoin||0.00096000 BTC||Free||3-30 minutes|
Below you will see the withdrawal alternatives offered by the broker:
|PAYMENT METHOD||MINIMUM AMOUNT||COMMISSION||EXECUTION TIME|
|Bitcoin||0.00096000 BTC||Free||1-3 hours to approve the withdrawal and up to 30 minutes to transfer the funds.|
|Skrill||$5 USD||Free||1-3 hours to approve the withdrawal and up to 5 minutes to transfer the funds.|
|Neteller||$5 USD||Free||1-3 hours to approve the withdrawal and up to 5 minutes to transfer the funds.|
OctaFX currently accepts deposits in all currencies, to be converted into EUR and USD. Please note that the account currency cannot be changed to currencies other than USD or EUR. If your account is in EUR you can always open a new account in USD, and vice versa.
You should consider that OctaFX does not offer many alternatives when making deposits and withdrawals. There are other brokers like Capital.com that offer you many more financing and withdrawal alternatives such as credit card, bank transfer, debit card, iDeal, Neteller and Skrill. Later you will see a complete section that deals with a versus between Capital.com and OctaFX.
OctaFX Deposit & Withdrawal Options Score: 3/10
#6 Customer Support
OctaFX offers you a customer service available 24/5 from Monday to Friday in 12 different languages. In general, the answers are usually quick. Below you will see the alternatives offered by this broker so that you can communicate with the technical staff.
- Live chat support
- Email: firstname.lastname@example.org
- WhatsApp (Texts only): +34 691 370 613
- Telegram: @OctaFX_bot
- Correspondence: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Although the broker offers several alternatives so that you can contact customer support, in some cases you will have to wait up to 2 days for the responses to your emails. The broker also does not offer a dedicated account management service. For these reasons, OctaFX loses points in this category.
OctaFX Customer Support Score: 8/10
#7 Asset Classes
OctaFX’s investment platform only offers you the possibility of investing in stock indices. Next, we show you the markets on which you can buy indices.
- IBEX 35
- DAX 30
- Dow Jones Industrial Average
- NASDAQ 100
- Standard & Poor’s 500
- ASX 200
- FTSE 100
- CAC 40
- Eurostoxx 50
- Nikkei 225
You can buy currency pairs. For example, EUR/USD, GBP/USD, USD/CHF, etc.
You can trade gold and other commodities on OctaFX.
You can negotiate this type of financial instruments.
You can trade cryptocurrencies with this broker. For example, you can trade Bitcoin, Ethereum, Litecoin, etc.
While it is true that OctaFX has a number of alternatives in most of the financial instruments it offers, unfortunately, you will not be able to invest in fixed income instruments. This factor reduces the diversification capacity of your portfolio.
OctaFX Asset Classes Score: 8/10
#8 Referral Program
OctaFX offers you a referral program that could allow you to earn extra money every time you recommend the broker to your friends. It is important that you take into account the following information so that you can make the most of this opportunity.
- All clients are eligible to participate in the program unless already involved in the IB referral program.
- The commission is paid based on the trading volume of the client’s friends who opened their accounts using the client’s unique referral link.
- In order to obtain the unique referral link, a client should verify and make a deposit into his/her account or wallet.
- The commission is paid for orders executed on all platforms.
- The commission is paid for valid orders only. The valid order is trade compliant with all the following conditions:
- The trade lasted for 180 or more seconds.
- The difference between Open Price and Close Price of the order equals or is more than 30 points (3 pips in 4-digit precision terms).
- The order was not opened or closed by means of Partial Close and/or Multiple Close by.
- The Invite-a-Friend commission rate is $1 USD per 1 standard lot.
- The commission is credited once in 24 hours to the client’s wallet.
- The client can transfer the referral commission from the wallet into his/her trading account.
- The minimum transfer amount is $5 USD.
- It is prohibited for the client to refer himself, herself, or relatives as friends.
It is not very clear how it is actually possible to earn extra money with the OctaFX referral program. In addition, there are many parameters that must be met in order to access the extra money. As a consequence, the broker loses a lot of points in this category.
OctaFX Referral Program Score: 1/10
#9 Demo Account & Educational Resources
In OctaFX you can open an unlimited and free demo account. You have to log in to your personal area:
- Select trading accounts, and press open demo account.
- Then select your preferred trading platform and press open account.
Demo accounts emulate real market conditions and prices and can be used to practice, get familiar with the platform, and test your strategy risk-free.
OctaFX offers you several alternatives so that you can stay informed and updated about strategies and analysis tools. The broker offers you three different content classifications:
- Forex basics
- Video tutorials
- Trading calculator
- Profit calculator
- Live quotes
- Market information
- Economic calendar
- Market insights
- Forex news
- Holiday calendar
The educational resources that OctaFX offers are good. However, there are other brokers such as Capital.com that offer a much more complete and varied educational resources.
OctaFX Demo Account & Educational Resources Score: 8/10
#10 Safety & Regulation
Octa Markets Cyprus Ltd is authorized and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license № 372/18. Octa Markets Cyprus Ltd complies with European Securities and Market Authority’s (ESMA) regulatory standards as well as with Market in Financial Instruments Directive (MiFID II)
OctaFX Safety & Regulation Score: 8/10
OctaFX vs. Capital.com
One of the most relevant aspects when creating the best and most profitable investment ideas is that you can have a platform that can add value to your strategies. Moreover, it should allow you to be confident when investing your money and offer you the possibility of doing the best analysis while at the same time charging much lower rates. Taking into account the most relevant aspects for an investor we prefer Capital.com over OctaFX for the following reasons:
Far Better Withdrawal Options
OctaFX does not offer many deposit and withdrawal options so you should take this aspect into account when making your decision. In contrast, we can affirm that Capital.com is a better choice because you will have a greater number of withdrawal options. In Capital.com you can use a credit card, bank transfer, debit card, SOFORT, iDeal, Giropay, Multibanko, Przelewy24, QIWI, Webmoney, Trustly, Neteller and Skrill. You’re never charged a fee to deposit or withdraw money with Capital.com.
The Best Investment Options
OctaFX has a good number of financial instruments that you can invest in. However, Capital.com offers you several possibilities because on its investment platform you will be able to access a greater number of CFDs. This feature is really important because with Capital.com you will be able to have a greater capacity for diversification when building your investment portfolios.
Capital.com Has A Better Referral Program
OctaFX’s referral program is so complex and hard to take advantage of that it’s almost as if it was non-existent. It is very hard for you to earn bonuses so that you can gradually increase your capital. In contrast, Capital.com offers you a Referral Program that will allow you to earn $25 USD for each person you invite to invest in this wonderful investment platform. It’s a straight-forward no-nonsense referral program with little to no conditions, and it’s great!
In Summary OctaFX
- OctaFX is a broker founded in 2011 and is registered in the Islands of Saint Vincent and the Grenadines.
- The broker offers you the possibility of opening a standard trading account that you can configure depending on the type of platform you choose.
- At OctaFX, the fees will depend on the type of investment platform you decide to use.
- The process of opening a trading account at OctaFX is entirely online.
- The minimum deposit in OctaFX will depend on the deposit alternative you choose at the time of funding your account.
- OctaFX offers you the opportunity to choose between 3 different types of investment platforms: Metatrader 4, Metatrader 5 and Ctrader.
- The company does not charge fees for deposits or withdrawals.
- OctaFX offers you a customer service available 24/5 from Monday to Friday in 12 languages.
If you are looking for a broker with very good rates and without minimum deposit restrictions, we think that OctaFX satisfies these criteria
In general terms, we think that Capital.com is a better option because it offers a broader base of investment options, doesn’t charge any fees on any asset that you trade, and the educational content is complete and useful. Also, the trading platform has an excellent interface, better withdrawal options and a referral program. Capital.com is ideal for all types of investors. If you are a beginner or an experienced trader you will see that this wonderful broker is an ally that will allow you to fully exploit capital gains.