Octa Review 2024
Written by BrokerNotes.co
Fact-checked by Steven Hatzakis, Joey Shadeck
Edited by Jeff Anberg
CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 74-89% of retail CFD accounts lose money. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
Our research found that Octa is an average choice for forex and CFD trading. Despite its comprehensive offerings and strong platform tools, some areas could be improved, making it a solid but not exceptional broker.
Overall Rating
Minimum Deposit
Trust Score
Pros and Cons
Pros
- Wide range of trading platforms: Supports MetaTrader 4, MetaTrader 5, and a proprietary platform.
- Low EUR/USD spread: Average spread cost is 0.9, which is competitive.
- Comprehensive educational resources: Offers advanced and beginner education videos.
Cons
- Average investment offering: Only 230 tradeable symbols, far below the industry average.
- No VIP discounts: Does not offer discounts for active traders or VIP clients.
- Limited HFT and algo trading: Octa limits requests per minute to just 30, banning software and strategies that trade more frequently than this.
Ratings Summary
- Investment Types - 6.5/10
- Commissions & Fees - 7.5/10
- Trading platforms - 7.5/10
- Research - 7.5/10
- Mobile Apps - 7.5/10
- Education - 7.0/10
- Overall - 7.2/10
Can I trust Octa?
Octa is moderately trustworthy. It is MiFID regulated but not publicly traded, and it lacks ASIC and FCA authorization. ForexBrokers.com rates Octa's trustworthiness as "Average Risk" with a Trust Score of 70.
Octa is currently licensed and/or authorised by the following regulatory bodies:
- Tier-1 Regulators - Regulated in Cyprus and in the European Union via the MiFID passporting system.
- Tier-2 Regulators - Financial Sector Conduct Authority (FSCA)
- Tier-3 Regulators - None
- Tier-4 Regulators - None
Is Octa good for beginners?
We recommend Octa as a decent option for beginners due to its extensive educational offerings, including both beginner and advanced education videos, but it does still have room for improvement compared to best-in-class competitors.
| Feature |
Octa
|
|---|---|
| Education (Forex or CFDs) | Yes |
| Client Webinars | Yes |
| Videos - Beginner Trading Videos | Yes |
| Videos - Advanced Trading Videos | Yes |
| Investor Dictionary (Glossary) | Yes |
Octa commissions and fees summary
Octa offers competitive commissions and fees, including a low average EUR/USD spread of 0.9 and no inactivity fees. However, it does not provide VIP discounts. Overall, Octa's fees are average for investors.
| Feature |
Octa
|
|---|---|
| Minimum Deposit | $25 |
| Average Spread EUR/USD - Mini | 0.9 |
| Average Spread EUR/USD - Standard | 0.9 |
| All-in Cost EUR/USD - Active | N/A |
| Active Trader or VIP Discounts | No |
Octa trading platforms and tools
Did you know? Trading platforms comparison
Of the 60+ brokers reviewed on BrokerNotes, 64% offer a proprietary platform, 100% offer a web platform, 91% offer a desktop platform, 11% offer cTrader, 14% offer ZuluTrade, 81% offer MetaTrader 4, and 64% offer MetaTrader 5.
Octa offers a robust selection of trading platforms, including MetaTrader 4, MetaTrader 5, and a proprietary platform. This broker is an average choice for investors due to its solid but not outstanding rating for platforms and tools.
Trading platforms offered: MetaTrader 4, MetaTrader 5, and a proprietary platform.
Trading tools: Comprehensive and varied.
Copy trading: Available.
| Feature |
Octa
|
|---|---|
| Virtual Trading (Demo) | Yes |
| Proprietary Platform | Yes |
| Desktop Platform (Windows) | Yes |
| Web Platform | Yes |
| MetaTrader 4 (MT4) | Yes |
| MetaTrader 5 (MT5) | Yes |
| DupliTrade | No |
Octa trading platform screenshots
Mobile trading apps at Octa
Octa's mobile trading apps are reliable and well-rated, making it an average choice for investors who prioritize mobile trading.
| Feature |
Octa
|
|---|---|
| Android App | Yes |
| Apple iOS App | Yes |
| Mobile Economic Calendar | Yes |
| Mobile Alerts - Basic Fields | Yes |
| Mobile Charting - Draw Trendlines | Yes |
| Mobile Watchlist | Yes |
Octa mobile app screenshots
How do I open an account with Octa?
- Visit the Octa website.
- Click on the "Open Account" button.
- Fill out the registration form with personal details.
- Verify your identity with the required documents.
- Fund your account using one of the supported methods.
- Start trading.
What can I trade at Octa?
Octa offers 35 forex pairs and 230 tradeable symbols, which is below the industry average of 3,623 symbols.
| Feature |
Octa
|
|---|---|
| Tradeable Symbols (Total) | 277 |
| Forex Pairs (Total) | 52 |
| Social Trading / Copy Trading | Yes |
| Cryptocurrency (Physical) | No |
| Cryptocurrency (Derivative) | Yes |
| Spread Betting | No |
Octa research screenshots
Account funding at Octa
Octa supports funding through bank wires, Neteller, credit cards, and Skrill. However, it does not support PayPal.
| Feature |
Octa
|
|---|---|
| Visa/Mastercard (Credit/Debit) | Yes |
| Bank Wire (Deposit/Withdraw) | Yes |
| PayPal (Deposit/Withdraw) | No |
| Skrill (Deposit/Withdraw) | Yes |
| Neteller (Deposit/Withdraw) | Yes |
About Octa
Octa was founded in 2011 and offers a range of trading platforms and tools. While it is MiFID regulated, it is not publicly traded and lacks some major regulatory authorizations. Octa provides comprehensive educational resources and a competitive fee structure, making it a solid choice for many traders.
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Methodology
At BrokerNotes.co, our data-driven online broker reviews are based on our extensive testing of brokers, platforms, products, technologies, and third-party trading tools. Our product testing extends to the quality and availability of educational content, market research resources, and the accessibility and capabilities of mobile platforms and trading apps. We also dive into each broker’s trading costs, such as VIP rebates, inactivity fees, custody fees, bid/ask spreads, and other fee-based data points.
Steven Hatzakis, an industry veteran with decades of experience in the forex market, leads the BrokerNotes research team. All BrokerNotes content is researched, fact-checked, and edited by the research team.
All websites and web-based platforms are tested using the latest version of the Google Chrome browser. Our Desktop PCs run Windows 11, and we use MacBook Pro laptops running the latest version of macOS to test trading on the go. We test mobile apps and products using iPhones running iOS 17 and Samsung devices running Android OS 14.
Note: The online brokers on our site provide the ability to trade forex in one or more ways, such as non-deliverable spot forex (i.e., rolling spot contracts), contracts for difference (CFD), or other derivatives such as futures. The availability of specific markets or features will depend on your country of residence and the broker's applicable brand or entity that services your account(s).
Forex Risk Disclaimer
There is a very high degree of risk involved in trading securities. With respect to margin-based foreign exchange trading, off-exchange derivatives, and cryptocurrencies, there is considerable exposure to risk, including but not limited to, leverage, creditworthiness, limited regulatory protection and market volatility that may substantially affect the price, or liquidity of a currency or related instrument. It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable, or that they will not result in losses. Learn more about foreign exchange risk.
About the Editorial Team
BrokerNotes.co provides unbiased forex broker reviews and ratings to help traders and investors find the best broker for their needs. All content is researched, fact-checked, and edited by our research team and all ratings and rankings are based on the team’s in-depth product testing.
Steven Hatzakis is the Global Director of Online Broker Research for BrokerNotes.co and ForexBrokers.com. Steven previously served as an Editor for Finance Magnates, where he authored over 1,000 published articles about the online finance industry. A forex industry expert and an active fintech and crypto researcher, Steven advises blockchain companies at the board level and holds a Series III license in the U.S. as a Commodity Trading Advisor (CTA).
Joey Shadeck is the Content Strategist and Research Analyst for BrokerNotes.co and ForexBrokers.com. He holds dual degrees in Finance and Marketing from Oakland University, and has been an active trader and investor for close to ten years. An industry veteran, Joey obtains and verifies data, conducts research, and analyzes and validates our content.
Jeff Anberg is a Staff Editor at BrokerNotes.co and ForexBrokers.com. Along with years of experience in media distribution at a global newsroom, Jeff has a versatile knowledge base encompassing the technology and financial markets. He is a long-time active investor and engages in research on emerging markets like cryptocurrency. Jeff holds a Bachelor’s Degree in English Literature with a minor in Philosophy from San Francisco State University.