Octafx review 2024 | Safe or Scam? Pros + Cons
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OctaFX forex broker was established in 2011 and they are based in St Vincent & The Grenadines. The holding company that controls the broker is called Octa Markets Ltd and their offices are at suite 305, Griffith Corporate Centre, Kingston.

They also have a subsidiary company that is based in Cyprus and is called Octa Markets Cyprus Ltd. This is the entity that holds their CySec regulatory licence (more on this below).

They are well known for being one of the best STP (Straight Trough Processing) ECN brokers on the market. This means that they do not operate a dealing desk and can therefore give you some of the lowest fees.

Moreover, given that they are using the STP technology, their execution is well known in the industry and they have some of the lowest rates of slippage on the market. Leverage on the broker can be as high as 500:1 on some of the Forex pairs and they make a market in a number of different assets.

Although they are a global broker that is able to accept clients from over 100 countries, the bulk of their traders come from Asia. There are also some jurisdictions where they cannot accept clients and these include the likes of the USA etc.

Is OctaFX Safe?
This is one of the most important questions for any trader. You need to make sure that you are trading with a broker that has all the right protections in place in case of unforeseen circumstances.

So, how does OctaFX stack up?

Regulation

As mentioned above, OctaFX has a subsidiary entity that is based in Cyprus. This has been regulated by the Cyprus Securities and Exchange Commission (CySec) with licence Number 372/18. This means that they will fall under the jurisdiction of this authority.

What others say

Here are a few extracts from other OctaFX broker reviews:

FXEmpire: “Although OctaFX is relatively new in the industry, the fact that it has won so many awards shows that the broker is well liked by traders. It is also interesting to note that this broker is of the handful of brokers in the industry that is willing to be transparent with its trading volume data.”
com: “OxtaFX offers the popular MetaTrader and cTrader platforms, yet its lack of regulation in a major jurisdiction puts it at a disadvantage compared to other forex brokers”
DailyForex: “We’re impressed with what OctaFX has to offer their traders. They seem to really care about their clients and their customer support team is proven to be the most helpful and professional in the industry.”

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