OctaFX Review

3.115 · 278 REVIEWS
Updated: Apr 8, 2021 · OctaFX.com  · Is this your company?

OctaFX is a forex broker. Octa FX offers the MT4, MT5 and cTrader forex trading top platform. OctaFX.com offers over 25 forex currency pairs, cfds, commodities, stocks, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

OctaFX
Other websites of this company include OctaFX.eu and OctaFX.net

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $5
Established: 2011
Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines
Contact: +44 20 3322 1059
Regional offices:
Regulators: CySEC #372/18, SVGFSA #19776
Prohibited countries:
Trading platforms: MT4, MT5, cTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (25+)
Cryptocurrencies: (3) Bitcoin, Litecoin, Ethereum
CFD: (10+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: VISA, awepay, Bitcoin, FasaPay, Local Bank Deposits, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay
Withdrawal Methods: VISA, awepay, Bitcoin, FasaPay, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay

Live discussion

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OctaFX.com profile provided by John, May 29, 2012


Octa Markets Incorporated is a worldwide recognized forex broker. OctaFX provides forex brokerage services to its clients in over 100 countries of the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience outstandingly convenient. Our top goal is the trust and satisfaction of each client's need and requirements. OctaFX sets the highest service level standards and maintains them as well as constantly develops new services and promotions.


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3.115 · 278 REVIEWS
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Traders Reviews

Abuja, Nigeria,
Apr 6, 2021,
Registered user

They are good but withdrawal options are not straightforward...

Service use: Live

Length of use: 3-6 Months

My account no. is 17187428. I have been using octafx with little funds for a while now, though I use more of other popular and more recognized brokers, and I noticed their customer care is great and they have a smooth operation of service. Only 3 major flaws I have observed:
1. They don't charge hidden fees but their exchange rate is extremely exploitative and unfair when you are withdrawing to your Nigeria local bank account. I just made a withdrawal request of $1200 and their exchange rate is $1 = #379.5 (when the current exchange rate is #495). So it's like I'm giving them my profits at the end. Nigerians should be aware of this issue.

2. Initially I wanted to withdraw to my bitcoin wallet in binance with the same $1200, but they denied me with the excuse that since I didnt deposit with bitcoin I can't withdraw with bitcoin. So I did a deposit from my bitcoin exchange and tried to withdraw the same amount of $1200, but this time they just said rejected! So it's more like they want to force you to use local bank withdrawal because they benefit better with that. I wish they can be honest to customers about that.

3. I eventually made the withdrawal request of $1200 on friday 2 April, and I am still waiting for the money to get to my local account today 6 April. I contacted customer support and they said it's probably my bank delaying payments. I guess it's because yesterday Monday 5 April was the Easter holiday, and 3rd, 4th April were weekend so banks were closed. However, if I don't get my money today or by tomorrow I will come and update my observations here. So my advice is don't make withdrawal requests close to weekends cos they handle it very slowly.

In summary, they are good but watch out for my 3 points above if you want to use them particularly if you are in Nigeria.
 
Assam, India,
Mar 26, 2021,
Registered user

Good

Service use: Live

Length of use: over 1 Year

I Finally Got My Withdrawal . Thank You Octafx.. I was wrong, I Am Happy After Withdrawal successful.. good .thank you

Mar 24, 2021 - 1 Star My Trading Account number is 12005993 .I request For Withdrawal . They Debited Fund From My Trading Account . I wating For week but not credited in my bank account.. they are scamer and false ECN Brokar. They are Market Mekar. My withdrawal Request number 2442383
 
Reply by OctaFX Rep submitted Mar 31, 2021:
Dear Mehrab Saifur Rohman,

Thank you for letting us know about the delay with your withdrawal. We're terribly sorry that it took longer than you expected to process it. After looking into your review, we've found that our Financial Department completed your request on March 25. As you have already updated your review here that you received the withdrawal, we sincerely hope that the issue was resolved. If you have other questions, please reach out to us directly, and we'll be more than happy to help.

We wish to explain the situation with the processing time for our FPA community. Our Financial Department is trying really hard to ensure that all payment requests do not exceed 24 hours. However, due to India's banking holidays and a high number of requests, our technical capacity is temporarily limited, and certain holdups are possible. We appreciate your patience and ask to allows us extra time for processing. We encourage you to contact our support team right away if your payment is taking longer. They will make sure to check its status and provide you with the latest information.

Please remember that our team is always here to help, and we'll be happy to hear from you whenever you need it.

Kind regards,
OctaFX Rep.
Sarawak, Malaysia,
Mar 14, 2021,
Registered user

Manipulating and bad practice

Service use: Live

Length of use: over 1 Year

I have been with octafx since 2019. I deposited many times and never withdraw because I lose all those capitals. But that is not the point. Overall in terms of execution, spread etc is fine, but I want to highlight 2 bad experiences with this broker. This problems really pissed me off.

1. Closing on trade without trader intervention
The first bad experience that I had with octafx. I can't pinpoint which trade account and which trade involved at the moment. I just want to share this experience. I had one open trade, with TP but without SL, and I was losing. I have more than enough balance and margin. I let the trade go on. When I open mt4 in my pc/phone, suddenly that trade close by itself in front of my eyes, without any intervention. I didn't do anything and they close that trade and make me lose my money. I talk to the support and he said I close it by myself and other excuse is the trade hit my TP? What?? That doesn't make sense. He told me he submit the case to Trade Compliance Department but they never even do any follow up since then. Bad support.

2. Manipulating Partial Close on Trades
This is the main talking point as I just encounter it 2 days ago. I have 1 open trade on XAU/USD with 0.04 lot. But first, let me illustrate how they manipulate the partial close on traders trade(s). Lets say you have 0.1 lot buy trade open at 1700.00, TP at 1710.00, current price is at 1705.00. From this scenario, you know that you are +50pips, means that you are +50USD of that trade. Lets say you want to partially close that trade to take half of the profit of +25USD which equivalent to 0.05 lot. Logically, if you partially close 0.05 lot of that trade on that current price, your will get +25usd in your account and the trade will still running with 0.05 lot at the opening price of 1700.00 and you will still have +25usd running.
BUT, that does not happen with octafx. If you partially close of that 0.1 lot for 0.05 lot at the current price of 1705.00, octafx will close entire lot of that 0.1 which will give u entire profit, and they will open a new trade of 0.05 lot at the current price (1750.00) for you. As you can see, the open a trade at the current price instead of partially close that 0.1 lot. They manipulate the system so traders will lose their money. What happen if the trend suddenly reverse and go south from there? Surely traders will lose their money.

That's what happened to me. I opened a buy at 1727.24 for 0.04 lot. The market go south, I want to control the damage and money managed it by closing 0.02 of the trade, but instead of closing 0.02, octafx close the entire trade with full loss and open another buy at the current price with 0.02 lot. What is the point of octafx? So that I will lose all my money. Look at the 2 trades below as the evidence.

Account: 4808638

53099393 2021.03.12 03:42:58 buy 0.04 xauusd 1727.24 0.00 1729.74 2021.03.12 04:12:04 1722.57 0.00 0.00 0.00 -18.68 (comment stated: to #53102958)

53102958 2021.03.12 04:12:04 buy 0.02 xauusd 1722.57 0.00 1729.74 2021.03.12 05:01:52 1717.27 0.00 0.00 0.00 -10.60 (comment stated: so: -18.5%/-1.6/8.6)

I lose my money on both of the trades. The second one they opened and I suffer that loss as well.

I asked the support but one of the support doesn't really try to find the problem and said THAT IS HOW MT4 PARTIAL CLOSING WORKS. She told me she already forward the issue to Trade Compliance Department and she already sent me an email regarding it. But by the time I check my email, which I found that there is no email sent to me from octafx, even in my spam box, and return to the chat screen, she quickly left before I told her about the email.

Then I talk again with another support. And then I was referred to Trade Compliance Department and I finally get an email from that department. This is the email:

------------

Mar 12, 2021, 14:37 GMT+3
Dear (name),

This is how partial closing works at OctaFX in MT4.

Unfortunately, the system is tweaked this way.

Please consider using MT5 or cTrader if you want to avoid such execution of a partial close.

Regards,
Dillan
Trade Compliance Department

------------

As you can see from the email, he said 'THIS IS HOW PARTIAL CLOSING WORKS AT OCTAFX IN MT4'. And, 'Unfortunately, the system is TWEAKED this way'. It was tweaked, manipulated that way SO THAT TRADERS LOSE THEIR MONEY!

This is from me
------------------
Mar 12, 2021, 14:18 GMT+3

Why other brokers and the common way of partially close trades differs with octa? You cannot say its the way of mt4. Other mt4 with other broker doesn't work like octa does. It's nonsense I closed partially and you close it fully. Doesn't match the fundamentals. Partially is partially. But your explanation is partially equals to fully. And open another losing trades on my behalf. You already damage my margin with fully close trade that supposed to be only half damage, and then you added one more damage to the wound by opening up another losing trade. I better off close that trade fully with that full damage rather than opening another one. This is really doesn't make sense. Half is half. How come you close all as half. Don't lie saying this is how mt4 works. It doesn't work that way.

-------------

And his reply again:

Mar 12, 2021, 11:37 GMT+3
Dear (name),

We have reviewed your inquiry regarding the execution of the order attentively.

Regarding the order 53099393, please note that your entire original order is closed and a new order with the rest of the volume is opened in case of partial close.
This is how partial closing works at OctaFX in MT4.

In your case, the entire order 53099393 with volume 0.04 lots was closed, and a new order 53102958 with volume 0.02 lots was opened as you partially closed 0.02 lot.

That's why you may see such loss as your entire position was closed to open a new one with a smaller volume.
Please note that it was closed at the current market price.

Please consider using MT5 or cTrader if you want to avoid such execution of a partial close.

Please do not hesitate to contact us if you have any further questions.

Best regards,
Dillan
Trade Compliance Department

------------------

Obviously manipulating the system so that traders will lose their money. This is really a bad practice by a broker. This is not a compliant. Manipulative.

Please consider if you want to trade with octafx. They only try to make you lose your money.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Mar 18, 2021:
Dear Acura,

Thank you for reaching out and sharing your feelings about our brokerage with us. We deeply regret to read about your dissatisfaction with our services and interactions with our support team. Looking into your review, we've found that you had several exchanges with our team on the first issue mentioned, and our Trade Compliance Department already provided complete explanations via email. In brief, your order was not closed by TP indeed - it was opened and closed by your EA from the MT4 terminal, and you can find this information in the 'Experts' tab in your MT4 for February 18. We genuinely apologize that you received inaccurate information in the first place. Please be informed that such cases require an in-depth investigation from our TCD team to whom we instantly transferred you, and it took some time to investigate the matter.

As for your question about the partial order close, we're aware of the issue. Regrettably, it's not something that we could fix immediately as it demands a massive amount of time and effort once we pass such feedback to the relevant department. However, we want to ensure you that we take all your opinions and recommendations very seriously, and you can rest assured that they're addressed and considered by our team.

If you have any feedback on how we could improve our performance, we'd really appreciate it if you could message us directly. It's one of our top priorities to provide the most convenient trading experience, and we want to ensure that every aspect of our platform qualifies for all your expectations.

Please message us anytime soon. We'll be happy to hear from you and help whenever you need it.

Kind regards,
OctaFX Rep.
India, India,
Mar 11, 2021,
Registered user

Octafx fraud and unfair rules

Service use: Live

Length of use: over 1 Year

Guys octafx has a rule which is completely unfair for traders. Their rule is " If you have open orders then you can't request for withdrawal ".
How does that rule make any sense? If you have enough free margin to make a withdrawal request without blowing your account? Then why isn't it allowed?
I will tell you why.. Let's say you're in a good open trading position. Now you want to make a withdrawal request. Guess what? You have to close your open position. This is beneficial for octafx because i believe they are a b book broker and they make profit of client losses. I know they say that they are an STP broker, what's the proof then? Can octafx provide me the receipt for orders passed onto their liquidity providers? There's a different forex broker who do provide trade receipts for each order passed onto their liquidity providers. So we can see the name of the liquidity provider who executed our order. Can octafx prove this with trade receipts?
And if you're thinking about, why not i just close the position and then make a withdraw request and then open positon again?
Octafx wins again! Even on major pair like Gbp/Usd you pay like 1.5 pips spread on average.

You know what's worst? I requested for withdrawal yesterday ( March 10 at 16:10 ) after closing all my open order. And my last open order was closed at 16:06:54 March 10.
That means it's 4 mins before making a withdraw request i closed all my open orders.
And today ( March 11 ) the support rep at octafx is saying i have to close my open position which is already in profit. Yes so octafx can get 1.5 pips spread benefit after i close and reopen that same position.
Guys please be careful with this broker and study all the rules they have which is unfair. The only reason i am with this broker is because of their withdrawal options which is much better for me as an indian.
I hope other forex brokers do consider such withdrawal options as octafx with good spreads, the spreads at octafx is terrible!. And i and many other indians will switch from octafx.

I have email transcript of the chat along with the screenshot of the support rep. I can't see the option to post proof here. But if it's possible then i can prove it.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Mar 18, 2021:
Dear Anon212,

Thank you for bringing our attention to this question. We sincerely regret to read that you faced an issue while withdrawing your funds and received inaccurate information about how to request a payment. After looking into your review, we've found that our Financial Department successfully processed your withdrawal created on March 10, and another one made shortly after was unfortunately rejected due to insufficient funds on your trading account.

Once again, we wish to state our regret and apologize because you were misinformed by one of our agents. Please note that OctaFX is expanding rapidly, and to provide the best services to our clients, we recently onboarded more support agents, some of which are still in the learning process. We wish to clarify that our traders can withdraw their profits anytime regardless of having open trades. However, if you won't have enough free margin, it could be rejected, as happened with your second request.

We also want to address your question about the type of broker OctaFX is and remind you about the differences between ECN and MM brokers. An ECN broker executes all orders through liquidity providers, whereas a MM processes trades in-house. OctaFX is an ECN broker - we earn from commissions, and all our transactions are passed through our liquidity providers. We don't disclose information about them, but you're welcome to check our Customer Agreement for more information about order execution, where it clearly stated that we're an ECN/STP broker.

In regards to spreads, please note that brokers have a different pool of liquidity providers. And it is a common practice for some brokers to display lower spreads than those visible on their trading platforms. At OctaFX, we show all spreads in real-time, and we don't charge any commission for deposits and withdrawals. Not to mention that as a part of our efforts to fight the current COVID-19 pandemic, we've decided to lower our spreads up to 14 points. And we want to keep them this low for as long as we can despite the market volatility. Consequently, our spreads are one of the most competitive on the market right now.

We genuinely hope that this incident will not affect your future satisfaction with our services and that after receiving our explanation of your concerns, you'll remain a part of our traders' community. We'll also be happy to see you on our live chat and hear more about what else you'd like to improve to make your experience with OctaFX better.

We're always here for you, so please send us a message anytime soon.

Kind regards,
OctaFX Rep.
malaysia, Malaysia,
Mar 1, 2021,
Registered user

octafx cheat my money

Service use: Live

Length of use: 6-12 Months

too many time im trade using octafx almost 2000usdi lose from this broker.. i hate this broker liar n cheater i want my money back this broker liar cheat my money .. my trading acc 20010976 just now i trade that still floating octafx give 50%bonus from my deposit but when floating just touch 1usd from 12 usd free bonus suddenly liar octafx auto close my position in trading acc then im loss all my money.. i feel frustated to this broker because too much and too many time they treat me like this almost 2000usd im loss my money to this broker .. i want to take a legal action againt this liar broker Octafx. i hope Fpa pls Take action i feel im hoing to die tht this broker cheat on me again and again if want to compare with my last broker it will not happen like this .. hm so sad my money i lose hmm pls help me somebody’s
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Mar 4, 2021:
Dear zulhafizshamxx,

Thank you for reaching out and sharing your feelings with us. We deeply regret to read about your dissatisfaction with our services. However, we couldn't help but notice that you didn't contact our team before leaving this review. Please let us point out that if you're having issues trading at OctaFX, it's crucial to address them to our team first. Cases like yours always require a detailed examination from their side, and our team is happy to look into it and provide you with full details.

After looking into your review, we've found that you experienced a stop out for your last orders. Therefore, we want to remind you about how the deposit bonus works. Generally speaking, your bonus funds are part of your equity, but only if your equity is bigger than your bonus amount. Once it gets lower, the system will cancel your bonus, and open orders may be closed by stop out. The same happened in your case as your margin level became less than 15%.

We want to encourage you to contact us directly after reading this reply. Our team will be more than happy to dive deeper into your case and make sure to check everything about the matter, and initiate an investigation. On top of that, we want to chat with you directly and provide more information on how you can better manage risks and lower your losses.

We're looking forward to hearing from you soon.

Kind regards,
OctaFX Rep.
melaka, Malaysia,
Mar 1, 2021,
Registered user

Excellent with this broker withdrawal very fast

Service use: Live

Length of use: over 1 Year

i have using this broker years , and the withdrawal super fast , it takes 2hours time then u will see the bank debited . if u withdrawal on friday , then monday afternoon u see the money in . great broker

Apr 28, 2020 - 5 Stars Very Good company

Withdrawl 4600usd juz arround 1hour the money bank to my bank account.

deposit no service charge
withdrawal no service charge

May 6, 2019 - 5 Stars so far so good, withdrwal to credit card no problem, pls be alert withdrawal to bank to malaysia, bank negara will block due to NEW government law in malaysia . all forex will be affect

Mar 14, 2019 - 5 Stars Nice broker, live chat respond 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.
 
Reply by OctaFX Rep submitted Mar 3, 2021:
Dear teamcity,

We really appreciate the fact that you take the time to send us praise, as we love to hear from our happy traders. That’s why we wish to thank you for keeping this tradition of updating your feedback about our brokerage alive. We couldn't be happier to read that you're as satisfied with our services now as before, and we will make sure to share it with our team as well. Please keep up the good work trading at OctaFX, and we will keep on providing you with the most convenient trading experience.

If you'd like to give us your thoughts on what we could improve, please send us a message at any time. We'll be more than happy to hear from you and look into your feedback.

Kind regards,
OctaFX Rep.
Malaysia, Malaysia,
Feb 22, 2021,
Registered user

Service use: Live

Length of use: 3-6 Months

I open account OCTAFX October before that time I have bad review I was thinking there scammers and they didn't pay
But reality is dramatically changed
I trade OCTAFX for 6month whenever I order withdraw I get less than 3hour sometimes in 2minute when it takes longer time is 6 hours
I never seen any broker like them

But if you want to see all of this thing I tell you you must fallow some steps

First you must make deposit bank account or wallet you owned created the same name you use OCTAFX you pay out as fast as I get

This my own experience that I seen OCTAFX I don't know others but I this they getting the same I get

Regards : Mohamed Hassan abukar
 
Reply by OctaFX Rep submitted Mar 3, 2021:
Dear Hassan abukar Mohame,

Thank you so much for taking the time to write such significant feedback about our brokerage. We're glad to hear that your experience at OctaFX has improved over time, and now you're enjoying trading with us even more. As a matter of fact, we're sure our Financial Department will also be thrilled to hear your feedback as they work hard to make sure payments are processed fast.

We'd love to hear from you directly, so if you have any other feedback or questions, please reach out to us anytime soon. Our team is always here for you whenever you need it.

Kind regards,
OctaFX Rep.
KPK, Pakistan,
Feb 18, 2021,
Registered user

OctaFx charging swaps fees on Islamic accounts.

Service use: Live

Length of use: over 1 Year

This is a new case in our group that Octafx charging swaps on the Islamic account.
when our group member checks his account status on the OctaFX website, this was, "This account does not imply any swaps, fixed fees, or other trading commissions, including the percent-based ones, and meets all requirements of Islamic finance".

But there were swap charges on the client's account. and the account was swap-free at the opening time.
Details are here,
Account 311602
Ticket Open Time Type Size Item Price S / L T / P Price Commission Taxes Swap Profit
151449863 2021.02.17 04:41:27 buy 0.01 usdjpy 105.933 0.000 0.000 105.906 0.00 0.00 -0.03 -0.25
----------------
In some cases, OctaFX is a scammer and in some cases, OctaFX is a trusted broker. Our group is facing both cases.

Feb 15, 2021 - 5 Stars ID: 118603
ORDER: Basic Android smartphone
DATE: 27.01.2021
I am so happy today I receive ViVO-Y11, Medium fast delivery to Pakistan. ViVO-Y 11 is good mobile but OctaFX should send the latest model of ViVO Y-Series.
(Broker's reputation is an important factor in this case.)

Reply by OctaFX Rep submitted Feb 17, 2021 Dear dolner87,

Thank you for leaving a review with such a high rating. We’re happy to see our users sharing their feedback with us, especially to find out that they’re pleased with OctaFX’s services. We're inspired to hear you received your prize in a timely fashion. As for the phone model, we'll pass your suggestions on to our team, and they will be happy to look into it. Please, if you have any other recommendations or feedback regarding your trading experience at OctaFX, we'd love to hear from you directly.

Our team is always here for you, so don't hesitate to send a message.

Kind regards,
OctaFX Rep.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Mar 3, 2021:
Dear dolner87,

Thank you for letting us know about the issue. We deeply regret to hear about the false swap charge, and this indeed doesn't sound like the service we're trying to provide here at OctaFX. After looking into your review, we've found that some technical issue occurred, causing the swap charge. At a later time, our team informed you about the reimbursement, and after an investigation from our side, you were compensated. Consequently, we hope we resolved the matter, but if you have any questions, please contact us anytime.

We want to apologize for the experience you had and remind you to contact us directly whenever you need to troubleshoot. Our team is always here for you, and they will be happy to look into potential issues and answer all your questions. We'd also appreciate it if you could contact us to share your feedback and hopefully increase your rating of our services here on FPA once again. We're always trying to improve the app and make possible changes based on our customers' suggestions and recommendations. And your rating here is a great incentive for our team to keep making it better.

Looking forward to hearing from you soon.

Kind regards,
OctaFX Rep.
mumbai india, India,
Jan 12, 2021,
Registered user

i have deposited 50000Rs my account debited netbanking

Service use: Live

Length of use: over 1 Year

my octafx userid:bhavik11200@gmail.com
account no.4077832
i have deposited 50000Rs through indian netbanking.My account is debited 50000Rs.I chat with customer care n they told me to wait 90 minutes and after that they say transactioned failed and told me to wait 24 hours.i showed thrm all proof.still they not credited my account
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Jan 22, 2021:
Dear bhavik11200,

Thank you for taking the time to reach out and share your experience with us. We deeply regret that you experienced trouble depositing your funds. After looking into your review, we can confirm that an error had occurred before your payment was processed. Our Financial Department is currently investigating it, and we'll make sure to keep you updated throughout the process.

Please note that there are many reasons why a transaction could fail. And in cases where your payment was unsuccessful, it’s essential to contact us as soon as possible, as it might require a thorough investigation by our Financial Department. We want to assure you that you shouldn’t be discouraged, as we’re certain that our team will be able to locate the payment and resolve the issue you’ve experienced.

We appreciate your patience and please, remember that you can get in touch with us anytime to receive an update on the progress. We’re always happy to help our customers and provide them with the necessary information.

We hope that this issue will not affect your overall experience and you’ll enjoy trading with us once again.

Kind regards,
OctaFX Rep.
Lagos, Nigeria,
Jan 1, 2021,
Registered user

Summary of my Experience

Service use: Live

Length of use: 0-3 Months

DISCLAIMER: This review is not to state that OctaFX is the best broker in the world. I've traded with a lot of brokers and never had problems with any of them, with respect to deposit and withdrawals.

Herein are the list of transactions that I did on my account with OctaFX. It has the ID, time the request was created, and the time it was processed.

DEPOSIT
Deposit ID 4703156
Created Dec 27, 2020 03:23 PM
Processed on Dec 27, 2020 03:50 PM

WITHDRAWALS
Withdrawal ID 1930065
Created Dec 30, 2020 11:51 AM
Processed on Dec 30, 2020 12:17 PM

Withdrawal ID 1927033
Created Dec 29, 2020 08:00 PM
Processed on Dec 29, 2020 09:42 PM

Withdrawal ID 1920756
Created Dec 28, 2020 05:53 PM
Processed on Dec 28, 2020 09:43 PM

Withdrawal ID 1919630
Created Dec 28, 2020 03:09 PM
Processed on Dec 28, 2020 03:24 PM

SUMMARY:
I made the deposit to their GTB Nigeria account, and made withdrawals to my GTB account. This might be the reason why I never had issues with them.

I'll advise traders to ask them [OctaFX] questions when they have issues, and be ready to hear and understand.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Jan 15, 2021:
Dear elusakin,

Thank you for such great feedback. We appreciate you taking the time to share it with our community and giving us one more reason to be proud of the work we’re doing with our team. We’re sure they will be excited to read your review, too, as they do their best to ensure fast and secure payment services.

Please send us a direct message if you have other questions or suggestions. Our team is always here to help, and we'll be more than happy to chat whenever you have time for us.

Kind regards,
OctaFX Rep.

Frequently Asked Questions

Is OctaFX regulated?

OctaFX is regulated in Cyprus and Saint Vincent And Grenadines. Their regulatory licenses are:

  •  CySEC (Cyprus Securities and Exchange Commission): 372/18
  • Saint Vincent And Grenadines FSA(Financial Service Authority): 19776

Is OctaFX a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if OctaFX is a good broker. https://www.forexpeacearmy.com/forex-reviews/8757/octafx-forex-brokers.

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?

OctaFX allows different minimum deposits for different account types. The minimum deposit spectrum is:

  • Micro account on MT4 is $100
  • Pro account on MT5 is $500
  • ECN account on cTrader is $100

What is OctaFX?

OctaFX is an online forex broker. Octa FX offers access to some financial markets to be traded with, including:

  • Forex Currency Pairs
  • Stocks Indices
  • Cryptocurrencies
  • Precious Metals
  • Commodities
The above assets can be traded on several trading platforms, like:
  • MetaTrader 4
  • MetaTrader 5
  • cTrader

How do I deposit into OctaFX?

To make a deposit, follow below steps to get it done.

  • 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?

OctaFX offers laddered leverages, like 1:1, 1:5, 1:15, 1:25, 1:30, 1:50, 1:100, 1:200, and1:500 on MT4, cTrader and MT5.

Be aware leverage can amplify your losses or profits, be very careful to select the leverage that fits your trading appetite and risk tolerance.