OctaFX – Forex Broker Rating and Review 2021

OctaFXOctaFX UK Limited website
Status
Regulation FCA UK
Trading software Metatrader 4/5, MT4/5 Mobile for Android/iPhone, cTrader, cTrader WEB, cAlgo
Headquartered 2 Devonshire Square, London, England, EC2M 4UJ

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 a global broker, who acts in full compliance with international legislation and regulation standards and guarantees fund security and negative balance protection to their clients.

Octa Markets Cyprus Ltd, a part of OctaFX, is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license â„–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 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 2 Devonshire Square, London, England, EC2M 4UJ
Headquarters London
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 floating
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 Metatrader 4/5, MT4/5 Mobile for Android/iPhone, cTrader, cTrader WEB, cAlgo
Broker type Broker
Regulation FCA UK
Foundation 2011
Copy Trading Brokers
Bitcoin Forex Brokers

I just tried to withdraw my money, it's still in pendimg list from 1 day. They said money is sent & bank is not responding. Today they say, they themselves didn't sent the money and have some problem with them. Please send my money today.

Pratyush Baral   13 January, 2021  

If I deposit with my local bank, so can I take withdrawal from the same Octofx account. Can withdrawal transfer to my skrill account?

Meet   9 January, 2021  

I transferred $10 just for a start but I later discovered the minimum is $50 and I've been demanding for a refund but all to no avail. I've sent my bank statement, receipt but no help coming forth. They keep on saying their financial team can't find it. it's bad. first time first discouragement and disappointment.

John   7 January, 2021  

I transferred 10000 Naira to OctaFX, not knowing that the minimum amount is 15000 Naira. And I was debit 10000 Naria from my acc. Pls I need my money back.

Joshua   4 January, 2021  

I made a deposit to this trading account 17076833. it was rejected on the grounds of unverified account, please how do I get my money back?

Uloma Enyinnaya   3 December, 2020  

Dear Uloma Enyinnaya,

We regret to see that you hadn't contacted our support team before you left your review, as they would have helped you resolve your issue quicker. That said, after looking into it, we found that it has been resolved shortly after. And, if there's anything else we can do for you please, don't hesitate to get in touch with us.

Please note that at OctaFX, you have to verify your account to enjoy certain payment methods and withdraw your funds, as verification helps us secure and protect our traders.

If, for whatever reason, a payment was declined, a trader shouldn't be discouraged. We will still be able to locate a payment after they complete the verification. Consequently, the same happened in your case. In any case, if a trader doesn't want to proceed with the verification, they can always send us details for a refund, and our Financial Department will process it for them.

We're always happy to help, so please, do not hesitate to contact us whenever you need our assistance.

Kind regards,
OctaFX Rep.

OctaFX   10 December, 2020

when I deposited 100$, It deducted from my bank account but not credited in octafx trading account. Then, I contact via live chat and they told me that payment gateway decline this transaction so just give me pdf bank statement and your 100$ will be refunded (bounce back) to your bank account. It require minimum 3-5 days to maximum 14 days to complete this process. 4 days gone but nothing happen. still waiting. My ac id: 12255380

Mitul Patel   30 November, 2020  

Dear Mitul Patel,

We're sorry to read that something went wrong when you were trying to deposit, and your payment was declined. After looking into your review, we can see that your deposit couldn't go through the payment gateway and was automatically bounced back as a refund. Typically it takes up to 14 business days for the payment processor to refund a payment. However, please allow extra time as these timeframes are applied to simple refunds, and in some cases, it could take longer to process it.

We want to take a chance and apologize for all the trouble that it may have caused you. Our Financial Department is carefully investigating this issue, and our team will inform you as soon as they hear back from the payment processing company. Unfortunately, declines occur for many reasons, and it takes time to look into the matter and issue funds back to your account. We understand that the process may be frustrating, but we sincerely hope it won't take much longer to receive your funds.

Please remember that our team will always be happy to keep you updated, so please contact us whenever you have any questions.

Kind regards,
OctaFX Rep.

OctaFX   4 December, 2020

I have deposit first 108$ around 2 months ago and it successfully credited to my account instantly. then again i deposited of 60$ this week and it takes 2 to 3 hrs to credit in my account. But, today when i deposit of 100$ via same method of netbanking, still money not credited in my trading account and after I contact them then they told me that" unfortunately, your transaction is failed (payment gateway error) so kindly wait for 24hrs. If deposited amount not credited in your trading account within 24hrs or not refund your bank account then contact our financial department and submit your bank statement, your problem will be solved." I also contact my bank manager and he told me that transaction of 100$ is successfully happened today. so I am just waiting of my money either credited to my trading account or refund to my bank account in their 24 hrs. further update I will post here tomorrow about this issue.

Mitul Patel   26 November, 2020  

I've deposited Friday $200 into my account. Monday morning I've reviewed the spreads between 5 other brokers I'm using. Low and behold. Octa spreads is almost double that what the other brokers is. So Monday I've decided to withdraw my $200 to put into one of my other accounts. They've actually refused to give my money back because I have not traded with the $200. What a joke this is. People actually warned me about you guys. did I listen. No, that's why I'm sitting here typing this review. Bad. will never reccomend anyone to make use of them. Just because I did not trade does not mean you can keep MY money.

Karin Marie Hugo   23 November, 2020  

Dear Karin Marie Hugo,

Thank you for reaching out and sharing your feelings with us. We're extremely sorry you had trouble withdrawing your funds. Looking into your previous inquiries, we can see that your withdrawal was on the same day you left your review. We hope that you didn't experience any other issues since, but please get in touch with us if needed.

Please note that when traders don't perform any trading and request a withdrawal, our Financial Department may request information purely for security reasons. That is why you were asked to provide such, and your withdrawal was processed the same day our team received the said information. We apologise for any troubles this scrutiny may have caused you. The requirement is an important part of our compliance with the AML policy.

In regards to the spreads, please note that brokers have a different pool of liquidity providers. That is why you may come across a slight difference in spreads between different brokerages. It's absolutely normal, and you should take many factors into account, such as commissions, for example, or whether the spreads displayed reflect those on the trading platforms. As regrettably, it is a common practice for some brokers to display lower spreads than those visible on their trading platforms. At OctaFX, we display all spread in real-time. Not to mention that as a part of our efforts to fight the current COVID-19 pandemic, we've decided to lower our spreads up to 14 points. And we want to keep them this low for as long as we can despite the market volatility. Consequently, our spreads are one of the most competitive on the market right now.

We truly hope that this incident will not affect your future enjoyment of our services and that after receiving our explanation of your concerns you'll remain a part of our traders' community.

Please send us a message anytime, should you have any questions. We'll be happy to hear from you.

Kind regards,
OctaFX Rep.

OctaFX   4 December, 2020

I deposited withdral fee and i want refund for that, they are saying i can't get it, i need my money back because i ddn't withdraw the profit

Ictlett   20 November, 2020  

Dear Ictlett,

Thank you for taking the time to reach out and share your experience with us. We regret to read that you had trouble withdrawing your funds. However, we couldn't look into your previous enquiries since you didn't provide your trading account number. Please send it to us, and we'll be happy to investigate the said issue.

Please note that at OctaFX, you can withdraw your funds once your account is verified. It's done for security reasons to protect our customers. We also encourage our traders to contact us immediately if they experience any trouble while requesting withdrawals. Our team is always here to assist you, and they would love to help whenever you need it.

We're looking forward to hearing from you soon, so don't hesitate to send us a message.

Kind regards,
OctaFX Rep.

OctaFX   4 December, 2020

I deposited using mastercard, then rejected but my bank account debited. how can i get my money back?

Emma   16 November, 2020  

Dear Emma,

Thank you for letting us know and sharing your experience with us. We're sorry to hear that your deposit request was rejected. Unfortunately, you didn't provide your trading account number, and we couldn't identify you on our system. If you could contact us and share your OctaFX account details, we'll be happy to look into what happened and investigate the matter with our Finance Department.

We also want to assure you that there's nothing to worry about. Please note that every deposit request that wasn't processed and rejected is automatically sent back by our payment system as a refund. There could be many reasons why declines occur, and that's why we need to know your account information to understand what happened better.

Please get in touch with us as soon as possible, and we'll be more than happy to help you out with this payment.

Kind regards,
OctaFX Rep.

OctaFX   19 November, 2020

All Reviews & Comments
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OctaFX Reviews Rating

Reviews Rating OctaFX - 5

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