OctaFX is our 3rd ranked forex broker for Nigerian traders. They have low spread, local commission free bank deposit/withdrawal options, Copy Trading feature, negative balance protection & MT4, MT5 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 in Asian markets. They also accept Nigerian clients, and they also offer local bank transfer payment option for traders in Nigeria.
OctaFX offers multiple trading instruments including 28 currency pairs, CFDs on indices & metals, as well as 3 cryptocurrencies. But the total number of instruments are somewhat limited. They do offer fast order execution, quick deposit/withdrawals, copy trading feature 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 OctaFX’s pros & cons for you.
OctaFX Nigeria Pros
OctaFX Nigeria Cons
Table of Contents
|Broker Name||OctaFX Nigeria|
|Address||Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines|
|OctaFX Minimum Deposit||$50 (₦18,000)|
|Trading Instruments||35 Currency Pairs, CFDs on 30 Cryptos, 24 Commodities, 3 Energies, 10 Indices|
|Trading Platforms||MT4, MT5|
|OctaFX Bonus||50% deposit bonus on all deposits (for new traders & existing traders)|
Traders based in Nigeria are registered under OctaFX.com, which is their global website.
OctaFX is regulated with the following regulators:
Overall, OctaFX is not regulated with any Top-tier regulator, and they are regulated with SVGFSA & 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 OctaFX, you will be legally covered under CySEC regulatory.
OctaFX 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.
We reviewed OctaFX 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.
Below are the breakdown of all the trading & non-trading fees of OctaFX:
With a leverage of 1:20 and no commission, OctaFX traders can trade 150 CFDs on stocks from 16 stock exchanges.
10 different indices are offered for trading at OctaFX. On indices, the leverage is up to 1:50.
OctaFX offers trading in five different commodities: WTI crude, Brent crude, natural gas, gold, and silver. Leverage on commodities is up to 1:200.
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.
OctaFX offer 2 Live trading accounts & also a Free demo account. We compared the features of their accounts with other brokers. Here is what we found.
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.
The following 2 Live account types are available at OctaFX for Nigerian traders:
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 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:
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).
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.
There are versions of MT4 and MT5 for Windows, Android, iOS, and web browsers.
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.
We have listed below all the payment methods using which you are make the deposit and withdrawal with them.
The deposit & withdrawal options at OctaFX 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|
|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|
OctaFX 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.
Overall, OctaFx’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.
Overall the support at OctaFX 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.
Yes, we recommend OctaFX for Nigerian traders as they have low spread, good bonus & decent support.
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, 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, OctaFX is a good broker if you are looking for low-cost forex trading.
OctaFX 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.
The minimum deposit at OctaFX is $100. They offer 2 account types, and both have $100 minimum deposit.
No OctaFX does not offer NGN base currency trading accounts. They only offer USD, EUR & GBP as the account base currencies. But you can deposit & withdraw in Naira via local bank account.
OctaFX 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.
You can trade forex & CFDs on OctaFX by opening your trading account with them. You can use their mobile app or the MetaTrader platform to trade. They also offer CopyTrading app.
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.
OctaFX 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 OctaFX.
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