OctaFX is our 3rd ranked forex broker for Nigerian traders. They have low spread, local commission free bank deposit/withdrawal options, copytrading feature, 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 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, copytrading 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)|
|Regulation||CySEC (372/18), SVGFSA (19776)|
|Trading Instruments||28 Currency Pairs, 3 Cryptos, 4 metals, 10 Indices|
|Trading Platforms||MT4, MT5, cTrader|
|OctaFX Bonus||50% deposit bonus on all deposits (for new traders & existing traders)|
OctaFX is regulated with the following regulators:
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.
Overall, altough OctaFX is regulated with only 1 Top-tier regulator i.e. CySEC, the have been in business for few years now. So, we consider them to be relatively safe.
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:
OctaFX offer 3 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 3 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), and cTrader.
Here are the trading platforms available at OctaFX:
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.
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.
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, 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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