Octa FX Review 2024: Is This Forex Broker Worth Your Time and Money?

At TopBrokers, we’re dedicated to providing up-to-date, unbiased reviews on trading platforms. Today, we dig deep into Octa FX. Octa is a little less known than some of the major players in the forex trading industry. However, they have built a sizable following with a dedicated user base. Here, in our OctaFX Review, we’re going to break down what they offer, piece by piece. 

Along with Octa FX trading, we have also reviewed the top forex brokers in the world. Our Best Forex Brokers review outlines the best of the best, and what makes them stand out.  

Table of Contents

• TL;DR: Quick Takeaways
• Criteria Breakdown
• Octa: An Overview
• What Octa is Best Known For
• Key Features
• Pros of Octa
• Cons of Octa
• Criteria Evaluation
• Community Reviews and Expert Recommendations
• Pricing
• Where to Find Octa
• Alternatives to Octa
• Frequently Asked Questions
• Final Thoughts

TL;DR: Quick Takeaways

• Octa offers competitive spreads starting from 0.6 pips on major pairs
• High leverage options up to 1:1000 are available (but use with caution!)
• Regulated by CySEC, FSCA, and MISA, providing some level of oversight
• Multiple trading platforms: MT4, MT5, and proprietary OctaTrader
• Fast withdrawal processing, but limited range of tradable instruments

Criteria Breakdown

We use a defined set of criteria when reviewing each forex broker. This ensures our reviews are fair, and also that the most important elements are covered. These include critical details, such as regulation and security, trading platforms, trading instruments, fees, and more. 

Here’s a closer look at our criteria breakdown. 

1. Regulation and Security: This is a measure of how protected the client’s funds are. We ask if the broker is highly regulated and if their fund-handling policies are secure. 
2. Trading Platforms: We look at the options of trading platforms and the usability of what’s offered. 
3. Trading Instruments: How many trading instruments are available? Is this broker aligned with investors who want to diversify their portfolios? Is the broker better for niche investors?
4. Spreads and Fees: This is a measure of the overall costs associated with trading with this broker. We consider costs such as spreads, commissions, inactivity fees, etc. 
5. Leverage: In certain situations, leverage is beneficial for boosting profitability. It also comes with risk. We measure the leverage options this broker offers. 
6. Customer Support: Issues happen. We assess how well this broker handles customer issues, along with how accessible the customer support team is. 
7. Educational Resources: It’s always helpful when a broker offers educational resources. We look at what types of learning resources are available. 
8. Deposit and Withdrawal Options: How easy is it to deposit funds and withdraw them when needed? We’ve found this to be a difficult area for a number of brokers. 
9. User Experience: Is this platform easy to use? How intuitive is it for new investors? Does the usability take away from the experience or add to it? 

Now let’s look at how OctaFX performs in each of these criteria. 

Octa: An Overview

Octa operates with the goal of making trading in financial markets something that is accessible to everyone. Octa was founded in 2011 and has since become a global forex broker. We’ve noticed that Octa has rebranded itself from OctaFX, but the differences outside of the name are minimal. We still see both names used interchangeably in the industry. 

Octa’s reputation in the forex trading industry is solid. Although there are a few areas they don’t perform strongly in. Octa isn’t the biggest, most popular forex broker, but they have carved out a space for themselves in the industry. 

We noticed one of the primary focuses of Octa is its focus on emerging markets. This places Octa as an interesting platform for established investors looking for diversification. 

What Octa is Best Known For

When doing research for this Octa review, we noticed a few areas where this broker stands out in the industry. Here’s a quick rundown of these highlights. 

First, is their competitive spreads. On some forex pairs, spreads are as low as 0.6 pips. This is pretty good in our opinion. This combined with high leverage options opens opportunities for optimal profitability. Keep in mind that leverage is best used by experienced traders, as there are risks involved. 

Octa also offers social copy trading, which is great for beginning traders. Considering the platform’s focus on emerging markets, social trading offers a safer way to explore these markets. Social trading isn’t foolproof, but following experienced traders is often safer for new investors. 

Key Features

Octa is a fairly straightforward trading platform. Keeping it simple allows them to appeal to a range of clients, from trading novices to experts. Here are some of the key features we feel are important enough to highlight. 

Fee Structure: Octa is known for tight spreads, starting as low as 0.4 pips with certain account types. They are also a zero-commission platform. 

Profitability Through Leverage: Octa provides a leverage of 1:1000. This is substantial and more than many other brokers offer.

Copy Trading: We appreciate Octa’s copy trading feature. This allows clients to replicate the trades of experienced traders. This is a helpful tool for those just dipping their toes into the world of forex trading. Copy trading is also useful for those wanting to trade, but don’t have the time to actively follow the market. 

Criteria Evaluation

Regulation and Security: 4/5

Our regulation and security score is a key marker of how trustworthy OctaFX is. They earn a four out of five for being regulated by CySEC, which is an upper-tier regulator. In total Octa operates four entities, but Octa Markets Cyprus, LTD is the most robustly regulated. Octa also keeps its trader’s funds in an account that is separate from its business finances. Overall, we feel this lends a high level of trust and security to Octa’s platform. 

Trading Platforms: 4/5

Octa runs primarily off of the MetaTrader platforms, including both MT4 and MT5. The MetaTrader platforms are often preferred due to their robust features and overall usability. OctaFX offers MT4 and MT5 as a web platform for Windows, MacOS, Android, and iOS. 

Additionally, Octa offers its own proprietary platform called OctaTrader. OctaTrader offers decent usability and is a bit more simplified than MT4 and MT5. Octa’s social/copy trading platform is also part of this mix. 

Trading Instruments: 3/5

We give OctaFX a three out of five in the category of trading instruments, but this isn’t necessarily a bad thing. They currently offer more than 300 trading instruments, but this is still small compared to other major forex brokers. Returning to Octa’s penchant for emerging markets, this number reflects their niche focus. While not the most robust in trading instruments, there are opportunities here that aren’t always found with other brokers. 

Spreads and Fees: 4/5

We feel OctaFX performs solidly in this category. They offer tight spreads with pips as low as 0.6 pips for all accounts. There are also no commission fees with Octa. There are also no fees for withdrawals, deposits, or inactivity. 

Leverage: 4/5

Compared to other online brokers we’ve reviewed, Octa performs well in terms of leverage. Currently, they offer leverage of up to 1:1000.

Customer Support: 3/5

We didn’t give Octa a high score for customer service for one simple reason. They are extremely difficult to reach via phone. Their customer support team is available through live chat, email, and social media. This is fine for many, and they do respond fairly quickly. However, some people prefer actually speaking to someone when they have a problem, and Octa makes this difficult. 

Educational Resources: 3/5

In our opinion, Octa’s educational resources are sufficient. However, they’re not extensive enough to warrant a score higher than a three in this category. There’s a decent offering of educational articles, webinars, and videos. They have offered a rather extensive video course for beginning forex trading, which is good for those just starting out. 

Deposit and Withdrawal Options: 4/5

Options for deposits and withdrawals vary depending on location. However, Octa FX offers the most popular funding methods. These include credit cards, bank transfers, e-wallets (Skrill and Neteller), and crypto. Octa charges zero fees, regardless of the funding method. 

User Experience: 4/5

All things considered, Octa offers a strong user experience. The platform isn’t overly complex or intimidating for new users. They provide a good balance between ease of use, functionality, and robust tools. Forex traders of all levels will feel comfortable using the Octa platform, with some requiring a small learning curve. 

Pricing

We don’t feel there are many surprises with Octa pricing, which is a good thing. Tight spreads and no commissions make this one of the more affordable forex brokers. This combined with no fees for withdrawals, and no inactivity fee makes this a straightforward platform in terms of pricing. 

There are other broker platforms that charge zero pips and low or zero commissions. So, technically, you could do better than Octa for pricing. However, these pricing structures often come with other costs, such as high inactivity fees. 

Alternatives to Octa

Exness

Exness is a global broker known for its competitive trading conditions. This includes low spreads, flexible leverage options, and swap-free trading. Like Octa, Exness also offers the MetaTrader platform. Where Exness rises above Octa is in their level of trading instruments. For traders looking for more robust options, Exness is a good alternative to Octa. You can read more in our Exness review. 

RoboForex

RoboForex, founded in 2009, has been around only a few years longer than Octa FX. RoboForex earns high scores for its amount of tradable instruments. With more than 12,000 that span multiple asset classes, they are a force to be reckoned with. The RoboForex Prime account is a good option for beginners, with spreads starting at 0.0 pips and low commissions. We cover all the details in our RoboForex review. 

FBS

FBS is a popular CFD and forex broker. A standout feature of FBS is its user-friendly platform that appeals to beginning investors. There’s a very small learning curve with the brokers, which is something we love. Clients will also find good market analysis tools with FBS, which is key for making informed decisions. We also appreciate that FBS offers an expert advisor add-on service. This is a benefit that both novices and more experienced traders can benefit from. To learn more, we suggest reading our full FBS review. 

FxOpen

We like FXOpen as an alternative to Octa for the flexibility it offers. Besides MetaTrader, FXOpen offers a proprietary platform and WebTrader. Flexibility can also be found in the wide range of account options. For example, the Micro Account is good for beginners, with zero commissions and super low minimum deposits. Advanced traders will lean more heavily toward the ECN account with tight spreads and direct market access. The ECN account has a higher minimum deposit of $100. 

Besides flexibility, FXOpen outshines Octa in terms of regulation. CySEC, ASIC, and FCA regulates FXOpen. You can learn more about how this broker performs with our FXOpen review. 

Pepperstone

Pepperstone is a broker with extensive global reach. Currently, its reach spans over 170 companies. Compared to Octa and some of the other alternatives listed here, Pepperstone is considered more of a big player. Clients are provided with peace of mind through a robust regulatory standing. Additionally, Pepperstone regularly goes through third-party auditing processes.

One of Pepperstone’s most notable features is its lightning-fast execution speeds. This is a feature that mid-level and advanced traders will appreciate. There are more advantages to choosing Pepperstone. We outline them all in our comprehensive Pepperstone review. 

Final Thoughts

Here we are at the end of our Octa review. We’ve covered all the bases and dug deep into the details. In the end, we view Octa as a solid mid-tier forex broker. We like its user-friendly platforms and tight spreads. The low minimum deposit and lack of fees make it attractive for cost-conscious investors. On the flip side, they are a rather niche broker with fewer trading instruments than other brokers. 

To summarize, here are a few key points: 

• Octa is a forex broker with tight spreads and low fees
• Deposits and withdrawals are fast and easy
• With more than a decade of experience, Octa is viewed as reliable 
• High leverage is offered, but this can be considered both a pro and a con
• No phone support for customer service is available
• Octa supports copy-trading 

At TopBrokers, we consider it our mission to provide accurate, unbiased information on brokers around the globe. Regardless if you’re a first-time investor or have been at this for years, our insights help you make informed decisions.  

For those new to forex trading, we recommend resources such as How to Create and Manage a Forex Trading Strategy. Our resource on How to Read Forex Charts is also helpful to new investors. 

We invite you to visit TopBrokers for up-to-date information on the trading industry, broker reviews, and more. We’re happy to be your partner in smart investing.