Founded in 2011, OctaFX operates as part of an international group that includes Octa Markets Incorporated in Saint Vincent and the Grenadines and Octa Markets Cyprus Ltd in Cyprus. The minimum deposit using Visa or MasterCard stands at a low $25, offering access to 229 tradable symbols.

During my comprehensive three-year assessment of OctaFX on ForexBrokers.com, I found that despite its proprietary web and social copy-trading platforms, OctaFX struggles to provide an advanced MetaTrader platform experience.

While there have been strides in improving pricing options, OctaFX faces challenges due to its limited selection of tradable instruments and lacks diversity in educational materials. OctaFX holds only one regulatory license.

OctaFX’s Trading Instruments

With fewer than 230 tradable instruments available, OctaFX lags behind industry leaders like Saxo Bank, IG, and CMC Markets, each offering over 10,000 tradable instruments.

Cryptocurrency trading on OctaFX is confined to CFDs; direct trading of underlying assets, such as purchasing Bitcoin, is not supported. Notably, neither U.K. residents nor retail traders from any U.K. broker entity are allowed to engage in cryptocurrency CFDs.

• Forex Trading (Spot or CFDs) Yes
• Tradeable Symbols (Total) 229
• Forex Pairs (Total) 40
• U.S. Stock Trading (Non CFD) No
• Int’l Stock Trading (Non CFD) No
• Social Trading / Copy Trading Yes
• Cryptocurrency (Physical) No
• Cryptocurrency (CFD) Yes

Fees and Commissions

Previously grappling with pricing issues, OctaFX has made some improvements but still lags behind the most cost-effective MetaTrader brokers.

Account types: Fees or commissions at OctaFX vary depending on the account type and the regulating entity. The offshore entity in Saint Vincent and The Grenadines (SVG) serves international clients, while the EU entity caters to European clients, offering only MT5 accounts.

Different spread prices apply based on the regulating entity. For instance, the EU entity performs slightly better with an average spread of 0.5 pips for the EUR/USD pair compared to 0.9 pips for the SVG entity. However, without a specified date range for the spread data, making precise comparisons becomes challenging.

• Minimum Deposit $25
• Average Spread EUR/USD – Standard 0.9
• Mobile Trading Apps
• OctaFX has its social copy trading app, the OctaFX Copytrading app.

App Overview: Both iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps are available for download. OctaFX solely operates as a MetaTrader broker, also providing its OctaFX Copytrading app for social copy trading.

Trading Platforms

Primarily a MetaTrader broker, OctaFX grants access to MetaQuotes Software Corporation’s suite of platforms, featuring MetaTrader 4 (MT4) and MetaTrader 5 (MT5). Additionally, it offers its proprietary OctaTrader web trading platform.

OctaTrader: While the newly introduced web platform from OctaFX offers a straightforward trading environment, it lacks advanced features. Although it’s a decent starting point, it falls short compared to leading brokers’ platforms.

Copy trading: OctaFX provides a web interface linked to its MetaTrader 4 (MT4) platform for copy trading. While the service has seen improvement, there’s still ample room for further enhancement.

OctaFX Market Research

OctaFX’s market research is broad but lacks depth, offering a variety of content without specialization.

Education

Despite expanded offerings like webinars and live trading session recordings, OctaFX’s educational articles and videos lack variety.

The OctaFX website contains approximately 20 beginner-level articles on forex education. Additionally, the OctaFX YouTube channel hosts an 11-part Forex Basic Course video series and webinar archives. While tools like a trading glossary and FAQs enhance resources, the lack of comprehensive material on trading or market dynamics remains a drawback.

Conclusion on OctaFX

OctaFX falls short due to its limited tradable instruments despite providing the complete MetaTrader suite. Its inadequate product offerings, research, and education put it at a disadvantage compared to leading MetaTrader brokers.

While OctaFX holds regulatory status in Cyprus, the absence of other reputable licenses significantly impacts its Trust Score. Gaining regulation in more prominent locations, particularly tier-1 places, is crucial to establishing trust among current and potential clients.