Octafx Review

Regulation - 4/10

Octa Markets LTD trading as Octafx is not regulated by the CBN instead their activities in Nigeria are regulated by the Mwali International Services Authority (MISA).

Octafx Issues with Nigerian Government

On February 2024, the Nigerian government blocked the website of Octafx to prevent traders from speculating on currencies which the government blamed for the loss of value of the naira at the time.

However, Octafx has other websites and their mobile app is still on online stores.

it is not clear if the issues with the Nigerian government have been resolved, but this has not stopped traders in Nigeria from using Octafx.

Account Types - 5/10

1. MT5 Standard Account

This account is a spread-only (zero commission) account that works only on the MT5 platform. It also comes with a demo version

On the MT5 Account you can trade up to 277 instruments without any restriction.

2. OctaTrader Standard Account

This is another spread-only (zero commission) account type but it works only on the octafx mobile app and web trader. It also comes with a demo version

On the OctaTrader Account you can only trade 80 instruments excluding stocks.

Account Management - 6/10

Octafx Account Currency

Octafx does not have Naira Account currency; all trading accounts are set to USD currency by default.

Online Wallet

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.

OctafxAccount Leverage

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

Margin Call & Stop Out

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

Negative Balance Protection

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.

Funding & Withdrawal - 5/10

Octafx Minimum Deposit

Octafx minimum deposit is $25 or N33,000 on all their account types. You also get a 50% bonus on your first deposit.

Octafx Minimum Withdrawal

Octafx minimum withdrawal is NGN 3,000 and your withdrawal requests should be sent in early so that they can be processed same day.

Octafx Withdrawal Time

Octafx withdrawals are instant when you are using bank transfer, cards or ewallets. Crypto withdrawals can take up to 24 hours.

Octafx Funding Methods

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

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.

Octafx Fees - 8/10

1. Spread

Octafx spreads start from 0.5 pips on both MT5 and OctaTrader Accounts.

2. Commissions

Octafx does not charge commissions on trades.

3. Overnight Fees

Octafx does not charge overnight swap fees on trades.

4. Inactivity Fees

Octafx does not charge inactivity fees on dormant accounts.

5. Currency Conversion Fees

Octafx does not offer NGN account currency, so any deposits/withdrawals in NGN will attract a currency conversion fee.

Octafx Tools - 8/10

1. Trading Calculator

This tool helps you calculate the required margin for a trade, the value of 1 pip and the fees for the trade.

2. Live Quotes

This tool shows you how bid/ask price change in real time so you can be sure there is no manipulation going on.

3. Account Monitoring Tool

this tools analyzes your trading account and displays a summary of your performance, losses, profits, etc. This will help you determine if you are a profitable trader & where you need to improve.

4. Interest Rate Tool

This tool shows you the central bank interest rate for each country and is important if you are into carry trades.

5. Trading Holiday Tool

This tool shows you dates of upcoming public holidays that affect banks in different countries.

6. Economic Calendar Tool

The Octafx economic calendar shows you dates of upcoming news releases such as NFP, CPI etc. and you can set the calendar time to different time zones.

7. Octafx Copy Trading

You can copy trades of master traders at Octafx and the Octafx fee is 0.2 pips while the master trader sets his own fee and minimum deposit.

Copy trading leverage comes at 1:500 leverage but you can contact Octafx to change it.

Octafx does not limit the number of master traders you can copy, so you can copy as many of them as you like.

Platforms - 7/10

1. MT4/5

Octafx MT4 & MT5 trading platform is available on web, mobile and desktop. With MT5 you can trade several asset classes including crypto, stocks & ETFs.

2. OctaTrader

OctaTrader is a proprietary wen and mobile trading platform developed by Octafx and on it, you can trade all Octafx assets except stocks.

Customer Support - 9/10

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 - 6.2/10

Octafx is one of the best forex brokers for beginners but they are high risk because they are not regulated by well-known financial market regulators.