Octa Review 2024

Tradable Instruments

Stocks

• Trade 16 stock exchanges in a few clicks at OCTA
• 1:20 leverage and no commission
• Pay no charges for trading or holding leveraged positions overnight.
• Diversify your portfolio with stocks of Apple, Tesla, Amazon, and other major companies—in the U.S., U.K., Europe, Japan, Singapore, and Australia.

Indices

• Access the most popular global indices with favorable trading conditions at Octa
• Trade CFDs on major indices to cover entire national stock markets, not individual companies
• Use leverage of up to 1:200 to trade indices
• Trade indices free of charge

Currency

• Stable spreads from 0.6 pips
• No fees, no commissions, and no swaps
• Order execution in under 0.1 seconds
• Leverage up to 1:500
• Start with 25 USD and trade from 0.01 lots

Commodities

• Enjoy the benefits of trading gold, silver, crude oil, and other commodities with Octa
• No round-turn commissions
• Flexible leverage of up to 1:200

Derivatives

• OCTA offers the best trading conditions in the industry, with zero commission and swap fees. Octa doesn’t charge any volume-based commissions in order to provide you with cost-efficient trading conditions.
• 1:50 leverage and micro lot trading
• Faster Execution Speeds. With market execution, orders can be executed without any delay, for faster and more efficient trading.

Shares

• Choose from 100+ U.S. and European assets.
• The commission for all shares is 15 USD or 0.1% per transaction, whichever is higher.

Trading Accounts

A trading account is where you store funds and trade currencies or other assets. You can create multiple trading accounts for your Octa profile, each with its own balance and leverage.

Standard Account: This is a commission-free account with a minimum deposit of $25. It is a good option for new traders who want to start trading with a small amount of money. Spreads start from 0.6 pips.

ECN Account: This account type is designed for more experienced traders who want tighter spreads and faster execution. ECN accounts have a minimum deposit of $500 and commissions are charged on each trade. Spreads start from 0.0 pips.

Demo Account: This is a great option for beginners to learn the ropes of forex trading without risking any real money. You can practice your trading strategies and get familiar with the OctaFX platform with a demo account.

Account Opening

How to open an Octa trading account :

Sign up

Register and follow our trading account opening process. Customize your account—real or demo—or just create a standard margin account in one click.

Deposit

Make your first deposit: the minimum investment size is about 25 USD depending on the payment method you are using.

Verify

Upload your ID for review. The process usually takes about 1–2 business hours. Once we confirm your identity, you can start withdrawing funds from your trading account.

Trade

That’s it, you are all set. Log in to your online trading account or download the app and launch it to start trading Forex pairs and other assets.

Commission and Fees

OctaFX prides itself on a commission-free trading environment for most accounts.

No trading commissions:

This applies to both their Standard and ECN accounts. OctaFX makes their money through spreads, which is the difference between the buy and sell price of an asset.

Zero deposit and withdrawal fees:

OctaFX doesn’t charge any fees for depositing or withdrawing your funds. However, it’s important to note that the payment processor you use might have their own fees.

There are a couple of exceptions to these fee structures:

Copytrading commission:

This is a fee charged by the Master Trader (the one you’re copying) for their service. The Master Trader can set their commission anywhere from 0% to 50% of your profit when copying their trades.

Swap fees:

While swap-free accounts are available, these are not offered on all accounts. Swap fees, also known as rollover fees, can incur if you hold a position overnight.

Trading Platform

MetaTrader 4

Customise your trading experience with the MetaTrader 4 app for Windows. It includes charting tools, market indicators, scripts and EAs, advanced risk management, real-time market execution, and much more.

• Flexibility: Choose from a wide variety of currency pairs, cryptocurrencies, indices, and metals available for trading.
• Ease of use: Trade easily with MT4’s user-friendly interface suitable for traders of all levels.
• Customisation: Develop your own Expert Advisors (EAs) and technical indicators on MetaTrader 4 to match your trading needs and practices. Arrange windows and charts for each profile.
• Efficiency: Keep disruptions to a minimum with MT4’s stable performance on all devices.
• Charting tools: Analyse the technical aspects of the market with advanced charting tools.
• Expert advisors: Automate your trades and access the platform’s algorithmic trading benefits.
• Language support: Access the platform in multiple languages.

MetaTrader 5

MetaTrader 5, or MT5, is a next-gen multi-asset trading platform that will replace MT4 in the very near future. Its back-testing functions are not only faster than those of MT4, but it also allows simultaneous multi-pair testing. A similar graphical interface to MT4 will help you get used to the platform quickly, while unique MT5 integration with centralised exchange enables traders to trade commodities and indices in addition to Forex.

• More pending order types: Traders can place eight types of pending orders to get more precise control over open positions.
• Cryptocurrency trading: MT5 allows intraday swing trading or position trading. A new hedging feature enables scalping as well.
• One-click trading: MT5 simplifies the process of opening a new position with a single click.
• More technical analysis tools: MT5 includes additional technical tools, which provide options to choose from over 21 timeframes for charting and nine additional techniques for chart structuring.
• Clear segregation: MT5 allows segregation between the terms of order, position, and transaction.
• Optimised strategy tester: Improved testing capabilities for expert advisors and detailed presentation of results.
• Improved EAs: Integrated MQL Forex market product tabs for EAs.
• Economic calendar: Traders can now stay up-to-date on economic events, data, and indicators in real time, every hour, for market monitoring.

Research and Education

Octa Education tools:

• Webinars
• Forex basics: articles
• Forex basics: video course
• Platform tutorials: videos
• Platform tutorials: articles
• Trading strategies
• Glossary
• FAQ

Customer Support

Octa offers multiple ways to reach their customer support team, all available 24/7 according to their website.

Here are your options:

• Live Chat: This is likely the fastest way to connect with a support representative. You can find the live chat option directly on the Octa website.
• Email: You can send an email to their support team at support@octafx.com. While their response time might be slightly longer than live chat, it’s a good option for detailed inquiries where you can attach screenshots or files if needed.
• Social Media: Octa mentions they are reachable via social media, however they don’t specify which platforms. You can try searching for their official accounts on platforms like Facebook or Twitter and see if they offer direct support through private messages.

Deposit and Withdrawals

At OCTA Deposit methods may vary depending on the country, but popular ones include Visa, Mastercard, local banks, Skrill, Neteller, Bitcoin, Ethereum, and many more.

Final Thoughts

OctaFX presents itself as a legitimate forex broker with some credibility. They are regulated by CySEC, a well-respected regulatory body, and boast features like fast execution and low spreads. Additionally, they cater to different experience levels with account options like demo accounts. However, it’s wise to approach with some caution. Their overall risk rating leans towards “average” due to limited regulatory licenses beyond CySEC.