|Rating||86 % 14 %|
|Trading software||MetaTrader4, MetaTrader5 for Android/iPhone, cTrader, cTrader WEB, cAlgo|
|Headquartered||Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines|
Is OctaFX scam or legit? OctaFX is a trusted global broker that offers a user-friendly platform, and a wide selection of tradable instruments. OctaFX acts in full compliance with international legislation and regulation standards and guarantees fund security and negative balance protection to their clients.
The five OctaFX benefits
This is why we rank OctaFX as the best Forex broker.
Security. They provide you with a prosperous environment by utilizing the tightest spreads in the industry, providing top market conditions and fixed-rated exchange rates (in some cases). OctaFX also offers negative balance protection, the industry’s lowest minimum deposit, no slippage or delays, no swaps, maximum leverage of 1:500, and does not make commission from deposits or withdrawals.
Convenience. OctaFX grants local deposit and withdrawal options. Their customer support speaks your language, so it should come as no surprise that they work with local banks and transfer services that enable you to make deposits and withdrawals seamlessly.
Peace of Mind. Take comfort in knowing that OctaFX has won many awards from several Forex focused publishers, including an accolade naming them the top broker in Asia.
Profit potential. OctaFX offers some of the most famous and most lucrative contests. Whether it's for IBs, traders, or demo users, people have been winning huge prizes, like brand new cars, just by trading. There are even weekly random drawings for scooters. They provide a standard 50% deposit bonus, which sometimes climbs to 100% during special events or holidays.
Rewards. OctaFX has two unique programs. A free status program, which unlocks a bevy of benefit like even lower spreads, faster withdrawals, and invitations to VIP events. Additionally, you’re awarded incredible gifts just by trading, like MacBooks, and all for free.
This OctaFX Forex broker review is meant to help guide those unsure of how to navigate the murky Forex waters. Should you focus on who has the best Forex app or which broker offers the best copy trade platform? When searching for a Forex broker that is right for you, you need to consider several factors, like: Are they trustworthy and reliable, what are their fees, how is their platform, do they offer mobile trading, how is their customer service, do they have copy trading services. In this case, we will examine OctaFX. Is OctaFX a scam? No, absolutely not.
OctaFX has been in the market for years, servicing clients worldwide, but mainly those residing in Asia. They're embedded deep within the fabric of society in countries they work with through charitable initiatives. There is not a single Forex broker that can claim to be more reliable or trustworthy than OctaFX.
OctaFX has taken home over 35 awards! Most notably, OctaFX was named the Best Forex Broker in Asia (2020), meaning that they are the best Forex broker in India, Malaysia, Indonesia, Pakistan, and elsewhere! To top it off, the best Forex app belongs to OctaFX as well, claiming that award back in 2018 when European CEO Magazine bestowed upon them that honor. These awards not only signify their respectability, but they denote an opportunity for potential clients to seek refuge with OctaFX and earn more.
OctaFX is an umbrella brand used by two independent broker entities.Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the Cyprus Securities and Exchange Commission (CySEC) using the domainOctaFX.eu. This enables users to trade with a broker under European regulatory oversight with enhanced levels of safeguards.TheOctaFX.comwebsite is registered under Octa Markets Incorporated established in St. Vincent and the Grenadines which permits its clients to take advantage of higher leverage and bonus promotions.
OctaFX Mobile App
A mobile version is available via the app store, free of charge. In 2019, Europe CEO Magazine awarded OctaFX for the Best Mobile Trading App. The app can used the same way as on desktop. You can modify your leverage, track your contest statistics, make money transfers, activate bonuses, and more. The user interface made the experience fun and easy to maneuver. The app supports nine languages in total.
Whether you live in India, Indonesia or Pakistan, rest assured that OctaFX has you covered with daily expert trading advice along with educational insight.
OctaFX regularly holds webinars which are beneficial for those new to Forex trading and are determined to make a career out of it. While learning on your own is admirable, OctaFX works with big names in the industry and connects with their base through different mediums.
Several platforms offer services allowing newbies to copy professional traders. OctaFX’s program works in a similar way. In fact, according to Forex-Awards OctaFX is the ‘Best Copy Trading Platform 2020’. What makes OctaFX’s copy trading platform rise above the rest is the care they put into it.
Of course you can sort through thousands of Master Traders through the category that appeals to you most and read what they have to say about their trading strategies, but OctaFX goes a step further. They have in-house experts that closely monitor Master Trader’s and make sure they’re not engaging in risky trading behavior or misleading copiers.
OctaFX has first-class customer service, something other brokers could boast about. A representative is available to you 24/7 and they speak your language. When you consider how many countries OctaFX services, then it becomes even more impressive. Peace of mind may be the most underrated benefit, yet when you need an issue resolved, regardless of the time, OctaFX is there.
OctaFX offers ultra tight spreads. The quotes at OctaFX are quoted at up to 5 decimal places and start from as low as zero pips for their ECN accounts. There are no commission charges applicable for trades with OctaFX.
Instrument Spreads (in pips):
EUR/USD Minimum 0.4 pips
GBP/USD Minimum 0.5 pips
AUD/USD Minimum 0.6 pips
USD/CHF Minimum 0.4 pips
EUR/JPY Minimum 0.6 pips
GBP/JPY Minimum 0.7 pips
NZD/USD Minimum 0.6 pips
OctaFX Trading Information 2021
|Address||Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines|
|Headquarters||St. Vincent and the Grenadines|
|24 hour support|
|Sponsorship contests, competitions|
|1st deposit bonus|
|24 hour trading|
|Digits after the dot in quotes||5|
|Minimum position size||0.01|
|Pip spread on majors||0.3-0.7|
|Standard account, $||50|
|Mini account, $||5|
|Popular payment methods||Credit Cards, Wire Transfer, Skrill, FasaPay, Neteller, Local banks|
|Account currencies||EUR, USD|
|Available assets||Gold, Silver, Crypto, Indices|
|Languages||English, Indonesian, Chinese, Portuguese, Spanish, Bahasa Malaysia, Hindi, Bengali, Urdu, Vietnamese, German|
|Platforms||MetaTrader4, MetaTrader5 for Android/iPhone, cTrader, cTrader WEB, cAlgo|
|Copy Trading Brokers|
|Bitcoin Forex Brokers|
OctaFX Reviews and Comments
From last 2 months facing software problem (Open of same Pair always) in OctaFX Mobile App, forwarded many many complaints to Suport & Live Chat but…
Mur Khan 6 May 2021 Reply
I have also place my withdrawal request having no. W2719801 on 3 aril 2021 but till date now funds have been sent to me and every time they say it is in process.so kindly look into it.
Krishna Kant 3 May 2021 Reply
Dear Krishna Kant,
We regret to see you didn’t contact our Customer Support team first as they would have updated you on your payment quicker. Looking into your review, we’ve found that it’s been completed, and your funds should be in your bank account now. If you haven’t received them yet, or have questions, please contact our team directly, and they will be more than happy to help.
Please note that our Financial Department is doing its best to process all payment requests within a few hours, but we ask you to allow up to 24 hours for bank transactions. It could also take up to one business day for a completed payment to be displayed in your account. We also couldn’t help but notice that you left this message the same day as you placed a withdrawal. That said, we want to ask you to contact our team first next time if you need to get updates on your payment. They will inform you way faster than if you let us know here as it takes more time for us to get back to messages on forums.
We wish to remind you that our team is always here whenever you need assistance, so please don’t hesitate to contact us directly.
OctaFX (Official) 5 May 2021 Thanks a lot for your reply and I have received my funds. Good trading platform.
Krishna kant 5 May 2021
I’m kinda confused and i need ur help on it. I actually make a withdraw on my Octafx wallet since Friday night till today Sunday have not seen any payment in my bank account and my wallet have been cleared.
Alao Michael 2 May 2021 Reply
Dear Alao Michael,
Before we go on, we wish to point out that we addressed your question in our previous reply to you here. Please, look into it if you haven’t yet. Let us remind you that your withdrawal request has been completed, and your funds should be already in your bank account. But if you haven’t received them, please contact us directly with your recent bank statement, and our team will be happy to check it. Once again, we want to inform you that our Financial Department is not available on weekends, and if you place a withdrawal on Friday, which you, in fact, did, it could be processed the next business day, that is on Monday. We also ask our customers to allow up to 24 hours for a completed payment to be displayed in a bank account.
We understand that waiting could be frustrating, and that’s why we encourage you to get in touch with our team first. They will be happy to help you right away, and it will be much faster than if you let us know here. Our team is always here to help, so please, whenever needed, reach out to them, and they would love to assist you.
OctaFX (Official) 5 May 2021
I can’t deposit my money. I have tried up to 5 times but to no avail. Fix this.
Michael Eluemunor 2 May 2021 Reply
Dear Michael Eluemunor,
We regret you’re having trouble depositing your funds. Unfortunately, we couldn’t look into your review since you didn’t provide your OctaFX account information. Please contact us directly, and our team will be more than happy to look into what went wrong and find a solution that will work for you.
Please note that there could be various reasons why your payment gets canceled, and in such cases, we need to know your account number and the exact error message to understand what seems to be the problem. If you’re getting a payment issue, we encourage you to contact our team right away. They would love to look into the matter and help you resolve it as soon as possible.
We’re looking forward to hearing from you, so please message us anytime soon.
OctaFX (Official) 5 May 2021
Withdraw ID; W2713331. I actually make a withdraw from my octafx wallet on 30th of Friday and this is 2nd on Sunday I never receive payment of money in my account and my wallet have been clear.
Alao Michael 1 May 2021 Reply
Dear Alao Michael,
We regret that you decided to leave a message on this forum instead of reaching out to our team directly first, as they certainly would have updated you on your withdrawal status faster. Looking into your review, we’ve found that it’s been completed, and we hope you have received your funds by now. If not, or have questions, please contact our team straight away, and they will be happy to assist you.
Please note that our Financial Department is trying their best to ensure all payments are processed within 24 hours. However, in rare cases, certain holdups are possible. And if you place withdrawal on Friday, especially in the second part of the day, most likely it will be processed on Monday as our Financial Department is not available on weekends. We also ask to allow up to 24 hours for a completed payment to be displayed in your bank account.
We sincerely hope that the issue is resolved by now, but please message us anytime if needed. We’ll be more than happy to help.
OctaFX (Official) 5 May 2021
I wanted to open account in OctaFx but here so many complaints, now I am confused for open account.
Ajmal 24 Apr 2021 Reply
Thank you for reaching out to us and sharing your concerns. Please note that we receive both positive and negative feedback from our customers, and we try our best to look into every review and help as much as we can. In fact, we really appreciate it that our traders take the time to share their feedback with us, as their suggestions and recommendations help us make our apps better and improve our clients’ experience. Though, as you mention, some of these messages could address certain issues and negatively connotate them. You can rest assured that we handle them with the utmost care and priority.
If you’re interested in learning more about OctaFX and our advantages as a Forex broker, we highly encourage you to get in touch with our team directly. They’re always here to help and will gladly introduce you to our services and help you get started. We strongly believe that we’ve managed to build highly competitive trading services for over 9 years that we’ve been on the market, and it’s accessible for everyone who wants to become a part of the Forex community and achieve their goals.
We’re looking forward to seeing you on our live chat, so please message us anytime.
OctaFX (Official) 30 April 2021 If you really know how to trade just go ahead.
Akbar Ali 29 Apr 2021
I have two withdrawals pending w2626659 and w2658753. those are 153$ and 980$. still not credited. they are simply saying wait. but we have some other plans too.
Peer 22 Apr 2021 Reply
We regret that you haven’t contacted our Customer Support team first as they surely would have updated you on your withdrawals quicker. After checking your review with our team, we’ve found that your first request, W2626659, was completed on April 23. And our Financial Department asked you to resubmit the second one, W2658753, into two separate requests, which you did, and they were completed on the same day, April 23. We sincerely hope you have received your funds by now, but if not or have questions, please contact us directly, and our team will be more than happy to help and look into the issue.
We wish to apologize that these payment requests took longer than you expected and for all the inconvenience this could have caused. Please understand that our Financial Department is really doing their best to ensure that all payment requests don’t exceed 24 hours. However, in exceptional cases, certain transactions could take longer, and for such occasions, we ask you to allow us extra time. And please don’t forget that it may take up to 24 hours for a completed payment to be reflected in your bank account.
We hope we managed to address your questions, but if anything, please message us anytime.
Our team is always here to assist you.
OctaFX (Official) 28 April 2021
I placed wIthdrawal request on 16th Apr request id is W2620586 but still it is pending. every time I contacted support team they are telling funds been sent to bank and waiting for bank approval. I could see many people are suffering from withdrawal issues. There are chances our money is being used somewhere else as there is no proof of real transfer request this could be a big scam. The bank says they never received a request and this guys say they have processed our withdrawal request. And they dust out there are is huge count of similar issues guys we need to spread this and not let other loose hard earned money.
Madhusudhan Reddy 21 Apr 2021 Reply
Dear Madhusudhan Reddy,
Thank you for sharing your experience at OctaFX with us. We regret that your withdrawal request took longer than you expected. Looking into your review, we’ve found that the bank canceled it due to invalid payment details in the first place. Our team has emailed you right after asking you to resubmit it with the correct information. We hope you have received this message and already placed another withdrawal. Once it’s in progress, our Financial Department will process it as soon as possible. If you have any questions, please contact us directly as our team is always here for you, and they will be more than happy to help.
We wish to remind you that it’s crucial to carefully check your payment details before submitting a withdrawal request. Unfortunately, inaccurate data may cause payment delays and cancelation on the bank side. We also want to inform you that the processing times for bank payments could be increased in cases of a heavy workload. On such occasions, we ask you to allow our Financial Department extra time for processing. If you notice that your payment is taking longer, please get in touch with us right away, and our team will be happy to assist you and provide the latest updates.
Don’t forget that we’re always here to help, so please reach out whenever needed.
OctaFX (Official) 28 April 2021
I placed wIthdrawal request on 13th Apr request id is 2594354 but still it is pending. every time I contacted support team they are telling funds been sent to bank and waiting for bank approval.
Pratibha 15 Apr 2021 Reply
Thank you for taking the time to share your concerns with us. We deeply regret that your withdrawal request took longer than you expected. After looking into your review, we’ve found that it was successfully processed on April 15, but please allow up to 24 hours for a completed payment to be displayed in your account. In case you haven’t received your funds yet, please contact our team with your recent bank statement, and they will be happy to look into it and help.
We also want to ask our customers to directly contact our Customer Support team whenever they have any questions before writing a review on forums. Our team is always here to help, and they will be happy to assist you faster than if you leave a message here.
We really appreciate your feedback and support, so please don’t hesitate to message us anytime.
OctaFX (Official) 19 April 2021
I placed wIthdrawal request on 5th Apr but still it is pending. every time I contacted support team they are telling funds been sent to bank and waiting for bank approval.
Baz 14 Apr 2021 Reply
We regret to see that you haven’t contacted our team first as they surely would have helped you with the issue quicker. Looking into your review, we couldn’t identify you on our system since you didn’t provide your OctaFX account information. That said, we wish to encourage you to reach out to us directly, and our team will be more than happy to help you out.
Please note that our Financial Department is trying really hard to ensure that all payment requests don’t exceed 24 hours. However, in rare cases, certain delays with bank transactions could be possible, especially when our team handles a high number of requests. If your payment is taking longer than you expect, we encourage you to contact our team directly. They’re always here to help and would love to look into it immediately and update you with the latest.
We’re looking forward to hearing from you soon.
OctaFX (Official) 19 April 2021 All OctaFX Reviews