OctaFX Review – Are They a Scam?

OctaFX Overview

Founded2011
PlatformMetaTrader 4 for PC, MetaTrader 4 for iOS, MetaTrader 4 for Android, MT4 Web-platform, cT Desktop, cT iOS, cT Android, cT Web-based client
Minimum account size$5
Minimum lot size0.01
Tradable assets50
Maximum margin1:500
Spread on EUR/USD0.2 pips
Payment methodsCredit Cards, Bank Wire, UnionPay, Neteller, MoneyBookers
Demo accountYes
Accepts Indonesian tradersYes
RegulatedFSA (Saint Vincent and the Grenadines), FCA (UK)
SupportPhone, E-mail, Live Chat, Whatsapp
Websitewww.idnoctafx.com

 

Skip Content and Read the Bottom Line!

 

Pros

  • Tight spreads
  • $5 minimum deposit

Cons

  • Limited number of assets
  • Trade volume requirement is confusing
  • Long waiting time to contact phone support
  • Whatsapp support can only be contacted via text

 
OctaFX is a brokerage service that was founded in 2011. Based in St. Vincent and the Grenadines, they provide a set of platforms that are targeted for different types of traders.

Platform

They offer two platform technologies courtesy of MetaTrader 4 and cTrader which both have user-friendly interfaces. Both can be used on desktops, iOS and Android mobile devices and even on web browsers. They also offer a demo account so if you’d like to do practice trading then it is possible. Such technology earns a Platform score of 9/10.

Design

Although the platform design is similar to other forex brokers, it would have been more visually interesting to see some uniqueness since we are already getting bored with the same kind of layout. This is the reason why they received a Design score of 3/5.

octafx platform

Minimum Deposit

They accept a minimum deposit of $5 which is comparatively lower than its competitors. This is an advantage especially if you have a very low capital to start with. It definitely deserves a Minimum Deposit score of 5/5.

Minimum Lot Size

They also follow the standard minimum lot size of 0.01 so there is an opportunity to manage the trade risks. This warrants a Minimum Trade Score of 5/5.

Tradable Assets

Around 50+ assets can be traded and this is composed of currency pairs and commodities like gold and silver but this might not be ideal for those who are planning to have a more diversified trading portfolio so we are giving them a Tradable assets score of 2/5.

octafx assets

Payouts

They have floating spreads which start from 0.2 pips. This case was true for the EUR/USD currency pair but for other major pairs, it was a little higher. Overall, these spreads are still good which is why we are giving them a Payouts score of 8/10.

Withdrawal Time

Typically, the processing of withdrawals may take around an hour on the condition that the request have been submitted within business hours. Such speed warrants a Withdrawal Time score of 10/10.

Deposit and Withdrawal Methods

Among the banking methods that they accept include Bank Wire, credit cards (Visa and MasterCard), UnionPay, Neteller and MoneyBookers. Basically these are common payment systems so we are giving them a Deposit and Withdrawal Methods score of 5/5.

octafx deposit

Customer Support

We were expecting to be able to get immediate customer service since they have a phone, email, live chat and even Whatsapp support but we only got disappointed. There were no responses from their Whatsapp and live chat channels so we decided to call them and it nearly took half an hour for us to be able to talk to them. This is something that needs to improve because we weren’t really satisfied and for that they get a Support score of 9/15.

octafx support

Quoting Accuracy

According to their website, trade execution using their platforms can go for as fast as 0.1 seconds which is incredibly fast. During the actual test that we did, we never experienced slippages or requotes. This warrants OctaFX a Quote Accuracy Score of 10/10.

Reputation

Any trader would choose to be with a broker that is reputable and has a good market credibility which is why it was disappointing to learn that this broker doesn’t have a strong backing from their clients including those from Indonesia. In fact, we found a huge number of complaints on numerous sites and it was really alarming. This warrants a Reputation score of 14/20.

octafx reputation
octafx reputation
octafx reputation

Conclusion

While it is true that OctaFX requires a low minimum deposit and has a platform that is able to execute immediate trades, there are still some factors that are keeping us from staying with this broker. The unsatisfactory customer service, confusing trade conditions and alarming number of bad user reviews still need to be resolved before we get convinced to continue our membership with them.

Final Score: 82/100

We highly recommend that you sign-up with a much more stable and reliable brands like LCG, XM or Pepperstone as alternatives so you can continue with your trading activities.