OctaFX Review 2020

OctaFX is our 3rd ranked forex broker for Nigerian traders. They have low spread, local commission free bank deposit/withdrawal options, negative balance protection & MT4, MT5, cTrader platforms. Read our full OctaFX Review to find if they are good fit for you.

OctaFX is a forex & CFD broker that was founded in 2011, and they are a popular broker is Asian markets. They also accept Nigerian clients, and they have recently started to offer local payments in Nigeria.

They offer multiple trading instruments including 28 currency pairs, CFDs on indices & metals, as well as 3 cryptocurrencies. Moreover, they offer fast order execution, quick deposit/withdrawals, and good customer support.

We signed up with their platform for this review. Read our detailed OctaFX review to find out what they are good at, and where they can improve. First, right below is a quick summary of their pros & cons for you.

OctaFX – a quick look

Regulation & Safety of Funds

OctaFX is regulated with the following regulators:

1. Cyprus Securities Exchange Commission (CySEC): OctaFX is only regulated with the Cyprus Securities Exchange Commission (CySEC) as Octa Markets Cyprus Ltd since 10-December-2018 with License number 372/18

OctaFX is also a member of the ICF (Investor Compensation Fund) which was established by CySEC, and assures the clients regarding their funds with the broker. Moreover they also have segregation of their client’s funds and negative balance protection.

OctaFX Fees

We have also reviewed OctaFX for the trading fees offered by them and any hidden charges. Below are the breakdown of all the trading & non-trading fees of OctaFX:

1. Fixed and Variable Spread accounts: OctaFX offers floating spread with all their account, but fixed spreads are available with their MT4 account for a limited number of symbols (EUR/USD, GBP/USD, USD/JPY, USD/CHF, AUD/USD, NZD/USD, USD/CAD, EUR/GBP, EUR/JPY, GBP/JPY, XAU/USD, XAG/USD). Their floating spread starts from 0 pips in ECN cTrader account. Below table shows their average spread by currency pairs.



2. No Trading Commission: OftaFX does not charge any trading commission on MetaTrader 4 Micro & MetaTrader 5 Pro account. But they charge commission with their ECN cTrader account.
3. Zero Deposit and Withdrawal Charges: OctaFX 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.
4. Negative Balance Protection: OctaFX offers the negative balance protection for all of our clients. With them, 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.

OctaFX Account Types

OctaFX Demo Account

OctaFX offers a demo account to all clients or visitors using which they can practice and familiarise themselves with their platform and Forex trading. Once they trained they can start with live trading account to start a Forex trading.

OctaFX Live Trading Accounts

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

1. MetaTrader 4 Micro: There are 28 currency pairs, 2 metals, 3 crypto (Bitcoin, LiteCoin & Ethereum) and 4 indices under this account. You need to make the minimum deposit of $100 with this account. Moreover there is a option between fixed spread & floating spread for this account. You can choose between USD & EUR as your account base currency.
2. MetaTrader 5 Pro: In MetaTrader 5 Pro account 28 pairs of currency, 2 enery and metals, 10 indices and 3 cryptocurrencies as instruments. In this account there is a floating spread starting from 0.2 pips with no commission and minimum deposit of $500.
3. cTrader ECN: cTrader ECN trading account comes with floating spread starting at 0 pips and instrument of 28 currency pairs and 2 Metals. The minimum deposit in this account $100 with floating spread starting at 0 pips.

How to Open Account with OctaFX

Opening an account with OctaFX 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 OctaFX 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.

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.

Step 6) In next page you need to select account type and other platform like base currency, leverage, etc. as shown in the below screenshot.

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.

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.

OctaFX Platforms

OctaFX has a wide range of platforms, depending on your account type with them. They are one of the few brokers to offer both Metatrader versions, and cTrader.

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. MT 4 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.
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, OctaFX has more CFD instruments with their MT5 plaform.
3. cTrader: cTrader is the most advanced platform offered by OctaFX, and it is offered with their ECN account for more flexible trading with lots of advanced features as compared to MT4 & MT5. There are more advanced charts to understand the market conditions and is available for both desktop and mobile device.

OctaFX Deposits & Withdrawals

OctaFX does not include any 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. Some of their wallet methods have instant funding & withdrawal.

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

OctaFX 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 0.00058 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. Bank Deposit: You can also use bank deposit and bank transfer method to add funds to your account. But this process can take some as it requires manual payment tracking from OctaFX’s side with their bank. And deposit making using GT bank the minimum is ₦36,000.

OctaFX Withdrawal Methods:

1. E wallets: You can send them your E-Wallets details to receive funds in your account. 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. This process can take few days time.
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.

OctaFX Bonus

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

50% Deposit Bonus: OctaFX 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.

OctaFX Customer Support

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

1. Chat Support: You can contact them via live chat support which is available for 5 days in a week & for 24 hours. The response time is very quick if you contact them via chat & they normally handle most issues promptly.

2. Email: The best way to contact with OctaFX is via email. You can contact them via email [email protected] If you send the email during their business time, then they normally reply & resolve issues within 0-3 hours.
3. No Local Phone Number: There is no local contact number for Nigerian clients. 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.

Do we recommend OctaFX?

Yes, we recommend OctaFX for Nigerian Clients.

The positive points about OctaFX are their low spread on major currency pairs, and their good customer support. Also they offer multiple trading platforms including the latest MT5, cTrader, 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 28 currency pairs & few other CFDs. Also, they could do better in terms of getting regulated with more regulators.

But overall, OctaFX is a quite a good broker.

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