Octa Review: The Best online broker in 2024?

Recommended broker

Visit Octa

Company Information

Octa is an international award-winning Forex brokerage with close to 10 years of experience in the market. It previously acted through a UK brand but has now chosen Cyprus for its business destination. Octa provides clients with very attractive trading conditions, as well as a wide range of trading products which include Forex pairs, CFDs on commodities, indices, precious metals and energies. Clients have at their disposal two of the most popular trading platforms – the MetaTrader 5 and MetaTrader 4 – and many enticing bonuses and promotions.

Regulation & Safety

The European brand of Octa operates via the website – octaeu.com – and abides by the highest regulatory standards. It is owned by the Cyprus-based company Octa Markets Cyprus Ltd which is regulated by the Cyprus Securities and Exchange Commission with license number 372/18.

CySEC is among the foremost financial regulators in the world and all brokerages licensed by it have to follow strict rules and are subjected to intensive regulatory oversight. This removes any unwanted risk in trading and guarantees that the client’s funds are safe and their interests protected by the respective laws. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by CySEC entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The compensation goes up to 20 000 euro per person. All CySEC-regulated brokers are also asked to maintain a capital of at least 730 000 euro to prove their financial stability.

Besides the European Brand, Octa group also includes Octa Markets Incorporated which operates via Octafx.com website and is registered in Saint Vincent and the Grenadines. The local financial authority of the country does not regulate forex brokers or impose any laws in the sphere which is why you should always choose branches of international brokerages with solid reputation when opening an account with a St. Vincent and the Grenadines broker. Brokers regulated in strict jurisdictions often open offshore offices in order to offer better terms to clients – such as high leverage and bonuses (which are banned in Europe). The offshore branch of Octa offers a generous leverage up to 1:500, many attractive bonuses as well as the option of two account types and two different trading platforms.

Negative Balance Protection (NBP)

An immense advantage in trading with Octa is the fact that both companies of Octa group provide their clients with Negative Balance Protection. This means that if your balance becomes negative due to Stop Out, the brokerage will compensate the amount and bring your account balance back to zero. We always recommend that readers invest only with brokers who provide NBP, so that there is assurance they many not lose more money that their initial deposit.

Trading Conditions

The trading conditions offered by Octa are very attractive and much more favorable that the standard for the industry. Here are some of the highlights:

• the minimum initial deposit is only $100, more than twice as low as the standard $250;
• extremely low floating spreads;
• flexible leverage with maximum levels which vary according to the regulation in each country the broker operates;
• Negative Balance Protection removes the risk of losses exceeding the initial deposit;
• low-risk trading in micro lots available on all account types.

Readers have to keep in mind that trading conditions vary a bit according to the broker brand of Octa and the country where it operates. This is, again, a sign of Octa’s commitment to comply with regulatory standards. An account with Octa’s offshore branch would give you access to more trading instruments and a choice between multiple platforms and account types.

Octaeu.com trading accounts

Octafx.com trading accounts

Trading Platforms

Octa FX provides clients with the most popular trading platform which is sure to meet the expectations of even the pickiest traders: MetaTrader 5 (MT5). The fact that the MetaTrader 5 trading platform is supported is something we always consider an advantage since the MT5 is among the foremost trading terminals in Forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of Expert Advisors (EAs).

Another advantage is Virtual Private Server (VPS) which is offered to both new and existing clients for only $15 per month. VPS hosting allows the execution of orders 24 hours, 5 days a week.

The SVG-based company Octa Markets Incorporated which operates via Octafx.com website, besides the MT5, also provides clients with the MetaTrader 4 so that clients of Octa may have a wider pick of their preferred trading platform, as well as a copy trading app which we always view favorably. Your choice of platform depends solely on your preferences – MT4 was most designed for forex and CFD trading while MT5 gives access to some additional markets like futures, stocks, bonds, and options. MT5 also provides more indicators, timeframes and pending order types, and comes with a built-in economic calendar. All in all, both MT4 and MT5 are a great choice for a trading platform but while MT4 is slightly more accessible to beginner traders, MT5 gives access to more trading opportunities.

Bonuses and promotions

By the time of writing this review, Octa provides clients with the following promotions:

• CopyTrading app which allows clients to automatically copy leading traders;
• 50 percent bonus on each deposit of more than $50. All deposit bonuses are available for withdrawal once you have reached a turnover of the bonus divided by half. For example, if you have deposited $400 and received a bonus of $200, you would have to reach a turnover of 100 lots in order to withdraw the bonus;
• Free Forex trading signals: AutoChartist which allows clients to follow automated alerts to open and close trades;
• a referral program which allows you to earn money when you invite friends to join Octa;
• Trade and Win program which allows you to get prices based on your trading volume. Gifts vary from an Octa t-shirt (for 5 lots traded) to a smartphone (for 250 lots) and a laptop (for 2500 lots);
• Regular trading contests which give you the opportunity to both test out your strategies, and win a monetary price if you are the participant with the highest balance at the end of round – up to $500;
• Status program; allows clients access to new benefits such as accelerated transfers, lower spreads, personal manager and many more at every new level

Keep in mind that Trading bonus, CopyTrading app and other promotions may not be eligible for clients of Octa Markets Cyprus Ltd.

Methods of Payment

Octa supports the standard payment methods of Forex, as well as a popular e-wallet. Clients of the brokerage may deposit or withdraw via Visa, MasterCard, bank transfer, as well as Skrill.

Clients of the broker’s offshore branch, Octafx.com, will get access to other payment options such as Neteller, PerfectMoney and different cryptocurrencies – Bitcoin, Ethereum, USDT, Litecoin and Dogecoin.

Furthermore, the brokerage itself does not charge any withdrawal or deposit fees on most payment methods which lower the cost of trading – only PerfectMoney deposits are subject to a 0.5% commission fee. The minimum deposit amount is $50 for Skrill, $25 for PerfectMoney, and €50 for Neteller, MasterCard and bank transfer. The minimum withdrawal amounts are €50 for bank transfers and just 5 currency units for Skrill, Neteller and PerfectMoney.

Conclusion

Octa is a reliable award-winning FX and CFDs broker that offers pretty good trading conditions and has air-tight regulation. To sum up the above, here are the advantages and drawbacks with regards to this broker:

Pros                                                                                                       Cons

Solid regulation                                                       No significant disadvantages

Negative Balance Protection

Competitive spreads, low initial deposit

MT4 & MT5 both available

Attractive Bonuses & Promotions

Fast execution speed