Octa Test und Erfahrungen

Is Octa Safe?

We consider Octa to be a high-risk broker because Deutsch traders have no recourse in the event of a dispute with the company.

No ASIC Regulation: Octa has a good reputation but it is not regulated by ASIC and is regulated by a single tier 2 regulator: CySEC in Europe. Even more concerning, Deutsch residents will be trading under the subsidiary Octa Markets Incorporated which is registered with St. Vincent and Grenadines FSA.  The SVG FSA is not a regulator and does not supervise trading or protect traders.

On the other hand, Octa does have a good reputation and its European operations are overseen by one of the better regulators in Cyprus. But Deutsch clients must rely solely on the reputation of OctFX as no additional measures exist to ensure client protection.

Safety Features: In a show of good faith, Octa segregates all funds from the company’s operating capital, and offers negative balance protection to all its clients.  No regulatory oversight also means that Octa can offer higher leverage and bonuses to Deutsch traders, which may be attractive to some.

Company Details:

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Octa’s Trading Instruments

We were dissatisfied with Octa’s instrument range, especially the complete lack of stocks and a low number of currency pairs.

High Leverage: Octa does have 39 cryptocurrencies to trade at 25:1 leverage. This isn’t the largest selection in the world, but it is a wider selection than most other brokers. Also, because Octa remains outside of ASIC jurisdiction it can offer 500:1 leverage on Forex trading.

Full list of Instruments:

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• Forex: Octa only has 40 currency pairs, fewer than most other brokers but the leverage on Forex pairs is up to 500:1.
• Indices: There are 10 indices available for trading at Octa. Leverage is up to 1:50 on indices.  
• Commodities: Octa offers trading on 5 commodities: Gold, Silver, Natural Gas, Brent Crude, and WTI crude. Leverage is up to 1:200 on commodities.
• Cryptocurrencies: 39 crypto pairs are available to trade 24/7. These include Bitcoin, Ethereum, Litecoin, Ripple, and more.  Leverage on crypto pairs is higher than other brokers, at 1:25.  

Overall, Octa has fewer instruments to trade than most other brokers, which may leave some traders dissatisfied.

Accounts and Trading Fees

Octa has two trading accounts with very low costs, but we found the rules on leverage restrictive. Each account is linked to a different trading platform but is otherwise similar.

Trading Fees: Both of Octa’s accounts require a minimum deposit of only 25 USD and each account is associated with a different trading platform (MT4 or MT5). Fees are the same on both accounts.

Account Trading Costs:

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Trading costs at other brokers tend to be 9 USD per lot of EUR/USD, making Octa one of the lowest cost brokers in the industry. 

MT4 Account: The MT4 Account requires a minimum deposit of 25 USD, and no commission is charged on trades. Spreads average at 0.7 pips, tighter than other similar brokers. Leverage is up to 500:1 for Forex trading, and the margin call/stop out is 25%/15%. Metals, indices, and cryptocurrencies are also available to trade. Swaps are charged every night a position is held open.

MT5 Account: The minimum deposit is also 25 USD on the MT5 Account. Spreads average at 0.7 pips on the EUR/USD, and no commissions are charged. The MT5 trading platform has some extra features, including depth of market, an integrated economic calendar, and full-size tick charts.  The other difference is that swaps only apply from the third night a position is held open. 

Leverage Restrictions: Octa has a couple of odd rules on leverage: Traders can only modify their leverage levels once every 24 hours and the following leverage restrictions apply to all deposits:

Deposits and Withdrawals

Octa has severely limited funding options for Deutsch residents who cannot deposit or withdraw funds by bank transfer or card. We could only open our trading account using an eWallet or cryptocurrency and only in US dollars or euros.

Like most brokers, Octa does not allow funding to or from third parties. All withdrawal requests from a trading account must go to a funding source in the trader’s name.

Accepted Deposit Currencies: Deutschs will be disappointed that Octa only allows trading accounts to be denominated in EUR and USD. Always check the exchange rate when converting from AUD to other currencies as hidden conversion fees can make trading expensive and affect profitability. 

Funding Methods: Octa does not charge any withdrawal fees, but Deutsch residents are limited to making deposits or withdrawals via eWallets or cryptocurrency.

• Bitcoin: Check Octa’s site for minimum deposits and withdrawals as this is subject to change.  Deposits are processed within 30 minutes and withdrawals are processed within 1 – 3 hours.
• Other cryptocurrencies: Other supported cryptocurrencies include Ethereum, Tether, Litecoin, and Dogecoin. Check Octa’s site for minimum deposits and withdrawals as this is subject to change.  Deposits are processed within 30 mins and withdrawals in 1 – 3 hours.  
• Neteller: The minimum deposit is 50 USD, and the minimum withdrawal is 5 USD.  Deposits are processed instantly, and withdrawals are processed in 1 – 3 hours.
• Skrill: Minimum deposit is 50 USD, and the minimum withdrawal is 5 USD.  Deposits are processed instantly, and withdrawals are processed within 1 – 3 hours.

Octa’s focus on cryptocurrency for funding was an unpleasant surprise for us and will be for many others, especially when there are so many brokers based in Deutschland who allow instant funding from AUD bank accounts.

Octa’s Mobile Trading Apps

Octa also has its own trading management app that integrates well with both the MT4 and MT5 apps, but we were disappointed that this is only available on Android devices.

The Octa Trading App

While you can’t trade with the Octa Trading App – you will need to have the MT4 or MT5 app installed for that – it is a functional trading management app with a slick and easy-to-use layout. But we have a lot of iPhone users on our team, so we were particularly annoyed that the app was only available on Android.

Account Management: After downloading the app we found it easy to open new real and demo accounts, manage our leverage, and deposit and withdraw funds. Switching to the MT4 app to access our trading account was a simple and quick process.

Trader Tools: Useful tools include the Market Insight tab, a feed of market news and trading ideas from reliable news sources, and a profit calculator. It also features a market monitor so we could keep tabs on our favourite trading instruments. None of these tools are ground-breaking, but they all worked as expected and the profit calculator took into account the different swap rates on MT4 or MT5.

Customer Support: Support was available 24/5 from inside the app. We found the customer support team helpful and responsive.

The app also lets you manage any bonuses or contest accounts you have open with Octa. Overall, we liked how user-friendly the app is, and its simple design will appeal to beginner traders.  

MT4 and MT5 Mobile Trading 

The MT4 and MT5 trading platforms are available on both Android and iOS mobile devices and tablets. There is some loss in functionality when compared to the desktop versions of these trading platforms, including reduced timeframes and fewer charting options.

Overall, Octa’s mobile trading support is good when compared to other brokers, with the MT4 and MT5 mobile versions available, in addition to the Octa trading app.  However, Octa’s trading app is only available on Android devices.

Other Trading Platforms

Octa recently discontinued its support for cTrader, one of our favourite trading platforms. But with MT4 and MT5, Octa still has good platform options. Octa also has one of the best copy trading platforms in the industry. 

MT4 and MT5

The main benefit of using third-party platforms such as MT4 and MT5 is that traders can keep their own customised versions of the platforms should they choose to migrate to another broker. Both MT4 and MT5 are available for Windows, Android, iOS, and web browser.

Overall, Octa’s platform support is about average when compared to other brokers. Additionally, MT4 and MT5 are generally more difficult to set up and are less user-friendly than the web-based platforms available at some other brokers. 

Octa Copy-trading

Octa also offers a copy trading platform free for all accounts, allowing beginners to copy the trades of more experienced, successful traders for a small fee per traded lot. Beginners simply find the Strategy Providers they want to follow and click “Copy.” Their positions will be copied automatically.  The copy trading service is also user-friendly and well-designed. This function is also available through the mobile app.

Platform Overview 

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Broker

Plattform-Auswahl

Copy Trading

Plattformen

Octa

4.5/ 5

Ja

MT4

MT5

OctaTrader

Axi

4/ 5

Ja

MT4

FXTM

4.5/ 5

Ja

MT4

MT5

Octa Bonuses

Octa runs several promotional schemes for clients – some of which you don’t even have to spend any money to benefit from:

50% Deposit Bonus

Octa offers a deposit bonus scheme (up to 50% of your deposit) though withdrawing the bonus is conditional on trading activity, using the following formula:

Demo Contests

Octa runs demo account contests on the MT4 platform.  The demo contest runs for 4 weeks and the participant with the largest demo account balance at the end of the period will win 500 USD, with smaller prizes for the rest of the top five. 

Octa 16 Cars Competition

In order to enter this contest, traders must open an MT4 account and denominate it as their contest account.  Traders then have to make the highest possible profit and traded volume with the best profit/loss ratio.  The closer traders are to the top in these three categories, the higher their chances of winning.  

Trade & Win: Get Gadgets for Trading

The Trade & Win promotion gives traders free prizes and gadgets based on their trading volume. For instance, if you have traded 150 lots with Octa you would be eligible for an Android smartwatch. Other prizes include phones and even laptops.

Opening an Account at Octa

The account opening process at Octa is hassle-free, fully digital and accounts are ready for trading immediately. Account verification is only required for withdrawals.

All Deutsch residents are eligible to open an account at Octa, if they meet the minimum deposit requirements stipulated by the deposit method they choose.  

Creating an account is straightforward, the process is fully digital, and accounts are available for trading immediately:

New traders will have to click on the “Open Account” button at the top of the page where they will be directed to register an account.    

1. Octa’s intake form requires clients to register an account with an email address and a password.
2. Next, new traders are directed to fill in their personal details (including name, country of residence, email address, birth date). 
3. Traders then need to select their preferred account type (MT4 or MT5), live or demo account, level of leverage, and account base currency.
4. Once this step is complete, traders can make their first deposit via several payment channels and can start trading. 
5. Traders are only required to submit any verification documents to Octa when they want to withdraw funds. These include:
   1. Proof of Identification – Octa accepts all government-issued identification documents such as passports, national ID cards, driving licenses, or other government-issued IDs. 
   2. Proof of Address – Proof of residence/address document must be issued in the name of the Octa’s account holder within the last 6 months and must contain a trader’s full name, current residential address, issue date, and issuing authority. 
6. We advise that you read Octa’s risk disclosure, customer agreement, and terms of business before you start trading. 

Overall, Octa’s account-opening process is fully digital and hassle-free, and accounts are available for trading immediately.   

Trading Tools

Octa has a greater range of useful trading tools than other similar brokers. 

Alongside industry standards such as an Economic Calendar, Profit, and Trading Calculators, Octa also offers an Account Monitoring tool and Autochartist.

• Account Monitoring Tool: The Account Monitoring tool allows traders to monitor any other Octa trader’s account and sort by Balance, Gain, Trades, and Account Type. This tool also allows you to dig into the history of an account so you can learn how the account holder has managed their success. Accounts are only represented by numbers, so all holders remain anonymous.
• Autochartist:  Octa also supports Autochartist, the industry-standard trading signals provider. Autochartist provides traders with automated alerts for opening and closing trades, a volatility analysis tool that allows you to optimise take-profit and stop-loss levels, and integrated market reports. Autochartist is available on both MT4 and MT5 and requires a minimum balance of 500 USD in your Octa account.  

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Broker

Wirtschaftskalender

Autochartist

Trading Central

Trading View

Kostenloser VPS

Octa

Ja

Ja

Keine

Keine

Keine

Axi

Ja

Ja

Keine

Keine

Ja

FXTM

Ja

Keine

Keine

Keine

Ja

Overall, Octa offers a good range of trading tools, including Autochartist, one of the best technical analysis tools in the industry. 

Octa For Beginners

The educational material at Octa and its alternative website is good but focused on new traders; for more experienced traders there is little in the way of educational support. Customer support is competitive but where Octa really shines is in the research and market analysis available.

Educational Material

The educational materials available at Octa are more comprehensive and in-depth than what is available at other brokers, but it is more geared toward beginners than experienced traders.  

Trading Tiger Academy: Octa launched tradingtiger.pro, an online trading academy for new traders. The site features a range of short tutorials covering everything you need to know to get started – from Forex Fundamentals to Predicting the Market. Each tutorial is a mix of video and text and is well-packaged and easy to understand; learners are tested frequently on the material and the entire website is free of charge. Overall, an excellent resource for beginners traders and we hope Octa considers expanding it to include intermediate and advanced courses and brings the course in-house. 

Forex Basics: Back on Octa’s main website, the in-house education section is anchored by a collection of articles collectively called Forex Basics. Article topics range from explainers on ECN trading and Risk Management to Technical Analysis and Trading Strategies as well as more advanced concepts such as Pair Correlations and Fibonacci Retracements. These articles are detailed and well-written and offer valuable advice for new and intermediate traders.

Octa is also very active on YouTube, with a range of live trading sessions and webinars taking place on a regular basis. In addition, a workshop for novice traders is held every Saturday. 

Tutorials: Also on the main site, there is a short Tutorial section covering the MetaTrader platforms, CopyTrading, Autochartist, and CFDs, and a Video Tutorial section focused on getting started with MetaTrader. Finally, there is a FAQ section and a useful glossary of Forex trading terms. The education section also has links to the Manuals for the different platforms Octa supports (MT4 ad MT5).

Overall, Octa’s educational materials are some of the best in the industry, but it could look at including content that is more suitable for advanced traders.  

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Broker

Anfängerkurs

Kurs für Fortgeschrittene

Gut strukturierte Ausbildung

Bildungsqualität

Webinare

Octa

Ja

Keine

Ja

Mittel

Ja

Axi

Ja

Keine

Ja

Mittel

Ja

FXTM

Ja

Ja

Ja

Hoch

Ja

Analysis Material

Like its education section, the market analysis materials available at Octa are better than most other brokers. 

Market Insights: Octa has an excellent Market Insights section which is updated frequently. Regular posts include a Daily Forecast, a Daily Review, and Weekly Review. These posts frequently offer predictions of future market movements – but be cautious and do your own research before acting on any predictions.

Octa YouTube Channel: The Market Insights section also has a daily video series, uploaded to the Octa YouTube channel, called Market in a Minute, which covers all the big news from the Forex markets for the preceding trading day. In addition to all these regular updates, there are irregular short pieces published in reaction to trading events with detailed technical insight.

Forex News: Octa also hosts a Forex News section, with short briefings on all the major news stories affecting the Forex markets, this is updated over the weekend and the articles are well-written and concise. These briefings are offered without any suggestion of how the events will affect the markets.

Customer Support

Octa customer support is open 24/7 via live chat, and 24/5 via phone (with local numbers for the UK, Hong Kong, and Indonesia), email, WhatsApp, and Telegram.

Additionally, the Finance Department is open from 06:00 – 22:00 (EET) and the customer verification department is open from 08:00 – 17:00 (EET) for account setup and troubleshooting queries.

We found the support team very responsive, but uninformed.  It was difficult to find answers to our questions about the swap fees of the MT5 account.

Regulation and Industry Recognition

Regulation: Octa is regulated by the Cyprus Securities and Exchange Commission (CySEC) and registered with the Financial Services Authority of St Vincent and the Grenadines (SVG FSA): 

• Octa Markets Cyprus Ltd is an investment firm registered in Cyprus and regulated by the CySEC since 2018 (license 372/18). This enables users to trade with a broker under European regulatory oversight with enhanced levels of safeguards.
• Octa Markets Incorporated is registered in Saint Vincent and the Grenadines (SVG FSA).

The company was briefly regulated by the FCA (the UK’s Financial Conduct Authority) from 2015 to 2017 (ref: 679306) but decided not to renew its licence after the Brexit referendum and instead kept its focus on the EU market.

Industry Recognition: Octa has received plenty of industry recognition in recent years, winning Best ECN broker 2021 (World Finance), Decade of Excellence in Forex Asia 2021 (Global Banking and Finance Review), Best Forex Broker Asia 2021 (Global Banking and Finance Review), Most Transparent Broker 2020 (Forex Awards), Best Forex Broker APAC 2019 (Global Banking & Finance Review), and Best Mobile Trading App 2019 (European CEO Magazine).

Our sister site FXScouts also awarded Octa Best Forex Copy Trading Platform 2020 for its innovative approach to copy trading.  

Octa In Their Own Words

Evaluation Method

We value transparency and openness in the way we review the partners. To bring transparency to the forefront, we have published our review process that includes a detailed breakdown of the FXTM offering. Central to that process is the evaluation of the reliability of the broker, the platform offering of the broker and the trading conditions offered to clients, which are summarised in this review. Each one of these is graded, and an overall score is calculated and assigned to the broker.

Octa Disclaimer

Trading Forex is risky, and each broker is required to detail how risky the trading of Forex CFDs is to clients. Octa would like you to know that: 

Forex margin trading involves substantial risks. Forex margin trading exposes participants to risks including, but not limited to, changes in political conditions, economic factors, acts of nature, and other factors, all of which may substantially affect the price or availability of one or more foreign currencies.

Speculative trading is a challenging prospect, even for those with market experience and an understanding of the risks involved. Only funds that a person would allocate to high-risk investments (i.e., funds that if lost would not affect the person’s standard of living or financial well-being) should be used in trading.

In cases where a client has used only conservative forms of investment in the past, forex trading might not be appropriate for the Client. A Client must understand that a total loss of all funds deposited can occur, should the market go against the Client’s position(s).

Final Word

Octa is a decent all-around broker with several glaring problems. The first is the lack of ASIC regulation, which for many traders will mean an immediate end to their interest. Second, is Octa’s refusal to accept Deutsch bank cards or bank transfers for funding. We know that cryptocurrency is popular these days but for anyone without a well-maintained crypto account, this will be a hassle. Finally, Octa has a very limited number of tradable assets and no stock CFDs at all.

Otherwise, Octa is good or excellent across many areas. Octa’s trading costs are some of the lowest in the industry. Its intuitive yet sophisticated copy trading platform was the recipient of our Best Copy Trading Award for 2021. It has an excellent analytical section, well-designed education for beginners, world-class trading tools, and a range of exciting bonus options for Deutsch traders.  Additionally, its customer support is available 24/7, which is exceptional in an industry where the norm is 24/5.

Redaktionsteam

Chris Cammack
Leiter Inhalt

Chris kam 2019 zum Unternehmen, nachdem er zehn Jahre lang in den Bereichen Forschung, Redaktion und Design für politische und finanzielle Publikationen tätig war. Aufgrund seines Werdegangs kennt er sich mit den internationalen Finanzmärkten und der Geopolitik, die sie beeinflusst, bestens aus. Chris hat ein scharfes Auge für die Redaktion und einen unersättlichen Appetit auf aktuelle finanzielle und politische Themen. Er gewährleistet, dass unsere Inhalte auf allen Seiten die Qualitäts- und Transparenzstandards erfüllen, die unsere Leser/innen erwarten.

 

Alison Heyerdahl
Senior Finanzredakteurin

Im Jahr 2021 kam Alison als Autorin zum Team. Sie hat einen medizinischen Abschluss mit Schwerpunkt Physiotherapie und einen Bachelor in Psychologie. Ihr Interesse am Forex-Handel und ihre Liebe zum Schreiben hat sie jedoch dazu gebracht, den Beruf zu wechseln. Sie verfügt nun über mehr als acht Jahre Erfahrung in der Forschung und Inhaltsentwicklung. Bislang hat sie über 100 Broker getestet und bewertet und kennt die Welt des Forex-Handels in- und auswendig.

 

Ida Hermansen
Finanzredakteurin

2023 kam Ida als Finanzredakteurin zu unserem Team. Sie hat einen Abschluss in Digitalem Marketing und einen Hintergrund in Content Writing und SEO. Zusätzlich zu ihren Marketing- und Schreibfähigkeiten interessiert sich Ida auch für Kryptowährungen und Blockchain-Netzwerke. Ihr Interesse am Krypto-Handel führte zu einer größeren Faszination für die technische Analyse von Devisen und Preisbewegungen. Sie entwickelt ihre Fähigkeiten und Kenntnisse im Forex-Handel ständig weiter und beobachtet genau, welche Forex-Broker die besten Handelsbedingungen für neue Händler/innen bieten.