OctaFX Review – copy trading, Malaysia, Crypto Updates 2023

Is OctaFX a trusted broker?

To start our OctaFX review, we will look at how safe the broker is to trade with and whether this is one you might want to consider having on your shortlist, or to steer clear of. We will delve into a full deep dive review of OctaFX only once we are confident that the forex broker is not a scam.

The first thing to note if you are considering Octafx is that this is predominantly a forex broker, and one that has been around for more than 10 years so far. This longevity in what is a relatively recently formed industry of online trading is a first step to reassurance that this broker is for real, but that in itself is not enough.

Let’s take a look at what existing users are saying. Considering user feedback from other trusted sources, OctaFX holds a Trustpilot score of 4.6 with more than 73% of reviews giving the highest mark of ‘excellent’. There is clearly something here that traders are enjoying from a review perspective but how does OctaFX stack up from a regulatory standpoint?

Two entities and regulators, one umbrella brand

OctaFX is the brand name for two different entities, each holding different financial regulations and onboarding users from different jurisdictions. This is fairly common practice in the world of online trading. For the interests of this OctaFX review, we are focusing on the non European entity.

Octa Markets Incorporated holds regulation with St Vincent & the Grenadines (https://svgfsa.com/company-name-search/) under license number 19776. This arm of OctaFX will be onboarding users from the website of Octafx.com. If you are considering opening an account with OctaFX Malaysia, then you will be trading through this particular branch.

From a funds security standpoint, there is segregation of client funds and secure site access provided as standard.From a funds security standpoint, there is segregation of client funds and secure site access provided as standard.

In future, we would certainly like to see additional Tier 1 regulators added as appropriate but from a safety perspective, OctaFX quote more than 6.6m accounts opened and 38 industry awards which goes some way to reassuring us that this is a broker that is worth an in depth review.

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Costs to trade; OctaFX Minimum Deposit is Low & spreads are competitive

OctaFX minimum deposit is set at just $25 which is a nice low entry point to online trading. That being said, you have to consider how many options you will realistically have to trade with an account of that size without overloading your risk on a single trade. It is therefore preferable to start your trading journey with at least $100, but if you would like to verify processes and gain trust first then you can minimise your initial exposure to $25 should you prefer.

The costs to trade with Octafx are very competitive when considering those offered by peer industry leaders. You will not find any commissions or fixed costs on your trades, as with Octafx spreads are how the broker makes money. This means that by continuing to offer tight spreads, the lower the overall cost the trader is paying on each position. 

Major forex pairs can be traded at an average spread of just 0.6, which as mentioned above is very competitive compared to industry leaders. Deposits and withdrawals are another upside on the cost basis, seeing as the broker offers various options without any fees.

You will find swaps on micro and pro accounts but overall this is an area that the broker is performing really well. By keeping costs low on a trade by trade basis, this allows users to keep more of the trading account balance to go towards trades rather than fees.

There are also some pretty generous deposit bonuses offered by OctaFX which can allow you to increase your trading flexibility without having to dig into your own pocket to increase account size. We cover more on the OctaFX bonuses and offers in this section.

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Trading Platform – OctaFX copy trading review, a neat addition to the MetaTrader suite

When trading with OctaFX, we have found there to be a variety of platforms provided to satisfy many different types of traders. MT4, MT5 and the OctaFX copy trading proprietary platform are all offered simultaneously, with some pretty neat added features to boot. Having this varied choice of trading platforms is something that stands the broker in good stead, particularly when considering the fact that most traders do not like to change platforms readily once they are comfortable.

The first thing to notice is that OctaFX is a forex broker and is set up strongly in the forex space with MT4 and MT5 platforms. As you will know if you have traded before on any level, MT4 and MT5 are industry leaders in the trading platform space. Usually you will find that when a broker is specialising in one particular instrument more so than others, they are able to bring you the most suitable features and conditions of these platforms to the fore. Whilst you can gain exposure to cryptocurrencies and the stock markets, there are not a huge range of instruments available in these categories even if it is now improving after the latest OctaFX review.

Whilst there is no dedicated stocks trading available for the equities enthusiasts amongst us, you will find the option to trade CFDs on the major indices. This is definitely a downside for the avid individual stock traders. The OctaFX leverage available on indices is typically higher than what would be allowed on an individual stock at 50:1, and for the non stock pickers out there, this allows you to trade the market holistically without having to be quite so concerned about the fundamentals of each separate company.

After a recent review of OctaFX, the Cryptocurrency CFD trading offer has increased from 5 of the major coins (Bitcoin, Ethereum, Ripple, Litecoin, Bitcoin Cash) now up to 30 and with a leverage of up to 25:1. These 30 crypto CFDs are now supported with 24/7 availability. This is a significant jump in support and a positive sign from the broker.

Even if the range of tokens is not yet up there with the pure crypto exchanges, it is potentially a considerably easier way into cryptocurrencies for the novice traders who are not comfortable in navigating the crypto trading ecosystem separately.

Wide range of devices supported across OctaFX Trading platforms

Each of the MetaTrader platforms (MT4/MT5)  offered can be used across a wide variety of devices. Support is there for web trading, desktop, Android and iOS. This means you will never be far from a device that can access your OctaFX trading account.

OctaFX MT4 offering is in line with what we have come to expect from this industry leading platform. As an off the shelf platform, MT4 delivers with OctaFX in the same way as you will find across the board. That being said, MT4 availability is still a prerequisite for many forex traders and as such is a benefit. 

When trading with OctaFX scalping, and trading robots are both supported alongside an array of charting options and indicators. If you are an avid user of indicators, you will find 30 preloaded into the OctaFX MT4 platform, alongside the option to download many others you may be using already.

OctaFX MT5 platform is a way to stay ahead of the rest in terms of speed. Designed as the next generation platform to take over from MT4, MT5 is used avidly amongst advanced traders. OctaFX MT5 offers more order types, one click trading, additional timeframes, instruments, and TA tools.

The option to back test your strategy with OctaFX is something that every trader looking to execute a new trading plan should be using. The information you can garner from back testing is absolutely invaluable to your trading success and will allow you to ensure that you execute your trading plan with the utmost confidence in its’ ability to prove successful. Even the most backtested strategy can still go wrong from time to time, but having a huge amount of empirical data to rely on that your strategy is successful more often than not is a huge reassurance. 

OctaFX Copy Trading Platform review

The copy trading platform offered by OctaFX is easy to use, and provides a variety of filters that allow you to find what you are looking for in terms of an account to follow, The first thing to note is that the accounts available to copy on OctaFX copy trading are called ‘Master Traders’. These master traders can be ranked in order of gains, risk profile, or the most popular accounts to follow. 

Once you have ranked the traders you might want to follow on the OctaFX copy trading platform, you will want to look at the intricacies of what these master traders are actually trading on a day to day basis. It is important to ensure the overall profile of the master trader fits within your comfort zone. 

You can check the trades and account actions simply by clicking on the master traders’ name/profile. It will also show you a brief strategy description which gives you some insight into the trader, with a clear risk score ranging from 1-6 (with 1 being low risk and 6 being high). 

Also displayed on this screen will be the duration the master trader has operated their account, alongside the commission they will charge you on any profit made from following their account. See an example below of a trader with OctaFX Copy Trading Malaysia who is flagged as a ‘legend’ in the categorisation of OctaFX.

As shown above, this master trader would want 50% of trading profits as a commission which whilst certainly on the high side, may be a result of their previous successes on this account. Make sure you are clear of thought however that past results are not an indication of future performance. There are currently 281 master traders who meet the criteria of ‘legend’ on the OctaFX copy trading platform with commissions ranging from 1% upwards.

These category labels do not seem to be a reflection of mid term success on account, but rather the duration of operation and the volume of trades executed. There are various master traders offering commission free 7 day trials so that you can follow their account before actually sharing any profit with them.

If this is going to be your first foray into Copy Trading with OctaFX or any broker, pick a few accounts to follow initially on paper before you decide to actually entrust them with your trading funds. It is a useful experience to know what to expect from a master trader beforehand.

Trading Platforms Summary

OctaFX are confident in their messaging, and strive to deliver the ‘best trading conditions, whilst making trading easy’.Spreads are definitely competitive, they quote no slippage, no swaps, no delays, and no commissions which are all positives for your ongoing trading account balance. 

The low number of instruments to trade (52) is an indicator of focus, with OctaFX forex is clearly the main priority but this does mean that if you are trading a wider array of instruments currently that you will need either multiple brokers, or to narrow your selection with OctaFX. A considerable number of successful traders tend to focus on just a few instruments and pairs so provided OctaFX platform offers what you are looking for, there are some advantages. The OctaFX copytrading platform is solid, even if not possessing quite the volume of ‘experts’ or ‘master traders’ to follow as some of the industry leaders in this category. All around, a solid offering from OctaFX with MT4, MT5, and a proprietary app all delivering trading support wherever you go.

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Trading App Review

The trading app is an absolute necessity for any trader who is active and on the move but would still like to keep on top of their open positions. OctaFX offers a range of trading apps including 2 different proprietary versions to sit neatly alongside the MT4 and MT5 standard apps. 

OctaFX trading app options vary depending on which device you are using. Unfortunately, for those of you who are using iOS, your options for OctaFX trading app are limited to the MT4 and MT5 versions at the moment of this OctaFX review. Whilst the MT4 and MT5 apps are both well known and very good to use for trading forex, they are less intuitive on mobile than the proprietary OctaFX trading app. Whilst this can be seen as a negative for iOS users, it is a benefit to those who are trading on Android.

The OctaFX social trading app has been downloaded well in excess of 1million times on the Google Play store and as such has a multitude of user reviews from which to gather some data. Whilst the general consensus is largely very positive in the user experience of the social trading app, it seems like some recent updates in functionality have actually had users a little more disgruntled with the app than has been the case in the past. This is something that we hope is in review of OctaFX and will be adjusted in due course, otherwise they may find users reverting back to the available web trader version.

Moving on to the proprietary general OctaFX trading app and this has been downloaded in excess of 10million times since its’ launch on the Google Play store. The reviews here from users are as a consensus very positive but there does seem to be a few users who raise the issue of lagging.

Having tried this trading app, we had not noticed any significant lagging when moving between instruments but then we have tested this in an environment with a stable internet connection which might not always be available. It is worth noting in our experience that app users do tend to leave feedback moreso when something is negative rather than positive and this can sway the overall product score in general.

We would suggest you download the app and use it in demo phase before trading for real to ensure that you are happy with the overall proposition and that the internet connection which you have available will be suitable. There is nothing like a personal real live test of a free product to generate that final feedback you need!

OctaFX Trading App review Summary

Offering 4 different trading apps is a sign of what users are looking for in current times, with so many moving to mobile trading on the go. With that in mind, it is definitely a little disappointing for iOS users that they are limited to half of those options compared to Android users at this time.

The functionality of the OctaFX apps is solid, with MT4 and MT5 versions doing exactly what we expect of them, and the proprietary social trading and trading app being widely used by OctaFX traders around the globe. The alerts, charting and fx market calendar are nice tools to keep you on top of your trades and the market whilst on the go.

Whilst it seems like there are constant updates coming which will likely improve these minor issues noted at the time of this OctaFX review, overall this is still a very solid if not spectacular effort from OctaFX in this category.

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OctaFX Payment Methods Supported

The range of options you have to access your account and the speed of deposit and withdrawal are of utmost importance to many traders, and as such, this is a category that can make or break a broker when it comes to gaining new traders. 

OctaFX certainly excels in this category, and we find a huge range of options that even includes cryptocurrencies as a rather unique proposition. To add to this you will see below that all deposit options with the exception of Perfect Money are accepted with a 0% commission and a near instant timeline for deposit onto your trading account. Digital wallets such as Skrill and Neteller, sitting alongside cryptocurrencies and the timeless debit card option of Mastercard is a very balanced range of deposit types that will service almost all users.

Moving on to one of the most important things everyone wants to know when trading, withdrawal speed. OctaFX withdrawal options are as varied as the deposit range, with a similarly rapid execution. As you will see below, OctaFX withdrawal quote is that there is no commission on any withdrawal method, and the execution time of each at time of this OctaFX review is that 1-3 hours to approve, and then within 5 minutes the transfer will be executed.

Depending on the method chosen and the speed of the recipient, it does not necessarily mean that the funds will be instantly available to you at that time but it does mean that the transfer will have been executed by the OctaFX team. Then we are on to standard timescales for receipt. With something like a digital wallet, that is usually close to instant, and the same as far as cryptocurrencies go depending on the traffic on the chain.

Overall OctaFX range of deposit and withdrawal options, alongside execution speeds and fees are very strong.

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OctaFX Demo Account

Paper trading, or demo account trading is an absolutely essential part of every traders’ toolkit. Whether getting into trading for the first time, or as a seasoned veteran looking to test new strategies post back testing, this is something that every successful trader should do on some level. Every broker these days will offer some type of demo account, so we focus more so on the things not offered by all when undertaking this OctaFX review. 

The OctaFX demo account is firstly offered indefinitely, meaning there is no time limit to your access like those found in certain other online brokers. All the features of the live platform are offered on the demo account and using real live market conditions. These are all essential as far as we are concerned.

Demo Account Trading Contests, a novel addition

Now moving on to the rather unique proposition with the OctaFX demo account. Free demo trading competitions, but with real money prizes. This is a very interesting way for OctaFX to encourage users to trade seriously on demo accounts, rather than what we have seen in the past of users executing maximum trade sizes in maximum volatility conditions that we would be significantly above their real life risk tolerance. It is of paramount importance that if you are to get the most out of demo trading, that you treat as closely to real money and a real trading account as possible. OctaFX help in that regard.

Each demo trading contest will run on the OctaFX MT4 platform for 1 month, with $1000 in real money up for grabs. The prize money is split amongst the top 5 demo traders for the month by order of most valuable account at period closure. All start with $1000 demo balance and any strategy including EAs can be used. 1st, place wins $500, 2nd $300, 3rd $100, 4th $60 and 5th taking $40.

This is rather novel and something which is being competed in by more than 9700 users at the time of this OctaFX review. One of the downsides of demo trading typically is that it does not have the same potential emotional impact as real trading does on your decision making. We like to see innovation in the demo account sphere and this is something that can help the real traders of tomorrow get a feel of a real environment without actually putting their own capital at risk.

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Account types offer some variety

You will find 3 main account types on offer at OctaFX. These are ‘Micro’, ‘Pro’ and ‘ECN’. Each of these accounts can be operated in USD or EUR with commission free trading and up to 5 decimal places on instruments. The OctaFX minimum deposit is $25 for the micro account but rises to $500 on the Pro account.

OctaFX spreads start from 0.2 on the pro account, and 0.4 on the Micro account so if you are considering making a larger deposit onto the platform then this could work in your favour in terms of overall cost. You will then be limited to ‘only’ 1:200 leverage as opposed to the 1:500 offered on the Micro account.

OctaFX review Islamic Accounts

Shariah compliant accounts would be of huge importance to the many Muslim traders worldwide. We have noticed a lot of user reviews on various platforms for OctaFX Malaysia and it is of no surprise when considering that OctaFX offers some of the industry’s best Islamic Accounts.. Having won the World Finance Award for best Islamic Account in 2020, this is clearly an area that OctaFX Malaysia users are taking advantage of, along with the many other Muslim traders worldwide. 

Swap free trading, supported by negative balance protection, and a host of educational materials mean that OctaFX are the account of choice for many.

OctaFX promo selection is wide ranging

There are various OctaFX promo codes and options, as well as bonuses. This can be a huge benefit to traders who are looking for that little extra from their online broker. Alongside the previously highlighted demo trading contests, there are various other offers that can be unlocked.

There is currently a trade and win giveaway with OctaFX featuring various gifts that are redeemable at different lot traded intervals. This starts with a T-shirt that can be ‘bought’ with 5 trading lots, ranging up to a Laptop that can be unlocked at 2500 trading lots with a powerbank, smartwatch, and smartphone in between.1 traded lot equals 1 prize lot, and the prizes can be redeemed with free delivery at your request.

The ongoing offer with OctaFX bonus is the 50% deposit bonus.This is 50% that is added to every bonus that you make with OctaFX and not limited to just the first time deposit. With your OctaFX deposit bonus, you can open trades with a higher margin requirement and should you be successful in your trading, withdraw even the bonus amount. There is a requirement of trading volume however to withdraw your bonus amount, which is linked to the amount you receive as a bonus.

If you deposit $100 for example and receive $50 in bonus, you will be required to trade a minimum of half the bonus amount dollars in lots. Meaning $50 bonus equals a minimum of 25 lots traded in able to be able to withdraw it. If you deposit $500 and receive a $250 bonus, your minimum traded lots for withdrawal would be half of 250, or 125 lots. The full terms and conditions for this offer can be found here

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Customer Support

Email –  [email protected]
Telephone – +442033221059
Web address for live chat – octafx.com

The service delivered to customers is important in any industry, but one where there is so much time sensitivity as online trading carries even more weight. OctaFX customer support is quoted to be better than 87% of industry competitors according to Zendesk, putting Octa FX close to the top 10% in the industry. What they offer is a 24 hour online chat service which generates a very rapid first response in the region of 7 seconds, along with email, telephone, and online form support.

Having a 96% user satisfaction ratio is an excellent statistic that is followed up by speed, with around 3 minutes on average taken to resolve a query. Some of course will be far more complicated than others to resolve, and there will be some very simple queries which bring the average time down but by and large, you will always find someone at OctaFX available to answer your query, Monday to Sunday. This is hugely reassuring to an international audience of traders who will be focused on different trading sessions and active at differing periods of the day.

Multiple Languages and an Award for Asia

Language support is provided in English, as well as Indonesian, Malay, Thai, Hindi, and Urdu. This goes some way to show the true International focus of OctaFX and their particular strength in the Asia Pacific region. We have noted in a previous section how OctaFX Malaysia users seem very prominent, and this is also the case for Indonesia and other countries across Asia. It is then of no surprise that OctaFX have won ‘The best Forex Broker Asia’ award for 2021 alongside the ‘Best Customer Support Asia’ award from Global Banking and Finance. You can also find OctaFX featuring in our own list of best forex brokers for Malaysia users.

OctaFX seems to be a broker that is putting its’ users at the forefront, ensuring they are supported through their trading journey not just with ongoing contact options, but an ever expanding array of educational resources. This type of support in trading education is an important aspect when considering where to take the next step in online trading.

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OctaFX Review Summary

Throughout this OctaFX review we have found that this is a broker that is focusing on its’ users wants and needs, all the while keeping a tight focus on the products and instruments it will offer. Whilst that means for the expansive trader interested in altcoins and individual stocks, you will need an alternative place to trade those instruments, for the forex purist, OctaFX is a strong option with an all around proposition that is performing particularly strongly in Asia. 

The account opening process is easy, the minimum balance low, the OctaFX spreads are very competitive and there are a wider variety of promotions and offers than you would usually find. Scaling, hedging and expert advisors are all accepted, with no fees or commissions.

Whilst it is great to see a broker take on International presence with multiple regulations, and be improving their regulatory framework with the acquisition of new licences as seen by OctaFX, it is not overlooked that there is still no pure Tier 1 regulator overseeing operations. That being said, this is still a broker in OctaFX that has been around for more than 10 year. With a huge array of International awards won around the globe and having attracted more than 6.6 million traders to this date, it seems as though OctaFX is a broker trusted by many.

If you are interested in a broker that you can trade forex with, we would consider putting OctaFX on that shortlist.

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