Octa Review

Octa Ratings at a Glance

Octa provides an extensive range of over 300 tradable assets and derivatives. Below find listed the various types of assets you can trade through Octa:

• Forex currency pairs: Trade 35 of the most active currency pairs with competitive dealing spreads as low as 0.9 pip on EUR/USD. Octa also offers 500:1 leverage, and you can open a live forex account for as little as a $25 initial deposit.
• Stock derivatives: Trade stock derivatives on stocks listed on 16 different world exchanges with a maximum leverage ratio of 20:1. 
• Commodities: Besides gold and silver CFDs that can be traded with a maximum leverage ratio of 200:1, Octa offers trading in U.S. Natural Gas, Brent crude and West Texas Intermediate crude CFDs with maximum leverage of 100:1. 
• Shares of stock: For a minimum deposit of $10,000, you can trade selected shares of stock of over 100 major (mostly U.S.) companies. You can also buy shares of stock such as Apple Inc. (NASDAQ: AAPL) or Amazon.com (NASDAQ: AMZN) with no leverage, although you do receive dividends and can open as many as 10 stock positions in your account. All stock transactions cost $15 for buying and selling.
• Indices: Octa offers trading in 10 major world stock indices with a maximum leverage ratio of 50:1. 
• Cryptocurrencies: You can trade as many as 30 of the most popular cryptocurrency/USD pairs, including Bitcoin, Litecoin and Ethereum. Cryptocurrencies have a leverage ratio of up to 25:1.  

You can choose to open a demo account for forex and CFD trading before you make an initial deposit to gauge the services, spreads and trading conditions. In addition to the demo and live trading accounts, you can also open an Islamic account, with no swap or other fees. 

Educational Resources 

If you are a beginning trader, in addition to opening a demo account, you can access webinars with industry and trading professionals, as well as tutorials on using the Octa Trading and MetaTrader 4 and 5 applications, how to trade cryptocurrency and how to use the Autochartist MetaTrader plugin. Octa also provides a video library, tutorial articles on trading, platforms and forex basics and extensive news and research resources that most traders will find useful. 

For more advanced traders, Octa provides a series of manuals for the MetaTrader 4 platform that include:

• Trading: Trailing stop, market watch, trade positions, chart trading, account history, trade tab and order types. 
• EAs (Expert Advisor setup): Tester parameters, experts tab, expert advisor setup, expert advisor launch, code base toolbox and expert advisors shutdown. 
• Charts: Chart setup, chart opening, line studies and toolbar. 
• Interface: Journal, navigator, standard toolbar and registering server. 
• Indicators: Custom indicator launch; custom indicator removal
• Signals: Signal subscribers, MQL5 community settings, signal providers and signal settings
• Autochartist: Autochartist installation manual

The manual for the MetaTrader 5 platform includes:

• Trading: Placing trades, one-click trading
• Virtual hosting: Registering  virtual hosting, migration and managing
• Autochartist: Installation manual
• Getting started: Login, Windows installation, Linux installation, Mac OS installation
• Autotrading: Expert Advisor and custom indicators, strategy testing, downloading EAs 

Analysis

Octa offers several helpful analytical tools that many traders would find useful, including a trading calculator, profit calculator and pip calculator. Analytics include live quotes and monitoring, market information, market insights, an economic calendar, forex news, interest rates and a market holiday calendar.  

Copy Trading 

Whether you plan to copy someone else’s trades or trade well enough to have your trades copied, Octa can accommodate your needs either on your desktop or via the company’s Copytrading App. 

Through Octa’s copy trading service, you can choose from an unlimited number of Masters to copy and create a diversified and balanced portfolio, allowing you to receive a more stable income that can better suit someone interested in forex investing. You can modify or stop copying orders at any time, and you can view detailed trading statistics for all Master Traders in the copier area. 

Copiers have their own area on the website, as well as a link to Octa’s list of Master Traders and their ratings. Master traders have their own area and account types and must adhere to the rules set forth by Octa. The Master determines the commission amount for copying orders, with commissions ranging from 0% to 50% of the copiers gain. 

Commissions for using the service are included in the dealer spread, with a markup of 0.2 pips per transaction. Copy traders also qualify for a one-time 50% of invested funds bonus, although the bonus funds cannot be withdrawn or considered an integral part of the copier’s investment.  

Octa offers its clients one of the most responsive 24/7 multi-lingual customer service departments in the industry. According to Octa, “only 0.7% of our customers address Customer Support.” Customer support is available in English, Indonesian, Malay, Thai, Hindi, Spanish and Urdu. 

To get immediate results, you can contact Octa via its live chat feature right on its website. If you have a question that might be answered easily without contacting the company, they also have a FAQ section with information on opening accounts, choosing a leverage ratio and how to open a shares account, for example. 

Octa maintains a strong social media presence, so you can contact them through their Facebook, LinkedIn, YouTube, Twitter and Instagram links. In addition, you can also contact the firm 24/5 via email at clientsupport@octafx.eu for EU-based traders and 24/7 at support@octafx.com for traders residing in other jurisdictions. 

Octa gives top priority to its clients’ fund security, beginning with segregated accounts. Complying with international regulation standards, all client funds are kept in separate accounts from the company’s own balance sheets, so your money remains secure. 

Octa also uses Single Socket Layer (SSL)-protected technology to safeguard your personal data and financial transactions. The SSL-secured Personal Area is protected from third parties with 128-bit encryption making your browsing safe and data secure. 

For further protection, your personal ID scan and proof of address must be submitted to ensure your transactions are authorized and secure. Withdrawals from a live account can only be made after email verification so only you can access your funds. Withdrawals and deposits must also have the same payment details so that under no circumstances can Octa transfer a withdrawal to a third party. 

When processing Visa credit cards, Octa uses 3D technology making all Visa transactions transparent and safe. Finally, the technical environment for all of Octa’s online operations is monitored 24/7 by a dedicated team of highly professional technical specialists and engineers. 

Octa offers three different account types. Each account type requires a minimum deposit of only $25, although Octa recommends that you deposit at least $100 to open a live account. The three types of accounts are: 

• OctaTrader Account: Features dealing spreads from 0.6 pip and gives you access to 77 tradable assets, including 32 currency pairs, gold and silver, 3 energies, 10 indices and 30 cryptocurrency pairs.
• MetaTrader 5 Account: Features dealing spreads from 0.6 pips and provides access to 247 tradable assets, including 32 currency pairs, gold and silver, 3 energies, 10 indices, 30 cryptocurrency pairs, 149 stocks and 21 intraday assets.
• MetaTrader 4 Account: Offers dealing spreads from 0.6 pips and access to 71 tradable assets, including 32 currency pairs, gold and silver, 3 energies, 4 indices and 30 cryptocurrency pairs.

No trading commission is charged on any of the accounts, with leverage ratios for forex currencies available up to 500:1, except for ZAR/JPY, which has a maximum leverage ratio of only 100:1. Leverage ratios for metals are 200:1; energies, 100:1; indices, 50:1; and crypto 25:1 in all account types. In the MT5 account, the leverage ratio for stocks is 20:1, while intraday assets can be leveraged up to 200:1.   

Octa's mobile app, OctaTrader, incorporates charting technology by TradingView, offering advanced charting and real-time quotes across a diverse range of assets. The app features one-click trading, terminal alerts, market analytics, broker promotions and seamless deposit and withdrawals.

The OctaTrader app allows you to set stop-loss and take-profit levels, trade directly from the chart and set pending orders. You can also use the MT4 and MT5 apps to trade in your Octa trading account. 

For copy traders, Octa offers their dedicated Copytrading app where you can find and copy from an unlimited number of trading Masters. The app lets you specify all the parameters you choose for your order copy, and you can modify or stop copying orders at any time.  

The Octa website is easy to navigate and includes all the information you will need to open an account and start trading. Support for the MetaTrader platforms and its own proprietary OctaTrader platform make the broker easily accessible to the large number of traders who already use the MetaTrader suite. 

Analytical tools, news updates and trading resources provide Octa’s clients with a competitive edge. Educational resources provided cater to various skill levels, including live trading webinars, articles, video and written tutorials, a glossary and a FAQ section. Unfortunately, Octa is not available in certain regions, including the U.S., U.K., Japan, the Islamic Republic of Iran, Russia or Cyprus.

Octa vs. Competitors

Unlike many other online forex brokers that support the MetaTrader platforms, Octa offers its own proprietary platform and app. In addition, Octa offers social trading and a social trading app. While Octa’s limited number of tradable assets cannot compare with other larger competitors such as IC Markets or XM, many traders prefer to trade a limited amount of assets to begin with and the availability of social trading and its unique platform sets Octa apart. Below you can find a chart comparing Octa with other forex brokers. 

Octa receives a commendable overall rating of 4.5 stars. The limitations of this firm mainly include its restricted asset range, the company's domicile in the Union of Comoros, its oversight by the Mwali International Services Authority instead of a major regulator and its limited educational resources, which could be improved.

The generally positive rating reflects the brokerage's strengths in supporting the popular MetaTrader 4 and 5 platforms, as well as in offering proprietary trading solutions and copy trading which truly make Octa a broker to consider. 

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