OctaFX is a global forex and CFDs broker that was established in 2011. The award-winning broker provides access to multiple asset classes through the MetaTrader 4 and MetaTrader 5 trading platforms, including forex, commodities, stock indices and cryptocurrencies. OctaFX is registered in St Vincent and the Grenadines and licensed and regulated by SVGFSA, the financial services authority in the island country. OctaFX is regulatory compliant and a safe and reliable broker for forex traders in Africa.
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Is OctaFX regulated?
Yes, OctaFX is licensed and regulated by SVGFSA, the financial services authority in St Vincent and the Grenadines.
St Vincent and the Grenadines Financial Services Authority (SVGFSA) is an independent authority responsible for regulating financial entities and businesses in the financial sector of the island country. The SVGFSA is mandated to regulated, manage, direct control and supervise the international financial services industry and domestic non-bank institutions in St Vincent and the Grenadines.
Is OctaFX regulated in South Africa?
No, OctaFX is not regulated in South Africa by the Financial Sector Conduct Authority (FSCA).
Is OctaFX legit?
Yes, OctaFX is a legitimate forex and CFDs broker and electronic trading platform. The forex broker was established in 2011 and has received multiple awards for trading and service excellence, including Best ECN Broker 2023, Best Trading Platform 2023 and Best Forex Broker Asia 2023.
OctaFX is licensed and regulated by a top-tier authority and is a safe and reliable broker for forex traders in Africa.
What type of broker is OctaFX?
OctaFX is a Non-Dealing Desk (NDD) broker and offers Straight Through Processing (STP) and Electronic Communications Network (ECN) accounts. This type of broker sends traders’ orders direct to liquidity providers to be processed and fulfilled. Liquidity providers are mostly major banks.
Is OctaFX a good broker?
In terms of security, state-of-the-art trading platforms, research and education, OctaFX is rated highly as a trusted retail broker and is regarded as a safe and reliable broker for forex traders in Africa.
OctaFX is regulatory compliant and regarded as safe to use by forex traders in Africa. OctaFX follows strict regulatory guidelines for trader and investor protection and has implemented industry protocol to secure their clients’ money and information.
OctaFX is licensed and regulated by the FSA in St Vincent and the Grenadines.
OctaFX keeps client funds in a separate account which a leading bank holds. The forex broker cannot access clients’ funds to pay for company expenses or liabilities. The funds are held in ring-fenced accounts separate from OctaFX’s financial accounts.
SSL-protected personal area
OctaFX uses highly secure technology to protect its clients’ data and financial transactions. SSL-secured Personal Area is protected with 128-bit encryption, making browsing safe and data inaccessible to any third parties.
Negative Balance Protection
OctaFX provides Negative Balance Protection for its clients. OctaFX will automatically top up the balance to 0, and clients don’t pay anything if market volatility prevents them from keeping a positive balance on their trading account.
OctaFX requires two-step authentication to enhance your trading platform’s security and protect your deposits and personal information from hackers using SMS and backup codes. OctaFX uses 3D secure technology when processing credit and debit cards. This technology makes all Visa transactions transparent and safe.
Know Your Customer (KYC) checks
OctaFX is required by law to collect and verify certain personal information and execute Know Your Customer (KYC) checks.
OctaFX trading platforms
OctaFX is a MetaTrader broker and offers the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) trading platforms.
MetaTrader is a pioneer electronic trading platform developed by MetaQuotes Software. Since 2002, MetaQuotes Software has released several software applications for trading, but the company hit the jackpot with MT4. MT4 is the most popular and widely-used electronic trading platform for retail foreign exchange (forex) speculative traders.
MetaTrader 5 (MT5) was developed by MetaQuotes Software Corporation and launched in June 2010. MT5 is not a new and improved version of MT4. It was created to broaden MetaTrader’s functionality from a single-market trading platform to a multi-market platform, offering traders an advanced trading platform and excellent tools to trade a broader range of financial instruments.
OctaFX research and education
OctaFX publishes a broad scope of up-to-date market analytics and educational material covering a wide range of subjects for beginner, intermediate and advanced forex traders.
Market News, Economic Calendar, Market Insights, Forex News, Interest rates, Technical analysis
Forex basics and video tutorials
What products does OctaFX offer?
OctaFX is a multi-asset forex and CFDs broker. Clients use the MT4 or MT5 platforms to trade currency pairs, commodities, indices and cryptocurrencies with STP or ECN trading accounts.
|Forex||32 currency pairs|
|Commodities||Trade popular commodities inc. gold, silver, crude oil, natural gas|
|Stock Indices||Over 20 indices inc. US100, S&P500, UK100|
|Cryptocurrencies||CFDs on Bitcoin CASH, Bitcoin, Ripple, Litecoin, Ethereum|
Does OctaFX offer social/copy trading?
Yes, OctaFX Copytrading app is provided for social trading. The app allows forex traders to find, follow and copy forex trading experts. OctaFX offers OctaFX Copytrading for Copiers and OctaFX Copytrading For Master Traders.
Does OctaFX have Nasdaq?
Yes, OctaFX offers NASDAQ-100 (US100). US100 is traded as a CFD on the MT4 and MT5 trading platforms. The US100 assigns a capitalisation-weighted index containing 100 of the largest publicly traded non-financial businesses on the Nasdaq composite index. The US100 is one of the most significant large-cap growth indexes in the world.
How to trade forex with OctaFX
Traders and investors cannot directly access the global forex market. They must trade through a trading platform hosted by a regulated forex and CFDs broker.
To start trading the financial markets with OctaFX, you must register with the broker and follow the easy steps to verify your identity and set up a trading account. Deposit funds into your trading account when your account has been approved and start trading.
How to open an OctaFX trading account
- Open the official website for OctaFX
- Select OPEN ACCOUNT
- Provide personal information to verify your identity
- Select a trading platform
- Go to Personal Area and deposit funds into the trading account
- Start trading with OctaFX when your account has been verified and opened
What trading accounts does OctaFX offer?
OctaFX offers two live trading accounts: OctaFX MT4 and OctaFX MT5.
|Recommended for||Advanced traders|
|Spreads||Floating, from 0.6 pips|
|Commission||No commission, markup on spreads|
|Minimum deposit||100 USD|
|Leverage||500:1 for currencies
200:1 for metals
100:1 for energies
50:1 for indices
25:1 for cryptocurrencies
|Base currency||USD or EUR|
Does OctaFX offer a free demo account?
Yes, OctaFX offers a free demo account on the MetaTrader trading platforms. You can open as many demo accounts as you want in your Personal Area. You can also win funds by participating in the OctaFX Champion demo contest.
Clients can register and sign up for a free demo account which is instantly available to start trading virtual (fake) money. You can trade forex in real-time under actual market conditions but with zero risks of losing real money. Once beginner traders learn how to trade on a free demo account, they are ready to open a live trading account.
Does OctaFX offer an Islamic account?
Yes, OctaFX offers an Islamic swap-free live account to clients of the Muslim faith under Shariah Law. OctaFX received a reward for Best Islamic Forex Account 2020 from World Finance.
Deposits and withdrawals
How to deposit money into an OctaFX trading account
- Log in to your Personal Area
- Select the trading account you want to fund
- Select Deposit my Account and choose the payment system you would like to use
- Enter the amount you want to deposit
- Click Continue
- Fill in other information if required and click Confirm
Does OctaFX charge a deposit fee?
No, OctaFX does not charge a deposit fee for bank transfers and credit/debit cards.
Deposits from e-Wallets are subject to a fee of up to 2% depending on the source.
OctaFX does not cover any exchange rates charged if you deposit funds in a currency different from the base currency of your account.
How to withdraw money from an OctaFX account
- Log in to your Personal Area
- Choose the account you want to withdraw funds from
- Click Request Withdrawal
- Enter the amount you would like to withdraw
- Fill in other information if required
- Click Request
- Check the withdrawal amount is correct
- Click Confirm to send your request to the financial department to be processed
How many days do OctaFX withdrawals take?
All withdrawal requests from OctaFX accounts are processed within 1 to 3 hours during the working week. OctaFX will notify you by email as soon as your request is processed.
What does OctaFX charge to withdrawal funds?
OctaFX does not charge its clients any fees for withdrawals. OctaFX also covers costs charged by third parties such as Skrill and Neteller.
OctaFX commission and spreads
OctaFX commission and spreads depend on the type of account you choose.
|MT4||Fixed spreads from 2 pips or floating spreads from 0.4 pips||Spreads are marked up, and there are swap-fees to hold trades overnight|
|MT5||Fixed spreads starting at 0.2 pips||Commission-free trading. Spreads are marked up, and there are no swap fees, only three-day fees|
What awards has OctaFX received?
OctaFX is an award-winning forex and CFDs broker and trading platform. Its recent accolades include:
- Best ECN Broker 2023, World Finance
- Best Trading Platform 2023, FX Daily Info
- Decade Of Excellence In Forex Asia 2023, Global Banking And Finance Review
- Best Forex Broker Asia 2023, Global Banking And Finance Review
- Most Transparent Broker 2020, Forex Awards
- Best Forex Copy Trading Platform 2020, FxScouts
- Best Forex Broker Nigeria 2020, Global Banking And Finance
- Best Cryptocurrency Broker 2020, Fxexplained.co.uk
Does OctaFX have a Welcome Bonus?
Yes, OctaFX offers a Welcome Bonus in the form of 50% bonus on each deposit. OctaFX does not offer the OctaFX bonus to every client; you need to apply for it. You need to add at least $50 to your trading account using any payment option you like.
Set a maximum leverage and open positions of up to 750 times greater than your initial investment. On special occasions, you can multiply your profit potential 2 000 times. When your bonus progress hits 100%, you can use this money for other trading accounts.
Can I start trading with no money in my live OctaFX account?
No, OctaFX requires an initial deposit of 100 USD for the OctaFX MT4 and OctaFX MT5 live trading accounts. You can only trade with no minimum deposit on an OctaFX demo account.
What leverage does OctaFX offer?
OctaFX offers maximum leverage up to 500:1 on the MT4 and MT5 trading accounts.
Does OctaFX have a mobile app for forex trading?
Yes, OctaFX offers an easy-to-use mobile app for the MT4 and MT5 trading platforms. The OctaFX Copytrading platform is available on a mobile app.
Does OctaFX publish an Economic Calendar?
Yes, OctaFX publishes an Economic Calendar.
Where is OctaFX based?
OctaFX is based in St Vincent and the Grenadines in the Eastern Caribbean.
Who is the CEO of OctaFX?
The CEO of OctaFX is Georgios Pantzis.
Does OctaFX offer online support?
Yes, OctaFX offers multi-lingual online Customer Support, available 24/7 (Monday to Sunday) via Live Chat on their website. You can also contact OctaFX Customer Services via email or telephone between 00h00 and 24h00 (EET)
Who can I speak to at OctaFX for help?
OctaFX provides dedicated 27/5 Customer Service supported by Live Chat, email or telephone.
Live Chat OctaFX
24/5 support +18 55 837 1853
FOREX TRADING AFRICA DISCLAIMER
Forex and CFDs are complex instruments, and trading these instruments come with a high-risk warning. Trading forex and CFDs involves a high risk of losing money rapidly due to leverage and margin. You need to understand how forex trading works and decide whether you can afford to take the risk of losing money on trade orders that do not go your way.
Forex Trading Africa annually reviews brokers and financial instruments and provides information to help traders and investors make better decisions when trading on global markets. The information is published to help improve your knowledge and understanding of international multi-asset trading and market participants.