OctaFX Broker Review

Author Author:  Chris Cammack
Published: Jun 13, 2019
Editor Editor:  Alison Heyerdahl
Updated: May 10, 2023
Last Updated On May 10, 2023
Chris Cammack
Overall Rating
4.27 4.27 / 5
Rated #25 of 58 Recommended Brokers
🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
Last Updated On May 10, 2023
Chris Cammack

75-90% of retail traders lose money trading Forex and CFDs. You should consider whether you understand how CFDs and leveraged trading work and if you can afford the high risk of losing your money. We may receive compensation when you click on links to products we review. Please read our advertising disclosure. By using this website you agree to our Terms of Service.

Our verdict on OctaFX

OctaFX will be a difficult choice for many Tanzanian 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 Tanzania and has a limited range of instruments to trade compared to other brokers: 35 Forex pairs, 150 stocks, 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 25 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.

Finally, both accounts are swap-free for Muslim traders, and OctaFX always runs competitions and promotions for Tanzanian clients.

🏦  Min. DepositUSD 25
🛡️  Regulated By
💵  Trading Cost 
⚖️  Max. Leverage500:1
💹  Copy Trading
🖥️  Platforms
💱  Instruments 

Overall Summary

1110.503.5/ 5
Trading Conditions
11110.54.5/ 5
Trading Platforms
11110.54.5/ 5
Deposit & Withdrawal
111115/ 5
Education & Research
11110.54.5/ 5
Assets Available
111104/ 5
Customer Service
11110.54.5/ 5
Beginner Friendly
Welcome Bonus

Account Information

Base Currencies
Number of FX Pairs
Crypto Pairs
Copy Trading
Hedging Allowed
Scalping Allowed
Islamic Account

Trading Conditions

Account Name
Trading Desk
Fees Included in Spread
0.60 pips
1.10 pips
1.20 pips
Negative Balance Protection

Company Details

Company Name
Octa Markets Inc
Website Language
English, Malay, Portuguese, Indonesian, Arabic, Thai, Chinese, Vietnamese
Support Language
English, Malay, Portuguese, Indonesian, Arabic, Thai, Chinese, Vietnamese
Office Locations
United Kingdom, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand


  • Fast and free withdrawals
  • Copy trading accounts


  • Limited range of assets
  • Restrictive account types

Is OctaFX Safe?

We consider OctaFX to be a high-risk broker because Tanzanian traders have no recourse in the event of a dispute with the company.

Regulation: OctaFX has a good reputation, but is only regulated by a single tier 2 regulator: CySEC in Europe. Even more concerning, Tanzanian residents will be trading under the subsidiary Octa Markets Incorporated, 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 Tanzanian 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 Tanzanian traders, which may be attractive to some.

Company Details:

Scroll for more detailsPreviousNext
Group Regulators
Trading Desk
Year Founded
Office Locations
Additional Fees
United Kingdom, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand


OctaFX’s Trading Instruments

OctaFX offers all of the major classes of trading instruments, but the range of instruments in each class is slightly below the industry average. 

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 wider than most other brokers. Leverage is up to 500:1 for Forex trading. 

Full list of Instruments:

Scroll for more detailsPreviousNext
Financial Instrument
Number of Assets
Stock CFDs


  • Forex: OctaFX only has 35 currency pairs, fewer than most other brokers, but the leverage on Forex pairs is up to 500:1.
  • Indices: There are 10 indices available for trading at OctaFX. Leverage is up to 1:50 on indices.  
  • Commodities: OctaFX offers trading on 5 commodities: Gold, Silver, Natural Gas, Brent Crude, and WTI crude. Leverage is up to 1:50 on commodities.
  • Cryptocurrencies: 30 crypto pairs are available to trade 24/7. These include Bitcoin, Ethereum, Litecoin, Ripple, and more.  Leverage on crypto pairs is higher than other brokers, at 1:25.  
  • Equities: OctaFX offers trading on 150 equities at 1:20 leverage, a smaller range than other large international brokers. 

Note that traders can only trade on 74 of OctaFX’s 230 instruments on the MT4 Account, but the full range of instruments is available on the MT5 Account. 

Overall, OctaFX has fewer instruments to trade than most other brokers, which may leave some traders dissatisfied.

Accounts and Trading Fees

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 25 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 detailsPreviousNext
Trading account
Min. Deposit
Min. Spread EUR/USD
Trading Cost (USD)
USD 25
Spread Only
USD 25
Spread Only


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. We were also pleased to find that both accounts are swap-free. 

MT4 Account: The MT4 Account requires a minimum deposit of 25 USD, and no commission is charged on trades. Spreads start at 0.6 pips (EUR/USD) and 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, but not equities.

MT5 Account: The minimum deposit is also 25 USD on the MT5 Account. Spreads start at 0.6 pips and 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.  Traders can access OctaFX’s full range of financial instruments on this account.

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:

OctaFX Leverage

Deposits and Withdrawals

Unfortunately, Tanzanians cannot deposit or withdraw via bank transfer. But we were otherwise impressed with OctaFX’s range of funding methods. In addition, all 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: Tanzanians will be disappointed that OctaFX only allows trading accounts to be denominated in EUR and USD. Always check the exchange rate when converting from KSH 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 and does not support transfers from Tanzanian bank accounts. See below for a list of methods:

  • MasterCard and VISA: Minimum deposit is 25 USD with VISA and 50 USD with MasterCard. The minimum withdrawal is 5 USD.  Deposits are processed instantly, and withdrawals are processed in 1 – 3 hours.
  • Neteller: Minimum deposit is 50 USD, and the minimum withdrawal is 5 USD.  Deposits are processed instantly, and withdrawals are processed in 1 – 3 hours.
  • Skrill: Minimum deposit is 50 USD, and the minimum withdrawal is 5 USD.  Deposits are processed instantly, and withdrawals are processed within 1 – 3 hours.  
  • Bitcoin: Check OctaFX’s site for minimum deposits and withdrawals, as this is subject to change.  Deposits are processed within 30 minutes, and withdrawals are processed within 1 – 3 hours.
  • Other Cryptocurrency (ETH, LTC, DOGE, USDT): Check OctaFX’s site for minimum deposits and withdrawals, as this is subject to change.  Deposits are processed within 30 mins, and withdrawals in 1 – 3 hours.  

OctaFX’s Mobile Trading Apps

OctaFX has its own trading management app that integrates well with both the MT4 and MT5 apps.

The OctaFX Trading App

The OctaFX Trading App is a functional trading management app with a slick and easy-to-use layout available on both Android and iOS.

Easy to use: After downloading the app, we found it easy to open new real and demo accounts, manage our leverage, deposit and withdraw funds, and trade on the charts. 

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 is 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; its simple design will appeal to beginner traders.  

MT4 and MT5 Mobile Trading 

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.

OctaFX’s mobile trading support is good 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.

Other Trading Platforms

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. 

MT4 and MT5

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 Copy-trading

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 

Scroll for more detailsPreviousNext
Platform Choice
Copy Trading
11110.54.5/ 5
111104/ 5

OctaFX Bonuses

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:

OctaFX Bonus 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

To enter this contest, traders must open an MT4 account and denominate it as their contest account.  Traders then must 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.

Opening an Account at OctaFX

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 Tanzanian residents are eligible to open an account at OctaFX if they meet the minimum deposit requirements stipulated by their chosen deposit method.  

Creating an account is straightforward, the process is fully digital, and accounts are available for trading immediately:

New traders must click on the “Open Account” button at the top of the page, where they will be directed to register an account.    

  1. OctaFX’s intake form requires clients to register an account with an email address and a password.
  2. Next, new traders are directed to fill in their personal details (including name, country of residence, email address, and birth date). 
  3. Traders then must select their preferred account type (MT4 or MT5), live or demo account, level of leverage, and account base currency.
  4. Once this step is complete, traders can make their first deposit via several payment channels and can start trading. 
  5. Traders are only required to submit any verification documents to OctaFX when they want to withdraw funds. These include:
    1. Proof of Identification – OctaFX accepts all government-issued identification documents such as passports, national ID cards, driving licenses, or other government-issued IDs. 
    2. Proof of Address – Proof of residence/address document must be issued in the name of the OctaFX’s account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 
  6. We advise that you read OctaFX’s risk disclosure, customer agreement, and terms of business before you start trading. 

OctaFx’s account-opening process is fully digital and hassle-free, and accounts are available for trading immediately.   

Trading Tools

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.

  • Account Monitoring Tool: The Account Monitoring tool allows traders to monitor any other OctaFX trader’s account and sort by Balance, Gain, Trades, and Account Type. This tool also allows you to dig into the history of an account so you can learn how the account holder has managed their success. Accounts are only represented by numbers, so all holders remain anonymous.
  • Autochartist:  OctaFX also supports Autochartist, the industry-standard trading signals provider. Autochartist provides traders with automated alerts for opening and closing trades, a volatility analysis tool that allows you to better optimise take-profit and stop-loss levels, and integrated market reports. Autochartist is available on both MT4 and MT5 and requires a minimum balance of 500 USD in your OctaFX account.  

Trading Tools Comparison:

Scroll for more detailsPreviousNext
Economic Calendar
Trading Central
Trading View
Free VPS


Overall, OctaFX offers a good range of trading tools, including Autochartist, one of the best technical analysis tools in the industry. 

OctaFX For Beginners

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.

Educational Material

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 and 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.  

Scroll for more detailsPreviousNext
Beginner Course
Advanced Course
Well Structured Education
Education Quality


Analysis Material

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.

Customer Support

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 and Industry Recognition

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): 

  • Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the CySEC since 2018 (license 372/18). This enables users to trade with a broker under European regulatory oversight with enhanced levels of safeguards.
  • Octa Markets Incorporated is registered in Saint 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.  

OctaFX In Their Own Words

Evaluation Method

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 broker’s reliability, the broker, the platform offering of the broker, and the trading conditions offered to clients, summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Forex Broker Scoring


OctaFX Disclaimer

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 two glaring problems. The first is the lack of decent regulation, which for many traders will mean an immediate end to their interest. Secondly, OctaFX has a limited range of financial instruments, although, in October 2022, it added a range of equities to its offering.

Otherwise, OctaFX is good or excellent across the most important areas. OctaFX’s trading costs are some of the lowest in the industry, and it has no swap fees. 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 Tanzanian traders.  Additionally, its customer support is available 24/7, which is exceptional in an industry where the norm is 24/5.

Others Also Visit

Scroll for more detailsPreviousNext
4.49 /5
Read Review
4.35 /5
Read Review
HFM (Hotforex)
4.43 /5
Read Review
4.61 /5
Read Review
4.12 /5
Read Review
AlertAccepts Tanzanian Clients. Average spread EUR/USD 0.60 pips on trading account with lowest minimum deposit. Max leverage 500:1. Islamic account available. MT4 & MT5 and cTrader platforms supported. OctaFX is regulated by CySEC.
Visit Broker
Overall Rating
4.27 4.27  / 5
Rated #25 of 58 Recommended Brokers
Site Icon Data provided by FX Scouts Tanzania

OctaFX Financial Regulation

Regulator License
Regulator License

OctaFX Trading Cost Comparison