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Octa Review 2024 – Forex Broker ECN, Online Forex Trading, Stock Trading

octa review
author Written by
Rex John Walsh
author Fact checked by
Sangram Mohanta

Last Updated on June 10, 2024 by TOP FOREX BROKERS REVIEW

Score

96 /100
Good

Octa

Cyprus

5-10 years

Regulated in Cyprus

Market Making(MM)

AAA
AAA
96

Score

License Index 6.43
Business Index 7.63
Risk Management Index 9.99
Software Index 6.75
Regulatory Index 9.99

 

Joining the world of online forex trading is exciting, and finding the right broker is crucial. In this Octa review, we'll explore the offerings of a global broker that's been around since 2011. Formerly known as Octa (now rebranded as Octa), it has over 40 million trading accounts in 180 countries.

Octa stands out not just for commission-free trading but also for its commitment to positive impact. It's involved in various charitable projects, supporting education and local communities.

Awards matter and Octa has won over 60 awards, including 'Best Online Broker Global 2022' and 'Best Global Broker Asia 2022.' Now, let's dive into what makes Octa a go-to platform for traders worldwide.

Octa Review: Quick Summary

🏢 HeadquarterSaint Lucia
📆 Established2011
🗺️ RegulationCyseC, FSCA and MISA
🖥 PlatformsMetaTrader 4 and MetaTrader 5 and OctaTrader
📉 InstrumentsCurrency Pairs, Stock, Indices, Commodities, Crypto, Shares
💳 Minimum Deposit$25
💰 Deposit MethodsNeteller, Skrill, Litecoin, Dogecoin, Tether ERC-20, Ethereum, bitcoin, Mastercard and Bank Transfer
📱 Mobile TradingYes
🌍 Web TradingYes
💵 Octa Minimum Trade Size0.01 Lots
🎢 Octa Maximum LeverageUp to 1:1000
🌍 ECNNo
🤖 RobotsYes
🎯 ScalpingAllowed
☎ Customer Support24/7

Octa Review

Octa Regulations

Octa operates under various licenses in specific financial markets, allowing it to provide services in many EU countries, South Asia, the Asia Pacific region, and some Middle Eastern countries. However, it's important to keep in mind that Octa is currently not authorized to offer services in certain major regions, including the UK and the US.

Octa European branch, Octa Markets Cyprus, holds a valid license from the Cyprus Securities and Exchange Commission (CySEC) under license number 372/18, and it is officially registered with registration number HE359992. European clients accessing Octa.eu are covered under CySEC regulatory protection.

For international clients, Octa has a presence in Santa Lucia. The broker has also obtained a Comoros license, intending to transfer international clients under Comoros regulation to enhance their overall experience.

In South Africa, Octa collaborates with the intermediary Orinoco Capital, licensed by the Financial Sector Conduct Authority (FSCA) with license number 51913, holding a Category I FSP license. Orinoco Capital serves as a point of contact for South African clients, handling complaints and ensuring compliance with local regulations to protect clients' funds as mandated by South African legislation.

List of Important Financial Assets Available at Octa

List of Important Financial Assets Available at Octa

  • Forex
  • EURUSD, GBPUSD, GBPJPY, USDJPY, USDCHF, AUD/USD.
  • Stock Indices
  • AUS200, UK100, FRA40, JPN 225
  • GER30, ESP35, EUSTX50, US30
  • NAS100
  • SPX500
  • Cryptocurrencies
  • Bitcoin, Bitcoin Cash, Binance, Ethereum, Ethereum Classic, Polkadot, Litecoin, Solana, Dogecoin.
  • Metals/Commodities
  • Gold XAGUSD, Silver XAUUSD
  • CFDs on stocks
  • Apple, Google, Amazon, Tesla, Wallmart, Nvidia etc.
  • Energy
  • XBRUSD, XTIUSD, XNGUSD

OctaFX Account Types

Octa Account Types

When it comes to forex trading, having the right account is crucial. Octa provides three different account types to suit diverse trading preferences and needs. Let's explore each account type in detail.

OctaTrader Account

OctaTrader is the go-to choice for many traders, offering a spread Octa from just 0.6 pips. This account comes with a floating spread with markup, ensuring you get competitive rates. The best part? No trading commission, deposit fees, or withdrawal fees. With a minimum deposit of only $25 (recommended: $100), it's accessible for traders of all levels.

Dive into a diverse range of instruments, including 32 currency pairs, gold and silver, three energies, 10 indices, and 30 cryptocurrencies. Enjoy maximum leverage of 1:500 in Forex and attractive bonuses with a 50% deposit bonus. The OctaTrader account is designed for those who seek a seamless trading experience with enough flexibility.

MetaTrader 5 Account: Power and Versatility

For traders who crave a broader instrument selection, the MetaTrader 5 account with Octa is the answer. With spreads starting at 0.6 pips, this account mirrors OctaTrader in its fee structure — no trading commission, deposit fees, or withdrawal fees. A modest minimum deposit of $25 (recommended: $100) opens the door to a world of 252 instruments.

Explore 32 currency pairs, gold and silver, 3 energies, 10 indices, 30 cryptocurrencies, 149 stocks, and 26 intraday assets. The MetaTrader 5 account offers leverage up to 1:500 in Forex, extending to 1:20 for stocks. Offering a substantial 50% deposit bonus, it becomes a flexible option for traders looking to diversify their portfolios.

MetaTrader 4 Account: Time-Tested Excellence

For those who prefer the classic MetaTrader 4 experience, Octa trade has you covered. The MetaTrader 4 account features a spread from 0.6 pips, adhering to the same fee structure as the other accounts — no trading commission, deposit fees, or withdrawal fees. With a minimum deposit of $25 (recommended: $100), this account caters to both novice and experienced traders.

Access a comprehensive range of 71 instruments, including 32 currency pairs, gold and silver, 3 energies, 4 indices, and 30 cryptocurrencies. The MetaTrader 4 account maintains a maximum leverage of 1:500 in Forex and offers a 50% deposit bonus. With a maximum order size of 200 lots, it strikes a balance between power and simplicity, making it an enduring choice for traders.

Apart from these Octa real accounts, they also offers Islamic accounts for Muslim traders. Additionally, you can also open a demo account with them before taking any decision.

Octa Demo Account

The Octa demo account is your key to unlocking the world of trading without risking a dime. It's your Forex practice ground, allowing you to explore the intricacies of the trading platform and grasp the dynamics of the Forex market before diving into real investments.

Access the demo trading account without any deposit — it's a risk-free zone where you can hone your skills without spending real funds. The Octa demo account mirrors all the features of its real counterpart, offering you an authentic trading experience with simulated dollars.

Why opt for the Octa demo account?

  • Test Strategies and Bots for Free: Experiment with your trading strategies or automated bots without any cost. Take the necessary time to fine-tune your strategy and gain confidence in your trading decisions.
  • Real Data, No Charges: Although demo trading is a simulation, Octa broker provides you with real market data at no charge. Stay updated and make well-informed decisions based on the current conditions of the market.
  • Uncover Platform Features: Dive into the extensive features of the trading platform. Learn to read charts, use graphic objects, understand levels, explore Fibonacci retracements, and more. The demo account is your playground to familiarize yourself with the tools of the trade.
  • Master Different Order Types: Use the Octa demo account as your trading trial period to understand how different order types work. Experiment with market orders, limit orders, stop orders, and more, all without any financial risk.

Whether you're new, learning the basics, or an experienced trader honing your skills, the Octa demo account is your guide on this risk-free learning adventure.

Octa Commissions and Fees

Octa prioritizes transparency and aims to provide a trader-friendly environment. They have streamlined their offerings, now providing Octa MT4 and Octa MT5 (formerly known as MT4 Micro and MT5 Pro). Notably, they have phased out cTrader Octa from their options.

Ensuring fairness, spreads are now equal on Octa MT4 and Octa MT5. The typical spread on the widely traded EUR/USD currency pair is a minimal 0.6 pips on both platforms. Octa MT5 boasts an extensive array of 252 instruments, while Octa MT4 offers 71 instruments catering to diverse trading preferences.

One key benefit for their traders is that all accounts on Octa are swap-free. This means they don't charge any overnight fees, enhancing the cost-effectiveness of your trades. At Octa, they aim to establish an environment where traders can concentrate on their strategies and goals without the weight of concealed fees.

Octa Leverage

Octa broker believes in empowering its traders with flexible leverage options across a diverse range of instruments. Their platform supports trading with 32 currency pairs, offering leverage up to an impressive 1:500. During special promotions and contests, this leverage can extend to an even more remarkable 1:1000, giving traders enhanced opportunities to capitalize on market movements.

For CFDs on stocks, Octa traders can dive into 150 options from 16 stock exchanges, all with leverage of 1:20 and zero commission, ensuring cost-effectiveness for our users. Exploring indices? Octa has you covered with 10 indices available for trading, providing leverage up to 1:50.

For the commodities, Octa offers trading on five key assets: Gold, Silver, Natural Gas, Brent Crude, and WTI Crude. Here, traders can utilize leverage up to 1:200, adding flexibility to their commodity market endeavors.

For crypto enthusiasts, Octa supports over 30 cryptocurrency pairs, including popular options like Bitcoin, Ethereum, Litecoin, Ripple, and more. With leverage of 1:25, traders can engage in crypto trading 24/7, seizing opportunities in this rapidly evolving market.

Typically, Octa recognizes the importance of tailored leverage options, allowing traders to optimize their strategies across various asset classes. Experience the power of leverage at Octa and take your trading to new heights.

Octa Trading Platforms

Navigating the financial markets requires a reliable and intuitive trading platform, and Octa understands the importance of providing options that cater to every trader's needs. While traders in the EU zone exclusively access the MT5 platform, those in other jurisdictions enjoy the versatility of both MT4 and MT5, giving them a broader spectrum of choices.

MetaTrader 4 Trading Platform: Simplicity Meets Functionality

The MT4 Octa platform, a household name in the world of online brokers, remains a preferred choice for many traders, especially beginners. Renowned for its easy-to-use interface, MT4 provides access to over 30 built-in trading indicators, expert advisor functionality, support for 9 timeframes, 3 types of charts, and 4 pending order types. Micro lots are available, catering specifically to novice traders, and the platform allows hedging, subject to online broker policies.

MT5 Trading Platform: Advanced Tools for Experienced Traders

While MT4 Octa stands strong as a go-to for simplicity, Octa MT5 steps up with additional features, making it a favorite for advanced traders. Beyond the MT4 offerings, Octa MT5 boasts 38 built-in indicators, 12 timeframes, 37 graphical objects, 6 pending order types, and comprehensive trading history information with guaranteed data backup.

OctaTrader: The New Innovation

In a significant leap forward, Octa trade introduces OctaTrader, their in-house trading platform developed with your trading needs in focus. Launched at the end of 2022, OctaTrader provides a clear layout, one-tap access, and seamless integration with their apps and web services. This platform is designed to enhance your response to the market, making it quicker and more efficient.

OctaTrader strives to provide a clearer market view, minimize risks, and simplify decision-making. Stay tuned for updates as they prepare for a global demo release and a full-scale launch for real trading in the near future. The evolution of trading platforms is here, and Octa broker is leading the way.

Octa Broker Review

Octa makes trading on the go easy! For Android users, there are two Octa trading apps - one for self-trading and another for Copytrading, letting you follow experts' strategies. iOS users enjoy the General Octa trading app worldwide. Android users can get Octa app APKs on request. EU traders use MT5, others get the choice of both MT4 and MT5. Trade confidently anytime, anywhere!

Octa Copytrading

Octa's copy trading feature is your shortcut to success. With over 3340 systems available, finding profitable strategies has never been easier. While 630 providers have proven profitability in the last three months, it's essential to note that this data is undergoing a transformation as Octa is in the process of updating its rating system. The imminent change in the Masters' rating is expected to provide a more accurate reflection of their performance.

Adding a layer of intelligence, as per our Octa copy trading review, the broker introduces the Risk Score feature—an automated metric that evaluates the risk associated with each Master Trader's strategy. Calculated through a specialized algorithm, the Risk Score takes into account a Master Trader's average profit, the number of orders, and the stability of their strategy. This introduces a fundamental shift, allowing copiers to choose a Master Trader not just based on their profit but also on the strategy's stability. Masters with a score of 1 or 2 on a 6-point scale employ more stable, long-term-oriented, and less risky strategies, offering copiers a comprehensive view of informed decision-making. Octa Copy Trading: where smart investing meets simplicity.

Octa Traders Tool

Octa broker equips you with a diverse set of tools to enhance your trading experience. Right on the homepage, discover an easy profit calculator, ensuring informed decisions before making a trade.

Monitoring: Uncover Trading Success

Octa Monitoring tool is your gateway to finding the best traders on the platform. Follow their strategies seamlessly through copy trading. Showcase your account performance, whether in a demo or real account and choose to reveal or hide financial details. This tool simplifies monitoring, especially if you have multiple accounts with Octa.

Live Quotes: Stay Informed, Act Swiftly

Stay in the know with Live Quotes, supporting real-time updates from leading stock markets for all financial assets on Octa's platform. It's a handy way to track price changes and place orders with ease.

AutoChartist Pro: Automated Precision

Explore AutoChartist Pro, Octa's tool for automating forex signals, with a claimed accuracy of up to 83%. Compatible with both MT4 and MT5, it's designed to help you close up to 50% more forex trades potentially.

Other Analytical Tools: Comprehensive Insights

Dive into a range of analytical tools at Octa, including Market Information, Market Insights, Economic Calendar, Forex News, Interest Rates, and a Holiday Calendar. These tools provide comprehensive insights into market dynamics, helping you make informed decisions throughout your trading journey.

Octa Broker Review: Research

At Octa trade, research isn't just about data – it's a mix of smart strategies. They team up with their in-house data experts with insights from other smart forex traders and independent data labs. This teamwork results in simple yet super useful info that helps you make great decisions in the world of money.

Easy Market Info: Octa keeps you in the loop with the latest news from all over the globe. From big events to new laws or even protests, Octa makes sure you know what's up early on. It's like having a friend who tells you exactly what you need to know for trading in Foreign Exchange.

Talk the Talk: Octa doesn't just collect data; they make sure you get it, too. Whether it's through their cool blog, social media team, or the Autochartist trading platform, they want to make sure you're in the loop and ready to make moves in the trading game.

Watch and Learn: Check out Octa's YouTube Channel for videos that break down the markets, signals, and the psychology behind trading. Industry experts spill the beans on reading market signals, doing technical analysis, and making smart trades.

Educational Package: Octa goes beyond just facts and figures. They are serious about helping you learn. We look at how you're doing and work with smart experts to make sure you're getting better. Octa's research isn't just about info – it's the secret sauce to making finance simpler and better.

Octa Reviews: Education

Octa's got your back with loads of cool stuff for both beginners and pros. Start off with a demo account to test out all the features.

But that's not all. Octa's team is like a group of trading superheroes, and they're here to teach you the ropes. Check out their YouTube channel for Forex Basic Courses in English, Malay, Indonesian, Hindi, and Urdu – all the major languages. It's like a fun class where you learn the ABCs of trading.

Feeling fancy? You can also join their "Trading with the Stars" project – it's education mixed with a bit of entertainment. You'll find it in Hindi, Malay, and Urdu.

And wait, there's more! They've got workshops for newbies every Saturday. Manish Patel hosts the Indian Saturday Workshop in Hindi, Gero Azul rocks the Malay Workshop, and there are 3-day workshops in English and Indonesian with Vito and Eco Bagus.

For those who want live action, they've got webinars, live trade sessions, and Q&A sessions in English, Malay, Indonesian, Urdu, and Hindi. So, you will have a teacher right in your living room to help you become a trading superstar. Octa's education isn't just about numbers – it's your guide to becoming a trading pro!

OctaFX Broker Review Deposit and Withdrawal

Unique Benefits You Get With Octa
 Space
  • Space is the only trading partner you will ever need. This is a smart feed with timely analysis of your favourite trading instruments. What asset to trade now? Where to set Stop Loss and Take Profit? It helps you make informed decisions and control your profits.
  • No more anxiety when deciding what asset to trade. Compare trading ideas, read explanations, and open orders directly on the chart. Use global experience even if you’re a beginner.
  • With Space, you’ll never miss good ideas. All you need is integrated into one screen.  Multiply your trading skills and potential profits, saving time on your own analysis

Octa Broker Review: Deposit and Withdrawal

Depositing your money into your Octa account or withdrawing it is super simple! If you're in the EU, you can use banks, digital wallets, or even major credit cards, and guess what? Octa doesn't charge you anything extra for these money moves!

For deposits and withdrawals in the EU, you've got options like Visa/Mastercard, Swissquote Bank SA, Rietumu Bank, BlueOrange Bank, and Skrill. Whether you're putting in or taking out, the minimum amounts are pretty chill – just €50 for deposits and €0.01, €5, and €50 for credit cards, Skrill, and banks when you're taking out your cash. It's like having a magic wallet that works just the way you want it to!

Final Words

Octa broker emerges as a complete trading platform, combining regulatory adherence, diverse offerings, transparent fees, educational initiatives, and innovative features. So, this Octa review concludes that whether you're a novice or an experienced trader, Octa caters to your needs, making it a go-to platform in the ever-changing world of online forex trading.

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