OctaFX Account Types
The platform boasts three types of accounts, catering to traders with different experience levels. Whether you are a beginner or an experienced trader, you can find the account type that suits your needs. Let’s take a look at them:
Register for Account
Simply sign up online for a OctaFX account.
Verify Your Account
Upload the required documents to verify your identity.
Make a Secure Deposit
Fund your account using Octa FX's flexible payment options.
You’re Ready to Trade
Connect to your trading account and start investing in global markets.
Customer Service
This broker offers excellent customer service, available anytime, anywhere. Besides live chat, you can also reach them via:
Octa pros & cons
Is Octa Safe?
Investment Products
Octa provides access to approximately 230 tradable instruments, with the number varying across its platforms, notably with the largest selection offered on its MT5 platform. In comparison, industry leaders such as Saxo, IG, and CMC Markets offer over 10,000 tradable instruments.
Cryptocurrency trading at Octa is facilitated through CFDs, with direct trading of underlying assets (e.g., purchasing Bitcoin) not available. It’s important to note that Crypto CFDs are not accessible to retail traders via any broker’s U.K. entity, nor to residents of the U.K.
Below is a summary table outlining the products accessible to Octa clients:
Fees
Octa has made significant strides in pricing, narrowing the gap with the most cost-efficient MetaTrader brokers. Notably, it boasts minimal slippage on 97.5% of executed orders and does not incur overnight carry costs. However, restrictions are in place that may pose challenges for high-frequency traders.
When it comes to account types, the commissions or fees you encounter depend on your selected account type and the regulatory entity under Octa. European clients opt for the EU entity, while international clients are served by either South Africa or Octa’s offshore entity in Mwali. In the EU, MT5 is the promoted platform, offering a single account, whereas foreign entities provide accounts for both MT4 and MT5, alongside OctaTrader.
Octa’s spread pricing varies based on the regulating entity of your account. For instance, the EU entity typically offers a slightly better spread for the EUR/USD pair, with an average spread of 0.5 pips, compared to 0.9 pips for foreign entities. It’s important to note that Octa’s website doesn’t specify a date range for its typical spread data, which slightly diminishes the weight of these values. Despite this, Octa has made strides in pricing competitiveness, aligning itself with the lowest-cost MetaTrader brokers. However, without a date range for its average spread claim, an exact comparison is challenging.
Mobile trading apps
Octa provides traders with mobile app options primarily centered around the MetaTrader platform. Both iOS and Android versions of MetaTrader 4 (MT4) and MetaTrader 5 (MT5) are readily accessible for download from the Apple App Store and Google Play store, respectively. Additionally, Octa offers its proprietary mobile app, Octa Copytrading, designed for social copy trading. Unfortunately, I faced geolocational restrictions on Google Play, preventing me from installing or testing this app. However, it’s worth noting that while Octa’s mobile offerings are robust, they still lag behind those of industry leaders like IG and Saxo.
Other trading platforms
Market research
Education
Octa has made significant strides in enhancing its educational resources, now offering webinars, live trading session recordings, and an expanded collection of educational articles and videos. Notably, it has begun producing videos covering advanced topics like Elliot Wave trading.
The Learning Center on Octa’s website features a dedicated forex education section with approximately 20 articles tailored for beginners. Additionally, their YouTube channel hosts archived webinars and the Forex Basic Course video series spanning 11 parts.
Octa’s educational offering is further enriched by features such as a trading glossary, platform tutorials, and an extensive list of Frequently Asked Questions (FAQs). However, there is a noticeable gap in educational content focused on trading strategies and understanding market dynamics. While Octa maintains a blog and a YouTube channel, there is still a desire for more comprehensive educational material.
To further improve, Octa could expand its video content and cover a broader range of topics. Adding written articles and courses would also enhance the educational experience. Additionally, organizing educational content by experience level would provide a more balanced learning journey. Overall, there’s room for growth in Octa’s educational offerings, with potential for deeper organization and broader content coverage. If you’re interested, check out my guide to the best free forex trading courses for additional sources of free forex education.
Final thoughts
Octa provides the complete MetaTrader suite, albeit with a somewhat restricted range of tradable instruments. It’s evident that if Octa aims to compete with the top MetaTrader brokers, it must enhance its product range, research resources, and educational offerings.
While Octa has obtained regulatory approval in Cyprus and South Africa through an intermediary (Orinoco Capital), its Trust Score is notably affected by the absence of additional reputable licenses. Obtaining regulation in more jurisdictions, particularly Tier-1 jurisdictions, will significantly contribute to building trust among current and potential clients.
