Founded in 2011, Octa is home to over 6 million trading accounts. It continues to increase its market share with swap offers plus generous bonuses and incentives.
| Headquarters | Comoros |
|---|---|
| Regulators | CYSEC, FSCA, MWALI International Services Agency |
| Founded year | 2011 |
| Execution type | Market Maker |
| Minimum deposit | 25$ |
| Negative balance protection | Yes |
| Trading platforms | MetaTrader 4, MetaTrader 5, Exclusive Platform |
| Minimum spread | None |
| Standard spread | 0.6 pip |
| Minimum commission fees | None |
Regulations and Security
Trading with a regulated broker limits the potential for fraud and mistakes. I always advise traders to check the regulation and verify it with the regulator by checking the license provided with their database. OCTA presents to clients a regulated entity in Cyprus, regulated by CYSEC, license number 327/18. EU resident traders will be included in this entity. OCTA is also regulated by the MWALI International Services Authority (license number HY00623410) and in South Africa by the Financial Sector Conduct Authority (License number 51913).
Octa operates out of Saint Vincent and the Grenadines. The financial regulator in Saint Vincent and the Grenadines, the Financial Services Authority (FSC), does not regulate forex and cryptocurrency brokers, as stated on their official website.
Although OCTA operates without a regulatory authority, it is still a duly registered international business company (IBC) in Saint Vincent and the Grenadines with registration number 19776 IBC 2011. It segregates funds Client deposits from company funds and provide negative balance protection. OCTA has also served customers from more than 100 countries for more than a decade.
Trading fees
| Average transaction costs EUR/USD | 0.9 pip |
|---|---|
| Average transaction costs GBP/USD | 1.3 pip |
| Minimum spread | None |
| Standard spread | 0.6 pip |
| Minimum commission fees | None |
| Deposit fees | None |
| Withdrawal fees | None |
| Inactivity fees | None |
OCTA presents traders with a free, priced pricing environment. EUR/USD starts as low as 0.6 pips or $6 per standard 1, with an average cost of 0.7 pips. It's like commission-based brokers offering raw spreads of 0 pips for $6. I rank OCTA among the best and OCTA delivers on its claims to help forex traders make more money.
Trading assets
OCTA maintains a selection of 35 currency pairs, 31 cryptocurrency pairs, 5 commodities, 10 index CFDs and 150 equity CFDs. As OCTA has a limited selection of trading instruments, with the exception of its above-average selection of cryptocurrency CFDs, I find it ideal for focused trading strategies that rely on fewer assets but has higher fluidity.
Leverage
Maximum leverage at OCTA is 1:500 for forex traders and 1:25 for crypto traders. Commodity traders max out at 1:100, index traders at 1:50, and equity traders get the industry standard at 1:20. It is great for scalpers and traders who require high leverage trading accounts. I would also like to note the absence of swap rates and the presence of negative balance protection which again, combine for an unrivaled offer.
Account types
OCTA offers traders one MT4 and one MT5 trading account. The minimum deposit for both is $25 and the maximum leverage is 1:500. The account base currencies are euro and US dollar. The main difference between the two is that MT5 offers equity CFDs that are not available at MT4.
Trading platforms
OCTA provides traders with superior MT4/MT5 trading platforms and upgraded trading experience with the Autochartist Pro plugin. MT4 remains the market leader in algorithmic trading and the most flexible trading platform with 25,000 custom indicators, plugins and EAS. Both come with an integrated copy trading service.
The MT4/MT5 trading platforms exist as a desktop client, supporting all features, a lightweight web-based trading portal for manual traders, and a mobile application.
A proprietary trading platform, Octatrader, is also available for desktop, laptop or mobile devices as an app, allowing traders to manage their OCTA portfolios. OctaTrader uses TradingView charting technology, allowing for comfort and customization. It has over 10 million downloads from Android-based devices. The success of the exclusive OCTA copy trading service leads to the launch of a dedicated mobile application.
Special features
I find the no-swap trade structure to be the best unique feature at Octa. Another fact to note is the deal incentives, with over $6,000,000 to date. OCTA also offers traders the autochartist plugin for MT4/MT5.
Research and education
The market information section at OCTA offers traders twelve types of well-presented content. It covers technical trading signals, forex news and market insights. The OCTA blog complements the research portfolio and traders have a wealth of quality, market-oriented information. Along with the services provided by Autochartist, Octa maintains a highly competitive research section.
Beginner traders get the most educational value from the webinars, which Octa also publishes on its YouTube channel. I also recommend its 21 well-thought-out articles and its 11-video beginner course, which introduces new traders to the financial markets. OCTA's combination of written, graphic, and video content creates a valuable product. Platform tutorials are equally available, guiding beginners through the initial steps. Additionally, I advise new traders to seek in-depth education from third parties that includes trading psychology and avoid paid education.
Customer support
OCTA offers 24/7 customer support, primarily through live chat, with fast response times. Email support is also available, and the FAQ section answers many of the most common questions. I just found a phone number missing from the overall support offer.
Opening an account
Traders can typically open an OCTA account in less than 15 seconds. Traders must submit their email and choose their password. They can also use their Google, Facebook or Apple account to sign up. Account verification is required and most traders will complete it after submitting a copy of their ID and a proof of residence document.
Minimum deposit
The minimum deposit at OCTA is $25, which is higher than many brokers but within a reasonable range.
Payment methods
OCTA offers bank wires, credit/debit cards, Skrill, Neteller and six cryptocurrencies.
Deposits and Withdrawals
Traders conduct all financial transactions from the secure Back Office and Octa charges no fees or withdrawals. Third party costs may apply and I advise traders to check with their preferred provider. I like that OCTA offers some cryptocurrencies, but I'm missing more third-party payment processors and localization options, especially for its core markets. OCTA processes withdrawal requests in one to three hours.
Conclusion
I like the trading environment at Octa because it remains swap-free. The cost savings from the overall pricing environment alone make OCTA a broker to consider. I also like the exclusive copy trading service. Beginner traders will benefit from thoughtful research and educational services. Generous bonuses and promotions complement the excellent core trading services, explaining why OCTA has attracted deposits from over 6 million traders.
