Octafx Review

Reputation & Trust - 2/10

Versustrategy Inc. (trading as Octafx) is a high-risk forex broker because there is no regulation information displayed on their website. What is on their website is simply a business registration number in Saint Lucia which is in no way a form of regulation.

Account Types - 4/10

All Octafx accounts are spread-only meaning they do not charge commissions. You can opt for an MT4, MT5 or Octa Trader account type.

Traders seeking raw spread ECN accounts will need to look elsewhere, because Octafx does not offer these.

There is a lack of variety of Octafx accounts, all the accounts they offer have the same spread; so there is really no incentive to go for one over the other at least from the perspective of pricing.

Nigerian traders will be disappointed that Octafx does not have Naira Account currency; all trading accounts are set to USD currency by default.

Risk Management - 6/10

Octafx creates an online wallet for you after you register with them, and this wallet acts as a central savings account from where you can perform internal transfers to your trading accounts.

Octafx offers leverage up to 1:1000 and you can always edit your leverage from your client area.

At Octafx, Margin call comes when your margin level drops to 25% and stop out comes when margin level falls to 15%.

Octafx offers Negative Balance Protection, ensuring that your account balance never falls below zero. If the market moves sharply against you, this feature safeguards you from owing money to the broker, giving you peace of mind during unpredictable market conditions.

Payment Channels - 5/10

Octafx minimum deposit is $20 on all their account types. They also give bonuses on deposits made into your account.

Octafx minimum withdrawal is NGN 3,000

You can fund your Octafx account using Nigerian Bank Transfer, Skrill, Neteller, Cards & Crypto.

Octafx withdrawal time is instant when you are withdrawing to a local Nigerian bank. But, if you are withdrawing via cards, the withdrawal can take up to 2 weeks to reach your card.

Octafx does not support a wide range of payment methods, there is no USSD or even mobile money payment method supported. The minimum deposit is also high so we score Octafx a 5/10 for payment channels.

Trading & Non-Trading Fees - 8/10

Octafx only trading fee is the spread, which starts 0.6 pips. They don't charge commissions as they don't offer raw spread account types.

Overnight swaps are zero, as Octafx does not charge you for leaving a trade open till the next day. Inactivity fees are also zero.

Octafx Range of Markets - 4/10

You can trade about 300 different instruments at Octafx.

1. Forex

35 forex pairs (7 of them major) are available for trading with leverage up to 1:1000.

2. Commodities

5 commodities including XAU/USD are available for trading with up to 1:400 leverage.

3. Indices

10+ Indices (including NAS100) are on the menu with a leverage up to 1:400.

4. Stock CFDs

100+ CFDs on shares on US, EU, Australia, Singaporean companies are on offer for trading with up to 1:40 leverage.

Platforms - 6/10

Octafx does not have TradingView and cTrader and these are highly sought-after trading platforms today.

What you will get is the MT4 & MT5 platform plus a custom OctaTrader web terminal. Beginners should be okay with the Octafx platform offerings but experienced traders may need to look elsewhere.

Customer Support - 7/10

1. Live Chat

Octafx has a 24/7 live chat service where you can chat with an agent or bot to resolve issues. The agents respond in under 1 minute.

2. Email

There is a support email address on their website which you can send messages to if you need help resolving an issue.

3. Education

There is sufficient beginner education in the form of video tutorials and text articles.

Final Verdict - 5/10

Octafx is ideal for casual traders but tread carefully because their regulation is shady.