OctaFX Review 2023



Min Deposit


Min Spread




Broker Trusted Points



In this OctaFX review, we will discuss the broker in-depth and help you understand its pros and cons, deposit and withdrawal, legitimacy, account types and account opening process in detail. After analysing the broker in this review, we will help you save money while trading on OctaFX. Let’s start with a short introduction of the broker.


OctaFX, a renowned online trading service provider, has earned multiple industry accolades for its exceptional platforms and services since its establishment in 2011. Catering to a diverse clientele, OctaFX offers various trading options with low initial deposits. It operates as an umbrella brand for two separate broker entities.

One of these entities, Octa Markets Cyprus Ltd, operates under the domain OctaFX.eu and is registered in Cyprus. It falls under the regulatory oversight of the Cyprus Securities and Exchange Commission (CySEC), ensuring enhanced safeguards for European traders.

On the other hand, OctaFX.com is registered under Octa Markets Incorporated in St. Vincent and the Grenadines. This allows clients to benefit from higher leverage and bonus promotions. OctaFX serves clients from 185 countries worldwide.

Despite its accessible minimum deposit requirement of just $50, OctaFX stands out with its competitive spreads, even on exotic currency pairs. The platform offers three types of accounts, each compatible with MetaTrader 4, MetaTrader 5, and cTrader, featuring a range of useful features. Additionally, OctaFX provides Islamic accounts adhering to Shariah principles. For those looking to test the platform before committing, a demo account is also available.

Scam or Legit

Is OctaFX Scam or Legit?

OctaFX has two trading branches. One of these branches is regulated by a central authority, and some random local authority regulates the other one. Thus, it creates confusion in the mind as to whether the firm is regulated or not. It seems that your money can be at risk with the broker. It is high time the broker pays heed to this major issue; otherwise, it will lose all its clients. Therefore, we cannot decipher whether the broker is a scam or not.

Company Details

The basic details, trading features, and charges of the broker are as follows:

Trading Charges

  • The minimum deposit is as high as $50. There are several firms offering trading on just $1 or $0. 
  • Leverage is a double-ended sword; thus, it magnifies your losses and profit. The broker should keep this leverage average. But OctaFX fails here by providing unrealistic and high leverage of 1:500. 
  • Spreads charged by the broker on each trade are high. 

Trading Features

  • Limited funding methods including Wire, Credit cards, Neteller, skrill 
  • Does not offer to trade in the stock market 
  • Limited education and trading research tools
  • 24/5 customer support service; hence, you cannot contact the team on the weekend 
  • The tradable assets offered for trading are restricted 
  • Does not provide negative balance protection on all accounts 

Deposit and Withdrawal

What is OctaFX Minimum Deposit?

Minimum deposits at OctaFX will vary depending on your country of residence and your chosen payment method. They can go as low as $25 (USD) when funding with Visa/Mastercard, to 50 euros (EUR) when using Skrill/Neteller to as much as 500,000 Indian rupees (INR). It’s important to note that minimum deposits and trading costs will also depend on which OctaFX entity you choose for establishing your trading account.

OctaFX has over 50 different payment options, such as Visa, Neteller, Fasapay and Bitcoin, and a large variety of local bank transfers. The availability of these payment methods may also depend on your country of residence.

OctaFX Withdrawal Review

OctaFX withdrawal can be easily understood with the help of this table:

Payment ModeMinimum AmountCommission/ FeeExecution Period
Skrill5.00 USDFree1-3 hours of funds withdrawal upto 2 hours for funds transferring
Litecoin0.11000000 LTCFree1-3 hours of funds withdrawal up to 2 hours for funds transferring
Neteller5.00 USDFree1-3 hours of funds withdrawal up to 30 minutes for funds transferring
Dogecoin75.00000000 DOGEFree1-3 hours of funds withdrawal 30 minutes for funds transferring
Ethereum0.00500000 ETHFree1-3 hours of funds withdrawal and 1 hour for funds transferring
Indian Local Banks350 INRFree1-3 hours of funds withdrawal and 5 minutes for funds transferring
Indian Cash500000.00 INRFree1-3 hours of funds withdrawal and 1 hour for funds transferring
Tether TRC-2010.00000000 USDTTFreeOnly during the operating hours
Tether ERC-2010.00000000 USDTEFree1-3 hours for funds withdrawal 30 minutes for funds transferring

While analysing the users’ withdrawal experience, we found out that the broker has an overall satisfactory withdrawal procedure which might take around 2 working days. However, some cases of late withdrawals have also been witnessed by the traders.

OctaFX Minimum Spreads

The minimum prices of OctaFX vary depending on the entities regulating the trader’s account. For Example, for MT4, the spread starts at 0.6 pips (EUR/USD), and its average spread is 0.7 pips which are tighter in comparison to the competitors. For MetaTrader 5, the spreads also start at 0.6 pips and offer an average spread of 0.7 pips on the EUR/USD. Also, the good thing is that it has no extra commission charges.

OctaFX Trading Accounts   

The traders can only buy a few assets through Pro, ECN and Micro accounts. The different accounts with available financial instruments are listed below: 

1) Account: MetaTrader 4 Micro 

  • Limited tradable instruments:  3 Cryptocurrencies, 4 Stock Indices, 28 Currency Pairs, and 2 Metals.
  • Only two base currencies are available EUR or USD 
  • Deposit is high 100USD

2) Account: MetaTrader 5 Pro 

  • Limited tradable instruments:  10 Stock Indices, 28 Currency Pairs, 2 Metals, 3 Cryptocurrencies, and 2 Energy instruments.
  • Deposit of 500 USD is extremely high. It is five or ten times higher in comparison to brokerage firms like HFTrading, T1 Markets, ROinvesting and several others. 
  • Only two base currencies are available, USD or EUR. 

Trading Markets 

OctaFX offers trading on cryptocurrencies, metals, and indices, but the assets under each category are restricted and sparse. 

Main Drawback

 The number of commodity instruments available for trading with the broker is extremely less in comparison to other advanced brokerage firms such as HFTrading, T1mrkets, and Global Trade ATF. Moreover, the broker does not allow trading on the most common and widely traded market, that is, the stock market.  

Overall disadvantages of the brokerage firm  

  • Does not have a banking license.
  • Limited options for trading instruments. 
  • The withdrawal process is relatively slow. 
  • The options for withdrawal and deposit are less. 
  • It is not publicly traded. 
  • Relatively slow document authentication. 
  • Difficult to choose between Octa.FX.eu and OctaFX.com as both of these provide distinct trading features. 

OctaFX Trading Platforms 

OctaFX provides three trading platforms to choose from: MetaTrader 4, MetaTrader 5 and c trader.  But there are various issues with these platforms,  which are mentioned below. 

1) The Meta Trader 4

  • Not available for Windows and MAC 
  • No browsing available on the mobile trading application

2) The OctaFX MetaTrader 5 

  • Does not provide any feature to exit all open trading positions with one click
  • Mobile browsing unavailable
  • Does not offer to scale out of position

3) The OctaFX cTrader

  • Does not offer to trade in complex financial derivatives and cryptocurrencies
  • Does not offer an economic calendar

Account opening process with OctaFX 

The broker’s account opening process is time-consuming, and the document authentication process takes much time compared to other brokerage firms. 

So, if you are looking for a simple and less time-consuming account opening in Forex, then you can opt for brokers like Capitalix, NovaTech etc.

Market Research And Trading Tools 

This financial service provider offers limited resources and tools for traders and investors. The problem with the daily forecast of the financial market insight is that they are outdated. It needs major upgrading. 


The education material seems quite baffling and dwindling. If you are a novice, you will face huge problems as the courses and articles contain somewhat tough language. So the firm is not ideal if you are looking for a broker who provides you with the best and most readable trading material. 

While researching for a reliable broker, we found that there are multiple other forex brokers with better education and research resources available for beginners. Some of the prominent ones are Pepperstone, ForTrade, AvaTrade etc.

Customer Support Service 

The broker’s customer support service is available 24 hours and five days a week via email, WhatsApp, live chat option, phone and inquiry form. But, the response time with each type is elongated to extremities.  Thus, the trader has to wait long to get the answer to his/her query. 

The Bottom Line 

The review has listed all points related to OctaFX. The broker does not offer up-to-the-mark features, which all advanced brokerage firms such as HFTrading, T1 Markets, PrimeFin, or Global TradeATF provide. There are many areas where the broker requires improvement. Hence, before selecting, you should read reviews of other brokerage firms and then compare them with OctaFX. You will automatically find your answer. 


What is the minimum deposit for OctaFX?

1) Account: MetaTrader 4 micro: Deposit is as high as 100USD

2) Account: MetaTrader 5 pro: Deposit of 500 USD is extremely high 

3) Account: c trader ECN: Deposit is as high as 100USD

Does the broker allow stock market trading?

No, the broker does not allow trading on the stock market.

Is the broker regulated?

There is confusion related to the regulation of the broker. The central authority regulates some of its branches, whereas others are by some random and local authorities. 

The financial Service provider is a robust link between market participants and financial markets. The stronger the link, the larger the profit will be. Hence, select the broker vigilantly before jumping into the trading arena. There are numerous brokers in the market providing trading services to their clients. One such name is OctaFX. Let us find out if OctaFX suits your trading standard or not through the review provided below.

Is OctaFX legal in India? 

OctaFX is a regulated forex broker under the Laws of Saint Lucia, and Indians can trade on the broker, but it is not listed under the Reserve Bank of India.

How to deposit money on the OctaFX broker?

The different methods of depositing money on the OctaFX broker include India Cash, Bitcoin, Skrill, MasterCard, UPI etc.

What are the withdrawal problems on the OctaFX broker?

Amongst the common withdrawal problems on the OctaFX broker, the most common one is the pending verification of the client’s account. The other prominent reason for not receiving withdrawal on time can be insufficient liquidity to simultaneously cater to numerous withdrawal requests.

Are there any withdrawal and deposit fees on the OctaFX broker?

There are no additional deposit and withdrawal fees on the OctaFX broker. So the brokers can trade easily.

Is OctaFX registered with SEBI?

Although OctaFX is a legit and safe forex broker in India, it is not a SEBI-registered broker.

Is OctaFX an Indian company?

OctaFX is a forex broker that is regulated by multiple regulatory bodies, but it is not an Indian company.

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