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4.12
/ 5
Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC and SVG FSA.
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OctaFX will be a difficult choice for many South African traders. On the one hand, it has very low trading costs, charges no fees for deposits and withdrawals, and has a great copy trading service.
On the other hand, OctaFX is essentially unregulated in South Africa and has a very limited range of instruments to trade compared to other brokers: 32 Forex pairs, 5 commodities, 10 indices, and 30 cryptocurrencies.
If you can look past these issues, you will find a low-cost broker with a fairly standard setup: Two accounts with minimum deposits of 100 USD, a slick mobile app, and a good range of trading tools. OctaFX also heavily promotes its wide range of bonuses and it can offer leverage of 1:500 on Forex pairs.
| 🏦 Min. Deposit | USD 50 |
| 🛡️ Regulated By | CySEC, Fi, FSA-St-Vincent |
| 💵 Trading Cost | USD 7 |
| ⚖️ Max. Leverage | 500:1 |
| 💹 Copy Trading | Yes |
| 🖥️ Platforms | MT4, MT5 |
| 💱 Instruments | Forex, Indices, Commodities, Metals, Cryptocurrencies |
We consider OctaFX to be a high-risk broker because South African traders have no recourse in the event of a dispute with the company.
No FSCA Regulation: OctaFX has a good reputation, but it is not regulated by the South African FSCA, and is only regulated by a single tier 2 regulator: CySEC in Europe. Even more concerning, South African residents will be trading under the subsidiary Octa Markets Incorporated which is registered with St. Vincent and Grenadines FSA. The SVG FSA is not a regulator and does not supervise trading or protect traders.
On the other hand, OctaFX does have a good reputation and its European operations are overseen by one of the better regulators in Cyprus. But South African clients must rely solely on the reputation of OctFX as no additional measures exist to ensure client protection.
Safety Features: In a show of good faith, OctaFX segregates all funds from the company’s operating capital, and offers negative balance protection to all its clients. No regulatory oversight also means that OctaFX can offer higher leverage and bonuses to South African traders, which may be attractive to some.
Company Details:
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Website Year Founded Office Locations Additional Fees
We were dissatisfied with OctaFX’s instrument range, especially the complete lack of stocks and a low number of currency pairs.
High Leverage: OctaFX does have 30 cryptocurrencies to trade at 25:1 leverage. This isn’t the largest selection in the world, but it is a wider selection than most other brokers. Leverage is up to 500:1 for Forex trading.
Full list of Instruments:
Scroll for more details Financial Instrument Number of Assets Leverage Commodities550:1Cryptocurrencies3025:1Forex32500:1Indices1050:1Metals250:1
Overall, OctaFX has fewer instruments to trade than most other brokers, which may leave some traders dissatisfied.
OctaFX has two trading accounts with very low costs, but we found the rules on leverage restrictive. Each account is linked to a different trading platform but is otherwise similar.
Trading Fees: Both of OctaFX’s accounts require a minimum deposit of only 100 USD and each account is associated with a different trading platform (MT4 or MT5). Fees are the same on both accounts.
Account Trading Costs:
Scroll for more details Trading account Min. Deposit Min. Spread EUR/USD Commission Trading Cost (USD) MT4USD 1000.70Spread Only7MT5USD 1000.70Spread Only7
Trading costs at other brokers tend to be 9 USD per lot of EUR/USD, making OctaFX one of the lowest-cost brokers in the industry.
MT4 Account: The MT4 Account requires a minimum deposit of 100 USD, and no commission is charged on trades. Spreads average at 0.7 pips, tighter than other similar brokers. Leverage is up to 500:1 for Forex trading, and the margin call/stop out is 25%/15%. Metals, indices, and cryptocurrencies are also available to trade. Swaps are charged every night a position is held open.
MT5 Account: The minimum deposit is also 100 USD on the MT5 Account. Spreads average at 0.7 pips on the EUR/USD, and no commissions are charged. The MT5 trading platform has some extra features, including depth of market, an integrated economic calendar, and full-size tick charts. The other difference is that swaps only apply from the third night a position is held open.
Leverage Restrictions: OctaFX has a couple of odd rules on leverage: Traders can only modify their leverage levels once every 24 hours and the following leverage restrictions apply to all deposits:
We were impressed to find that OctaFX offers a good range of funding methods, and deposits and withdrawals are free and fast.
Like most brokers, OctaFX does not allow funding to or from third parties. All withdrawal requests from a trading account must go to a funding source in the trader’s name.
Accepted Deposit Currencies: South Africans will be disappointed that OctaFX only allows trading accounts to be denominated in EUR and USD. Always check the exchange rate when converting from ZAR to other currencies as hidden conversion fees can make trading expensive and affect profitability.
Funding Methods: OctaFX does not charge any deposit or withdrawal fees. See below for a list of methods:
OctaFX also has its own trading management app that integrates well with both the MT4 and MT5 apps, but we were disappointed that this is only available on Android devices.
While you can’t trade with the OctaFX Trading App – you will need to have the MT4 or MT5 app installed for that – it is a functional trading management app with a slick and easy-to-use layout. But we have a lot of iPhone users on our team, so we were particularly annoyed that the app was only available on Android.
Account Management: After downloading the app we found it easy to open new real and demo accounts, manage our leverage, and deposit and withdraw funds. Switching to the MT4 app to access our trading account was a simple and quick process.
Trader Tools: Useful tools include the Market Insight tab, a feed of market news and trading ideas from reliable news sources, and a profit calculator. It also features a market monitor so we could keep tabs on our favourite trading instruments. None of these tools are ground-breaking, but they all worked as expected and the profit calculator took into account the different swap rates on MT4 or MT5.
Customer Support: Support was available 24/5 from inside the app. We found the customer support team helpful and responsive.
The app also lets you manage any bonuses or contest accounts you have open with OctaFX. Overall, we liked how user-friendly the app is, and its simple design will appeal to beginner traders.
The MT4 and MT5 trading platforms are available on both Android and iOS mobile devices and tablets. There is some loss in functionality when compared to the desktop versions of these trading platforms, including reduced timeframes and fewer charting options.
Overall, OctaFX’s mobile trading support is good when compared to other brokers, with the MT4 and MT5 mobile versions available, in addition to the OctaFX trading app. However, OctaFX’s trading app is only available on Android devices.
OctaFX recently discontinued its support for cTrader, one of our favourite trading platforms. But with MT4 and MT5, OctaFX still has good platform options. OctaFX also has one of the best copy trading platforms in the industry.
The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browser.
Overall, OctaFX’s platform support is about average when compared to other brokers. Additionally, MT4 and MT5 are generally more difficult to set up and are less user-friendly than the web-based platforms available at some other brokers.
OctaFX also offers a copy trading platform free for all accounts, allowing beginners to copy the trades of more experienced, successful traders for a small fee per traded lot. Beginners simply find the Strategy Providers they want to follow and click “Copy.” Their positions will be copied automatically. The copy trading service is also user-friendly and well-designed. This function is also available through the mobile app.
Platform Overview
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OctaFX runs several promotional schemes for clients – some of which you don’t even have to spend any money to benefit from:
50% Deposit Bonus
OctaFX offers a deposit bonus scheme (up to 50% of your deposit) though withdrawing the bonus is conditional on trading activity, using the following formula:
Demo Contests
OctaFX runs demo account contests on the MT4 platform. The demo contest runs for 4 weeks and the participant with the largest demo account balance at the end of the period will win 500 USD, with smaller prizes for the rest of the top five.
OctaFX 16 Cars Competition
In order to enter this contest, traders must open an MT4 account and denominate it as their contest account. Traders then have to make the highest possible profit and traded volume with the best profit/loss ratio. The closer traders are to the top in these three categories, the higher their chances of winning.
Trade & Win: Get Gadgets for Trading
The Trade & Win promotion gives traders free prizes and gadgets based on their trading volume. For instance, if you have traded 150 lots with OctaFX you may be eligible for an Android smartwatch. Other prizes include phones and even laptops.
The account opening process at OctaFX is hassle-free and fully digital and accounts are ready for trading immediately. Account verification is only required for withdrawals.
All South African residents are eligible to open an account at OctaFX if they meet the minimum deposit requirements stipulated by the deposit method they choose.
Creating an account is straightforward, the process is fully digital, and accounts are available for trading immediately:
New traders will have to click on the “Open Account” button at the top of the page where they will be directed to register an account.
Overall, OctaFx’s account-opening process is fully digital and hassle-free, and accounts are available for trading immediately.
OctaFX has a greater range of useful trading tools than other similar brokers.
Alongside industry standards such as an Economic Calendar, Profit, and Trading Calculators, OctaFX also offers an Account Monitoring tool and Autochartist.
Trading Tools Comparison:
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Overall, OctaFX offers a good range of trading tools, including Autochartist, one of the best technical analysis tools in the industry.
The educational material at OctaFX and its alternative website is good but focused on new traders; for more experienced traders there is little in the way of educational support. Customer support is competitive but where OctaFX really shines is in the research and market analysis available.
The educational materials available at OctaFX are more comprehensive and in-depth than what is available at other brokers, but it is more geared toward beginners than experienced traders.
Trading Tiger Academy: OctaFX launched tradingtiger.pro, an online trading academy for new traders. The site features a range of short tutorials covering everything you need to know to get started – from Forex Fundamentals to Predicting the Market. Each tutorial is a mix of video and text and is well-packaged and easy to understand; learners are tested frequently on the material and the entire website is free of charge. Overall, an excellent resource for beginners traders and we hope OctaFX considers expanding it to include intermediate and advanced courses and brings the course in-house.
Forex Basics: Back on OctaFX’s main website, the in-house education section is anchored by a collection of articles collectively called Forex Basics. Article topics range from explainers on ECN trading and Risk Management to Technical Analysis and Trading Strategies as well as more advanced concepts such as Pair Correlations and Fibonacci Retracements. These articles are detailed and well-written and offer valuable advice for new and intermediate traders.
OctaFX is also very active on YouTube, with a range of live trading sessions and webinars taking place on a regular basis. In addition, a workshop for novice traders is held every Saturday.
Tutorials: Also on the main site, there is a short Tutorial section covering the MetaTrader platforms, CopyTrading, Autochartist, and CFDs, and a Video Tutorial section focused on getting started with MetaTrader. Finally, there is a FAQ section and a useful glossary of Forex trading terms. The education section also has links to the Manuals for the different platforms OctaFX supports (MT4 ad MT5).
Overall, OctaFX’s educational materials are some of the best in the industry, but it could look at including content that is more suitable for advanced traders.
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Like its education section, the market analysis materials available at OctaFX are better than most other brokers.
Market Insights: OctaFX has an excellent Market Insights section which is updated frequently. Regular posts include a Daily Forecast, a Daily Review, and Weekly Review. These posts frequently offer predictions of future market movements – but be cautious and do your own research before acting on any predictions.
OctaFX YouTube Channel: The Market Insights section also has a daily video series, uploaded to the OctaFX YouTube channel, called Market in a Minute, which covers all the big news from the Forex markets for the preceding trading day. In addition to all these regular updates, there are irregular short pieces published in reaction to trading events with detailed technical insight.
Forex News: OctaFX also hosts a Forex News section, with short briefings on all the major news stories affecting the Forex markets, this is updated over the weekend and the articles are well-written and concise. These briefings are offered without any suggestion of how the events will affect the markets.
OctaFX customer support is open 24/7 via live chat, and 24/5 via phone (with local numbers for the UK, Hong Kong, and Indonesia), email, WhatsApp, and Telegram.
Additionally, the Finance Department is open from 06:00 – 22:00 (EET) and the customer verification department is open from 08:00 – 17:00 (EET) for account setup and troubleshooting queries.
We found the support team very responsive, but uninformed. It was difficult to find answers to our questions about the swap fees of the MT5 account.
Regulation: OctaFX is regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered with the Financial Services Authority of St Vincent and the Grenadines (SVG FSA):
The company was briefly regulated by the FCA (the UK’s Financial Conduct Authority) from 2015 to 2017 (ref: 679306) but decided not to renew its licence after the Brexit referendum and instead kept its focus on the EU market.
Industry Recognition: OctaFX has received plenty of industry recognition in recent years, winning Best ECN broker 2021 (World Finance), Decade of Excellence in Forex Asia 2021 (Global Banking and Finance Review), Best Forex Broker Asia 2021 (Global Banking and Finance Review), Most Transparent Broker 2020 (Forex Awards), Best Forex Broker APAC 2019 (Global Banking & Finance Review), and Best Mobile Trading App 2019 (European CEO Magazine).
Our sister site FXScouts also awarded OctaFX Best Forex Copy Trading Platform 2020 for its innovative approach to copy trading.
We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.
Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. OctaFX would like you to know that: Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, acts of nature and other factors, all of which may substantially affect the price or availability of one or more foreign currencies.
OctaFX is a decent all-around broker with several glaring problems. The first is the lack of decent regulation, which for many traders will mean an immediate end to their interest. Second, is OctaFX’s refusal to accept bank transfers for funding – we know that cryptocurrency is popular these days but for anyone without a well-maintained crypto account, this will be a hassle. Finally, OctaFX has a very limited number of tradable assets and no stock CFDs at all.
Otherwise, OctaFX is good or excellent across many areas. OctaFX’s trading costs are some of the lowest in the industry. Its intuitive yet sophisticated copy trading platform was the recipient of our Best Copy Trading Award for 2021. It has an excellent analytical section, well-designed education for beginners, world-class trading tools, and a range of exciting bonus options for South African traders. Additionally, its customer support is available 24/7, which is exceptional in an industry where the norm is 24/5.
Accepts South African Clients. Average spread EUR/USD 0.70 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 platforms supported. OctaFX is regulated by CySEC and SVG FSA.
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