OctaFX Review

3.053 · 296 REVIEWS
Updated: Sep 20, 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, OctaFX.net, Octapk.net, OctaFX.pro.

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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3.053 · 296 REVIEWS
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Traders Reviews

Kuala Lumpur, Malaysia,
Dec 30, 2020,
Registered user

Slow withdrawal

Service use: Live

Length of use: 3-6 Months

Deposit take less than 1sec
Withdrawal take forever.

If you guys want to withdraw the money. Please do 1 year in advance
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Jan 15, 2021:
Dear taibismail,

Thank you for reaching out and sharing your feelings with us. We're sorry to read about your dissatisfaction with our processing times. Please let us remind you that all withdrawal requests at OctaFX are processed within a few business hours. However, when our Financial Department handles a high number of requests, in rare cases, we ask to allow extra time, but it does not exceed 24 hours overall.

Please note that since you didn't provide your trading account number, we couldn't look into your previous requests. However, we wish to assure you that we always strive to improve our services and reduce the processing time. We also want you to know that if your payment is delayed or you feel like it’s taking longer than it should, you can send us a message in the live chat available on the website. Our team will be more than happy to update you on your request status.

We’re looking to hearing from you, so please don’t hesitate to get in touch with us anytime. Our team is available 24/7, and they're always here to help you whenever you need it.

Kind regards,
OctaFX Rep.
Noida, India,
Dec 25, 2020,
Registered user

Service use: Live

Length of use: 0-3 Months

I deposited my money through the payment link which they have provided in the login my money was debited from my bank account.now the octafx is giving that we didnot receive the money.octafx do not have a time frame to resolve the issue.Its laughable to listen to the bot replies through the chat.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Jan 15, 2021:
Dear akshay29,

Thank you for letting us know about the problem. We deeply regret that you were having a hard time trying to deposit, and you couldn't reach out to our support team. Unfortunately, we couldn't identify you on our system and look into your previous inquiries since you didn't provide your account details in your review. If you could contact us directly and share this information with our team, it will help us investigate the issue and understand what happened with your payment.

Please note that generally, it takes a couple of hours for bank transfers to be processed. However, we ask you to allow us extra time when our Financial Department handles a high number of requests. There could be different causes of why your payment is delayed and not reflected in your account. This requires an investigation, and we strongly encourage you to send us your payment proof if your deposit wasn't credited into your account after 24 hours have passed. These actions could help our team look up your payment and process it.

In the meantime, don’t forget that our team composes of real agents committed to helping you whenever you need it, so please contact us after reading this reply. We’ll make sure to find your payment as soon as possible and keep you updated.

Kind regards,
OctaFX Rep.
mie,
kuala lumpur, Malaysia,
Dec 21, 2020,
Guest

Bank Negara Malaysia

Service use: Other

Length of use: over 1 Year

Please be alert, not all bank accept draw direct to local bank. it can be lock by their term.
 
Reply by OctaFX Rep submitted Jan 15, 2021:
Dear Mie,

Thank you for reaching out and bringing this question to our attention. Unfortunately, we couldn't identify you on our system and look into your review since you didn't provide any details about your trading account or the bank you were using at the time. We’d really appreciate it if you could get in touch with our team and share the necessary details to help us find out what happened and investigate the matter.

We also want to remind you that our support team is always here to help you. They're available 24/7, and we'll be more than happy to hear from you and assist whenever you need it.

We're looking forward to hearing from you soon.

Kind regards,
OctaFX Rep.
Larissa Hering,
Allschwil, Switzerland,
Dec 17, 2020,
Guest

Everything is excellent

Service use: Live

Length of use: 6-12 Months

I have a lot of experience with various brokers, but Octafx is the absolut best.

Low spreads...
Great bonus conditions...
Very fast withdrawal without any fees..
Good customer service....
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Jan 15, 2021:
Dear Larissa Hering,

Thank you for sharing such thoughtful feedback about our brokerage. We try really hard to provide the best trading experience for our customers here at OctaFX. Reading reviews like yours is a great hint that we’re providing our customers with the services that meet their needs, and we truly couldn’t be happier that that’s the case for you. We appreciate you being our client and want to say that you're always welcome on our chat at any time if you have any questions or suggestions.

Kind regards,
OctaFX Rep.
Johor, Malaysia,
Dec 14, 2020,
Registered user

Accounts 13108888 been locked just for cdt card depo verify during tickets

Service use: Live

Length of use: 0-3 Months

On last weeks 9 disember between 9pm to 12pm Malaysia time my accounts been locked just for cdt card depo verify make me lost opportunity to close all trades ( open tickets ) in profit then turn it to lost. For verification purpose company just can hold depo n withdrawal instead of lock accounts.
 
Reply by OctaFX Rep submitted Dec 16, 2020:
Dear Rempit63,

As we’re already addressed your complaint in the thread you’ve created here on FPA, please allow us to echo what we’ve said here.

Thank you for your patience while we consulted your case with our team. After looking into the matters you brought to our attention, we can see that the cards you used to fund your trading account for the first and second time were different.

Please note that in such cases, our Financial Department may request verification of the second card to ensure it belongs to you and not to a third party, as all third-party transactions are strictly prohibited here at OctaFX. Therefore, the procedure is fully in line with our security measures.

We cannot merely block the possibility of conducting further transactions because in cases where funds do belong to a third party, we have to ensure that they’re refunded to the originating account. Therefore, it’s the trading activity that must be restricted to ensure that such money is not used for trading.

Looking into your trading history, we can see that the orders you're referring to were closed 17 hours after you got back access to your account. However, those orders could have been closed before the stop out occurred either in profit or with less loss as the two hours of account locking did not impact them. You decided to trade in the same direction, and it eventually led to the stop out. There were no issues from our side, and your orders were executed as per the market conditions. Unfortunately, there are no grounds for compensation/reimbursement as it was solely your decision to continue trading.

We want to remind you that despite this incident, you're always welcomed to contact us anytime, and we'll be more than happy to hear from you and help with any questions you may have.

Kind regards,
OctaFX Rep.
Dubai, United Arab Emirates,
Nov 25, 2020,
Registered user

False commitments, 0 Knowledge and no Processes..

Service use: Live

Length of use: 0-3 Months

I have been trading with this useless trader for 3 months now and Im becoming more and more worried about the way this company handles my query or any issues.
1. They say there will be no swaps charged to accounts having funded more than 10k.
But they still keep charging the swaps and later asks me to provide details against the wrongly charged swaps. As in I'm working for Octa FX and I will keep all this information ready for them.

2. They don't have a trading practice called partially closing a trade. If you are making losses on the trade you cant close it partially to minimize the loss. Rather it will book the entire loss and again open a new trade of the remaining lot. This is so weird and when I spoke to my account manager he gave fake promises of being working on the resolution.

3. They treat their customer with the least priority and I'm still to get my money reversed from them which now more than 50 days.

Nov 6, 2020 - 1 Star OctaFX is a fraud company.. Beware.. You can lose money even without trading,,, There is no way you can contact there finance team. It's only the customer support team that never has any clue of what is happening.. In my case, 2 transactions of INR50000 got debited from my account on the 5th October 2020 but did not credit to my trading account. Since then I'm chatting with them every day.. but getting the same response .." Madam we have requested for update sorry for the delay".. Every single day they are responding with the same message. After 1 month today on 05th Nov, I asked them to arrange a call back from the account manager, when that human called me he was clueless about what is happening on my issue. He said he is following up with the finance team but he was not ready to provide a single email communication regarding the same. Still, no one knows what will happen to my funds. They don't have a call-in number. Only chat support. I have been trading with multiple traders and this is the worst of all. You cant talk to them at all. They don't respond to emails.. I'm very frustrated..

Reply by OctaFX Rep submitted Nov 20, 2020 Dear Shaziya Shaikh,

Thank you for taking the time to share your experience with us. We're sorry to read that you had trouble depositing your funds at OctaFX. We've looked into your review, and as we can see, it is still being investigated by our Financial Department. We can also see that you've recently mentioned on social media that one of the transactions got back successfully, but there's still one missing. We're extremely sorry that it's taking so long, and we apologize for all the inconvenience you may have faced as a result. Please note that we’re still exchanging with the payment processor and are waiting for updates to provide you with as soon as new information reveals itself.

We wish to assure you that we’re committed to resolving this issue as soon as possible but want to ask you to allow us a bit more time. We understand how uncomfortable you may feel about the matter, and we want to tell you that we take it very seriously. We'll do everything that it takes to prevent such cases in the future and reduce the processing times. Please bear with us and remember that our customer support is constantly checking your case and they will be more than happy to provide you with the latest details.

We're looking forward to hearing from you soon. And we hope that it won't take much time to receive your funds back.

Kind regards,
OctaFX Rep.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Dec 16, 2020:
Dear Shaziya Shaikh,

We deeply regret to read about your dissatisfaction with our services. We'll be more than happy to receive feedback from you about what could be improved, considering that the issue with swaps has been resolved and you were compensated.

As for the partial order closure, we're aware of the issue. However, it's not something we could influence and fix immediately as it would require an extensive amount of time and effort once such feedback is passed to the relevant department. However, we want to ensure you that we take your suggestions and recommendations very seriously, and we'll make sure they're all addressed and considered by our team.

We would also appreciate it if you could share what could be improved regarding our customer support services to meet your standards. It's one of our top priorities to ensure that we provide the most convenient trading experience to our customers and everything is done to your satisfaction.

Please send us a message anytime soon. Our team is always here for you, and we'll be happy to hear from you whenever you have any questions.

Kind regards,
OctaFX Rep.
Punjab, India,
Nov 2, 2020,
Registered user

Lies about spreads.

Service use: Live

Length of use: 6-12 Months

You will see that on their website they will mention eye catching spreads but in reality that's not really the case. I contacted their support and they said they will forward my message to the team. like what does that suppose to mean. Using this broker from April 2020, at that time i didn't knew about spreads that much cuz i was beginner but now it makes my mind go crazy. Even some of my friends use OctaFx and they told me the same thing too. So you guys can see i am not the only one here.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Nov 9, 2020:
Dear ItsBugsBunny,

Thank you for sharing your feedback with us. We regret to hear your experience didn’t match your expectations regarding spreads. We’ve looked into your previous inquiries with our team, and they have sent you a letter with explanations.

We want to take this opportunity and clarify it here as well. The difference between spreads you noticed on the OctaFX Trading App and the Metatrader4 may have occurred due to how quickly the spreads are changing. However, such change is insignificant, and it could be up to a few points, which ultimately means the spreads are the same on both applications.

We’d also like you to note that in our efforts to fight the current Covid-19 pandemic, we’ve decided to lower our spreads up to 14 points. 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.

Should you have other questions or suggestions, please send us a message. And please, don’t forget that our team is always here for you, and you’re most welcome to get in touch with us anytime.

Kind regards,
OctaFX Rep.
Malaysia,
Nov 2, 2020,
Registered user

Withdrawal problem?

Service use: Live

Length of use: 0-3 Months

...thumbs up....trusted...good withdrawal service..fast and secure instant bank transfer.

thank you octafx
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Nov 9, 2020:
Dear Fcuk007,

Thank you so much for your positive and fair review. We're glad you felt that payment requests are being processed very well. We work hard on providing fast and efficient deposits and withdrawals, and we’re sure our team will highly appreciate your feedback.

However, we couldn't help but notice your review header and four stars. We want to remind you that you should let us know if there's anything you're having trouble with. We're here to help, and we will be happy to look into your question and investigate it with our team.

We appreciate your feedback, and we're looking forward to hearing from you soon.

Kind regards,
OctaFX Rep.
India, India,
Oct 10, 2020,
Registered user

I only trust octafx for my carrier success. Thank you for supporting me

Service use: Live

Length of use: over 1 Year

Hello guys. I started trading in octafx. I only trust you. And I started my carrier in forex with octafx.. They providing great service.. And speed withdrawal and deposit. With no fakes.. I love you octafx.. Thank you so much for helping me and Indians. God bless you.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Oct 13, 2020:
Dear Vamshichichu,

We’re happy to read such positive and kind words about us. Thank you for your trust and love. We genuinely hope you’ll continue to enjoy our services many more years to come, as we’ll work continuously to improve our services to make sure you stay satisfied.

If there’s anything we can do for you, please don’t hesitate to contact us. We’re always here for our traders.

Kind regards,
OctaFX Rep.
India, India,
Oct 7, 2020,
Registered user

Fraud Claims by Octafx India -Prize Lots claim gifts not honoured

Service use: Live

Length of use: 3-6 Months

Beware of this broker they shall not reimburse your prizes lots you collect after trading as commited by them . Once you have claimed your default gift vouchers in your account . They shall not add new gift vouchers to your account to claim your pending prize lots . Hence trade should claim prize lots regularly so that you dont lose on to the incentive .
Customer support shall not resolve your issue and give excuse of covid for non delivery of physical gifts which to some extent we can understand , however digital gift vouchers can be provided to traders to reimburse the prize lots .
i have 760 prize lots pending in my account to be reimbursed for prizes or gift vouchers as commited by the brokers. However for last 4 months i am getting answer for support team that it shall be done soon . There spending money on content and charity however they shall reimburse your prize lots once you are reimburse it regularly . Beware of this broker one day they shall stop withdrawal also once you start ing making huge profits. Not professional at all .
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Oct 15, 2020:
Dear Leo Joseph,

Thank you for sharing your feelings about our Trade and Win loyalty program. We’re sorry to read about your disappointment with the current gifts and vouchers, and we understand how you may feel about the lack of physical items in our Trade&Win shop. We wish to apologize for any inconvenience that this may have caused you.

Due to the current world events, some of the areas are in lockdown restrictions. Unfortunately, our warehouse was located in one of such areas. That’s why we’re unable to ship physical items, and replaced them with voucher option for the time being.

We would like to point out that other brokers don't provide any prize programs. However, we value our community and strongly believe that such promotions are important to deliver the most comfortable customer experience. We want to assure you that all the prize lots you collected will stay in your account and you will be able to spend them as soon as physical gifts are reintroduced.

Thank you again for bringing this issue to our attention. Don't forget that you can always reach out to us and we will be happy to help you out.

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.