OctaFX Review ☑️ South Africa Pros & Cons (Updated 2023)

Overall, OctaFX can be summarised as a trustworthy and worthwhile broker with a trust score of 90 out 99.  OctaFX is very competitive in terms of its trading fees, with low spreads rounding off its offerings.

OctaFX Review – A 10 Point Quick Overview

1. ☑️ OctaFX Overview
2. ☑️ OctaFX Pros and Cons
3. ☑️How to open an OctaFX account – Step by Step Guide
4. OctaFX Account Overview
5. OctaFX Fees, Spread, and Commission Overview
6. OctaFX Deposit and Withdrawal Options
7. OctaFX Copy Trading Platform
8. OctaFX Trading Platforms
9. Conclusion
10. Disclaimer
11. Frequently Asked Questions

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OctaFX – Overview

OctaFX is a Forex Broker that offers Forex ECN Trading, as well as CFD trading on Indices, Metals, and Cryptocurrencies across both the MT4 and MT5 trading platforms.  OctaFX offers a wide range of trading accounts and access to copy trading, bonus promotions, plus a wide range of research tools.

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OctaFX Pros and Cons

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How to Open an OctaFX Account – Step by Step Guide

Opening an OctaFX account is a straightforward process that only involves a few steps. To open a trading account, please, follow the step-by-step instruction:

1. Step 1: Press the Open Account Button.

The Open Account button is located at the top right of the OctaFX webpage.  A registration form can also be found via the signup page link.

2. Step 2: Complete Details.

After pressing the Open Account button, a registration form will appear.  Complete the required information and press the Open Account button located below the form.

3. Step 3: Email Account Verification.

After all the required details have been completed and submitted, a confirmation email will be sent to the applicant’s account.  After locating and opening the email – press Confirm.

4. Step 4:  Complete Personal Details.

Once the applicant’s email has been confirmed, they will be directed to the OctaFX website to fill in their personal details.  The information provided by the applicant must be accurate, relevant, and up-to-date.

5. Step 5: Select a Trading Platform.

The applicant must select between a real or demo account.

6. Step 6:  Complete Account Selection.

After choosing a platform, the applicant will press continue in order to finalize account creation.

7. Step 7: Make a Deposit.

The account holder can now make their first deposit and the account has been successfully ☑️ created.

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OctaFX Account Overview

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OctaFX Fees,  Spread, and Commission Overview

OctaFX fees spread, and commissions start from US Dollar $7 USD / R110 ZAR with spreads as 0.0 pips.   OctaFX trading fees are according to the type of live trading account chosen and the options along with the spread list, commissions and leverage are as follows.

OctaFX MT4 Micro Account Fees, Spread, and Commissions

OctaFX MT5 Pro Account Fees, Spread, and Commissions

OctaFX cTrader Account Fees, Spread, and Commissions

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OctaFX Deposit and Withdrawal Options

OctaFX Deposit Methods

OctaFX Withdrawal Methods

OctaFX Copy Trading

This is a new tool offered by OctaFX that helps traders earn an additional stable income by copying more experienced traders. You can find traders you are interested in following and ‘Copy’ Their positions. OctaFX offers an unlimited number of Masters to copy fr0m and also gives the trader full control over the process

OctaFX Trading Platforms

MetaTrader 4 Overview

The MT4 trading platform is available on Web, Desktop, Android, and iOS.

MetaTrader 5 Overview

The MT5 trading platform is available on Web, Desktop, Android, and iOS.

Conclusion

Overall, OctaFX is known to be a highly competitive, trustworthy broker with a wide global reach and well-established reputation.

Disclaimer

The trading of financial instruments involves a high level of risk which may not be suitable for all traders. This level of risk may result in the loss of amounts that exceed the initial deposit.

Traders need to ensure that they can practice risk management along with evaluating their risk exposure and willingness to be exposed to risk. Should they need to, traders can consult independent professionals for additional advice before investing.

The products, services, and information supplied by OctaFX should not be regarded as encouragement or recommendation to invest in financial instruments and traders invest at their own behest, according to research in South Africa.

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Frequently Asked Questions

What is OctaFX Overall Review Rating?

The Overall Review rating for Octafx is 9/10.

How much is the minimum deposit for OctaFX?

You can start trading with this broker for a minimum deposit amount of $5. Note that the minimum deposit is subject to change depending on the region and payment method used.

Which OctaFX Live trading account is the best choice?

Which OctaFX Live trading account is the best choice will be dependent on the trader and their preferred trading platform and instruments.

What Leverage is offered by OctaFX?

Traders can select 1:1, 1:5, 1:15, 1:25, 1:30, 1:50, 1:100, 1:200 or, 1:500 leverage on MT4 or MT5.

Does OctaFX have an Islamic (Swap Free) trading Option?

Yes. OctaFX does have an Islamic or Swap-Free Forex trading option available to Muslim investors.

Featured SA Shares Writer and Forex Analyst.