Octa review - Broker regulators, Trading platforms, Features and Traders ratings.
What is Octa?
Octa (was OctaFX) is a CFD broker established in 2011 and regulated by CySEC (Cyprus) since 2018. South African clients are under FSCA regulation via Orinoco Capital Pty. This broker also holds a license from MISA (Comoros) for clients outside the EU and South Africa.
Octa offers the MT4, MT5, and OctaTrader trading platforms. These platforms come standard with desktop, mobile, and WebTrader versions. Octa also offers its own proprietary social copy-trading platform. Trading instruments include Forex, Commodities, Stocks, Indices, and Cryptocurrencies. (A total of 250+ CFD assets are available.)
The minimum deposit to open an Octa live account is $25 and leverage is capped at 500:1. Withdrawal and deposit methods include VISA, Bitcoin, FASA, Neteller, Skrill, UnionPay, awepay, paytm, and multiple Local Bank Transfers.
Octa trading education includes 11-part Forex Basic Course videos, archived Youtube webinars, articles, platform tutorials, and extensive FAQs. Octa also offers an exclusive feed called Space. It has technical and fundamental market analysis, trend directions, market news, economic calendar, and more from in-house analysts. Market research also features in-house created weekly analytics and daily updates covering both technical and fundamental aspects. Automated technical analysis is offered with the MetaTrader Autochartist plugin.
Please read Octa Reviews below and share live trading experiences with this broker.
Broker Details
Minimum Trade Size: | 0.01 |
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Maximum Leverage: | 500:1 |
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Minimum to Open Live: | $25 |
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Established: | 2011 |
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Address: | 1st Floor, Meridian Place, Choc Estate, Castries, Saint Lucia, n/a, Saint Lucia |
Contact: | support@octafx.com |
Regional offices: | |
Regulators: | MISA #HY00623410 / T2023320, CySEC #372/18, FSCA #51913 |
Prohibited countries: |
Trading platforms: | MT4, MT5, OctaTrader |
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Dealing Desk: | ❌ No |
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Web Trading: | ✅ Yes |
Mobile Trading: | ✅ Yes |
ECN: | ✅ Yes |
Currencies: | (35+) |
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Cryptocurrencies: | (30+) Bitcoin, Litecoin, Ethereum |
CFD: | (150+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities |
Trading Conditions |
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EAs/Robots: | ✅ Yes |
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News Trading: | ✅ Yes |
Scalping: | ✅ Yes |
Copy Trading: | ✅ Yes |
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Deposit Methods: | VISA, MasterCard, Bitcoin, Dogecoin (DOGE), Ether/Ethereum, Litecoin, Neteller, Other Crypto Currencies, Skrill, Tether (USDT) |
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Withdrawal Methods: | VISA, MasterCard, Bitcoin, Dogecoin (DOGE), Ether/Ethereum, Litecoin, Neteller, Other Crypto Currencies, Skrill, Tether (USDT) |
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Octa Most Helpful Customer Reviews
Good connection, fast withdrawal, good spread
So far i had 412 trades closed with OctaFX. 2 out of 412 trades were closed beyond my stoploss line while price had not reached those closed price. I have my screenshot for those 2 trades. 1 during asian session where it was no news release at all, spread was expanded from 30 to 49, the other one during US news release spread expanded from 30 to 66. Even though price added with spread, stoploss should not be triggred, because it was far enough.
Trade connection slower during NY session.
They have minimum stoploss distance, 0.4 pips for gold.
Excellent with this broker withdrawal very fast
Apr 28, 2020 - 5 Stars Very Good Company
Withdrawl 4600usd took just around 1 hour for the money bank to arrive in my bank account.
Deposit no service charge.
Withdrawal no service charge.
May 6, 2019 - 5 Stars So far so good. Withdrawal to credit card no problem. Please be alert withdrawal to bank to Malaysia. Bank Negara will block transfers due to a NEW government law in Malaysia. All forex brokers will be affected.
Mar 14, 2019 - 5 Stars Nice broker. Live chat responds super fast. Withdrwal to credit card take 1.5 days, can be accept! Great.
Reply by OctaFX Rep submitted Mar 22, 2019 Dear teamcity,
Thank you for all your kind words. We're pleased to read such positive feedback, as trader input means a lot to us. We will take into consideration your commentary regarding withdrawals to a credit card and will look for ways we can improve it.
If there's anything else you'd like to add please, do not hesitate to contact us! Similarly, if there is anything we can do for you.
Kind regards,
OctaFX Rep
Reply by OctaFX Rep submitted May 14, 2019 Dear teamcity,
Thank you for your valuable feedback. We're pleased to read that you're satisfied with our services and we will make sure to forward your input to our team. If there's anything we can do for you please, do not hesitate to contact us.
Kind regards,
OctaFX Rep.
Reply by OctaFX Rep submitted May 4, 2020 Dear teamcity,
Thank you for updating your reviews to show us that you're constantly happy with our services. We hope it will continue this way and if there's anything we can do for you please, do not hesitate to contact us.
Kind regards,
OctaFX Rep.
Good
Mar 24, 2021 - 1 Star My Trading Account number is 12005993 .I request For Withdrawal . They Debited Fund From My Trading Account . I waiting For week but not credited in my bank account.. they are scammer and false ECN Broker. They are Market Maker. My withdrawal Request number 2442383.
Withdrawal issue
Poor withdrawal service
Recent User Reviews of Octa
My withdrawals kept getting declined
my octafx account was hacked , i lost 4947 dollars
mt4 account number - 19437647
total amount - 4947 dollars
please help
Account wiped out
Here are my humble opinions about OctaFX.
User-friendly site: Cery clear site with all the necessary details
Registration: It took me less than 10 minutes to handle registration and submission of documents.
Linked platform: I am linked to mt4 which I personally like, so good choice.
Withdrawal: Respectable time with crypto withdrawal.
Octafx should be avoided! They are now a bucket shop!
My account no is 17510586. The order no in question was : 251956044.
I placed a buy order at 2031.53. The highest it got on their platform was 2030. 48. Yet it activated! I had a stop loss at 2024.53 which refused to activate!
Why did the stop loss not work! I have sent them an email with screenshot evidence.
Their excuse of a gap which does not appear on the chart does not suffice to explain why the stop loss refused to work. They have refused to refund. Octafx should be avoided.
Oct 23, 2022 - 3 Stars Good morning. Octafx now manipulates trades. It seems they are no longer purely ECN anymore. On the 21st of October 2022,I placed a sell gold trade at 1620.11 take profit is 1618.00. It got to 1717. And it did not close! I had to close it manually at 1619.72. The ID no is 21320564. It was opened at 8.16 am. Pls note that there was no heavy news that may affect gold at that time!
I sent an email to Octafx with screenshot evidence. They promised to look into into. I was given very unsatisfactory response. There can't be high volatility when there is no heavy news! I reminded them am not a newbie trader they can deceive! Funds are no longer safe with Octafx. I urge all to runway from Octafx. My trading account no is 17510586
Dec 17, 2021 - 1 Star Runaway from Octafx. Octafx is about going the way of Crownforex. They are now bankrupt. They have stopped paying withdrawals. Withdraw what you can and runaway from them. Octafx was only a bucket shop
Dec 1, 2021 - 1 Star I made withdrawal on November 30th ,2021 to my local bank account. Today is December 1 and this withdrawal has not reflected . I posted my bank statement and sent to their mail but I got no positive response hence I am posting it here. I was told to wait for 24 hours which expired this afternoon. I contacted them but got no positive response. It seems this broker decide when to pay. Octafx pay my withdrawal . I thought you guys were good. But I can see this is a broker one can not distrust.
Nov 8, 2021 - 4 Stars I made a review on November 4,2021 about a withdrawal I did with my accounts. I wish to update that I was paid in some hours. Octafx indeed has improved and I also made a recent withdrawal as well. A broker one can eventually trust for now
Nov 4, 2021 - 2 Stars I made a withdrawal request today from acc 37252931 to my bank account here in Nigeria Up till now it's yet to reflect even though its stated withdrawal is completed. I made another withdrawal request from account 17510586 via Skrill and it's yet to reflect as well. I will suggest Octafx is a bucket shop broker that should be avoided immediately
Reply by OctaFX Rep submitted Nov 10, 2021 Dear Piusmakor21,
Thank you for taking the time to update your review and share your praise with our community.
We're glad that your funds have reached you and the issue is resolved. By taking this chance, we wish to remind our traders that, in most cases, our Financial Department processes payments within a few hours. However, sometimes it may take up to 24 hours for a completed transaction to reach your account. On such occasions, you can always reach out to our team first, and they will update you with the latest.
If there's anything else you'd like to bring to our attention, please get in touch with our team at support@octafx.com or social media. They're always here for you and will be more than happy to help.
Kind regards,
OctaFX Rep.
Reply by OctaFX Rep submitted Dec 10, 2021 Dear Piusmakor21,
Once again, we're sorry that your withdrawal request took longer than you expected.
Following your complaint, we've found that our team processed your payment on the same day you requested it, but unfortunately, the system bounced it back. After an investigation, our Financial Department re-sent this payment the next day on December 1, and as you haven't contacted us since then, we can assume that you have received your funds.
Please note that our Financial Department ensures to process most payments quickly. Yet, in rare cases, transactions could take longer for various reasons beyond our control, and that's why we ask our traders to allow us up to three business days for the processing time. Our Customer Agreement emphasises that, and you're welcome to check it in full here: https://www.octafx.com/company/customer-agreement/.
We genuinely hope that the issue has been resolved, and our reply gives you more clarity about our processing time. If you have other questions, please get in touch with our team at support@octafx.com anytime. They would love to help.
Kind regards,
OctaFX Rep.
Reply by OctaFX Rep submitted Dec 24, 2021 Dear Piusmakor21,
We're very sorry you felt you needed to share with us your feedback twice.
As mentioned in our other reply, we've looked into your case and found that you placed your payment request when we were undergoing technical maintenance. Our Customer Support team informed you about possible delays and said that your request would be completed the following day. They offered you a 100% deposit bonus as compensation for waiting, which you accepted. Yet, you cancelled your request after 19 hours passed.
Once again, we're sorry about the hold-up with your payment. However, we wish to remind you that we ask our customers to allow us up to three business days for payment processing. We shared this information before when you raised previous complaints and want to bring your attention to this fact again. It's absolutely in line with our Customer Agreement, and you're welcome to check it in full here: https://www.octafx.com/company/customer-agreement/.
We genuinely hope that our reply gives you more clarity about our payment processing workflow. If you have any questions, please email us at support@octafx.com. We'd love to help.
Kind regards,
OctaFX Rep.
Reply by OctaFX Rep submitted Nov 2, 2022 Dear Piusmakor21,
Thank you for taking the time to bring this issue to our attention. We appreciate you diligently sharing your feedback, and we always closely look into it.
Upon checking your case with our team, we've found that the order you mentioned never reached the price of 1717. We can see that you placed position 213205640 on October 21 at 08:14 (Server time) with the Take Profit price set at 1618 and then closed it manually in a few hours at 10:16. The lowest Bid price during this period was 1617.11 at 10:14 October 21 (Server time), and it didn't reach the Take Profit set by you.
We wish to remind you that Sell orders are closed at the Ask price, which is not shown on the charts because charts are drawn based on the Bid price. And since OctaFX offers a floating spread, it may vary depending on the market situation. For example, in periods of limited liquidity, at the market open, during rollover at 00.00 (server time), during major news releases or during high volatility periods, spreads may widen beyond the typical spread.
We genuinely hope that our reply clarifies your concerns and that this incident won't overshadow your overall experience with us, and you'll continue to enjoy our services.
If you still have questions, please email us at support@octafx.com, and we'll be happy to answer them all.
Kind regards,
OctaFX Rep.
Frequently Asked Questions
Is Octa regulated?
- Regulation: CySEC (Cyprus Securities and Exchange Commission): 372/18
- Regulation: FSCA (Financial Sector Conduct Authority): 51913
- Regulation: MISA (Mwali International Services Authority): HY00623410 and T2023320.
Is OctaFX a good broker?
Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.
Additionally, we'd recommend to check recent OctaFX community discussions: https://www.forexpeacearmy.com/community/tags/octafx/.
What is the minimum deposit for OctaFX?
What is OctaFX?
- Forex Currency Pairs
- Stocks Indices
- Cryptocurrencies
- Precious Metals
- Commodities
- MetaTrader 4
- MetaTrader 5
How do I deposit into OctaFX?
- Log in to your Personal Area
- Switch to the account you would like to deposit at the top of the page
- Select the payment system you would like to use under the Deposit my account section on the right
- Enter the amount you want to deposit
- Click "Continue"
- Fill in other information if required and click "Confirm"
What leverage does OctaFX offer?
Be aware leverage can amplify your losses or profits, be very careful to select the leverage that fits your trading appetite and risk tolerance.