OctaFX is an unregulated broker that offers forex trading, demo accounts, and copy trading. They accentuate that they charge no fees for depositing and withdrawing and that they offer 3 different trading platforms traders can choose from. All this made us more than intrigued, so we decided to write an OctaFX review to help traders in South Africa make their final decision on this broker. In OctaFX review, we will cover all important aspects of trading with this broker such as accounts, features, demo, bonuses, leverage, special offers, customer support, as well as fees and other factors that may affect trader’s liquidity. Read this review and you will find out a lot of useful information.
OctaFX Demo Account
OctaFX created three different paid account types and one free demo account for traders from South Africa.
This account type requires $100 deposit. Traders with Micro Account can use MT4 platform and get access to 28 currency pairs, 4 indices, 3 cryptos, gold and silver. Also, the pay no commissions and can trade floating spreads (starting at 0.4 pips) or fixed spreads (0.2 pips). OctaFX explains how this account is created with beginners and smaller investors in mind.
With $500 minimum deposit required, this account type is the most expensive one. Traders can use it on a MetaTrader 5 platform, and trade floating spreads starting at 0.2 pips. The selection of assets is more limited in quantity, but of greater quality: 8 currency pairs, 4 metals, 2 energies, 10 indices, and 3 cryptos. The margin call is 45%.
This account type also requires a minimum deposit of $100, but gives you a chance to use cTrader platform. The broker is advertising this account as one that gives traders “more transparency in pricing”. Floating spreads start at 0 pips and traders get access to 30 assets, but no CFDs or cryptocurrencies.
OctaFX also offers a free demo account. In order to get one, simply click the button on the website and you will be redirected to the online registration form. Fill out the form with basic data. The second step is providing more information, not only on you but also on the features of your demo. For example, you can choose your test platform and the amount of virtual money you want to be added to the demo. You can also choose some other features like fixed spreads and leverage. However, if you choose any of the MetaTrader platforms, you will also have to finish additional verification process.
We appreciate the fact that OctaFX added a free demo account to their portfolio, however, it can be a little bit complicated to figure all the steps, especially if you are a newcomer to the trading scene.
Tip: Consider IQ Option South Africa instead – the best regulated broker for South African traders with a minimum deposit of only $10!
OctaFX Trading Platform
As it can be seen on the accounts overviews, there are three different trading platforms. Traders can’t switch between platforms but must stick to one dedicated to their account type. The platforms are:
OctaFX MetaTrader 4
This platform is among the most popular in the industry, and traders who already have some experience have probably encountered it before. It supports expert advisors, custom indicators, customizable charts, CFDs trading, crypto trading, 9 timeframes and comes as web-based or desktop based.
Octa FX MetaTrader 5
This popular version of MetaTrader comes with a deposit of $500. It offers stop limit orders, has integrated economic calendar and one-click trading tools. Traders can enjoy 21 timeframes and a highly customizable trading platform.
ECN accounts are available with cTrader platform that offers level II quotes. Also, you can experience advanced chart trading, 26 timeframes, and one-click trading. Also, this platform can be easily accessed without any apps, directly from the mobile browser.
OctaFX Mobile Trading
OctaFX offers three platforms, but only one platform is accessible directly from the mobile browser – cTrader. Metatrader 4 and Metatrader 5 require you to download special apps. Even though this is not the most convenient solution, MetaTrader apps are so popular that traders don’t mind this. OctaFX south African traders can either download the app, or decide on another broker.
OctaFX review must state how this broker offers copy trading as well. Copy trading is type of trading where traders can copy trades placed by more successful traders. Unfortunately, in this case, traders must pay to copy trades. There is either a fixed fee or a revenue share. Also, some traders who are promoting their trades can offer you a 7-day trial. But even if you decide to use free trials to copy trades, you won’t be able to do it in the long run.
OctaFX customer support relies heavily on live chat. Traders can choose live chats for several specific countries: Indonesia, Malaysia, China, India, and Pakistan. Also, you can talk to customer support in English, and there are also some specific categories of support depending on the issue. For example, if you need to verify your account, you have to select that specific category in the live chat. This allows traders to connect with the department they need. We did not receive any complaints about OctaFX scam.
OctaFX doesn’t charge any fees for deposits or withdrawals, but that doesn’t mean there are no additional commissions that can add up before you realize.
The fees are as follows:
- Swap fee for trading on MT4 accounts
- Fee for opened positions during weekend on ECN account
- Fee for opening and closing positions on ECN accounts
- Fee for keeping positions opened for longer than 3 days on MT5 account
OctaFX offers up to 50% bonus for every deposit. Traders can choose whether they want a 10%, 30% or 50% bonus. It is important to know how bonuses don’t add up. When it comes to withdrawals, every bonus stands for itself, so you have to fulfil trading conditions for the first bonus before you even think of withdrawing the second bonus. You can have more than one bonus at the time. The required trading volume is the bonus amount divided by 2. So, if you had $100 bonus, you have to trade 50 lots before a withdrawal.
OctaFX also organizes different competitions for traders. You can win great prizes, sometimes even a car! Contests are usually organized by platform type, so you won’t be able to enter all of them. However, we find concerning that there are no terms and conditions for every contest. Traders should never enter a promotion or a competition they don’t fully understand or don’t have all T&C in written before they even enter.
OctaFX review also showed how this broker is organizing many competitions and contests with great prizes. Some are related to a specific platform, while some are limited to a certain account type. We were trying to find specific terms and conditions for every contest, but failed to do so. Traders should always know all terms and conditions before they participate in a contest. The lack of this document is something that raises a concern.
OctaFX is owned by Octa Markets Incorporated.