Octa review - broker regulators, trading platforms, features and traders ratings.

2.969 • 343 REVIEWS
Orinoco Capital Pty
Updated: Mar 13, 2024
OctaFX.com (.eu)

What is Octa?

Octa (was OctaFX) is a CFD broker established in 2011 and regulated by CySEC (Cyprus) since 2018.  South African clients are under FSCA regulation via Orinoco Capital Pty.  This broker also holds a license from MISA (Comoros) for clients outside the EU and South Africa.

Octa offers the MT4, MT5, and OctaTrader trading platforms.  These platforms come standard with desktop, mobile, and WebTrader versions. Octa also offers its own proprietary social copy-trading platform. Trading instruments include Forex, Commodities, Stocks, Indices, and Cryptocurrencies. (A total of 250+ CFD assets are available.)

The minimum deposit to open an Octa live account is $25 and leverage is capped at 500:1. Withdrawal and deposit methods include VISA, Bitcoin, FASA, Neteller, Skrill, UnionPay, awepay, paytm, and multiple Local Bank Transfers.

Octa trading education includes 11-part Forex Basic Course videos, archived Youtube webinars, articles, platform tutorials, and extensive FAQs. Octa also offers  an exclusive feed called Space.  It has  technical and fundamental market analysis, trend directions, market news, economic calendar, and more from in-house analysts.  Market research also features in-house created weekly analytics and daily updates covering both technical and fundamental aspects. Automated technical analysis is offered with the MetaTrader Autochartist plugin.

Please read Octa Reviews below and share live trading experiences with this broker.

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: $25
Established: 2011
Address: Bonovo Road – Fomboni, Island of Mohéli – Comoros Union, n/a, Comoros
Contact: support@octafx.com
Regional offices:
Regulators: MISA #HY00623410 / T2023320, CySEC #372/18, FSCA #51913
Prohibited countries:
Trading platforms: MT4, MT5, OctaTrader
Dealing Desk: ❌ No
Web Trading: ✅ Yes
Mobile Trading: ✅ Yes
ECN: ✅ Yes

Trading Instruments

Currencies: (35+)
Cryptocurrencies: (30+) Bitcoin, Litecoin, Ethereum
CFD: (150+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities

Trading Conditions

EAs/Robots: ✅ Yes
News Trading: ✅ Yes
Scalping: ✅ Yes

Managed Accounts & Social Trading

Copy Trading: ✅ 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
* Please check broker website for more information
2.969 • 343 REVIEWS

Octa Most Helpful Customer Reviews

G
gil380
Kota Tangerang, Indonesia,
Feb 5, 2022,
Registered user

Good connection, fast withdrawal, good spread

Service use: Live Length of use: 0-3 Months
I move around to find brokers who accept deposit using crypto currency. Octafx accept USDT (TRC20) for deposit and withdrawal. Very fast withdrawal process. First time withdrawal it took 20 minutes for my funds arrived in my crypto wallet, 2nd and 3rd time withdrawal was completed less than 7 minutes.

So far i had 412 trades closed with OctaFX. 2 out of 412 trades were closed beyond my stoploss line while price had not reached those closed price. I have my screenshot for those 2 trades. 1 during asian session where it was no news release at all, spread was expanded from 30 to 49, the other one during US news release spread expanded from 30 to 66. Even though price added with spread, stoploss should not be triggred, because it was far enough.

Trade connection slower during NY session.

They have minimum stoploss distance, 0.4 pips for gold.
1 trader has found this review helpful
G
Reply by Octa Rep submitted Feb 14, 2022:
Dear gil380,

Thank you for taking the time to leave us such in-depth feedback. We appreciate you pointing out our fast payment processing time and competitive trading conditions. Our team puts in hard work to meet our customers' needs, and they will be happy to know that it's reflected in your review.

Please note that we regret that some of your orders were closed below your Stop-Loss level. We wish to tell you that orders may be executed with the nearest available price at times of low liquidity on the market. It's normal for ECN trading. However, we'd appreciate it if you could get in touch with us at support@octafx.com and provide more information about these orders. Our team will be happy to look into this for you closely.

We're looking forward to hearing from you, so please reach out to us anytime soon.

Kind regards,
OctaFX Rep.
T
teamcity
melaka, Malaysia,
Feb 28, 2021,
Registered user

Excellent with this broker withdrawal very fast

Service use: Live Length of use: over 1 Year
I have been using OctaFX for years, and the withdrawal is super fast. It takes 2hours time then you will see the bank debited. If you withdrawal on friday, then monday afternoon you will see the money arrive. Great broker.

Apr 28, 2020 - 5 Stars Very Good Company

Withdrawl 4600usd took just around 1 hour for the money bank to arrive in my bank account.

Deposit no service charge.
Withdrawal no service charge.

May 6, 2019 - 5 Stars So far so good. Withdrawal to credit card no problem. Please be alert withdrawal to bank to Malaysia. Bank Negara will block transfers due to a NEW government law in Malaysia. All forex brokers will be affected.

Mar 14, 2019 - 5 Stars Nice broker. Live chat responds 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.
1 trader has found this review helpful
T
Reply by Octa 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.
K
Klndstk
Sumatra, Indonesia,
Dec 27, 2021,
Registered user

Withdrawal issue

Service use: Live Length of use: 6-12 Months
I was very happy with a very smooth withdrawal process that Octafx had, it took only minutes but one day Octafx asked me to withdraw through visa, at that time they gave a plausible reason (I deposited through local bank and visa). However, a few days ago, I made a withdrawal to my visa but it was declined and they asked me to make withdrawal to my bank account, it was ok, and did so, but things got quite annoying when on the next day they asked me to make withdrawal to visa again, stating that I can't make withdrawal to my bank account. This is really confusing and of course wasting time. Now, what should I do in order to be able to make a withdrawal to my bank account? Should I withdraw all my money and then deposit it through one source (my local bank account)?
2 traders have found this review helpful
K
Reply by Octa Rep submitted Jan 12, 2022:
Dear Klndstk,

Thank you for taking the time to share your experience with OctaFX.

We're glad that you enjoy our withdrawals and payment processing. However, we're sorry to read that you've recently encountered some difficulties with it. Unfortunately, we couldn't look into your case as you didn't provide your OctaFX account number. That said, we'd appreciate it if you could get in touch with us at support@octafx.com and share this information. We'll be happy to investigate what happened and do our best to help.

Meanwhile, we wish to confirm that at OctaFX, your deposit and withdrawal methods must match. However, in exceptional cases, due to reasons beyond our control, our Financial Department may ask you to use another payment method. That is in line with our payment processing workflow and Customer Agreement, and our team is always here to help whenever you have any questions.

Once again, we regret that you had to experience the issue you mentioned, and we're looking forward to hearing from you soon so we can help.

Kind regards,
OctaFX Rep.
I
Igbani19
Petroleum Training Institute, Nigeria,
Oct 21, 2021,
Registered user

Poor withdrawal service

Service use: Live Length of use: 6-12 Months
I made a withdrawal yesterday number W4084422, they sent me an email that the transaction is completed and removed the money from my trading account but I’ve been waiting for the money to show in my bank for over 24 hours now and nothing is there. Support keeps telling me that they have sent the money to my bank and it’s up to my bank to pay me... it makes no sense, when I deposited the money it was very fast, but now for withdrawal, it’s taking so much time and I have a really urgent use for the money.
2 traders have found this review helpful
I
Reply by Octa Rep submitted Oct 28, 2021:
Dear Igbani19,

We’re sorry to read about your discontent with our services.

Following your complaint, we’ve found that you attempted to withdraw your funds to a bank account, not in your name. Our team cancelled the request immediately as, for security reasons, we strictly forbid third-party payments. You can check it in greater detail within our Customer Agreement provisions, paragraph 13.5.2. Having suggested alternative payment options, it appears that you placed another request, and our Financial Department processed it within the same day.

We hope your funds have reached you by now and the issue is resolved. We also hope that having explained everything in detail, you’ll enjoy our services once again, and if you have any questions, please reach out to our team at support@octafx.com. They will be happy to help and talk if there’s anything else you might want to bring to their attention.

Kind regards,
OctaFX Rep.
I
IlyasKhai
Indonesia, Indonesia,
Aug 2, 2021,
Registered user

Everything wonderful til withdraw

Service use: Live Length of use: 3-6 Months
Their support and service are OK, the gimmicks also great (eventhough it's been almost 1 month the voucher hasn't arrive yet,hope not some fake promise also, lol).
The fatal flaw I think is their 'hidden' rule about minimum transaction which not clearly state in the website, in their website they said no fee for withdraw, but when I want to withdraw the second time (the first withdraw went smooth, no fee and interview) my deposit after only few transaction (loss), their asked me to pay $320 or trading 15,4 lot for the $8000 my withdraw request, they said they are the cost for fee transfer and prevent money laundry, hmm ... I think thats sound familiar excuse for this broker in some forum, so I began very nervous.
My friend with below $500 account never have problem with withdraw anyway.
So after pay the $320 for withdraw fee, I need to rethink again use this broker, feel like casino to me. Its pity actually, I like you guys but I dont think your 'hidden' fee suit me, too expensive for transfer fee.
2 traders have found this review helpful
I
Reply by Octa Rep submitted Aug 5, 2021:
Dear IlyasKhai,

Thank you for reaching out and sharing your experience with us.

We're very sorry that you had trouble withdrawing your funds. Unfortunately, we couldn't verify your complaint as you didn't provide your OctaFX account information. That said, we'd really appreciate it if you could get in touch with us directly at support@octafx.com or via our social media channels and share the relevant data. Our team is always here for our traders, and they will be happy to look into the matter and investigate what happened.

Taking this opportunity, we wish to state that we indeed don't charge any deposits and withdrawals fees. In fact, since OctaFX is an ECN Forex broker and we receive a commission for trading from our liquidity providers, we're able to cover these fees themselves. However, when our customers make large deposits followed by withdrawal requests without performing sufficient trading, we reserve the right to pass the said payment processing fees onto them. We hope this information clarifies your inquiry a little bit.

Also, we appreciate you taking the time to post your feedback, including your compliments about our team and services in general. We always try to be very attentive to our customers, and your response is what helps us constantly improve our services.

We're looking forward to hearing from you soon.

Kind regards,
OctaFX Rep.

FPA Forums Team Note: This reviewer did provide an account number. You should be able to see it while you are logged in as a site representative.

Recent User Reviews of Octa

J
jpbansal
bangalore, India,
Mar 13, 2024,
Registered user

my octafx account was hacked , i lost 4947 dollars

Service use: Live Length of use: over 1 Year
today morning that is 13th march 2024 after 11:30 am my octafx mt4 account was hacked. it started opening orders automatically. i tried closing some at the same time , but it kept opening. octafx is doing nothing about this, and when asking octafx they are not doing anything about this issue. i lost my 4947 dollars , i checked the log files of my terminal of the devices. i logged in , and no where there is an open order. so from where did those order open? almost 15 orders were opened and all my 24 something trades got closed automatically. i checked all log files i never closed them.  when I am saying this to octafx they are telling it was manually closed , but i never closed , and in terminal log file also there is no closed order for my previous trades

mt4 account number - 19437647
total amount - 4947 dollars

please help
1 trader has found this review helpful
A
amsai
Philippines , Philippines,
Mar 5, 2024,
Registered user

Account wiped out

Service use: Live Length of use: 3-6 Months
I still have a balance of 34 usd in my account and put a 6 position on eurusd of 0.1 at 1.085.49 and I just slept for few minutes and suddenly upon my waking up I just confused why my account was totally wiped out. Price is just 14 pips below my buy position. Please explain. Enlighten me why?
1 trader has found this review helpful
C
carlhauser
italy, Italy,
Feb 28, 2024,
Registered user

Service use: Live Length of use: 6-12 Months
I have a mixed approach between broker prop firms and signal rooms which I combine with each other.

Here are my humble opinions about OctaFX.

User-friendly site: Cery clear site with all the necessary details

Registration: It took me less than 10 minutes to handle registration and submission of documents.

Linked platform: I am linked to mt4 which I personally like, so good choice.

Withdrawal:  Respectable time with crypto withdrawal.
1 trader has found this review helpful
P
Piusmakor21
Nigeria, Nigeria,
Feb 13, 2024,
Registered user

Octafx should be avoided! They are now a bucket shop!

Service use: Live Length of use: over 1 Year
Octafx used to be reliable! No issues with Octafx but now it seems they are becoming insolvent.
My account no is 17510586. The order no in question was : 251956044.

I placed a buy order at 2031.53. The highest it got on their platform was 2030. 48. Yet it activated! I had a stop loss at 2024.53 which refused to activate!
Why did the stop loss not work! I have sent them an email with screenshot evidence.
Their excuse of a gap which does not appear on the chart does not suffice to explain why the stop loss refused to work. They have refused to refund. Octafx should be avoided.

Oct 23, 2022 - 3 Stars Good morning. Octafx now manipulates trades. It seems they are no longer purely ECN anymore. On the 21st of October 2022,I placed a sell gold trade at 1620.11 take profit is 1618.00. It got to 1717. And it did not close! I had to close it manually at 1619.72. The ID no is 21320564. It was opened at 8.16 am. Pls note that there was no heavy news that may affect gold at that time!

I sent an email to Octafx with screenshot evidence. They promised to look into into. I was given very unsatisfactory response. There can't be high volatility when there is no heavy news! I reminded them am not a newbie trader they can deceive! Funds are no longer safe with Octafx. I urge all to runway from Octafx. My trading account no is 17510586

Dec 17, 2021 - 1 Star Runaway from Octafx. Octafx is about going the way of Crownforex. They are now bankrupt. They have stopped paying withdrawals. Withdraw what you can and runaway from them. Octafx was only a bucket shop

Dec 1, 2021 - 1 Star I made withdrawal on November 30th ,2021 to my local bank account. Today is December 1 and this withdrawal has not reflected . I posted my bank statement and sent to their mail but I got no positive response hence I am posting it here. I was told to wait for 24 hours which expired this afternoon. I contacted them but got no positive response. It seems this broker decide when to pay. Octafx pay my withdrawal . I thought you guys were good. But I can see this is a broker one can not distrust.

Nov 8, 2021 - 4 Stars I made a review on November 4,2021 about a withdrawal I did with my accounts. I wish to update that I was paid in some hours. Octafx indeed has improved and I also made a recent withdrawal as well. A broker one can eventually trust for now

Nov 4, 2021 - 2 Stars I made a withdrawal request today from acc 37252931 to my bank account here in Nigeria Up till now it's yet to reflect even though its stated withdrawal is completed. I made another withdrawal request from account 17510586 via Skrill and it's yet to reflect as well. I will suggest Octafx is a bucket shop broker that should be avoided immediately

Reply by OctaFX Rep submitted Nov 10, 2021 Dear Piusmakor21,

Thank you for taking the time to update your review and share your praise with our community.

We're glad that your funds have reached you and the issue is resolved. By taking this chance, we wish to remind our traders that, in most cases, our Financial Department processes payments within a few hours. However, sometimes it may take up to 24 hours for a completed transaction to reach your account. On such occasions, you can always reach out to our team first, and they will update you with the latest.

If there's anything else you'd like to bring to our attention, please get in touch with our team at support@octafx.com or social media. They're always here for you and will be more than happy to help.

Kind regards,
OctaFX Rep.

Reply by OctaFX Rep submitted Dec 10, 2021 Dear Piusmakor21,

Once again, we're sorry that your withdrawal request took longer than you expected.

Following your complaint, we've found that our team processed your payment on the same day you requested it, but unfortunately, the system bounced it back. After an investigation, our Financial Department re-sent this payment the next day on December 1, and as you haven't contacted us since then, we can assume that you have received your funds.

Please note that our Financial Department ensures to process most payments quickly. Yet, in rare cases, transactions could take longer for various reasons beyond our control, and that's why we ask our traders to allow us up to three business days for the processing time. Our Customer Agreement emphasises that, and you're welcome to check it in full here: https://www.octafx.com/company/customer-agreement/.

We genuinely hope that the issue has been resolved, and our reply gives you more clarity about our processing time. If you have other questions, please get in touch with our team at support@octafx.com anytime. They would love to help.

Kind regards,
OctaFX Rep.

Reply by OctaFX Rep submitted Dec 24, 2021 Dear Piusmakor21,

We're very sorry you felt you needed to share with us your feedback twice.

As mentioned in our other reply, we've looked into your case and found that you placed your payment request when we were undergoing technical maintenance. Our Customer Support team informed you about possible delays and said that your request would be completed the following day. They offered you a 100% deposit bonus as compensation for waiting, which you accepted. Yet, you cancelled your request after 19 hours passed.

Once again, we're sorry about the hold-up with your payment. However, we wish to remind you that we ask our customers to allow us up to three business days for payment processing. We shared this information before when you raised previous complaints and want to bring your attention to this fact again. It's absolutely in line with our Customer Agreement, and you're welcome to check it in full here: https://www.octafx.com/company/customer-agreement/.

We genuinely hope that our reply gives you more clarity about our payment processing workflow. If you have any questions, please email us at support@octafx.com. We'd love to help.

Kind regards,
OctaFX Rep.

Reply by OctaFX Rep submitted Nov 2, 2022 Dear Piusmakor21,

Thank you for taking the time to bring this issue to our attention. We appreciate you diligently sharing your feedback, and we always closely look into it.

Upon checking your case with our team, we've found that the order you mentioned never reached the price of 1717. We can see that you placed position 213205640 on October 21 at 08:14 (Server time) with the Take Profit price set at 1618 and then closed it manually in a few hours at 10:16. The lowest Bid price during this period was 1617.11 at 10:14 October 21 (Server time), and it didn't reach the Take Profit set by you.

We wish to remind you that Sell orders are closed at the Ask price, which is not shown on the charts because charts are drawn based on the Bid price. And since OctaFX offers a floating spread, it may vary depending on the market situation. For example, in periods of limited liquidity, at the market open, during rollover at 00.00 (server time), during major news releases or during high volatility periods, spreads may widen beyond the typical spread.

We genuinely hope that our reply clarifies your concerns and that this incident won't overshadow your overall experience with us, and you'll continue to enjoy our services.

If you still have questions, please email us at support@octafx.com, and we'll be happy to answer them all.

Kind regards,
OctaFX Rep.
H
hmk11
Pk, Pakistan,
Feb 8, 2024,
Registered user

OCTAFX would not let me claim prize

Service use: Live Length of use: over 1 Year
CTAFX was ok when i was loosing funds in trading but when i try to claim prize lots which i earned for trading OCTAFX don't allow that.

OCTAFX support doesn't solve this issue.

Frequently Asked Questions

Is Octa regulated?

Octa is regulated in Cyprus. The regulatory license is:
  • Regulation: CySEC (Cyprus Securities and Exchange Commission): 372/18
Octa is regulated in South Africa via Orinoco Capital Pty. The regulatory license is:
  • Regulation: FSCA (Financial Sector Conduct Authority): 51913
Octa Markets Ltd. is regulated in Comoros.  The regulatory licenses are:
  • Regulation:  MISA (Mwali International Services Authority): HY00623410 and T2023320.

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?

The minimum deposit according to an OctaFX rep is $20, but they recommend $100 across all types of account.

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

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.