OctaFX Review Is OctaFx.com Legit Or Another Scam

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OctaFX Review: Is OctaFx.com Legit Or Another Scam?

OctaFx.com Review: at OctaFX, clients are promised a reduced risk. The broker is said to be “owned by a group of companies” and one of them is located at an offshore address. The other holds an operating license in Cyprus.

This brokerage claims to be the best in Forex trade and CFDs as it gives the “lowest spreads in the industry”. There are awards published on the page supposedly won by Octa FX.

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It offers to brodge the gap between traders that has been caused by “short balances” and “lack of global access to the global exchange market”. A demo account is offered to test the running of the broker.

Further, OctaFX promises a 50% bonus on deposit, to help the user “start Forex trading on higher margins, increasing their account balance”. There is negative balance protection offered as well.

OctaFX Trading Platform

The trading platform used by OctaFX Trading Software is the MetaTrader4. MetaTrader5 and cTrader are also available. Clients are promised all the advantages that comes with this platform. Trading is offered on CFDs, commodities and indices.

There are three account types offered by this broker and the deposits are quite within the average minimum. It ranges from $100 to $500.

OctaFX offers trading on 28 currency pairs and other products like gold, silver, indices, and cryptocurrencies. The broker gives a leverage of up to 1:500.

Spreads on the brokerage on the accounts can be 1.1 pips, 0.5 pips, or 0.7 pips. It depends on what account the client uses.

Deposit And Withdrawal Methods On OctaFx

Deposit and withdrawal are available via credit cards, FasaPay, Neteller, Skrill, Wire Transfer. Deposit minimum can get as low as $100.

OctaFx does not charge any commission on transactions. The spreads are fixed for this broker. Some cases leads to a 50% deposit bonus.

This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.

Is OctaFX Licensed?

No. OctaFx is owned by a company located in St. Vincent and the Grenadines. The Cyprus Securities and Exchange Commission however licenses Octa Markets Ltd, this company owns OctaFX.eu.

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This information means that misappropriation of funds by the broker is not under the watch and jurisdiction of this authority.


To reach the customer care representative of OctaFX, clients can send emails or text at +34 651 769 010. To call, dial: +44 20 3322 1059 (UK), +852 5808 8865 (Hong Kong), and +62 21 3110 6072 (Indonesia).


There are wide ranges of trading tools offered. It has educational tools for traders to learn from. Lack of license from any regulatory body is a disadvantage to the broker. Deposit minimums are affordable as well.



Fortrade is a UK-based broker with address at Michelin House, 81 Fulham Road London, SW3 6RD, United Kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(Financial Conduct Authority) in the UK well as ASIC in Australia which makes client funds safe. They accept traders worldwide.. visit their official website

OctaFX.com Review Visit site

About OctaFX.com

OctaFX is a forex broker. Octa FX offers the MT4, MT5 and cTrader forex trading top platform. OctaFX.com offers over 25 forex currency pairs, cfds, commodities, stocks, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

  • Information
  • Live Discussion
  • Profile
  • Video
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  • More .

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $5
Established: 2020
Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines
Contact: +44 20 3322 1059
Regional offices:
Regulators: CySEC #372/18, SVGFSA #19776
Prohibited countries:




Trading platforms: MT4, MT5, cTrader
Web Trading:
Mobile Trading:
Currencies: (25+)
Cryptocurrencies: (3) Bitcoin, Litecoin, Ethereum
CFD: (10+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities




News Spike Trading:
Deposit Methods: VISA, awepay, Bitcoin, FasaPay, Local Bank Deposits, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay
Withdrawal Methods: VISA, awepay, Bitcoin, FasaPay, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay

Live discussion

Join live discussion of OctaFX.com on our forum

OctaFX.com profile provided by John, May 29, 2020

Octa Markets Incorporated is a worldwide recognized forex broker. OctaFX provides forex brokerage services to its clients in over 100 countries of the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience outstandingly convenient. Our top goal is the trust and satisfaction of each client’s need and requirements. OctaFX sets the highest service level standards and maintains them as well as constantly develops new services and promotions.


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Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Consumer Reviews

Service use: Live

Length of use: over 1 Year

As this case occurred quite some time ago, you should be fully aware of the circumstances under which your account was disabled. However, if you need a reminder, we’re here to help.

Your account was disabled due to a violation of our Customer Agreement p.4.8. which states the following:

“Using arbitrage strategies on linked markets (e.g. currency futures and spot currencies) is prohibited. In case the Client uses arbitrage in either clear or hidden way, the Company reserves a right to cancel such orders.”

Kind regards,
OctaFX Rep.

Service use: Live

Length of use: 0-3 Months

Dear Hồng Phong,

We’re very sorry to learn about your dissatisfaction with our services.
Due to a technical issue originating on our liquidity provider’s side, you, among other traders, were able to trade off-quotes. As a result, your trades have been cancelled, because you profited from prices that did not exist.

While taking the decision, we acted in full compliance with our Customer Agreement, which reads that:

“4.7. Orders opened or closed by off-market quotes can be cancelled:
4.7.1. In case the order was opened by an off-market quote;
4.7.2. In case the order was closed by an off-market quote.”

We truly regret the inconvenience caused, and if there’s anything else we can do to help please, do not hesitate to contact us.

Kind regards,
OctaFX Rep.

Service use: Live

Length of use: over 1 Year

We’re very sorry to learn about your experience.

What occurred was very unfortunate, and we completely understand your position. That said, we hope that you can understand the situation from our side, as the issue with stocks didn’t occur on our end but the real market. Hence, it wasn’t something we could affect nor control.

As a matter of fact, at the time you’ve experienced the issue, we were among the last few companies who provided trading for US30 and NAS100.

When the market is affected by external factors, such as the global market situation, it’s a force-majeure, which we cannot control in any way. Consequently, we are bound to follow our Customer Agreement provisions in such cases.

Nevertheless, we did compensate a portion of your funds, and in case there’s anything else we can do for you please, do not hesitate to contact us.

We’re here to help, and hopefully, this experience will not overshadow your overall enjoyment of our services.

Kind regards,
OctaFX Rep.

Service use: Live

Length of use: over 1 Year

We’re sorry to learn about your experience.

If we’re not mistaken your deposit request was simply declined and the funds automatically returned to your account. They should appear in your bank account within 14 days.

In any case, you can contact us anytime and we will be happy to help. We will make sure you’re assisted with utmost care and your confidence in our brokerage is restored.

Kind regards,
OctaFX Rep.

Service use: Live

Length of use: 3-6 Months

We’re very sorry to learn about your dissatisfaction with our services. We tried to make amends and we’re sorry if we didn’t meet your expectations. However, in regards to your first comments, all brokers offer different trading conditions and should not be compared.

What occurred in your case was outside of our scope of power, since you traded stocks during a highly volatile period.

All traders should be aware of the fact that trading stocks nowadays can carry a higher degree of risk. Also, please note that at that time we were one of the very few brokers who still offered NAS100 and US30 for trading.

If there’s anything we can do for you please, do not hesitate to contact us.

Kind regards,
OctaFX Rep.

Service use: Live

Length of use: over 1 Year

Regrettably we are unable to identify your trading account on our system. Could you please share it with us, so that we can look into it and help?

Looking forward to hearing from you.

Kind regards,
OctaFX Rep.

Service use: Live

Length of use: over 1 Year

Dear Muhammad siddique,

The case you’re referring to occurred almost one year ago, and it is clearly stated in our Customer Agreement that a client should complain as soon as possible.

Moreover, the profits were not yours to enjoy, since you breached our Customer Agreement and profited by means of arbitrage trading.

Kind regards,
OctaFX Rep.

Service use: Live

Length of use: 0-3 Months

Yup. So until now no respond. The money I’ve transferred still didn’t go to my account. Please I beg you, return my money. 50$ is MYR212 and it is not a small amount. Do you think why I trade with you? It’s because I have hope and trust in your company. Seeing all the reviews put my trust so high. Please one more time. I beg you return my money.

Mar 16, 2020 – No Rating I’ve deposited 50$ (MYR212) but until now still zero in my trading account. It’s been a week since I reported it to the OCTAFX customer service. They replied to my issue but didn’t solve it. I’ve tried various resources to solve this but nothing I get. Please do your work. We’re your clients and should be serve well. I trust this company, so please don’t let me wait for a long time.

Reply by OctaFX Rep submitted Mar 18, 2020 Dear Fatimah,

We looked into your complaint and learned that your deposit was rejected, as our Finance Department was unable to locate your payment.

We would like to ask you to create a new deposit request including bank statement with transaction number as payment proof so that we can process it for you right away.

Apologies for any inconvenience caused and we hope this will help.

OctaFX Review


Leverage: 1:30 | 1:500

Regulation: CySEC

Min. Deposit: 100 EUR

HQ: SVG, Cyprus

Platforms: MT5, cTrader

Found in: 2020

OctaFX Licenses

  • Octa Markets Cyprus Ltd – authorized by CySEC (Cyprus) registration no. 372/18
  • Octa Markets Incorporated – authorized by the FSA (SVG)
  • Our Review
  • OctaFX User Reviews
  • OctaFX News

What is OctaFX?

OctaFX is a technology based brokerage company that operates since 2020 and offers industry leading platforms such as MetaTrader5 and cTrader with numerous investment opportunities and great capabilities.

At the beginning of its establishment OctaFX walked a path from an offshore brand located in SVG and further on operated in the UK, however since 2020 closed its entity and moved to Cyprus.

So, together with the European CySEC license broker operates also a global offering from its entity, therefore check on carefully under which regulation you will fall as it may propose different trading conditions.

Pros Cons
• Forex and CFDs offered

• Great trading tools

• MT5 and cTrader platforms offered

• Fast account opening and free Demo account

• No commission deposits and withdrawal options

• Phone support not available 24/7

• No Forex education

What Type of Broker is OctaFX?

OctaFX is an STP Forex Broker also with high standards of secure trading environment, as of the regulation it imposes. The offering to the clients is wide and even comprehensive since proposes the same if not more investment opportunities to the world trading community.

10 Points Summary

1. OctaFX is international broker located in SVG and Cyprus that may offer slightly different conditions according to the regulation it impose

2. Broker with a good reputation among years of operations and regulatory obligations imposed by the CySEC and ESMA

3. Instrument range available for trade including CFDs on Commodities, Forex, Metals, Indices and Energies

4. Demo Account – Available

5. Minimum deposit – 100$ which you can deposit with Bank wire transfer

6. Trading costs and spreads are lower

7. Variety of platforms to choose from including MT5 and cTrader along with social trading capabilities

8. Trading tools on a very good level inbuilt to trading platforms

9. Education is not provided

10. Customer Support will accompany all your trading experience and available in multiple languages


OctaFX already quite known and operates for a while despite a fact that received its European license just recently. So for the years it operates, OctaFX participates to various exhibitions and received numerous international awards along with the huge number of active traders registered at the company. That all in all confirm its status and reputable position in the industry, which we will also be able to see in detail further in our OctaFX Review.

Is OctaFX safe or a scam?

The main issue and topic of our OctaFX Review among others if its safe trading environment, which is checked as first due to its regulatory obligation and license under which the broker operated. OctaFX launched since 2020 walked a path with various operation licenses including SVG registration, operating the UK branch, yet suspended this entity back in 2020 and target Cyprus as its next destination of operation.

Pros Cons
• CySEC regulated international broker

• Global coverage and years of operation

• Negative Balance Protection applied

• Previously operated only offshore entity

Is OctaFX legit?

So, the main gap for these years of operation was the fact that OctaFX was a brand of the Octa Markets Incorporated company that is registered, regulated and governed by the Law of Saint-Vincent and the Grenadines. Which is offshore heaven for its tax-management as well as relative ease to establish a company. Now, since OctaFX established its legal entity in Cyprus and respectively got a license from the local CySEC, which also impose regulation according to European ESMA standards.

Therefore, now we can state that OctaFX and its Octa Markets Cyprus Ltd entity shows us a clear state of the compliance to the necessary operation standards.

Since the regulation demands strict follow of Forex business operations management, it is considered safe to open an account either with Cyprus or international OctaFX entity.

How are you protected?

The set of regulatory requirements enables protection to the clients and including – funds segregation, application of negative balance protection while the broker is constantly overseen by the authority in terms of its safety compliance. In addition, there is a security of the traders’ accounts applied by the Investor Protection and Compensation Schemes in case the broker goes bankrupt.


As for the leverage as a known instrument that increases the initial capital you trading with and can be a very useful tool to magnify potential gains is offered by the OctaFX broker as well. However, along with its great capabilities leverage increases risks together with its benefits, so you should always learn how to use tool smartly.

Risk Level

The risk level is defined also by the leverage level you use since higher leverage dramatically increases your risks to lose money as well.

For this reason, world authorities and regulators restrict leverage to use to specify, safer levels for retail traders. Therefore, OctaFX Cyprus entity together with its operations established under ESMA rules offers lower leverage levels as defined by the regulator. This means that European traders or those clients that are registered with OctaFX European entity will fall under ESMA regulation that recently limited Leverage.

Yet, if you still prefer to use high leverage international entity of OctaFX still allows so.

  • European traders leverage is maximum 1:30 for major currency pairs, 1:10 for Commodities
  • International traders can still use leverage until 1:500


Another important note within OctaFX Review is a range of account types through which you will access trading. Eventually, the broker offers two account types that also define trading conditions and the platform that is used for trading itself.

Pros Cons
• Fast digital account opening

• Single Account for MetaTrader5 or cTrader platforms

• Demo Account offered

• Option between trading fee models


Types of Accounts

As the broker defines by itself the MT5 account offered for a conservative trader as it is suitable for the majority of investors also supporting all trading styles and social trading as well. While cTrader will be more suitable for progressive traders or professionals as offers comprehensive trading conditions with commission based fee structure.

Besides, there is an option to submit for a Demo practice account and use its unlimited sources to polish strategy or get to know platforms and OctaFX conditions better.

Yet, the international proposal includes also ECN and PRO account based on the platforms, besides Micro Account on MetaTrader4 platform is offered too. It is recommended for novice traders and allows micro lot trading with floating spreads starting at 0.4 pips or fixed spread at 2 pips.

Trading Instruments

So what you can trade with OctaFX? The market range offers you the most demanded instrument while base on the CFD trading model and offering you an opportunity to speculate on the price movement on Forex currency pairs, Metals, Energies and Indices.

Another good point at OctaFX is its pricing strategy or a fee which you will need to pay for the usage of the OctaFX trading service. There are two options according to the account type you choose and the platform you use, offered by the Octa Markets.

While an international brand may offer slightly different conditions, which you may check from the site better.

Pros Cons
• Low Forex fees

• Options between spread only or commission fee basis

• 0$ Withdrawal fee

• Micro Lot trading available

• Inactivity fee

Our find on CFD fees

So fee strategy is different according to the platforms while MT5 offers you spread only basis with a minimum spread of EUR USD 0.2 pips, which is a very good offering compared to industry standards.

And cTrader brings you access to raw spread from 0 pip for EUR USD pair plus the commission charge of 3$ pet lot.

Also, see below the comparison table with a typical OctaFX Spread and compare brokers to other CFD Brokers with CFD fees, commission or inactivity fee if applicable.

Trading Fees of OctaFX vs Similar Brokers

Asset/ Pair OctaFX Fees AvaTrade Fees eToro Fees
EUR USD 0.5 pips 1.3 pips 3 pips
Crude Oil WTI 2 pips 3 pips 5 pips
Gold 20 40 45
Inactivity Fee Yes Yes Yes
Fee ranking Low Average High

Here is snapshot of OctaFX fees

Overnight fee

Also, always consider overnight charge or swap in case you’re holding the position longer than a day. It is always defined by the instrument you trade and may be visible either through a website or platform while trading. See the example on the snap above.

Deposits and Withdrawals

Being able to access your funds at any time with ease and convenience is another point with a regulated broker and our OctaFX Review. So together with its strict money management rules, you may fund your account by deposit through a bank account with no complication.

Pros Cons
• No deposit fees

• Withdrawals free of charge

• Wide range of payment methods supported by an international entity

•Limited deposit and withdrawal option for European clients

•No Credit card supported for Cyprus entity

Deposit fees and Options

As a licensed broker that obliges to safety measures, OctaFX Cyprus offers only Bank Wire Transfer for its European clients. While international entity includes also Credit Cards, e-wallets and other methods which you may check with customer service before any transfer is done.

  • Bank Wire Transfer

What is also great, there is no charges for deposits so you won’t pay any commission, however always define it with your payment provider or Bank itself as an international rule vary from jurisdiction to another.

Minimum deposit requirement

By the OctaFX policy, the minimum deposit set to a EUR100 allowing you to open any account type from the two offered by the broker.

Money Withdrawal

Money withdrawal is the same smooth process, while OctaFX also covers fees so you may access your moany at any time and receive it relatively quickly. Usually, OctaFX confirms withdrawals within 1-2 business days, but allow extra days for you Bank to process the transaction.

Here are the steps to withdraw money from OctaFX

By a simple follow of instructions, you may access your account and submit a withdrawal. And of course, you may always count on a great help center which is remaining at your assistance.

How do you withdraw money from account?

1. Login to your account. Select on Withdraw Funds’ at the menu tab

2. Fill in the form and enter the desired withdraw amount

3. Choose the withdrawal method

4. Complete the necessary form requirements

5. Confirm withdrawal details and Submit

Trading Platforms

Lastly and what we like the most is the OctaFX platform offering, while you may select either industry leading software also its newer version MetaTrader5 with all benefits included and not restricted. Or to use advanced and very powerful capabilities of cTrader.

The choice between the platform is always your and they are indeed very different, also bringing different price model and more suitable trading strategy. MetaTrader5 is good for everyone and more trader friendly software while cTrader is more sophisticated technology also the one that offering ECN Direct Market Access which might be a better option for professionals.

Besides, if you open an account with the international brand of OctaFX there is an option to use MetaTrader4 and operate through an account with micro lot trading option.

Scores & Availability of different platforms

• Option between MetaTrader5 and cTrader

• User friendly design

• Price alerts and push notifications

• Supporting various languages

• Web, Mobile and Desktop versions

• MT4 offered only by international entity • No education or video support for European entity, but available through international site

Web Trading Platform

Both platforms supporting various versions that you may access either just by the load through your browser without any installation which is very useful. MetaTrader will bring you all the benefits and powerful capabilities it offers, while cTrader webtrader is also featuring great design and look.

Desktop Platform

However, advanced traders would prefer the desktop version as it feature much more customization capabilities and tools to use. So here both platforms also available for download and suitable for any operating system either iOS or Windows.

Look and Feel

Both platforms are with clear look and feel, indeed cTrader is more complex to understand as it is packed with advanced tools yet the design is easy to navigate and customize.

Automated Trading

OctaFX Automated Trading capabilities are also useful for either beginning or professional trading through the use of popular EAs. You may either create your own once or follow a specified strategy available through the community or in the market place.

Mobile Trading Platform

The mobile app is also offered for both platforms, while apps are simple to use and offer a wide range of tools at the same time. MT5 mobile offers various charting capabilities also customization which is fantastic for mobile trading along with full management of your account.

Customer Service

Also, OctaFX customer support provides its clients with 24-hour live support available through live chat, email and phone support in various languages. Eventually, AvaTrade offers some of the greatest quality support with fast and reliable answers and a huge range of free of charge lines all around the world.

Pros Cons
• Quality customer support with live chat

• Fast response

• Support not available 24/7

Education and Research

In addition to its some of the good quality trading offerings among industry, all clients can enjoy absolutely stunning research tools and trading tools that are accessible directly through the platforms. Along with other user-friendly tools including calculator, fantastic and clear charting with built-in News Feed and other essential trading data for your better trading.

Unfortunately, there is no education center or any learning materials about the trading process offered by Cyprus entity, either OctaFX does not provide webinars or analytical research which is not so good for complete beginners.

However, OctaFX provides Education and Analysis through its international brand along with unlimited demo platforms allowing to practice strategies and test the offered systems. So if you’re beginning trader maybe you can see competition or participate to the course using other sources.

Yet, we can forgive this missing point to OctaFX as there are truly many benefits on the trading conditions they provide.

Pros Cons
• Free Unlimited Demo account available

• Wide range of trading tools

• Trading ideas and social trading options

• Economic Indicators and News Feed

• No education videos, webinars or learning materials provided by the Cyprus entity. All education and analysis tools included in the International offering


Overall, OctaFX Review shows us a broker with a quality trading strategy which offers also flexibility in terms of conditions, platforms and instruments it proposes.

While before we had some concerns due to its operation only through offshore entity now the trust is on a certain good level as OctaFX is regulated by the European CySEC aligned with MiFID directive. Therefore means its operation aligned to the necessary protection level through its either entity.

Read more about OctaFX license through our News by the link.

What we also admit is high-tech access to a range of the instrument and multiple platforms either for manual, algorithmic or social trading. It is definitely a great advantage that OctaFX offers both industry popular MetaTrader platform and powerful cTrader which is highly regarded by the professional traders.

Nevertheless, make sure to check the proposal of the particular OctaFX entity as international brand and a Cyprus one offers slightly different conditions. While obviously, OctaFX international proposal features more comprehensive tools and conditions along with education and research materials also MT4 availability.

Yet, it is always great to hear your personal opinion about OctaFX. So you may share your experience or thoughts or discuss them below or ask us for additional information.

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