Octa Review 2024

Octa is our 3rd ranked forex broker for Nigerian traders. They have low spreads that are variable, no commissions or swap, local commission free bank deposit/withdrawal options, negative balance protection & MT4, MT5, OctaTrader platforms. Read our full OctaFX Review to find if they are good fit for you.

Max. Leverage
1:500
per trade
Minimum Deposit
₦18000
Rank
#3
out of 8 Forex Brokers

Octa (formerly OctaFX) is a forex & CFD broker that was founded in 2011, and they are a popular broker in African markets. They also accept Nigerian clients, and they also offer local bank transfer payment option for traders in Nigeria.

Octa offers multiple trading instruments including 35 currency pairs (52 on MT5), CFDs on indices & metals (gold & silver), energies, stocks (on MT5) as well as 30+ cryptocurrencies. They do offer fast order execution, quick deposit/withdrawals, low spreads (no commissions) and good customer support.

We signed up with their platform for this review. Read our detailed Octa review to find out what they are good at, and where they can improve.

First, right below is a quick summary of Octa’s pros & cons for you.

Octa Nigeria Pros

  • Octa have local Bank, Online transfer deposit & withdrawal option in Nigeria, without any extra fees.
  • Low Spread with both their Account types. For example, the typical spread is 0.7 pips for EUR/USD. There is not extra commission.
  • Octa offer negative balance protection to their clients.
  • MT4, MT5 platforms are available with both mobile and laptop version. Also, they have their own platform OctaTrader.
  • They offer good support via Live Chat (24/5) & via email.

Octa Nigeria Cons

  • Octa is regulated with MISA (Mwali International Services Authority). They are not regulated with any Tier-1 regulation.
  • Only 35 currency pairs are available for forex trading on MT4 & Octatrader, and other CFDs are limited too. But you can trade 52 currency pairs on MT5.

Octa – a quick look

Broker Name Octa Nigeria
Year Founded 2011
Website www.octafx.com
Address 1st Floor, Meridian Place, Choc Estate, Castries, Saint Lucia.
Octa (OctaFX) Minimum Deposit $25 (₦18,000)
Maximum Leverage 1:500
Regulation MISA, FSCA, CySEC
Trading Instruments 35 Currency Pairs, CFDs on 30 Cryptos, 24 Commodities, 3 Energies, 10 Indices. (plus 150 stocks as CFDs on MT5)
Trading Platforms OctaTrader, MT4, MT5
Octa Bonus 50% deposit bonus on all deposits (for new traders & existing traders)

Regulation & Safety of Funds

Traders based in Nigeria are registered under OctaFX.com, which is their global website.

Octa is regulated with the following regulators:

  1. MISA: Octa Markets Ltd. is their licensed entity under license no. T2023320 (issued in July 2023). This is the entity under which the Nigerian traders are registered.
  2. OctaFX MISA License

  3. Cyprus Securities and Exchange Commission (CySEC): Octa is also regulated as Octa Markets Cyprus Ltd with Cyprus Securities and Exchange Commission (CySEC) with license number 372/18 and registration number 359992.
  4. OctaFX CySEC Regulation

  5. SVGFSA: Previously, OctaFX was registered under Octa Markets Incorporated established in St. Vincent and the Grenadines, which permits them to offer higher leverage to traders and bonus promotions.
  6. OctaFX SVGFSA Registration Search

Overall, Octa is not regulated with any Top-tier regulator, and they are regulated with MISA, FSCA & CySEC only. And they have been in business since 2011, and we did not find complaints regarding withdrawal issues. Moreover, if you reside in the EU and access Octa, you will be legally covered under CySEC regulatory.

Octa has segregation of their client’s funds and negative balance protection. So, we consider them to be relatively safe but a moderate risk CFD broker.

Octa Fees

We reviewed Octa for the trading fees offered by them and any hidden charges. We found their fees to be quite competitive compared to other forex brokers in Nigeria.

There is no commission charged by account, you will only pay the variable spreads. You also don’t pay any other extra fees (no deposit charges, no withdrawal charges), this is unlike some other brokers who charge you for withdrawals.

Below are the breakdown of all the trading & non-trading fees of Octa:

  1. Floating Spread accounts: Octa offers floating spread with all their account, Spreads on Octa MT4 and Octa MT5 are now equal. The typical spread on EUR/USD on both kinds is 0.7 pips. Below table shows their average spread by currency pairs.
  2. OctaFX Spread

  3. Leverage: Octa offers 35 currency pairings with a maximum leverage of 1:500. (1:1000 for special promotions and competitions).

    With a leverage of 1:20 and no commission, Octa traders can trade 150 CFDs on stocks from 16 stock exchanges.

    10 different indices are offered for trading at Octa. On indices, the leverage is up to 1:50.

    Octa offers trading in five different commodities: WTI crude, Brent crude, natural gas, gold, and silver. Leverage on commodities is up to 1:200.

  4. Over 30 cryptocurrency pairs are accessible for trading around-the-clock. These include Litecoin, Bitcoin, Ethereum, and Ripple, among others. Cryptocurrency leverage is 1:50.

  5. No Trading Commission: Octa does not charge any trading commission with MetaTrader 4 & MetaTrader 5 account. They are a spread only CFD forex broker.
  6. Zero Deposit and Withdrawal Charges: Octa does not charge anything on deposit and withdrawal for Nigerian clients. So there are no hidden charges in case of deposit and withdrawal with them. But your bank or payment gateway may charge you some fees for a transaction, which you need to confirm from your bank.
  7. Zero Swap: There is no positive or negative swap on any currency pairs. This is for all your positions. It is good if you are trading a pair in direction where you have to pay the carry fees, but could also be seen as negative, if you want to carry trade.
  8. Negative Balance Protection: Octa offers the negative balance protection for all of our clients. With Octa, if your opened trade somehow is closed due to the Stop Out and your balance would reach in negative, then they will automatically top it up to 0 in a couple of seconds.

Octa Account Types

Octa offers 2 Live trading accounts & also a Free demo account. We compared the features of their accounts with other brokers. Here is what we found.

Octa Demo Account

OctaFX offers a Free demo account to all clients, using which you can practice and familiarise themselves with their platform and Forex trading. Once you have gained enough experience, you can open live trading account to start a Forex trading.

OctaFX Demo Account

Octa (OctaFX) Live Trading Accounts

OctaFX Trading Accounts

The following 3 Live account types are available at OctaFX for Nigerian traders:

  1. MetaTrader 4: There are 35 currency pairs, gold and silver, 3 energies, 6 indices and 34 cryptocurrencies under this account. You need to make the minimum deposit of $100 with this account. Spreads are tighter than other comparable brokers, starting at 0.6 pips (EUR/USD) and average 0.7 pips. Moreover, Leverage can reach 500:1.
  2. OctaTrader: This is their proprietary platform, that is supported on both the web & mobile. You can trade all the currency pairs as on MT4. But you can trade up to 10 CFD indices, which is more than on MT4. The major downsides are that you cannot trade stock CFDs, nor run EAs, which runs only on Metatrader. Otherwise, it supports most of the other features.
  3. MetaTrader 5: In MetaTrader 5 account there are 35 currency pairs, gold and silver, 3 energies, 10 indices 30 cryptocurrencies, 150 stocks. On the EUR/USD currency pair, typical spreads start at 0.6 pip and average 0.7 pips; there are no commission fees. You can start trading with this account for just $100. The leverage restriction under this account is 1:500 for currencies.

How to Open Account with OctaFX Nigeria (Octa)

Opening an account with Octa is very simple. You simply need to follow the below steps one by one to complete the registration with them.

Step 1) First of all open the home page of Octa and click on the Open Account button at the top the home page.

Step 2) Now you need to open the personal information like name and email which is necessary to open the account. You can also signup using your Facebook or Gmail account.

Open OctaFX Trading Account

Step 3) After entering all the required details, you need to click on Open Account button at the bottom of the same pop up as shown in the below screenshot.

Step 4) Once done with the step 3, you need to verify the authorization by clicking on the link sent to your email for verification.

Step 5) Now you will be redirected to a page where you need to enter your details under “Provide your Details” section.

Provide your Details

Step 6) In next page you need to select account type and other platform like base currency, leverage, etc.

Step 7) At last you need to make the deposit by clicking on the Deposit button on the right side of the screen. You can deposit the funds to start trading.

OctaFX Account Created

Congratulations! Your account has been created and funds will be reflected to your account as per the method you have used. You can now start trading as per your strategies.

Octa Platforms

OctaFX has a wide range of platforms, depending on your account type with them (which you have to choose during account opening). They are one of the few brokers to offer both Metatrader versions (MT4 & MT5).


Here are the trading platforms available at OctaFX:

  1. MetaTrader 4: This is the most popular trading platform in the Forex industry as per usage. MT4 trading platform is very useful and simple to use for the beginner and the experienced trader. It has user friendly interface which is very easy to use and customization is also possible. So you can add EAs & custom indicators as per your requirements.
    The majority of traders are familiar with MT4 & can install . It is frequently using by traders and is better suited for new and beginners.

    The MT4 trading platform’s primary features include:
    More than 30 trading indicators built-in to aid traders, Functionality of an expert advisor, It supports 3 chart kinds, 9 periods, and 4 pending order types, Micro lots to aid newcomers and novice traders, Enables hedging (depends on the online broker policy too).

  2. MetaTrader 5: MT5 is the advanced version of MT4 platform with some new and advanced features which make it different from its previous version. There are many indicators and graphical charts which helps the clients to understand the markets and make their trading strategies. Also, Octa has more CFD instruments with their MT5 plaform.

    With MT5, you have all the functionality of MT4 plus:
    37 graphical items, 12 periods, 38 built-in indicators, 6 pending order kinds, and guaranteed data backup for trading history information.

  3. OctaTrader: This platform is web based & mobile based (iOS & Android), but not available on desktop. This app has integrated trading, and the accounts. You can trade, and deposit/withdraw from this same app, without having to use multiple apps (some brokers have different interface for accounts & trading).

There are versions of MT4 and MT5 for Windows, Android, iOS, and web browsers. OctaTrader is their own app.

Octa Deposits & Withdrawals

OctaFX does not add any extra fees/charges on deposit and withdrawal, which means they offer commission free payment methods. So you will get full amount of your funding & withdrawals.

OctaFX claims that the withdrawal process usually take 1-3 hours maximum for most methods, we did not test all methods. Some of their wallet methods have instant funding & withdrawal.

OctaFX Deposit Methods

We have listed below all the payment methods using which you are make the deposit and withdrawal with them.

Octa Deposit Methods:

  1. E-wallets: You can transfer the funds to start trading, using the various E Wallets like Skrill, Neteller etc. There are no charges while making the deposit using these E wallets. The minimum deposit for Netller and Skrill is $50 and equivalent BTC by Bitcoin.
  2. Cards: You can also use your VISA, Mastercard or Verve card to make deposit without any charges. You will get instant funding in case of using card for depositing. The minimum amount should be $5 for making deposit using your VISA card.
  3. GT Bank Transfer in Nigeria: You can also use bank deposit and bank transfer method to add funds to your OctaFX account. But the funds added with this method can take a few hours to reflect in our account, as it requires payment tracking from OctaFX’s side with their bank. For deposits made using GT bank, the minimum amount in Naira is ₦36,000.

Octa Withdrawal Methods:

  1. E wallets: You can add your E-Wallets details on withdrawal form in Octa account panel, to receive funds in your Wallet. The minimum amount should be $5 for Netller & Skril and for Bitcoin is Ƀ0.00058.
  2. Bank Withdrawal: You need to send them your GT bank account details to process the withdrawal. The minimum for withdrawal is ₦1,750.00. The withdrawal made with this methods can take few days time. This the preferred method with traders in Nigeria.
  3. Credit/Debit Card: Traders can also receive funds in their cards, if you have used this method to add funds. The minimum withdrawal in case of card is $20.

The deposit & withdrawal options at Octa are good for traders in Nigeria as local traders can also use local payment options like bank transfer.

Method Minimum Deposit Minimum Withdrawal
Bitcoin 0.00037000 BTC 0.00009000 BTC
Skrill 50.00 USD 5 USD
Neteller 50.00 USD 5 USD
Visa 25 USD/EUR 20 USD
Perfect Money 25 USD 5 USD
Instant bank transfer ~25 USD (in local currency) N/A
Local Banks ~25 USD (in local currency) N/A
E-wallets ~25 USD (in local currency) N/А
Mastercard 50.00 EUR N/A
Tether TRC-20 50.00000000 USDT 20.00000000 USDT
Tether ERC-20 50.00000000 USDT 20.00000000 USDT
Dogecoin 230.00000000 DOGE 75.00000000 DOGE
Litecoin 0.30000000 LTC 0.11000000 LTC

Octa Bonus

Octa have an ongoing bonus offer, which is available for Nigerian traders as well. Below are the available offers at Octa.
OctaFX Bonus

50% Deposit Bonus: Octa has a 50% deposit bonus right now, under which you can deposit any amount with them and you will get 50% bonus on it. You will be eligible to get 50% bonus on all your deposits. Also, the the bonus can be withdrawn provided a few trading conditions are met i.e. the number of lots traded.

Octa Customer Support

Overall, Octa’s customer support is reliable & active. They have a live chat that is available on weekdays, and they have 24*7 support available via email.

octaFX Customer Support

  1. Good & Quick Chat Support: You can contact Octa via live chat support on their website, which is available for 5 days in a week & for 24 hours. We did not exerience any hold time while connecting, and the responses were very quick. So, we believe that they normally handle most issues promptly. According to us, the best way to contact with Octa is via chat.
  2. OctaFX Chat

  3. Email: You can contact Octa via email [email protected] for EU-based traders 24/5 and [email protected] for traders from other jurisdictions. If you send the email during their business hours, then they normally reply & resolve issues within 0-3 hours.
  4. No Local Phone Number: There is no local contact number for Nigerian clients listed on their website. But they have a callback which you can request via their live chat & you can also contact them on their Whatsapp number for text support.
  5. Social media accounts: Traders can also contact them via Facebook, Twitter, YouTube, Telegram, Instagram and TikTok

Overall the support at Octa is good, other than the fact that they don’t have local phone number in Nigeria. But we found their live chat & email support to be responsive in answering our questions.

Can I trade Gold on Octa?

Yes, you can trade Gold CFDs through Octa’s platform or their app. You can find the XAU/USD symbol on their app, and open the chart to place the order on Gold.

They don’t have any Swap charges for XAU/USD under MT4 account. But their variable spread is moderate at around 2. For example, if you are trading 1 lot of Gold on Octa with price at 1800, you will be charge $2 spread. If you are trading 100 lots, then you will pay $20 in fees on single trade.

You should not use Octa’s CFDs for investing in Gold. The CFDs are meant for trading by professional traders, and any holding costs can lead to losses for investors.

If you want to invest in Gold, you should consider local investing options from your bank or an exchange listed Gold EFT.

Is Octa legal in Nigeria?

Forex Trading is currently not regulated in Nigeria, all forex brokers including Octa are registering the clients under offshore jurisdiction. It is at your own risk when you trade forex through any forex broker, because they are not licensed in Nigeria.

But Octa is licensed under CySEC & FSCA, which makes them somewhat low risk broker for Nigeria forex traders.

Do we recommend Octa (OctaFX)?

Yes, we recommend OctaFX (Octa) for Nigerian traders as they have low spread, good bonus & decent support.

The positive points about Octa are their low spread on major currency pairs, and their good customer support. Also they offer multiple trading platforms including the latest MT5, as well as the old MT4 version. So they it should fit both new and experienced traders.

Moreover, they also offer local bank deposit and withdrawal in GT Bank to Nigerian clients, which is a very good option and make them one of the few brokers that offer it.

On the downside, their trading instruments are limited as they only offer upto 50 currency pairs & other CFDs. Also, they could do better in terms of getting regulated with more regulators.

But overall, Octa is a good broker if you are looking for low-cost forex trading, without commissions.

Frequently asked questions

Is Octa trusted?

Octa is registered with SVGFSA, which is an offshore regulation. They are not authorized by any Tier-1 regulation like FCA, ASIC etc. But they are a popular CFD broker that has been operating for a few years. So, they are considered a moderate risk forex broker.

What is the minimum deposit at Octa for Nigerian traders?

The minimum deposit at Octa is $25. They offer 2 account types, and both have $100 minimum deposit.

Does Octa offer Naira accounts?

No Octa does not offer NGN base currency trading accounts. They only offer USD as the account base currency. But you can deposit & withdraw in Naira via local bank account.

How much commission does Octa charge?

Octa does not charge any commission with any of their 3 trading accounts. They only charge spreads per trade. The exact spreads are variable & depend on the instrument which you are trading. For example, for EUR/USD, their spreads can be as low as 0.8 pips.

How to Trade on Octa?

You can trade forex & CFDs on Octa by opening your trading account with them. You can use their mobile app or the MetaTrader platform to trade. They also offer OctaTrader app.

Is Octa Legal in Nigeria?

OctaFX is not regulated in Nigeria, but they are not banned by the local regulator. They are a foreign forex broker, regulated by only 1 Tier-2 regulation i.e. CySEC. This makes them a moderate risk broker for Nigerian traders.

How can I withdraw funds at Octa?

Octa has various deposit & withdrawal methods on their platform including Local Bank transfer in Naira. There is no extra fees on funding or withdrawals. Withdrawals via Bank transfer can generally take a few hours at Octa.

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1 user reviews for Octa (OctaFX)

I am currently starting my trading activity with OctaFX whilst studying and learning its procedure. I have even deposited some amount when I realized that it has a good prospect in Nigeria.

5

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We recommend Octa
Rating8.9/10
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