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OctaFx Review

OctaFX Review

CFDs are complicated financial products that carry a significant risk of losing money quickly because of leverage. When trading CFDs with this supplier, 74–89% of retail investor accounts experience a loss of capital. You should think about your understanding of CFDs’ operation and your ability to bear the substantial risk of financial loss.

Along with its unique online and social copy-trading platforms, OctaFX provides a basic, inexpensive MetaTrader platform experience.

It has made significant progress in terms of the price choices available to traders, but struggles with a small selection of tradeable products and a dearth of variety in its teaching materials. Only one regulatory licence is held by OctaFX.

OctaFX pros and cons


  • OctaFX was established in 2011 and is governed by two Tier-1 and Tier-2 jurisdictions. Learn more about regulatory jurisdictions and trust scores.
  • maintains an expanding collection of organized research that includes trade ideas, daily updates, weekly predictions, and information from outside sources.
  • The OctaTrader online platform and a proprietary social copy-trading platform are both provided by OctaFX.


  • Customers are not provided with any regulatory protection when they use the broker’s unregulated offshore firm in Saint Vincent and the Grenadines (SVG) to do business.
  • Although OctaFXclaims to provide affordable trading prices, its displayed spreads are associated with a small number of just over 220 tradeable symbols and lack accompanying period ranges.
  • When it comes to things like education, OctaFXfinds it difficult to compete with the top multi-asset brokers.
  • At OctaFX, the cTrader platform is no longer accessible. reviews online forex brokers, and our evaluations are the most often mentioned in the sector. We compile tens of thousands of words’ worth of study each year and publish thousands of data points.


How safe is OctaFX?

OctaFX has an overall trust score of 70 out of 99, which is regarded as an average risk. OctaFX does not run a bank and is not a publicly listed company. One Tier-1 (highly trusted), one Tier-2 (trusted), zero Tier-3 (average risk), and zero Tier-4 (high risk) regulators have granted OctaFX authorization. The following Tier-1 regulators have granted OctaFX authorization: Europe through MiFID.  Study up on the trust score.


Products for Investment

Less than 230 tradeable instruments are available from OctaFX. Saxo Bank, IG, and CMC Markets, the market leaders, each provide over 10,000 tradeable products.

Cryptocurrency Trading: Trading in cryptocurrencies at OctaFX is only possible through CFDs; it is not possible to trade the underlying asset directly (for example, by purchasing Bitcoin). Notably, neither citizens of the United Kingdom nor retail traders from any broker’s U.K. firm may purchase cryptocurrency CFDs.

The products that are offered to OctaFX clients are listed in the table below.


In the past, OctaFX had trouble with pricing, but it has significantly improved and is now overtaking the most affordable MetaTrader brokers.

Account types: The commissions or fees you pay to OctaFX will depend on the kind of account you choose and the OctaFX organisation that is in charge of regulating your account. International clients are handled via OctaFX’s offshore entity in Saint Vincent and the Grenadines (SVG), while European clients will pick the broker’s EU entity. The SVG entity offers accounts for both MT4 and MT5, but the EU promotes only MT5, making just one account available.

Spreads: The price of an OctaFX spread varies according to which of its businesses is in charge of overseeing your account. As an illustration, the EU entity’s average spread for the EUR/USD pair is given as 0.5 pips, which is somewhat better than the SVG entity’s average spread of 0.9 pips. It’s important to keep in mind that OctaFX did not offer a date range for its average spread statistics, so the numbers don’t have the same significance as spreads with matching date references. All things considered, OctaFX has improved its price and seems to keep up with the most affordable MetaTrader brokers, but we were unable to draw any precise comparisons because there was no date range for its average spread claim.

Trading applications for mobile devices

Even though OctaFX has its own social copy trading program (the OctaFX Copytrading app), it still lags behind market leaders like IG and Saxo Bank. Read our guide to the best forex trading applications for our top recommendations for trading applications.

The majority of people on earth own a smartphone, but not all of them provide the same forex trading features. This trading guide discusses which brokers offer the best FX trading applications in 2023.

Mobile trading applications are still up against tough competition, and our research team has evaluated and rated the FX trading apps of more than 60 different firms. We evaluated more than a dozen distinct factors to rate each mobile trading platform, and all testing was done on Samsung Galaxy S9+ and Samsung Galaxy S20 Ultra handsets running Android OS 12.

Comparison of the best apps for forex trading

Here is an overview of the features provided by the top forex trading apps using our tool for comparing forex brokers.





How to compare the top Forex trading apps

These five aspects of the trading experience should be taken into account when selecting a new Forex broker account for online trading:

  • Trust (state of regulation): Above all things, you want a broker that you can trust.Your broker should ideally be licensed and regulated in many major nations, such as the United States, United Kingdom, Australia, Singapore, Canada, Hong Kong, Japan, or Switzerland. For more information, see our Trust Score page. At, we keep track of over 250 regulatory licenses for more than 60 forex brokers.


  • Platforms for trading: According to our analysis, most proprietary platforms are preferable to third-party programs like MetaTrader. Whether you choose a trading platform for the web, your desktop, or a mobile trading app, be sure it fulfills your demands across devices.


  • Trading tools: I want brokers’ research information, trading tools, and educational materials to be feature-rich and simple to use when I assess them. The better off you will be at maximizing trading prospects, the more thorough each area is in the mobile program you select.


  • Tradeable markets:Take into account the whole number of markets and instruments that you may trade with a certain broker. One broker could, for instance, provide a limited number of currency pairings but a wide range of CFDs on other markets, including equities, commodities, futures, cryptocurrencies, and other asset classes. On the other hand, you could desire to trade exotic currencies and want a broker with a wider range of currency pairings.


  • Demo accounts: Just like test-driving a car before you buy it, opening a free demo account enables you to discover the ins and outs of a trading program. You may use the virtual account on any supported platform, including desktop, mobile, and the web. Funding a live account is possible if the platform satisfies your requirements. Before implementing different trading methods with real money, some traders test them out using demo accounts.

Can you trade forex on a phone?

You may install forex trading applications on your smartphone if it runs an up-to-date version of the Android or iOS operating system. After using the app, you may use your phone to start trading by logging into your forex account. Some of the leading brokers in the market provide a variety of fantastic mobile choices if you’re interested in trading CFDs. To learn more about CFDs (and to see our selections for the top CFD brokers), see our guide to the top CFD brokers and trading platforms.

Is there an official forex app?

The foreign exchange (FX) market is decentralized, which means there isn’t a single location or website for the market; hence, there isn’t an official app or website. Central banks and financial organizations, including brokers, dealers, banks, and businesses, make up the currency market.

Numerous reliable forex firms provide trading apps for mobile devices. There is a large range of applications accessible, including those created internally by brokers and those created by other developers. You should only utilize regulated banks and brokers that are duly authorized to provide forex trading services in your country of residence if you want to prevent forex scams. For instance, to confirm a broker is regulated if you reside in the United Kingdom, contact the Financial Conduct Authority (FCA).

Note: If you’re especially looking for the broker, it provides both the well-known MetaTrader 4 (MT4) software and its own proprietary app, mobile.

What is the top forex trading app?

Our #1 choice for the finest overall FX trading app experience is Saxo Bank. By closely replicating its highly regarded online platform cousin, Saxo Bank’s SaxoTraderGO app is smartly built and integrates into a single platform experience across devices.

According to our research, IG Trading will be the top smartphone app for FX trading in 2023. Globally regulated, IG offers access to a wide range of high-quality trading tools, along with several news sources for locating trade opportunities. The IG Trading app’s charting has a ton of capabilities as well.

Which forex trading app is the most effective for newcomers?

Due to its variety of tools, integrated content, and accessibility to instructional resources from IG Academy and DailyFx (it even has a dedicated mobile app for education), the IG Trading app is a great option for novices. Since IG is a pioneer in teaching, in 2023, the finest FX trading app for novices will be its IG Trading mobile app.

As an alternative, the simple-to-use Plus500 app offers the necessities for trading and makes it simple to examine accessible markets. However, just because an app is simple to use doesn’t always indicate that making money from it is too.

Beginner’s Guide to Forex Trading

new to Forex trading? Check out our beginner’s introduction to FX trading here. In order to jumpstart your forex education, we’ll help you choose a forex broker that’s suitable for beginners and go over some of the principles of forex trading.

Which trading app is the most successful?

There isn’t a single mobile trading app that can assert that it is more profitable than another. Regardless of your forex trading software, profitability is decided by the results of the specific trading selections you make. Having said that, having access to cutting-edge software and the newest trading tools may boost your chances of success.

Because of this, many of the most successful traders only work with the most reputable brokers, who also offer top-notch mobile applications. The top mobile trading applications for 2023 are shown below:

  • Saxo Bank– SaxoTraderGO app
  • IG– IG Trading App
  • CMC Markets– NextGeneration app
  • TD Ameritrade– thinkorswim app
  • City Index– City Index mobile app
  • com– app
  • OANDA– fxTrade app

Pro Tip:

When trading forex, try to keep your average losses low (in comparison to your average winnings). Cut your losses short and let your winners run, advises an old proverb.

Top Forex Trading Apps

Here are the brokers that provide the top forex trading apps, as determined by 13 different criteria.

  • Mobile applications for Saxo Bank’s SaxoTraderGO and MetaTrader
  • IG Trading mobile app and MetaTrader
  • MetaTrader mobile and Next Generation mobile from CMC Markets
  • Thinkorswim, an app from TD Ameritrade
  • Impact and IBKR smartphone apps from Interactive Brokers
  • City Index: Mobile City Index, Mobile MetaTrader
  • Mobile versions of and MetaTrader are available.

Overview of the application: The iOS and Android versions of the MetaTrader 4 (MT4) and MetaTrader 5 (MT5) apps are both available for download from the Apple App Store and Google Play Store, respectively, because OctaFX is a MetaTrader-only broker. Due to geolocational constraints, I discovered on Google Play, I was unable to download or test OctaFX’s proprietary OctaFX Copytrading software for social copy trading.


Various other trading platforms

Although OctaFX offers access to its proprietary OctaTrader web trading platform, the company primarily acts as a MetaTrader broker by providing MetaTrader 4 (MT4) and MetaTrader 5 (MT5) from MetaQuotes Software Corporation.

OctaTrader: The recently released online platform from OctaFX offers a straightforward trading environment, providing the fundamentals required for basic trading activities without any frills or additional features. Although OctaTrader still has a ways to go before it can compete with the trading platforms provided by the biggest brokers, this in-house online platform is an excellent place to start.

Copy trading: OctaFX provides a web interface that links to its MetaTrader 4 (MT4) platform, which provides for copy trading (providers are referred to as Masters). The copy trading service provided by OctaFX keeps getting better every year; however, there is always potential for improvement. In order to make it simpler for you to compare the performance rankings when choosing which traders to copy, a few new capabilities have just been introduced to OctaFX’s Copytrading program, which offers over 10,000 trading systems known as “Master Traders” to copy.

For instance, the “minimum expertise” column gives you the option to select from younger systems all the way up to legendary ones. In order to help consumers distinguish between traders with historically conservative performance and those who have experienced higher volatility and risk, I was particularly happy to learn that each trader was given a risk score. When viewing the Master Rating Results page, it would be helpful to be able to sort the columns from highest to lowest; however, that option is not yet accessible.

Pro tip: It’s important to remember that past performance is not indicative of future returns, and although choosing trading systems with consistent historical returns can increase the statistical probability compared to traders that are less consistent when it comes to projecting potential future rates of returns, other factors must be considered, including your personal goals and risk tolerance.

When making decisions, for instance, take into account the timing of when to copy or when to avoid copying, if there are any open positions, the number of followers a trader has, the proportion of profit sharing (i.e., performance fee), as well as other information and tools accessible.

market investigation

The market research from OctaFX is comprehensive and covers a wide range of topics. OctaFX offers a broad range of content types rather than concentrating on any one area. However, OctaFX has room to improve its research offering when compared to industry giants IG, Saxo Bank, and CMC Markets.

Overview of research: OctaFX’s Market Insights area houses its research materials, including daily analysis posts, an economic calendar, and automated technical analysis performed using the Autochartist plugin for MetaTrader. The interest rate tracker, the daily and weekly prediction pieces, and the economic calendar—which was helpful for keeping track of public holidays and international trade hours—were my favourite features.

Market news and analysis: OctaFX publishes daily articles that cover technical and fundamental analysis across popular trading symbols, including forex and CFDs. It also provides its OC LiveTrader series, which consists of live-streamed video content on its YouTube channel, which recently surpassed one million subscribers.


Even though OctaFX has expanded its educational offerings with webinars and recordings of live trading sessions, its educational articles and videos still lack variety.

Learning centre:  The OctaFX website features a section devoted to forex education with over 20 articles for novices. The 11-part Forex Basic Course video series is hosted on the OctaFX YouTube channel, which also features webinar archives.

The training materials offered by OctaFX are enhanced by features like its trading glossary, platform tutorials, and a large number of Frequently Asked Questions (FAQs). Due to this, there isn’t a lot of instructional material available for understanding market dynamics or learning how to trade. The broker does have a blog and a YouTube channel, so it’s important to point that out, but I still felt like I needed more.

There is room for improvement: OctaFX’s educational offering could use a general extension of its articles and videos, as well as an increase in the number of topics it covers. It would be easier to use and provide a more balanced learning environment if instructional information were organized according to expertise level.

Final observations

Although there are very few tradeable instruments available, OctaFX provides the whole MetaTrader suite. There is little doubt that OctaFX must enhance its product offering, as well as its research and education if it hopes to compete with the finest MetaTrader brokers.

Despite receiving regulatory status in South Africa and Cyprus through an intermediary (Orinoco Capital), OctaFX’s lack of other trustworthy licenses significantly lowers its Trust Score. Gaining regulation in additional countries, especially Tier-1 jurisdictions, can help you gain the trust of your current and potential clients.

About OctaFX

OctaFX was established in 2011 and is a member of a group of international companies that also includes Octa Markets Incorporated (Saint Vincent and the Grenadines) and Octa Markets Cyprus Ltd. (Cyprus). Additionally, OctaFX offers financial services via its middleman, Orinoco Capital.

Is OctaFX a reputable broker?

An emerging broker with over ten years of experience is OctaFX. OctaFX has been able to increase its offerings because of its expansion. Increasing the number of regulatory licenses in Tier-1 jurisdictions would increase client trust.

With OctaFX, is my money secure?

The Financial Sector Conduct Authority (FSCA) in South Africa and the Securities and Exchange Commission (CySEC) in Cyprus both regulate OctaFX. Only one Tier-1 and one Tier-2 license are held by OctaFX, earning it an “average risk” rating in the Trust Score ranking system.

OctaFX, which was established in 2011, carries a regulatory license in Europe through Octa Markets Cyprus Ltd., a company registered in Cyprus and under the supervision of the Cyprus Securities and Exchange Commission (CySEC). In the unlikely event that Octa Markets Cyprus Ltd. files for bankruptcy, for instance, you will be covered up to 20,000 euros by the Investor Compensation Fund (ICF). Your account may be qualified for certain CySEC safeguards. Through an intermediary, Orinoco Capital, which holds a license from the Financial Sector Conduct Authority (FSCA), OctaFX offers customers financial services in South Africa.

The company’s overseas division is called Octa Markets Incorporated. It has its headquarters in St. Vincent and the Grenadines (SVG) and offers scant to no regulatory security. Which OctaFX organization manages your account and, if any applicable rules offer client safeguards, will determine the security of your cash in terms of regulatory protection?

What is the minimum deposit amount at OctaFX?

Depending on your place of residence and your preferred payment method, OctaFX’s minimum deposits might change. When funding with Visa or MasterCard, it might be as little as $25 (USD), as much as 50 euros (EUR) when using Skrill or Neteller, and as much as 500,000 Indian rupees (INR). It’s vital to remember that the OctaFX company you select for opening your trading account will also affect the minimum deposits and trading fees.

Over 50 various payment methods, including Visa, Neteller, Fasapay, and bitcoin, are available with OctaFX, in addition to a wide range of regional bank transfers. Depending on where you live, certain payment options might not be available.

Methodology for the 2023 Review

At, we base our evaluations of online forex brokers and the goods and services they offer both on the information we have gathered and on the observations and well-informed opinions of our professional researchers. We release tens of thousands of words worth of research each year, along with comprehensive forex guides, and we keep an eye on several international regulatory bodies.

In order to gather and validate thousands of data points, our research team thoroughly tests a variety of features, goods, services, and technologies. Whether they are proprietary or provided by third parties, we assess every trading platform that is offered by each broker and rate it using a variety of data-driven criteria.

Additionally, we thoroughly examine each broker’s commissions and costs, providing bid/ask spreads and average spread information for some of the most often used forex currency pairs. We look at additional trading expenses, including inactivity or custody fees, necessary minimum deposits, VIP rebates and/or discounts, and a variety of other crucial fee-based information.

Other significant study areas that are taken into consideration throughout our assessment are the accessibility and functionality of mobile trading, the accessibility of market research and instructional materials, and the overall trust score of each broker.

All content on is handwritten by a writer, fact-checked by a member of our research team, and edited and published by an editor. Generative AI tools are not part of our content creation or product testing processes. Our ratings, rankings, and opinions are entirely our own and the result of our extensive research and decades of collective experience covering the forex industry.


Forex Risk Disclaimer

The risk involved in trading securities is extremely high. Margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies are all associated with significant exposure to risk, including but not limited to leverage, creditworthiness, a lack of regulatory protection, and market volatility that may have a significant impact on the price or liquidity of a currency or related instrument. The success or avoidance of losses resulting from the plans, techniques, or signals described in these items shouldn’t be presumed. Read more on forex trading risks.


#Probabafx #OctaFX #Brokers #Brokersrevice


Dr. William Odion is a financial coach and consultant who specializes in Forex and Crypto trading. He is also an author, founder and CEO of Probaba EA Consults a.k.a Probabafx, and a brand influencer and real estate investor.

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