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OctaFx-review

OctaFX Review

OctaFX can be summarised and classified as a trustworthy and worthwhile broker.  OctaFX is very competitive in terms of its trading fees, with low spreads rounding off its offerings. OctaFX is currently not regulated by the CBN.

Updated : July 20, 2022

Jump to:

005 regulations book

Regulation and Safety of Funds

005 feature selection

Account Types and Features

006 add user

Account Registration

003 responsive design

Trading Platforms

002 candlestick

Range of Markets

007 fees

Fees

001 cash withdrawal

Deposits and Withdrawals

003 research

Education and Research

002 affiliate marketing

Affiliate Program

008 auction

Final Verdict

004 review

Pros and Cons

001 question

FAQ

Overall Rating

Min Deposit

USD 25 / 10390 NGN

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

OctaFX at a glance

🏛️ HeadquarteredSaint Vincent and the Grenadines
🏛️ Nigerian Based OfficeYes, Port Harcourt in Nigeria
👍 Accepts Nigerian Traders?Yes
📅 Year Founded2011
📱 Nigerian Office Contact NumberNone
⚖️ RegulationFinancial Services Authority in Saint Vincent and the Grenadines (SVG FSA)
Cyprus Securities and Exchange Commission (CySEC)
🔎 License Number19776 IBC 2011
⚖️ CBN RegulationNone
✴️ Regional RestrictionsThe United States
☪️ Islamic AccountYes
📈 Demo AccountYes
📈 Retail Investor Accounts2
📊 PAMM AccountsNone
📊 Liquidity ProvidersNone indicated
📈 Maximum Leverage1:500
📈 Leverage Restrictions for Nigeria?No
💳 Minimum Deposit (₦)41,500 Nigerian Naira
💳 Nigerian Naira Deposits Allowed?No
💰 Active Nigerian Trader Stats1.3 million
👥 Active Nigerian-based OctaFX customersUnknown
💰 Nigeria Daily Forex Turnover$1.25 million+
💳 Deposit and Withdrawal OptionsBank Transfer, Debit Card, Credit Card, Bitcoin (BTC), Ethereum (ETH), Dogecoin (DOGE), Litecoin (LTC), Tether TRC-20 (USDTT), Tether ERC-20 (USDTE), Skrill, Neteller

💰 Segregated Accounts with Nigerian Banks?No
💻 Trading PlatformsMetaTrader 4, MetaTrader 5
💰 Tradable AssetsForex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies.

🌐 Offers USD/NGN currency pair?No
🌐 USD/NGN Average SpreadN/A
📈 Offers Nigerian Stocks and CFDsNo
👨‍💼 Languages supported on WebsiteEnglish, Malaysian, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified)
👥 Customer Support LanguagesMultilingual
👥 Customer Service Hours24/5
👥 Nigerian-based customer support?Yes

💰 Bonuses and Promotions for NigeriansYes
✴️ Education for Nigerian beginnersYes
📊 Proprietary trading softwareNo
💰 Most Successful Nigerian TraderUche Paragon ($20 million net worth)
✔️ Is OctaFX a safe broker for Nigerians?Yes
✔️ Rating for OctaFX Nigeria7/10
✔️ Trust score for OctaFX Nigeria61%

OctaFX Overview

OctaFX Landing Page New

 

👉 According to research in Nigeria, OctaFX is a Straight-Through-Processing (STP) and Electronic Communication Network (ECN) broker that is headquartered in Saint Vincent and the Grenadines, serving traders from around the world, including those in Lagos, and other parts of Nigeria.

 

👉 Investors throughout the world may use OctaFX’s award-winning services to trade forex currency pairs, Index CFDs, commodities including precious metals, natural gas, and others, and cryptocurrencies.

 

👉 The robust ECN and STP methodologies employed by OctaFX strive to minimize trading expenses with 97.5% of orders processed without slippage.

 

Distribution of Traders

👉 The distribution of traders for OctaFX is as follows:

➡️️​ India – 40.1%

➡️️​ Pakistan – 17.8%

➡️️​ Malaysia – 11.6%

➡️️​ Philippines – 3.78%

➡️️​ Nigeria – 3.63%

 

Popularity among traders who choose OctaFX

👉 OctaFX has a reasonable market share in Nigeria, making it one of the Top 20 forex brokers for Nigerian traders.

 

Overall Rating

Min Deposit

USD 25 / 10390 NGN

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

OctaFX Regulation and Safety of Funds

👉 In St. Vincent and the Grenadines, OctaFX is licensed by the Financial Services Authority of St. Vincent and the Grenadines to do business (FSA SVG). CySEC regulates Octa Markets Cyprus Ltd, which is headquartered in Cyprus (CySEC). Because of Brexit, OctaFX was forced to shut down its UK headquarters and replace its FCA license with a CySEC license.

 

👉 According to the official OctaFX website, the broker ensures that all client deposits received from Nigerian traders remain safe through several measures. In compliance with international regulatory standards, all client funds are kept in segregated accounts with top-tier banks. This is done so that client funds remain separate from the balance sheets of the broker.

 

👉 OctaFX also uses some of the most secure technology to ensure that all personal data and financial transactions are encrypted and secure. This is achieved by providing an SSL-secured Personal Area, with 128-bit encryption.

 

👉 OctaFX also uses strict “Know Your Customer” (KYC) procedures where the identification and address proof of all new traders are verified, ensuring that all transactions are secured and authorized.

 

👉 OctaFX also employs secure withdrawal rules where the trader must confirm all withdrawals through email confirmation. There is also 3D secure technology used when credit and debit cards are processed, ensuring that all Visa and Mastercard transactions are both safe and transparent.

 

Account Types and Features

OctaFX Account Comparison

 

 

👉 OctaFX offers Nigerian traders a choice between two retail investor accounts namely the OctaFX MetaTrader 4 Habitual Trader Account and the OctaFX MetaTrader 5 Smart Trader Account. Each of these two account types accommodates a different type of trader according to their trading strategy, experience and knowledge, and their trading style.

 

MetaTrader 4 Habitual Trader Account

👉 This retail investor account is suited to beginner forex traders. As an entry-level trading account, the following are featured with this account type:

 

➡️️​ Floating spreads that start from 0.6 pips on EUR/USD

 

➡️️​ Commission-free trading because mark-up is added to the spread, covering the broker fee

 

➡️️​ A recommended minimum deposit of 41,500 Nigerian Naira, or equivalent to $100.

 

➡️️​ Access to 35 forex currency pairs, precious metals, 3 energies, 10 indices, and all 5 cryptocurrencies offered.

 

➡️️​ Leverage of up to 1:500 for forex currency pairs, except for ZAR/JPY which is capped at 1:100

 

➡️️​ Leverage of 1:200 for precious metals

 

➡️️​ Leverage of 1:100 for energies

 

➡️️​ Leverage of 1:50 for indices

 

➡️️​ Maximum leverage up to 1:25 for crypto

 

➡️️​ A minimum trading volume of 0.01 lots

 

➡️️​ A maximum trading volume of 500 lots

 

➡️️​ Market execution on all trades, executed under 0.1 second

 

➡️️​ The ability to use either USD or EUR as the deposit currency means that Nigerian traders may be subject to currency conversion fees.

 

➡️️​ Margin call at 25% and stop-out at 15%

 

➡️️​ The ability to use any trading strategy including hedging, scalping, expert advisors, and other algorithmic trading and automated trading systems.

 

➡️️​ The benefit is that swaps are not charged overnight fees.

 

➡️️​ The benefit is that negative balance protection is applied to the account.

 

➡️️​ Access to both CFD trading and comprehensive cryptocurrency trading.

 

MetaTrader 5 Smart Trader Account

👉 The MetaTrader 5 account is ideal for smart traders who are active participants across several financial markets and assets, providing these advanced traders with the best trading conditions and trading technology including the following advanced features:

 

➡️️​ Floating spreads that start from 0.6 pips on EUR/USD

 

➡️️​ Commission-free trading because mark-up is added to the spread, covering the broker fee

 

➡️️​ A recommended minimum deposit of 41,500 Nigerian Naira, or equivalent to $100.

 

➡️️​ Access to 35 forex currency pairs, precious metals, 3 energies, 10 indices, and all 5 cryptocurrencies offered.

 

➡️️​ Flexible leverage differs between trading instruments, protecting beginner and advanced traders from a certain degree of risk. Traders can use 1:500 for forex currencies (except ZAR/JPY which has a maximum of 1:100), 1:200 for precious metals, 1:100 for all energies, 1:50 for Index CFDs, 1:25 for cryptocurrencies.

 

➡️️​ A minimum trading volume of 0.01 lots

 

➡️️​ A maximum trading volume of 200 lots

 

➡️️​ The benefit is that negative balance protection is applied to the account.

 

➡️️​ Market execution on all trades, executed under 0.1 second

 

➡️️​ The ability to use either USD or EUR as the deposit currency means that Nigerian traders may be subject to currency conversion fees.

 

➡️️​ Margin call at 25% and stop-out at 15%

 

➡️️​ A choice between overnight fees or converting the account to an Islamic Account to be exempted from these fees (subject to approval).

 

Demo Account

OctaFX Demo Account Landing Page

 

👉 OctaFX offers traders a free demo account without any restrictions that can be applied across different financial markets, where traders can experience live market conditions without the risk of loss.

 

OctaFX’s demo account offers the same trading conditions and forex trading experience as the real trading accounts. However, traders do not trade with real money, and they have unlimited access to the demo account regardless of what they use it for.

 

Beginner traders can use the demo account to practice their trading while advanced traders can use it to test their trading strategies before they are applied in the markets.

 

Islamic Account

Octafx Islamic Account

 

👉 OctaFX caters for all types of traders, including Muslim traders who follow Sharia Law. Muslim traders are prohibited from receiving or paying interest because it is seen as exploitive and wasteful according to their religion.

 

👉 This often limits Muslim traders because not all forex brokers cater for positions being held open overnight without the risk of overnight fees. The Islamic Account offered by OctaFX is an award-winning solution to ensure that Muslim traders can benefit from medium- to long-term trading strategies without any issues.

 

👉 Muslim Traders who use the Islamic Account do not pay additional fees to cover the absence of overnight fees, which is something that sets OctaFX apart from its competitors.

Account Registration

OctaFX Account Step 1

 

👉 To register for an account with OctaFX, traders need to complete a quick account registration on the website. Traders must confirm their email address, after which they need to complete the rest of the application to determine the trading experience of the trader.

 

👉 To complete the account registration and to start trading, traders must submit proof of their identification and proof as a residence. Once the trader’s details have been confirmed, the account will be approved, and Nigerian traders can pay the minimum deposit of 41,500 Nigerian Naira to start trading.

OctaFX Vs Exness Vs Tickmill – Broker Comparison

OctaFXExnessTickmill
⚖️ RegulationCySEC, SVG FSAFSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCASeychelles FSA, FCA, CySEC, Labuan FSA, FSCA
📱 Trading PlatformMetaTrader 4
MetaTrader 5
MetaTrader 4
MetaTrader 5
MetaTrader 4
MetaTrader 5
💰 Withdrawal FeeNoNo
No
📊 Demo AccountYesYesYes
📈 Minimum Deposit41,500 NGN4,100 NGN41,700 NGN
📈 Leverage1:500Unlimited1:500
📊 Spread0.6 pipsVariable, from 0.0 pipsVariable, from 0.0 pips
💰 CommissionsNoneFrom $0.1 per side, per lot$1 per side per 100,000 traded
✴️ Margin Call/Stop-Out25%/15%60%/0%100%/30%
✴️ Order ExecutionMarketMarketMarket
💳 No-Deposit BonusYesNoYes
📊 Cent AccountsNoYesNo
📈 Account TypesMetaTrader 4 Habitual Trader
MetaTrader 5 Smart Trader
Standard Account
Standard Cent Account
Raw Spread Account
Zero Account
Pro Account
Pro Account
Classic Account
VIP Account
⚖️ CBN RegulationNoNoNo
💳 NGN DepositsNoYesNo
📊 Nigerian Naira AccountNoNoNo
👥 Customer Service Hours24/524/724/5
📊 Retail Investor Accounts253
☪️ Islamic AccountYesYesYes

Trading Platforms

Octafx trading platforms

 

👉 OctaFX offers traders the use of these innovative trading platforms:

 

➡️️​ MetaTrader 4 – the most popular trading platform in the world that offers a simple and intuitive user interface, technical indicators, graphical objects, interactive chart capabilities, and more.

 

➡️️​ MetaTrader 5 is the updated version of MetaTrader 4 that offers a built-in economic calendar, customizable interface, MQL5, an active online community, and more.

 

➡️️​ A proprietary mobile trading app for social trading and social copy trading that can be used on mobile devices that run either Android or iOS.

 

Range of Markets

👉 OctaFX is a reputable broker for Nigerian traders that provides them access to the following financial markets:

 

➡️️​ Up to 32 forex pairs which include major currency pairs, minor pairs, and exotic pairs.

 

➡️️​ 10 Index CFDs spread across popular stock exchanges and stock indexes.

 

➡️️​ Commodities include precious metals such as gold and silver in addition to natural gas, West Texas Intermediate (WTI) crude oil, and Brent crude oil.

 

➡️️​ 5 cryptocurrencies that can be traded across several cryptocurrency pairs

 

Trading and Non-Trading Fees

Octafx Fees and Conditions

Spreads

👉 OctaFX offers variable spreads with mark-up added, covering the service fee of the broker for facilitating the trade. The spreads that OctaFX will depend on the financial instrument that is being traded and the market conditions on the trading day.

 

👉 The average spread that traders can expect is 0.6 pips on EUR/USD, the most liquid currency pair in the forex market. OctaFX offers live quotes on its official website to offer advanced traders a transparent view of the minimum spread, the typical spread, and the live market spread.

 

Commissions

👉 Because OctaFX adds its fee to the spreads which are charged, there are no commissions charged on trades.

 

Overnight Fees, Rollovers, or Swaps

👉 OctaFX has a transparent overnight fee schedule that indicates the overnight and swap fees for every financial instrument that can be traded. For example, the current overnight fees on EUR/USD are -0.64 pips on a short (sell) position, and -1.03 pips on a long (buy) position.

 

👉 These fees are determined by interbank rates, market conditions, position size, and several other factors.

 

Deposit and Withdrawal Fees

👉 OctaFX does not charge any deposit fees or withdrawal fees on any of the payment methods offered for either. However, Nigerian traders may be subject to certain payment processing fees which can be charged by their financial institution, and OctaFX cannot be held liable for these fees.

 

Deposits and Withdrawals

Octafx Deposit and Withdrawal

 

👉 The deposit and withdrawal methods that OctaFX offers Nigerian traders include any of the following:

 

➡️️​ Credit Card

➡️️​ Debit Cards

➡️️​ Bitcoin (BTC)

➡️️​ Litecoin (LTC)

➡️️​ Dogecoin (DOGE)

➡️️​ Tether ERC-20 (USDTE)

➡️️​ Tether TRC-20 (USDTT)

➡️️​ Ethereum (ETH)

➡️️​ Skrill

➡️️​ Neteller

➡️️​ Bank Transfers

 

Overall Rating

Min Deposit

USD 25 / 10390 NGN

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

OctaFX Broker Comparison for Range of Markets

Plus500AlpariAvaTrade
➡️️​ ForexYesYesYes
➡️️​ Precious MetalsYesYesYes
➡️️​ ETFsNoNoYes
➡️️​ CFDsYesYesYes
➡️️​ IndicesYesYesYes
➡️️​ StocksYesYesYes
➡️️​ CryptocurrencyYesNoYes
➡️️​ OptionsYesNoYes
➡️️​ EnergiesYesNoYes
➡️️​ BondsNo
NoYes

The process to Withdraw Funds from an OctaFX Account

 

👉 To withdraw money from the trading account, traders can:

 

➡️️​ Log into their personal area on OctaFX

 

➡️️​ Navigate to the main menu and the option to Withdraw

 

➡️️​ Select a payment method and insert the withdrawal amount

 

➡️️​ Traders must then verify their details before they submit the request

 

➡️️​ Traders must note that withdrawals can only be made from verified and approved trading accounts. While OctaFX typically processes withdrawal requests between 1 to 3 hours, the payment system will determine how long it would take for the funds to reach the trading account.

Education and Research

octafx education

 

👉 OctaFX has a large selection of educational resources that include the following:

 

➡️️​ Webinars

➡️️​ Forex basics articles

➡️️​ Forex basics video course

➡️️​ Platform video tutorials

➡️️​ Platform article tutorials

➡️️​ Glossary

➡️️​ Comprehensive Frequently Asked Question section

 

👉 OctaFX has an extremely comprehensive research section that provides Nigerian traders with the following tools and resources:

 

➡️️​ Trading calculators

➡️️​ Profit calculators

➡️️​ Live quotes

➡️️​ Account monitoring

➡️️​ AutoChartist Pro

➡️️​ Market information

➡️️​ Proprietary economic calendar

➡️️​ Forex market news

➡️️​ Interest rate information

➡️️​ Holiday calendar

➡️️​ Technical analysis tools

➡️️​ Fundamental analysis tools

Bonuses and Promotions

👉 OctaFX is well-known for the range of frequent bonuses and promotions offered to loyal customers, new traders, and existing clients, including:

 

➡️️​ A demo contest

➡️️​ Trade and win giveaway

➡️️​ 50% deposit bonus

➡️️​ Status program

OctaFX Affiliate Program

octafx affiliate

 

👉 OctaFX offers a comprehensive affiliate program that provides partners with the following advantages:

 

➡️️​ A hassle-free process to get started as a partner

➡️️​ Competitive trading conditions for clients

➡️️​ High pay-outs for affiliates

➡️️​ Tailored solutions for affiliates

➡️️​ Easy and hassle-free payments

➡️️​ Unlimited pay-outs

➡️️​ Transparent program without any restrictions

➡️️​ Uncapped commissions

 

👉 Apart from providing some of the best market compensation, OctaFX also offers individual partnerships that suit the style of every affiliate. In addition, there is also a rewarding Master IB program that provides additional development, and frequent IB contests.

 

👉 Partners can earn up to $12 per lot traded on 60+ clients that have been referred. In addition, at this level, clients can obtain the best trading conditions and customizable plans that will help them increase overall profits.

 

Overall Rating

Min Deposit

USD 25 / 10390 NGN

Regulators

FCA UK

Trading Desk

None

Crypto

Yes

Total Pairs

28

Islamic Account

Yes

Trading Fees

Low

Account Activation Time

24 Hours

Verdict on OctaFX

👉 While OctaFX is an international and offshore forex broker that is registered in Saint Vincent and the Grenadines, it is a reputable name in the financial industry. OctaFX offers Nigerian traders a wide range of offerings and investments, competitive and transparent trading costs, and a choice between powerful trading platforms.

 

👉 There are several educational tools, research tools, and innovative and powerful proprietary mobile platforms that can be used for more than just trading. OctaFX has a reasonable trust score and only has tier-2 licenses, but the broker has been in operation for more than a decade and has over 6.6 million live trading accounts that have been opened.

 

👉 In addition, during its time in operation, OctaFX has already executed more than 500 million trades, obtained 38 forex industry awards, and has paid out over 6.1 million USD in bonus funds to traders.

OctaFX Pros and Cons

✔️ Pros❌ Cons
OctaFX offers reliable, instant deposits and withdrawalsOffshore broker with tier-2 regulation, which is not ideal
The broker offers copy trading accounts through its proprietary trading appThere is a limited selection of trading instruments offered
Offers social trading opportunitiesThere is a limited selection between retail accounts
OctaFX is a broker that accommodates all types of traders in a transparent and safe trading environment from beginner traders, active traders and professionals
Limited options for base currencies on accounts
The trading conditions that OctaFX offers Nigerian traders are transparent and reasonable
Commission-free trading is offered on all retail investor accounts along with tight spreads
Offers an unlimited virtual trading account and an Islamic Account for Muslim traders

There is a range of advanced trading tools offered
OctaFX offers versatile and reliable payment methods for deposits and withdrawals

Frequently Asked Questions

Is OctaFX suitable for beginner traders in Nigeria?

Yes, OctaFX accommodates all types of traders.

Is OctaFX a regulated forex broker?

Yes, OctaFX is regulated by FSA SVG and CySEC (Octa Markets Cyprus Ltd).

Does OctaFX offer a Demo Account?

Yes, OctaFX offers an unlimited demo account.

What is the overall rating for OctaFX out of 10?

Overall rating for OctaFX is 7/10.

What is the minimum deposit required to register an account with OctaFX?

₦ 41,500 or equivalent to $100.

 

9.6/10 - (18 votes)

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