OctaFX fees and costs – Spread comparison
OctaFX fees and spreads are those charges for the brokerage services the broker provides to the clients. The quality of services that OctaFX offers is top-notch. From a stellar trading platform to a wide range of markets, OctaFX goes the extra mile in serving its traders well.
However, to continue rendering these offers and services, it must be paid well. The only way it can do this is via fees, commissions, and spreads. Here, we detail the OctaFX fees and spreads so that you can be well informed as to what the broker will charge you for the services it renders.
The following fees can occur if you are an OctaFX trader:
- Overnight-free (swap)
- Deposit and withdrawal fee (depending on the payment method, mostly free)
(Risk Warning: You capital can be at risk)
OctaFX fees and spreads
The fees spreads and commission that OctaFX charges start from US Dollar 7 with spreads as low as 0.0 pips. The online broker has a low and incredibly competitive spread when compared to what other brokers offer. It offers a list of spreads which starts from 0.0 pip along with commissions charged from US Dollar 0.02 per 0.01 lot for traders using the ECN CTrader account.
OctaFX trading fees are according to the type of account that the trader chooses and the options along with the spread list, leverage, and commissions are as follows:
MT4 Micro Account
Leverage goes up to 1:500 for Forex, 1:200 for metals, 1:50 for indices, and 1:2 for cryptocurrencies. The floating spreads start from 0.4 pips, fixed spreads at 2 pips. There are zero commissions charged on trades.
|Asset:||Spreads from:||Commissions:||Swap short (points):||Swap long (points):|
|GOLD (XAU/USD)||1.8 points||No||-2.65||-5.83|
|DOW JONES (US30)||2.5 points||No||-8.00||-8.00|
|BITCOIN (BTC/USD)||2.8 points||No||-2.00||-2.00|
MT5 Pro Account
You have the leverage of up to 1:200 for Forex, 1:100 for metals and energies, 1:50 for indices, 1:2 for cryptocurrencies. You floating spreads from 0.2 pips and zero commissions as well.
|Asset:||Spreads from:||Commissions:||Swap:||Three days fee:|
|GOLD (XAU/USD)||1.8 points||No||No||-0.2|
|DOW JONES (US30)||2.5 points||No||No||-0.3|
|BITCOIN (BTC/USD)||2.8 points||No||No||-0.1|
cTrader ECN Account
The leverage here might also go up to 1:500 for Forex and 1:200 for metals, floating spreads from 0 pips, and commissions from US Dollar 0.02 per 0.01 lot.
|Asset:||Spreads from:||Commissions:||Swap:||Weekly rollover:|
|GOLD (XAU/USD)||1.2 points||$3/1Lot||No||-0.4|
Overall, we can say that the trading fees are very cheap with this broker. Compared to other forex brokers, OctaFX offers professional and suitable trading conditions for any type of trading.
(Risk Warning: You capital can be at risk)
Introduction to OctaFX
OctaFX is a forex, CFD, and copy trading broker that offers quality trading services via the MT4, MT5, and cTrader platforms. It was established in 2011 with headquarters located in Saint Vincent and the Grenadines. It, however, has an area office in Jakarta, Indonesia. Because of regulations, the broker has entities covering different jurisdictions.
OctaFX’s EU company, Octa Markets Cyprus Ltd, is located in Cyprus and is regulated by the Cyprus Securities and Exchange Commission (CySEC). With over 1.5 million trading accounts and a commendable list of forex broker awards, the broker has commanded global attention and continued to grow at an exponential rate. The awards include:
- Best ECN/STP Broker 2019 – FXDaily Info
- Best Forex Broker Asia 2019 – also by FXDaily Info
- Best Copy Trading Platform 2018 – Forex-Awards.com
- Best Forex Broker Asia 2018 – Global Banking & Finance Review
- Best FX Broker 2018 – European CEO Magazine
- Best Forex ECN Broker 2017 – UK Finance Awards
OctaFX trading platforms
OctaFX offers quality trading services via a variety of trading platforms. This variety allows traders the ability to choose from enough options. The good thing about OctaFX trading platforms is that they are synced. So, you can easily switch from one platform to another in real-time. This is because what you do on one platform automatically reflects one another. We will examine each platform below:
The MT4 platform is popular trading software used by both retail and institutional traders, due to its ease of use and flexibility. The platform allows you to develop your own expert advisors and technical indicators to suit your trading style. In addition to the countless in-built technical indicators, advanced charting tools allow you to analyze price fluctuations and trends in the market.
Unfortunately, however, we have to note that with OctaFX, the MT4 trading platform is currently only available for clients outside the European Union.
MT5 is the next-generation platform that offers all the benefits of its predecessor but with additional speed, accuracy, and more advanced features. It is a big upgrade to the legacy MT4 that people had used for generations. Users enjoy multiple types of pending orders, several analytical objects, plus additional technical indicators that are unique to MT5. There’s also an economic calendar.
Both the MT4 and MT5 come in several languages, including English, Arabic, and Hindi, and are compatible with Windows and macOS PCs. OctaFX provides a useful download guide on the website.
OctaFX also offers the web terminal version of MT4 and MT5, meaning traders can access the markets straight from an internet browser. The web platforms are highly functional and customizable, boasting the same features found in the desktop versions, including charting tools, market indicators, and expert advisors, plus access to diverse order types and execution methods.
The cTrader platform is a robust system designed for forex and CFD trading. It is fast becoming one of the most popular trading platforms. The platform includes over 26 in-built chart views and up to 50 chart templates on a fully customizable interface. It boasts an impressive array of 70 technical indicators and a lot of chart timeframes, plus advanced level scalping and visual back-testing by making use of the cBot.
With full market depth, traders can also execute advanced online trading strategies as well as develop their own trading algorithms. The cTrader platform is ready for download from the website once you have completed the registration process. The cTrader web terminal is also available for traders using the MacOS.
OctaFX offers some of the most popular assets, including:
- Forex – 28 currency pairs. However, OctaFX does not offer a good list of minor and exotic currencies.
- Indices – 10 CFD indices available such as US30 and NASDAQ
- Commodities – including gold and silver contracts and brent and crude oil
- Cryptocurrencies – 3 major crypto coins including Bitcoin, Ethereum and Litecoin
The fees and commissions are always depending on the asset and account type. We highlighted it in the table above.
OctaFX offers generous leverage limits up to 1:500 for currencies in the MT4 and cTrader accounts. Leverage in the MT5 account is available up to 1:200 on currencies. Metals can be leveraged up to 1:200, indices and energies up to 1:50, and cryptocurrencies up to 1:2. Note that traders in the EU can only trade with leverage up to 1:30. This is because of the regulation put by EU authorities.
OctaFX Mobile Apps
OctaFX delivers mobile app versions of the MT4, MT5, and cTrader platforms, available for iPhone and Android devices. The apps offer many of the essential features found in the desktop applications including a complete set of orders in MetaTrader and full balance, margin, and P&L information in cTrader.
All trading apps come with a customizable mobile interface with clean and accurate trading functions, as well as custom mobile price alerts. OctaFX also offers a proprietary copy trading mobile app, currently available only on Android (APK) devices. It is also only available for traders residing outside of the EU. The app allows you to manage and keep track of trading accounts of veteran and more experienced traders whilst on the go.
Users can also activate bonuses, access trader tools, and deposit into their accounts. The app can be accessed from the Google Play store.
OctaFX payment methods
OctaFX offers a few funding methods which vary depending on the jurisdiction under which you fall. These include bank cards, E-wallets, and crypto coins. Local bank transfers are also available for traders from certain countries, including Thailand, India, and Nigeria.
There are no commissions charged on deposits, withdrawals, or currency exchange rates, except for 0.5% on Perfect Money deposits. The withdrawal time for all methods is 1 to 3 hours to approve and up to 30 minutes to transfer the funds. There is no withdrawal limit on earnings. For withdrawals, it may, however, take some time for the funds to be credited to your account.
OctaFX account types
There are 3 account types available at OctaFX, determined by the trading platform you use: Micro (MT4), Pro (MT5), and ECN (cTrader). Accounts are available in USD or EUR. The minimum trade volume across all accounts is 0.01 lots and there is no maximum.
The main differences between the accounts are the assets available to trade, the spreads, and the minimum deposit amounts. The Micro and ECN minimum deposit is 100 USD. The minimum deposit in the Pro account is 500 USD. Commissions are also charged on the ECN account.
Account opening is easy and requires the submission of ID documents in line with KYC requirements. In most cases, if your documents are submitted clearly, verification should only take up to 3 hours.
OctaFX boasts quality customer support services as one of the premium services it offers to its customers. More importantly, you can reach customer service via a myriad of channels. First, there is the telephone support; non-EU clients can contact the helpline, +44 20 3322 1059, while for clients that stay within the EU, the number to call is +357 25 251 973. Traders are, however, limited to calling between Mondays and Fridays.
Secondly, you can reach out via email. Thirdly and the fastest way to get in touch is via the 24/7 live chat service, which you can access by clicking on the chat logo at the bottom of the website.
Conclusion on the OctaFX fees and costs
In today’s trading world, we do enjoin traders to go for brokers that charge very low fees – as that has now become the reality. OctaFX is one of those brokers that provide you with inexpensive, but high-quality trading service.
All in all, we tested the offers of OctaFX and we came to the conclusion that it is a very cheap broker to trade with. There are no hidden or expensive fees. So we can clearly recommend this forex broker.
(Risk Warning: You capital can be at risk)