OctaFX – Forex Broker Rating and Review 2021

OctaFXOctaFX website
Status
Regulation SVG
Trading software MetaTrader4, MetaTrader5 for Android/iPhone, cTrader, cTrader WEB, cAlgo
Headquartered Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

Is OctaFX scam or legit? OctaFX is a trusted global broker that offers a user-friendly platform, and a wide selection of tradable instruments. OctaFX acts in full compliance with international legislation and regulation standards and guarantees fund security and negative balance protection to their clients.

The five OctaFX benefits


This is why we rank OctaFX as the best Forex broker. 

  • Security. They provide you with a prosperous environment by utilizing the tightest spreads in the industry, providing top market conditions and fixed-rated exchange rates (in some cases). OctaFX also offers negative balance protection, the industry’s lowest minimum deposit, no slippage or delays, no swaps, maximum leverage of 1:500, and does not make commission from deposits or withdrawals.
  • Convenience. OctaFX grants local deposit and withdrawal options. Their customer support speaks your language, so it should come as no surprise that they work with local banks and transfer services that enable you to make deposits and withdrawals seamlessly.
  • Peace of Mind. Take comfort in knowing that OctaFX has won many awards from several Forex focused publishers, including an accolade naming them the top broker in Asia. 
  • Profit potential. OctaFX offers some of the most famous and most lucrative contests. Whether it's for IBs, traders, or demo users, people have been winning huge prizes, like brand new cars, just by trading. There are even weekly random drawings for scooters. They provide a standard 50% deposit bonus, which sometimes climbs to 100% during special events or holidays.
  • Rewards. OctaFX has two unique programs. A free status program, which unlocks a bevy of benefit like even lower spreads, faster withdrawals, and invitations to VIP events. Additionally, you’re awarded incredible gifts just by trading, like MacBooks, and all for free.

This OctaFX Forex broker review is meant to help guide those unsure of how to navigate the murky Forex waters. Should you focus on who has the best Forex app or which broker offers the best copy trade platform? When searching for a Forex broker that is right for you, you need to consider several factors, like: Are they trustworthy and reliable, what are their fees, how is their platform, do they offer mobile trading, how is their customer service, do they have copy trading services. In this case, we will examine OctaFX. Is OctaFX a scam? No, absolutely not. 

OctaFX has been in the market for years, servicing clients worldwide, but mainly those residing in Asia. They're embedded deep within the fabric of society in countries they work with through charitable initiatives. There is not a single Forex broker that can claim to be more reliable or trustworthy than OctaFX.

OctaFX has taken home over 35 awards! Most notably, OctaFX was named the Best Forex Broker in Asia (2020), meaning that they are the best Forex broker in India, Malaysia, Indonesia, Pakistan, and elsewhere! To top it off, the best Forex app belongs to OctaFX as well, claiming that award back in 2018 when European CEO Magazine bestowed upon them that honor. These awards not only signify their respectability, but they denote an opportunity for potential clients to seek refuge with OctaFX and earn more.

Regulation


OctaFX is an umbrella brand used by two independent broker entities. Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) using the domain OctaFX.eu. This enables users to trade with a broker under European regulatory oversight with enhanced levels of safeguards. The OctaFX.com website is registered under Octa Markets Incorporated established in St. Vincent and the Grenadines which permits its clients to take advantage of higher leverage and bonus promotions.

OctaFX Mobile App


A mobile version is available via the app store, free of charge. In 2019, Europe CEO Magazine awarded OctaFX for the Best Mobile Trading App.

The app can used the same way as on desktop. You can modify your leverage, track your contest statistics, make money transfers, activate bonuses, and more. The user interface made the experience fun and easy to maneuver. The app supports nine languages in total. 

Education


Whether you live in India, Indonesia or Pakistan, rest assured that OctaFX has you covered with daily expert trading advice along with educational insight. 

OctaFX regularly holds webinars which are beneficial for those new to Forex trading and are determined to make a career out of it. While learning on your own is admirable, OctaFX works with big names in the industry and connects with their base through different mediums.

Copy trading


Several platforms offer services allowing newbies to copy professional traders. OctaFX’s program works in a similar way. In fact, according to Forex-Awards OctaFX is the ‘Best Copy Trading Platform 2020’. What makes OctaFX’s copy trading platform rise above the rest is the care they put into it.

Of course you can sort through thousands of Master Traders through the category that appeals to you most and read what they have to say about their trading strategies, but OctaFX goes a step further. They have in-house experts that closely monitor Master Trader’s and make sure they’re not engaging in risky trading behavior or misleading copiers.

Customer Service


OctaFX has first-class customer service, something other brokers could boast about. A representative is available to you 24/7 and they speak your language. When you consider how many countries OctaFX services, then it becomes even more impressive. Peace of mind may be the most underrated benefit, yet when you need an issue resolved, regardless of the time, OctaFX is there.

OctaFX Commissions & Spreads


OctaFX offers ultra tight spreads. The quotes at OctaFX are quoted at up to 5 decimal places and start from as low as zero pips for their ECN accounts. There are no commission charges applicable for trades with OctaFX.

Instrument Spreads (in pips)

  • EUR/USD Minimum 0.4 pips
  • GBP/USD Minimum 0.5 pips
  • AUD/USD Minimum 0.6 pips
  • USD/CHF Minimum 0.4 pips
  • EUR/JPY Minimum 0.6 pips
  • GBP/JPY Minimum 0.7 pips
  • NZD/USD Minimum 0.6 pips

OctaFX trading information

WWW https://www.octafx.com/
Address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
Headquarters St. Vincent and the Grenadines
Free phone +17844574224
24 hour support
Partnership programs
Expert advisors
Free education
Bonuses, Promotions
Sponsorship contests, competitions
1st deposit bonus
Mobile trading
Automated trading
Demo account
Swaps
24 hour trading
Scalping
Hedging
Digits after the dot in quotes 5
Minimum position size 0.01
Pip spread on majors 0.3-0.7
Spread Type Variable
Maximum Leverage 500
ECN, $ 50
STP, $
Standard account, $ 50
Mini account, $ 5
Popular payment methods Credit Cards, Wire Transfer, Skrill, FasaPay, Neteller, Local banks
Account currencies EUR, USD
Available assets Gold, Silver, Crypto, Indices
Languages English, Indonesian, Chinese, Portuguese, Spanish, Bahasa Malaysia, Hindi, Bengali, Urdu, Vietnamese, German
Platforms MetaTrader4, MetaTrader5 for Android/iPhone, cTrader, cTrader WEB, cAlgo
Broker type Broker
Regulation SVG
Foundation 2011
Copy Trading Brokers
Bitcoin Forex Brokers

I placed wIthdrawal request on 16th Apr request id is W2620586 but still it is pending. every time I contacted support team they are telling funds been sent to bank and waiting for bank approval. I could see many people are suffering from withdrawal issues. There are chances our money is being used somewhere else as there is no proof of real transfer request this could be a big scam. The bank says they never received a request and this guys say they have processed our withdrawal request. And they dust out there are is huge count of similar issues guys we need to spread this and not let other loose hard earned money.

Madhusudhan Reddy   21 April, 2021  

I placed wIthdrawal request on 13th Apr request id is 2594354 but still it is pending. every time I contacted support team they are telling funds been sent to bank and waiting for bank approval.

Pratibha   15 April, 2021  

Dear Pratibha,

Thank you for taking the time to share your concerns with us. We deeply regret that your withdrawal request took longer than you expected. After looking into your review, we've found that it was successfully processed on April 15, but please allow up to 24 hours for a completed payment to be displayed in your account. In case you haven't received your funds yet, please contact our team with your recent bank statement, and they will be happy to look into it and help.

We also want to ask our customers to directly contact our Customer Support team whenever they have any questions before writing a review on forums. Our team is always here to help, and they will be happy to assist you faster than if you leave a message here.

We really appreciate your feedback and support, so please don't hesitate to message us anytime.

Kind regards,
OctaFX Rep.

OctaFX   19 April, 2021

I placed wIthdrawal request on 5th Apr but still it is pending. every time I contacted support team they are telling funds been sent to bank and waiting for bank approval.

Baz   14 April, 2021  

Dear Baz,

We regret to see that you haven't contacted our team first as they surely would have helped you with the issue quicker. Looking into your review, we couldn't identify you on our system since you didn't provide your OctaFX account information. That said, we wish to encourage you to reach out to us directly, and our team will be more than happy to help you out.

Please note that our Financial Department is trying really hard to ensure that all payment requests don't exceed 24 hours. However, in rare cases, certain delays with bank transactions could be possible, especially when our team handles a high number of requests. If your payment is taking longer than you expect, we encourage you to contact our team directly. They're always here to help and would love to look into it immediately and update you with the latest.

We're looking forward to hearing from you soon.

Kind regards,
OctaFX Rep.

OctaFX   19 April, 2021

Please before you write or submit any reviews, endeavour to interact with their customer representative team and get some clearification so as not to rubbish the image of the company as well as discouraging others. You should only come out when you have gotten the facts about your query. I encounter similar things at times from my other brokers, but we often get it settled after interactions with the online customer care representative or my account manager. Just saying this.

Olugbemi Gabriel   11 April, 2021  

I created withdrawal 1st April I am not received withdrawal from last 8 day or 4 working days. withdrawal id W2516538.

vishal rajput   8 April, 2021  

Dear Vishal Rajput,

Thank you for reporting the issue to us. We deeply regret that you had to wait longer than you expected for your withdrawal. After looking into your review, we've found that a technical problem occurred during processing, and it was delayed. On April 12, you asked us to cancel this payment, and right after cancelation, our Financial Department has successfully processed the following withdrawal requests. We hope that the issue was resolved and you have received your funds by this moment. If not, or if you have any questions, please send us a message directly, and our team will be happy to look into it and investigate the matter.

We wish to apologize for the hold-up with your payment in the first place. Please note that our Financial Department is doing its best to ensure that all deposits and withdrawals are processed within the 24-hour time period. However, in exceptional cases, certain issues could take place with bank payments. In such instances, we notify our customers and ask them to allow us extra time for further investigation from our side. Please, if your payment is getting delayed, contact us as early as possible since it's crucial to understand what happened from scratch.

We sincerely hope that this incident won't discourage you from our services, and you'll remain an important part of our community. We would also appreciate it if you could send us all your feedback about our services. OctaFX is growing rapidly nowadays, and your suggestions and recommendations could help us make the app better.

We're looking forward to hearing from you soon.

Kind regards,
OctaFX Rep.

OctaFX   14 April, 2021

I created a withdrawal as well, agent is not replying to my messages. he used to call me every day. after I did the deposit he is not answering. deffnetley not a trusted company, I am really shocked to read these positive reviews. I think they were doing good but now things are changing, beware all of you.

said el salhani   8 April, 2021

Withdrawal not completed pending more than 9 days. Hi, I have initiated a withdrawal request (#2491113) on 29th March 2021 is not completed its pending more than 9 days, still asking me to keep patience and wait for longer a bit, and they said, they don't have no time frame to complete the request. and saying different reasons as local bank holiday, financial year rollover,etc, but even bank holidays also here i'm doing online money transactions, but their attitude regarding withdrawal for last few months is making me to think that they are going to bankrupt.

Rejin   7 April, 2021  

Dear Rejin,

Thank you for contacting us and bringing this question to our attention. We apologize that you experienced trouble while placing a withdrawal request. Looking into your review, we've found an ongoing technical issue that occurred with local Indian banks, which our Financial Department is aware of and working on solving. We can also see that you requested this withdrawal to get canceled and placed another one which our team successfully processed right after. Simultaneously, we hope that the issue was resolved, but if you have any questions, please contact our team directly.

Once again, we wish to state our regret that you had to wait longer for your withdrawal. We understand that waiting could be very irritating, and it indeed doesn't sound like the services we're trying to provide here at OctaFX. Unfortunately, certain issues are possible with bank payments, and although these instances are rare, they require some time for investigation from our side. In such extraordinary cases, we encourage you, our customers, to contact us immediately as it's essential to start looking into the matter as soon as possible.

Please remember that whenever you have questions, you can always address them to our team. They're here for you and will be more than happy to help anytime you need it.

Kind regards,
OctaFX Rep.

OctaFX   14 April, 2021

On February 28th, I have deposited 6000 INR but it is not credited in my trading account #18065953. My all deposits before and after this was successful and credited in trading account. For this problem, I have contacted many times to support team but after a month they are keeping me on wait. No email, no refund or no amount credited to my trading account. I have given them screenshot of payment, bank statements many many times but still they are not willing to solve this and for refund. Why they need a month for solving such small issue?

Ajay Ogale   1 April, 2021  

Dear Ajay Ogale,

Thank you for reaching out and reporting the issue. We're deeply sorry that you had trouble depositing your funds. Looking into your review, we've found that a technical problem occurred while processing the payment. Our Financial Department is still investigating it with the payment processor. We wish to apologize for all the inconvenience this has caused you and assure you that our team is working really hard to resolve the matter as soon as possible. You'll be notified immediately via email once it's settled, and you're absolutely welcome to message us whenever you have questions. Our team will be happy to help and update you with the latest.

We understand that waiting could be very frustrating, but we ask you to allow us extra time as such issues require a detailed investigation from our Financial Department. Unfortunately, there are several reasons why a transaction could get canceled, and it takes time to define a reason for the decline. We also want to ask you to contact us immediately if your payment is taking longer as it could be crucial in such cases to start looking into the problem at the earliest.

We genuinely hope that this incident will not affect your satisfaction with our services, and you'll remain an essential part of our traders' community. Once more, we encourage you to message us directly if you want to check on your payment status or have any questions. Our team is always here to help, and they will be happy to assist you.

Kind regards,
OctaFX Rep.

OctaFX   14 April, 2021

Thank U octafx, I received my withdraw. Sorry for being impatient.

Akbar Ali   30 March, 2021  

Dear Akbar Ali,

We really appreciate the fact that you took the time to update us about your withdrawal. Thank you so much for letting us know that you successfully received the funds. We're deeply sorry that it took longer to process it, and we absolutely understand your feelings as waiting could be very frustrating. Please rest assured that our Financial Department works really hard to reduce the processing time. However, due to India's banking holidays and a high number of requests, our technical capacity is temporarily limited, and it takes slightly longer to process bank payments.

Looking into your review, we've found that our Financial Department completed your request on the same day as you left your first review. We want to remind you that it may take up to 24 hours for such payment to be displayed in your bank account, which may be the case with your request as well. Since you already received your funds, we genuinely hope that the issue was resolved, but if you have any other questions, message us directly, and we'd love to assist you.

We wish to encourage you to contact us right away if your payment is taking longer. Our team is always here to help, and they will be more than happy to look into the issue and update you with the latest. Your feedback about our services is also welcome as it helps us make the app better.

Please don't hesitate to contact us directly whenever needed as we're always happy to hear from you.

Kind regards,
OctaFX Rep.

OctaFX   1 April, 2021

I didn't received my withdraw and now they are asking me for bank statement. What's wrong why it's not so straight like deposit. withdraw # W2483156.

Akbar Ali   29 March, 2021  

Withdraw W2483156. I didn't received my first withdraw. They said they already processed the amount. Now they are asking about bank statement. Why I need them to provide my bank statement. Why the withdraw as not so straight as deposit.

Akbar Ali   29 March, 2021  

All Reviews & Comments
OctaFX Rating and Review

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OctaFX Reviews Rating

Reviews Rating OctaFX - 5

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