OctaFX Review
Overall, 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 has a high trust score of 4.7 out of 5.
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.6/5
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX at a glance
| 🏛️ Headquartered | Saint Vincent and the Grenadines |
| 🏛️ Nigerian Based Office | Yes, Port Harcourt in Nigeria |
| 👍 Accepts Nigerian Traders? | Yes |
| 📅 Year Founded | 2011 |
| 📱 Nigerian Office Contact Number | None |
| ⚖️ Regulation | Financial Services Authority in Saint Vincent and the Grenadines (SVG FSA) Cyprus Securities and Exchange Commission (CySEC) |
| 🔎 License Number | 19776 IBC 2011 |
| ⚖️ CBN Regulation | None |
| ✴️ Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 📈 Demo Account | Yes |
| 📈 Retail Investor Accounts | 2 |
| 📊 PAMM Accounts | None |
| 📊 Liquidity Providers | None indicated |
| 📈 Maximum Leverage | 1:500 |
| 📈 Leverage Restrictions for Nigeria? | No |
| 💳 Minimum Deposit (₦) | 41,500 Nigerian Naira |
| 💳 Nigerian Naira Deposits Allowed? | No |
| 💰 Active Nigerian Trader Stats | 1.3 million |
| 👥 Active Nigerian-based OctaFX customers | Unknown |
| 💰 Nigeria Daily Forex Turnover | $1.25 million+ |
| 💳 Deposit and Withdrawal Options | Bank 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 Platforms | MetaTrader 4, MetaTrader 5 |
| 💰 Tradable Assets | Forex Currency Pairs, Index CFDs, Commodities, Cryptocurrencies. |
| 🌐 Offers USD/NGN currency pair? | No |
| 🌐 USD/NGN Average Spread | N/A |
| 📈 Offers Nigerian Stocks and CFDs | No |
| 👨💼 Languages supported on Website | English, Malaysian, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified) |
| 👥 Customer Support Languages | Multilingual |
| 👥 Customer Service Hours | 24/5 |
| 👥 Nigerian-based customer support? | Yes |
| 💰 Bonuses and Promotions for Nigerians | Yes |
| ✴️ Education for Nigerian beginners | Yes |
| 📊 Proprietary trading software | No |
| 💰 Most Successful Nigerian Trader | Uche Paragon ($20 million net worth) |
| ✔️ Is OctaFX a safe broker for Nigerians? | Yes |
| ✔️ Rating for OctaFX Nigeria | 7/10 |
| ✔️ Trust score for OctaFX Nigeria | 61% |
OctaFX Review – 17 key points quick overview:
OctaFX Overview- OctaFX Regulation and Safety of Funds
- Account Types and Features
- Account Registration
- OctaFX Vs Exness Vs Tickmill – Broker Comparison
- Trading Platforms
- Range of Markets
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- OctaFX Broker Comparison for Range of Markets
- The process to Withdraw Funds from an OctaFX Account
- Education and Research
- Bonuses and Promotions
- OctaFX Affiliate Program
- Verdict on OctaFX
- OctaFX Pros and Cons
- Frequently Asked Questions
OctaFX Overview
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.
In this guide we will cover:
- Is octafx legit in nigeria – Yes, Octafx is 100% legit in Nigeria.
- How does octafx work in Nigeria – Step by Step.
- Octafx copy trading review.
- How to trade on octafx for beginners.
- Video review on how to trade on octafx.
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
- 4.6/5
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 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 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 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
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
| OctaFX | Exness | Tickmill | |
| ⚖️ Regulation | CySEC, SVG FSA | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA | Seychelles FSA, FCA, CySEC, Labuan FSA, FSCA |
| 📱 Trading Platform | MetaTrader 4 MetaTrader 5 | MetaTrader 4 MetaTrader 5 | MetaTrader 4 MetaTrader 5 |
| 💰 Withdrawal Fee | No | No | No |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 41,500 NGN | 4,100 NGN | 41,700 NGN |
| 📈 Leverage | 1:500 | Unlimited | 1:500 |
| 📊 Spread | 0.6 pips | Variable, from 0.0 pips | Variable, from 0.0 pips |
| 💰 Commissions | None | From $0.1 per side, per lot | $1 per side per 100,000 traded |
| ✴️ Margin Call/Stop-Out | 25%/15% | 60%/0% | 100%/30% |
| ✴️ Order Execution | Market | Market | Market |
| 💳 No-Deposit Bonus | Yes | No | Yes |
| 📊 Cent Accounts | No | Yes | No |
| 📈 Account Types | MetaTrader 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 Regulation | No | No | No |
| 💳 NGN Deposits | No | Yes | No |
| 📊 Nigerian Naira Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/7 | 24/5 |
| 📊 Retail Investor Accounts | 2 | 5 | 3 |
| ☪️ Islamic Account | Yes | Yes | Yes |
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
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
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
- 4.6/5
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
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 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 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
- 4.6/5
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 withdrawals | Offshore broker with tier-2 regulation, which is not ideal |
| The broker offers copy trading accounts through its proprietary trading app | There is a limited selection of trading instruments offered |
| Offers social trading opportunities | There 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.
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