Octa Review

1. What is Octa?
2. Octa Pros and Cons
3. Awards
4. Safe or a scam?
5. Leverage
6. Accounts
7. Market Instruments
8. Fees
9. Spreads
10. Deposits and Withdrawals
11. Trading Platforms
12. Customer Support
13. Education
14. Conclusion

Our Review Method

• 55Brokers Financial Experts with 10+ years of experience in Forex Trading review trading offering including fees, platforms, trading licenses, contact customer service and place traders to see conditions and give expert opinion about Octa

What is Octa?

Octa (formerly OctaFX) is an international broker that has been providing online trading services worldwide since 2011. It offers commission-free access to financial markets and a variety of services already utilized by clients from 180 countries with more than 42 million trading accounts. Octa is a technology-based brokerage company and Forex broker that offers an industry-leading platform Metatrader4 and MetaTrader5 with numerous investment opportunities and great capabilities.

Under its European CySEC license broker operates also a global offering from international entity, therefore we advise to check on carefully under which regulation you will fall as it may propose different trading conditions.

What Type of Broker is Octa?

Octa is an STP Forex Broker also runs 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.

Octa Pros and Cons

Octa account opening is easy to follow, trading conditions are good for platform selection and a range of instrument types.

On the negative side, traders should make sure to check the proposals , as Octa entity as an international brand and a Cyprus one offers slightly different conditions. While obviously, Octa Cyprus is more trusted the international proposal features more comprehensive tools and conditions along with education and research materials also MT4 availability.

Overall Octa Ranking

With our Expert finds and review we consider proposal a good one, there are low fees and very low deposit requirements for Forex trading and conditions are overal good. Octa might be a choice for regular size traders, scalpers and Forex tradedrs.

• Octa Overall Ranking is 8 out of 10 based on our testing and compared to over 500 brokers, see Our Ranking below compared to other industry Leading Brokers.

Octa Alternative Brokers

Yet, there are some disadvantages found too, offering mainly suitable for Forex trading, also international entity trading conditions are wider and different, besides only MT5 platform is available which is quite a limitation. So it good to consider other brokers too, see our selection of Alternative Brokers below:

• IC Markets – Excellent cTrader Broker
• BlackBull Markets – Good for High Leverage trading
• eToro – Good for CopyTrading and Cryptocurrency Trading

Awards

Octa is already quite well known and has operated for a while despite the fact that received European license was received in second place. Also, over the years Octa has operated we have seen significant growth and development of the proposal compared to offering before. Besides, Octa participates in various exhibitions and received numerous international awards. Octa is approved by 70+ international industry awards in 180+ countries. Octa has been named the  ‘Most Reliable Broker Asia 2023’ award from Global Forex Awards and the ‘Best Forex Broker 2023’ award from AllForexRating.com. 

Is Octa safe or scam?

No, Octa is not a scam it provides a safe trading environment. Spanning across the globe, OCTA is subject to regulation by several authorities, including the FSCA, MISA, and CySEC, reflecting the diverse regulatory landscape governing the activities conducted by OCTA.

See our conclusion on Octa Reliability:

• Our Ranked Octa Safety Score is 8 out 0f 10 for good service along the years of operation and reputation. Yet, European license from CySEC proposal is considered more safee and recommended to sign in, since condition at entities may vary

Is Octa legit?

So, the main gap for these years of operation was the fact that Octa 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.

• Yet, as we see now Octa established its legal entity in Cyprus and respectively got a license from the local CySEC, which also imposes regulation according to European ESMA standards.
• Therefore, now we can state that Octa and its Octa Markets Cyprus Ltd entity show us a clear state of compliance with 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 an international Octa entity.

How are you protected?

The set of regulatory requirements enables protection to the clients and under European regulation includes – funds segregation, and 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.

Security

Octa prioritizes strict security rules: The clients’s online data is protected with 128-SSL encryption, which is a protocol that uses a key of 128 bits in length and is considered very hard to crack.

AML/KYC: Octa follows international regulation standards on Anti-money laundering and Know-your-customer procedures to verify the identity of its clients and prevent illicit activities. All global brokers must adhere to these policies.

Money transfers: Even if unauthorized access occurs, such as losing your device, withdrawals are restricted to the methods used for deposits. While this might seem inconvenient at times, it’s essential for ensuring the security of the trader’s money.

Verification: Traders may find the verification process inconvenient, but it plays a crucial role in ensuring their safety. It serves to prevent money laundering through KYC/AML policies and safeguards against anonymous withdrawals, protecting traders from potential theft. Verification doesn’t have to be done immediately upon registration, and traders can initiate it at their convenience. 

Negative balance protection: Ensures that traders’s risks are limited to the funds they have deposited. This protection automatically adjusts the account balance to zero if it becomes negative. This measure is crucial, especially during volatile market conditions, as it safeguards traders from unexpected losses beyond their control.

Leverage

As for the leverage, 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 Octa broker as well. However, along with its great capabilities, leverage increases risks together with its benefits, so you should always learn how to use tools smartly.

The broker offers the following leverage opportunities:

• Up to 1:500 for currency pairs, 1:1000 in the period of special promotions and contests
• Up to 1:200 for commodities
• Up to 1:50 for indices
• Up to 1:20 for CFDs on stocks
• Up to 1:25 for cryptocurrencies

Risk Level

The risk level is defined also by the leverage level you use since higher leverage dramatically increases your high risk of losing money as well. For this reason, world authorities and regulators restrict leverage to use to specify, safer levels for retail traders.

Octa 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 Octa European entity will fall under ESMA regulation Leverage.

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

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

Account types

Octa broker offers two account types that also define trading conditions and the platform that is used for trading itself. See some of our finds below:

• Cyprus entity offers an MT5 account offered for a conservative trader as it is suitable for the majority of investors and also supports all trading styles and social trading as well.
• Yet, the international proposal includes also ECN and PRO accounts 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. Also check brokers with fixed spread.

How to trade on Octa Demo account?

At Octa there is an option to submit for a Demo practice account and use the unlimited sources to polish strategy or get to know platforms and Octa conditions better. Account opening isnt hard, alike in our tests we opened Demo account in a matter of minutes you just have to follow simple  submit on website and get started.

Trading Instruments

So what you can trade with Octa? The market range offers you the most demanded instrument while based on the CFD trading model and offers you an opportunity to speculate on the price movement of Forex currency pairs, Metals, Energies, Indices, and also we found Octa added Cryptocurrencies too.

The most popular trading assets at Octa are:

1. Forex: EURUSD, GBPUSD, USDJPY, GBPJPY, USDCHF, AUDUSD.
2. Indices: NAS100, US30, GER40, SPX500, JPN225
3. Cryptocurrencies: Bitcoin, Ethereum, Ripple, Solana, Bitcoin Cash
4. Metals: Gold XAUUSD, Silver XAGUSD
5. CFDs on stocks: Apple, Tesla, and other assets from 16 stock exchanges
6. Energies: crude oil XBRUSD, gas XNGUSD.

• Octa Instrument Score is 7 out 0f 10 for good trading instrument proposal for Currency Pairs and CFD, yet these are mainly all offered by the broker, also the range is different based on entity

Fees

Octa imposes no commissions, no overnight or trading charges. Octa’s profit is already included in spreads as a markup. All the profit you make is yours. Fee table see below, also always consider other than trading fees like funding fees and inactivity.

• Octa Fees are ranked good with overall rating 9 out of 10 based on our testing and compared to over 500 other brokers. Overal fees are at good level, some deposits and withdrawals are free of charge but it is necessary to check conditions fully

Spreads

Octa Spreads were different before according to the platforms, but for now as we foundd spreads are the same in MT4 and MT5 offers you spread-only basis with a minimum spread of EUR USD 0.6 pips, which is a very good offering compared to industry standards. During promotions, the spreads can be up to –15% lower.

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

• Octa Spreads are ranked low with overall rating 9 out of 10 based on our testing comparison to other brokers. We rank it as very good for spreads we found among lowest in industry for Forex trading and Commodities.

Asset/ Pair	Octa Spread	AvaTrade Spread	eToro Spread
EUR USD Spread	0.5 pips	1.3 pips	3 pips
Crude Oil WTI Spread	2 pips	3 pips	5 pips
Gold Spread	20	40	45

Overnight fee

Octa has recently announced about it going swap-free in all the regions it operates. Now, leaving their orders open overnight, traders won’t be obliged to pay overnight fees. Due to this traders will no longer hesitate to use mid-term and long-term stategies. This means, Octa clients are free to hold as many orders as they wish for as long as they want.

Here is a snapshot of Octa fees

Octa 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 Octa Review. So together with its strict money management rules, you may fund your account by deposit through a bank account with no complication.

• Octa Funding Methods we ranked Good with overall rating 9 out of 10. The Minimum deposit is among lowest requiring very small deposit at start, but we recommend to check conditions for instrument you wish to trade since it might be not enough for margin coverage.

Here are some good and negative points for Octa funding methods found:

Deposit fees and Options

As a licensed broker that obliges to safety measures, Octa Cyprus offers only Bank Wire Transfer for its European clients. As for the international entity it 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 one jurisdiction to another.

 

 

What is the Minimum Deposit for Octa?

Octa minimum deposit is $25 allowing you to open an account and start trading. However, the minimum deposit amount may vary depending on your region and the payment method you choose.

Octa minimum deposit vs other brokers

	Octa	Most Other Brokers
Minimum Deposit	$25	$500

Octa Money Withdrawal

Octa withdrawal options are the same Bank wire for all accounts, there is no Credit Cards supported for Cyprus entity. Octa also covers fees so you may access your moany at any time and receive it relatively quickly. Usually, Octa confirms withdrawals within 1-2 business days, but allow extra days for your Bank to process the transaction.

Here are the steps to withdraw money from Octa

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 Withdraw Funds’ at the menu tab

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

3.       Choose the withdrawal method

4.       Complete the necessary form requirements

5.       Confirm withdrawal details and Submit

Contests and offers

• Deposit bonus. Traders can get from 10% to 50% bonus on every deposit. In times of special offers, traders usually get a 100% deposit bonus.
• Trade and Win program. Traders collect prize lots for trading with Octa and spend them on iPhones, other gadgets, and merch packs in the Octa Trade and Win gift collection.
• Champion Demo Contest. Trading on a demo account, clients get into the top 5 with the highest balance by the end of the contest round and win up to $500.
• Special events. Octa holds special promotions every Republic Day, Independence Day, IPL season, their birthday in July, Diwali, and New Year. These may include lowered spreads, extra deposit bonuses, prize draws, and other offers. Every client can participate and enjoy them. Good time to trade with even better trading conditions.

Octa Trading Platforms

Lastly and what we like the most is the Octa platform offering, while you may select either industry-leading software also a newer version MetaTrader5 with all benefits included and not restricted. The broker also offers the older MT4 option for those clients who prefer conducting their trades on it.

• These two are known by every trader. MT4 is simple and popular, while MT5 is technically advanced. Spreads on both start from 0.6 pips, but the number of assets differs: you can trade 76 of them on MT4 and 273 of them on MT5. Octa offers trading both on mobile and on desktop MetaTrader.

 

 Scores & Availability of different platforms

• Octa Platform is ranked Good with overall rating 8 out of 10 compared to over 500 other brokers. We mark it as good offering with popular MT4, MT5, yet no other options at the place.

Platforms	Octa Platforms	IC Markets Platforms	eToro Platforms
MT4	Yes	Yes	No
MT5	Yes	Yes	No
Own Platform	Yes	Yes	Yes
Apps	Yes	Yes	No

How does Octa copy trading work?

Single app and web service, integrated into the Octa ecosystem, that lets you earn like an experienced trader without any specific knowledge. You simply start following some pro trader you’ve picked, and Octa CopyTrading app automatically copies their trades.

It is perfect for beginners and those who want to profit without devoting much time to managing their portfolios.

• To start, you only need to pick a Master Trader based on several criteria: their overall profit, number of copiers, and risk score. Every Master Trader sets up the percentage of commission they take. Some of them offer a free 7-day trial, so you can test as many Master Traders as you want.

Web Trading Platform

With our finds on Octa, both platforms support various versions that you may access either just by loading through your browser without any installation which is very useful WebTrader, yet Web Trading iis always limited with tools.

Octa web trading platform is located at https://www.octafx.com/. It features the same benefits the mobile apps have: quick response, fast order execution, fast withdrawals, and 24/7 online support. Space, a smart customizable feed with relevant trading ideas and deep analysis, is also available online. Trades you open in the app and on the desktop platform are automatically synchronized, so traders can easily switch between the devices.

Desktop Platform

However, advanced traders would prefer the desktop version as it features 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.

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.

How does Octa Auto trading work?

Octa 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.

Look and Feel

Both platforms are with clear look and feel, indeed MT5 is more advanced as it is packed with more innovative tools, so you can choose more suitable one. (Also Read AvaTrade Review for alternative)

Customer Service

Octa customer support provides its clients with 24-hour live support available through live chat, email, and phone support in various languages. Both Live Chat and Email are available in Bengali, Chinese, English, Hindi, Indonesian, Malay, Portuguese, Spanish, and Thai languages.

• Customer Support in Octa we rank Good with overall rating 8 out of 10 based on our testing. Actually, we found customer team responsive and professional in answers.

See our find and Ranking on Customer Service Quality:

Education

Octa devised the most up-to-date and advanced educational program in the industry by studying the users’ progress data and implementing professional trading psychology evaluation of its clients through the behavioral science departments it collaborates with, collecting statistics that specifically address improvement, in turn proactively engaging its client base to make use of the gathered research for the general enhancement of the financial service’s ecosystem—in short, research, that upholds elite-level online training & education quality that is grounded firmly on empirical and social science.

Octa has good educational and training tools for beginners as well as expert traders. According to our data, traders using Octa’s educational content tend to make a larger profit. The broker’s focus on providing comprehensive education, assuring its client’s best understanding of the market, has resulted in two ‘Best Education Broker 2023’ awards from Forexing.com and Holiston Media.

• Octa provides Education and Analysis through its international brand along with unlimited demo platforms allowing to practice strategies and test the offered systems. The resent update of Octa offers good materials with quality videos, YouTube in various languages and regularly held seminars.
• Octa Education ranked with overall rating 7 out of 10 based on our findings and non provided education or Trading Academy itself for Europe clients.

Research

Octa implements an interdisciplinary method of gathering and conducting research. The fintech company’s native data science team synthesises its findings with the unbiased expertise of third-party professionals, independent institutions and data labs to produce a comprehensive, but distilled data analysis evaluation upon which quality trading decisions can be made.

• Analysing the market: this ongoing, vast stream of information gathering and evaluation is possible through real-time subscriber-only-based connection to the most reliable news agencies in the world. Not one event, law adoption, economic agreement, or civil unrest is missed and can be ascertained early in the news cycle, put into the context of Foreign Exchange trading and its unique particularities to extract maximum efficiency for the trading community.
• Communication is key: how does this highly dense data extraction trickle down to the end-user? For that Octa employs as much effort into its vibrant company blog and news segments with their recurring analytical pieces, as it does with an engaging social media team that gives immediate real-life directions with any issue. The company’s publication channels also include frequent e-mail updates on all things Forex and expert articles on third-party industry platforms.

Octa Review Conclusion

Overall, Octa provides good flexibility in terms of conditions, platforms, and instruments it proposes. Before we had some concerns due to its operation only through an offshore entity now Octa is regulated by the European CySEC aligned with MiFID directive. Therefore means its operation is aligned to the necessary protection level.

We admit high-tech access to a range of instruments and multiple platforms either for manual, algorithmic, or social trading. It is definitely a great advantage that Octa offers both industry popular MetaTrader platform. Read more about Octa license through our News by the link.

Based on Our findings and Financial Expert Opinion Octa is Good for:

• Beginning Traders
• Forex Traders
• Traders who prefer MT4 or MT5 platform
• EAs running
• Algorithmic Trading
• Octa Copy Trading
• Low Spread Trading
• Suitable for a Variety of Trading Strategies