OctaFX Review 2023

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.

Max. Leverage
per trade
Minimum Deposit
out of 8 Forex Brokers

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 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.
  • OctaFX offer negative balance protection to their clients.
  • MT4, MT5 platforms are available with both mobile and laptop version.
  • They offer good support via Live Chat (24/5) & via email.

OctaFX Nigeria Cons

  • OctaFX is regulated with SVGFSA. They are not regulated with any Tier-1 regulation.
  • The number of trading instruments available for trading are somewhat limited. Only 35 currency pairs are available for forex trading, and other CFDs are limited too.

OctaFX – a quick look

Broker Name OctaFX Nigeria
Year Founded 2011
Website www.octafx.com
Address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines
OctaFX Minimum Deposit $50 (₦18,000)
Maximum Leverage 1:500
Regulation SVGFSA (19776)
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)

Regulation & Safety of Funds

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

OctaFX is regulated with the following regulators:

  1. SVGFSA: The OctaFX.com website is registered under Octa Markets Incorporated established in St. Vincent and the Grenadines, which permits them to offer higher leverage to traders and bonus promotions.
  2. OctaFX SVGFSA Registration Search

  3. Cyprus Securities and Exchange Commission (CySEC): OctaFX 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

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.

OctaFX Fees

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:

  1. Floating Spread accounts: OctaFX offers floating spread with all their account, Spreads on OctaFX MT4 and OctaFX 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: OctaFX 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, 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.

  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: OctaFX does not charge any trading commission with MetaTrader 4 & MetaTrader 5 account. They are a spread only Metatrader based forex broker.
  6. 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.
  7. Negative Balance Protection: OctaFX offers the negative balance protection for all of our clients. With OctaFX, 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 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 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

OctaFX Live Trading Accounts

OctaFX Trading Accounts

The following 2 Live account types are available at OctaFX for Nigerian traders:

  1. MetaTrader 4: There are 35 currency pairs, gold and silver, 3 energies, 4 indices and 30 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. 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

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.

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. as shown in the below screenshot.

OctaFX select account types

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.

OctaFX 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, OctaFX 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. OctaFX Copy-trading: Additionally, OctaFX provides a free copy trading tool for all traders, using which they can copy the deals of profitable traders. New traders need to select “copy” after finding their preferred successful trader they want to follow. Their positions will be replicated. Moreover, the copy trading option is user-friendly and available for all devices.

There are versions of MT4 and MT5 for Windows, Android, iOS, and web browsers.

OctaFX 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.

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 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.

OctaFX Withdrawal Methods:

  1. E wallets: You can add your E-Wallets details on withdrawal form in OctaFX 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 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
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

OctaFX Bonus

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

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 & 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 OctaFX 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 OctaFX is via chat. .
  2. OctaFX Chat

  3. Email: You can contact OctaFX 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 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.

Do we recommend OctaFX?

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.

Frequently asked questions

Is OctaFX trusted?

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.

What is the minimum deposit at OctaFX for Nigerian traders?

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

Does OctaFX offer Naira accounts?

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.

How much commission does OctaFX charge?

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.

How to Trade on OctaFX?

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.

Is OctaFX 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 OctaFX?

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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Submit Your Review

1 user reviews for 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.


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