Max. Leverage
for Forex

Minimum Deposit
EUR/USD Spread
0.9 pips

OctaFX is a Forex broker that is registered in St. Vincent and the Grenadines as Octa Markets Incorporated and they offer Forex trading and CFDs on indices, cryptos, metals, and energies through MT4 and MT5 platforms.

OctaFX is not regulated in South Africa but they still accept traders from South Africa and has 24 hours live chat and email support from Mondays to Sundays. They are a popular copytrading broker.

It is important to note that OctaFX does not support ZAR base currency accounts, and they only have USD & EUR as the account currency choices. They also don’t have a local phone number in South Africa.

We have reviewed some important points in this review for SA based traders.

OctaFX Review Summary
🏢 Broker Name Orinoco Capital (Pty) Ltd
📅 Establishment Date 2011
🌐 Website
🏢 Address Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines
🏦 Minimum Deposit R900
⚙️ Maximum Leverage 1:500
📋 Regulation FSCA, SVGFSA, CySEC
💻 Trading Platforms MT4, MT5, OctaFX Trader on Web, Desktop, Android & iOS
Start Trading with OctaFX

OctaFX Pros

  • Regulated in South Africa
  • Has negative balance protection
  • Supports copy trading
  • Customer service is available 24/7
  • Does not charge dormant account fees
  • Offers commission-free and swap-free trading
  • Has auto trading robots, Expert Advisor (EA) and cBot

OctaFX Cons

  • Have fewer Forex and CFDs Trading Instruments
  • No local phone numbers for support in SA
  • Only 1 base account currency (USD)

Is OctaFX Legit?

OctaFX is a legit broker, although they are considered a moderate risk because they are licensed by only two Tier-2 regulations, CySEC and the FSCA. Here are the details of the broker’s regulations:

1) Financial Sector Conduct Authority (FSCA), South Africa: OctaFX is licensed in South Africa as a financial service provider under the name Orinoco Capital (Pty) Ltd, with FSP number 51913, issued in 2021.

OctaFX Regulation in South Africa

2) Financial Services Authority (FSA) Saint Vincent & the Grenadines (SVG): OctaFX is registered as ‘Octa Markets Incorporated’ regulated in St. Vincent and the Grenadines which is an Offshore regulation. South African traders are registered under his regulation.

Note that the customer protection policies of the offshore regulation may not cover traders based in South Africa, which means trading with this broker is at your own risk.

OctaFX Regulation in St Vincent

3) Cyprus Securities & Exchange Commission (CySEC): OctaFX is licensed by the CySEC, registered as Octa Markets Cyprus Ltd, which is on their European website

OctaFX License with CySEC

OctaFX Leverage

Leverage on OctaFX depends on the type of account or instrument you are trading.

The maximum leverage on OctaFX is 1:500 with applies to most forex pairs, other leverage limits are 1:200 for gold, silver and intraday assets, 1:100 for oil, 1:50 for indices, 1:25 for cryptocurrencies, and 1:20 for stocks.

With leverage of 1:500, you can open a trade position worth 500 times the value of your savings. For example, if you deposit $100, you can place a trade of $50,000.

Note: Trading leveraged products involves risks and you can lose your money in the process. It is best to avoid trading CFDs unless you understand it and have experience. It is important that you do not use all the leverage available on your account as this increases the risk of capital loss.

OctaFX Account Types

OctaFX has 3 basic account types based on the trading platforms, OctaTrader, MT4 and MT5, which are swap-free. Here are the detailed features of the account types:

OctaFX South Africa Account Types

1) OctaTrader Account: This account type can be accessed on the OctaTrader trading application. The minimum volume of trade is 0.01 lots and the maximum volume is 50 lots, with a maximum leverage of 1:500 leverage.

Spreads on this account start from 0.6 pips, you do not pay any commissions on trades, and no swap fees are charged for keeping an open position overnight.

Tradeable instruments on this account type are currency pairs, and CFDs on energies, metals, cryptocurrencies, and 10 indices. Recommended deposit amount is USD100.

The account has negative balance protection which means you cannot lose more than your deposits. If you suffer a loss from an unsuccessful trade, any negative balance that accrue in your account will be reset to zero and you will not need to deposit any money to clear the negative balance.

2) OctaFX MT5 Account: This account type is designed for experienced traders and can be accessed on the MetaTrader 5 trading application. The minimum volume of trade is 0.01 lots and the maximum volume is 500 lots, with a maximum leverage of 1:500 leverage.

Spreads on this account start from 0.6 pips, you do not pay any commissions on trades, and no swap fees are charged for keeping an open position overnight.

Tradeable instruments on this account type are currency pairs, and CFDs on energies, metals, cryptocurrencies, stocks, 21 intraday assets and 10 indices. Recommended deposit amount is USD100. The account has negative balance protection which means you cannot lose more than your deposits.

3) OctaFX MT4 Account: This account type is more suited for beginners and those new to Forex trading and can only be accessed on the MetaTrader 4 trading application. It has minimum and maximum trade volumes are 0.01 lots and 200 lots, with a maximum leverage amount of 1:500.

Spreads on this account start from 0.6 pips, you do not pay any commissions on trades, and no swap fees are charged for keeping an open position overnight.

Tradeable instruments on this account are currency pairs, and CFDs on energies, metals, cryptocurrencies, and 4 indices. Recommended deposit amount for MT4 Account is also USD100 and you also have negative balance protection.

4) Swap-free Islamic account: All accounts on OctaFX are swap-free. This makes it easy for Muslim traders as they do not need to apply for a special Islamic Account in compliance with Sharia law of no interest.

OctaFX accounts are swap-free.

OctaFX South Africa Islamic Account

Demo accounts are available for new traders on OctaFX to help them understand the trading platform before they open a live account and put their money.

OctaFX features negative balance protection for all trader’s account types, which means customers cannot lose more than the money they have in their trading account in case a position is not successful. If there is any negative balance from an unsuccessful position, the account is reset to zero balance.

OctaFX Base Account Currency

Currently, the base currency available on OctaFX is the United States Dollar – USD.

Although OctaFX does not offer ZAR account currency you can deposit South African Rand via local banks and it will be converted into your chosen account currency. All trading, fees, deposits/withdrawals, and profits/losses will be shown in your chosen currency.

OctaFx Overall Fees

We compiled a summary of the trading fees and non-trading fees on OctaFX.

Trading fees

1) Spreads: Whenever you trade an instrument on the OctaFX platform, the broker adds a markup to the ask price of the instrument. The markup which is the difference between the ask price and the bid price is referred to as the spread, measured in pips.

OctaFX operates floating spreads system. The typical spread starts at 0.6 pips for major currency pairs like EURUSD with MT4 & MT5 Accounts. Average spreads for major pairs on OctaFX are shown on the table below:

Instrument/Pair Spread
EUR/USD 0.9 pips
GBP/USD 1 pip
EUR/GBP 2.1 pips
XAU/USD 2 pips

2) No Commissions per lot: OctaFX charges no commission fees per trading lot opened on both the MT4 and MT5 accounts types.

3) Swap Fees: OctaFX does not charge any swap fees for keeping a trade position open past the market’s closing time. OctaFX announced in June 2022 that the platform is now swap-free, which means no overnight funding cost or rollover fees. This applies to all account types and tradable instruments.

Non-trading fees

1) Deposit and Withdrawal Fees: OctaFX charges zero deposit fees and zero withdrawal fees on all accepted payment methods and account types.

2) Account Inactivity charges: OctaFX does not charge any inactive account fees. Whether or not you log into your account for any amount of town, your funds will be untouched.

How to Open Account at OctaFX South Africa?

Step 1) To open a trading account on OctaFX in South Africa, go to their website homepage at and click on the ‘Open Account’ button, highlighted in blue colour, at the top right side of the home page.

OctaFX Homepage

Step 2) Fill in your name, email address, create a password, check the box to accept the terms and conditions after reading, check the re-CAPTCHA box to confirm you are not a robot, then click on ‘Open Account’.

Open Account with OctaFX South Africa

Step 3) A confirmation link will be sent to your email address to complete your registration. Go to your email inbox and click on the ‘Confirm’ blue button to confirm your email and continue the registration process.

OctaFX email confirmation

Step 4) After clicking the confirm button from the email, you will be taken to a page to provide some personal information, like phone number, address and city, and date of birth. Answer ‘Yes or No’ if you have traded Forex before, then click ‘Continue’.

OctaFX South Africa Profile

Step 5) Select the account type you want to open (MT 4 or MT 5), select Live Account, choose your preferred account currency, set a leverage limit and click ‘Make a deposit into account’. to proceed.

OctaFX MT5 and MT4 Account

After these selections, click on ‘Make a deposit into account’ to continue.

Step 6) You will be taken to a page to select a payment method to make a deposit. You can decide to skip the deposit. If you click on SKIP, you will be taken to your OctaFX dashboard which shows your account balance and other information. You can initiate a deposit or withdrawal.

OctaFX client dashboard

After completing the registration process, you will receive an email from OctaFX with your account details.

OctaFX Deposits & Withdrawals

OctaFX accepts deposits from all South African banks and allows withdrawals to all South African banks. You can also deposit via cards, e-wallets and cryptocurrencies. Withdrawals can only be made to the same account from which the deposit was made, and must be in the account holder’s name. No third-party deposits/withdrawals are accepted on OctaFX.

Find a summary of the deposits/withdrawal options on OctaFX.

OctaFX Deposit Methods

Here is a summary of payment methods accepted by OctaFX for deposits.

Deposit Methods Availability Charges Processing time
Internet Banking/Online Bank Transfer Yes (ZAR) Free 1-3 hours
Cards Yes Free Instant
E-wallet Yes (Skrill, Neteller) Free Instant
Crypto Yes (DOGE, LTC, ETH, BTC, Tether) Free 3-30 minutes

OctaFX Withdrawal Methods

Here is a summary of payment methods for withdrawals accepted on OctaFX.

Withdrawal Methods Availability Charges Processing time
Internet Banking/Online Bank Transfer Yes (ZAR) Free 1-4 hours
Cards Yes Free 1-4 hours
E-wallets Yes (Skrill & Neteller) Free 1-4 hours
Crypto Yes (DOGE, LTC, ETH, BTC, Tether) Free 1-4 hours

How much is OctaFX minimum deposit?

The minimum deposit on OctaFX in South Africa is ZAR 900 for bank deposits, $25 for deposits via Visa card and €50 for deposits via MasterCard.

How do I Deposit Funds?

Follow the steps below to deposit funds into your OctaFX Account:

Step 1: Log in to your OctaFX personal area via

Login to OctaFX

Step 2: Click on the ‘Deposit’ tab and select the account you want to deposit into.

Step 3: Select the payment method you want to use and follow the prompts to complete your deposit.

OctaFX South Africa Deposit

What is OctaFX Minimum withdrawal?

The minimum withdrawal amount on OctaFX is R90 for local bank accounts and $20 for withdrawals to cards and $5 for e-wallets.

How to Withdraw Funds from OctaFX in South Africa?

Follow the steps below to withdraw money from your OctaFX Account:

Step 1: Log in to your OctaFX personal area via

Step 2: Click on the ‘Withdraw’ tab and select the account you want to withdraw funds from.

Step 3: Select a withdrawal method and follow the online prompts to complete the withdrawal request.

Note that you need to verify your account before you can initiate withdrawals.

To verify your account, you need to provide a valid means of identification. You can go to to upload the document or send it via the OctaFX support email.

OctaFX Account User Verification

Trading Instruments

OctaFX offers a relatively limited range of trading instruments, and fewer CFD trading instruments when compared with other brokers.

Instrument Availability Number
Forex Yes 35 Currency pairs OctaFX
Stocks Yes 150 stocks on OctaFX
Cryptocurrencies Yes 30 Cryptocurrencies on OctaFX
Energies Yes 3 Energies on OctaFX
Indices Yes 10 Indices on OctaFX
Metals Yes 2 metals spot on OctaFX (gold and silver).
Shares Yes 100+ shares on OctaFX without leverage (US and European shares).
Intraday Assets Yes 21 intraday assets on OctaFX.

Trading Platforms

1) MetaTrader 4 and MetaTrader 5: OctaFX supports MT 4 and MT 5 trading applications, available on web-platform (web-trader), desktop (Windows and macOS), and mobile devices (android and iOS).

2) OctaTrader: OctaFX has a proprietary WebTrader that is accessible on the web on laptops or mobile devices.

3) OctaFX Trading App: OctaFX supports a proprietary mobile application for trading which is available on Google Play and Apple App Stores.

4) OctaFX CopyTrading App: OctaFX offers a mobile application for copy trading which is available on Google Play Store only. The CopyTrading app is also available on the web.

OctaFX CopyTrading

CopyTrading on OctaFX is a feature that is designed for traders that do not want to trade on their own and would rather copy the trades of other traders, known as Master Traders. This allows especially new traders, known as ‘copiers’ to profit from the knowledge and trading experience of professional Forex traders by automatically copying the trades the Master Traders make.

Copytrading on OctaFX

How Does CopyTrading Work?

The way OctaFX CopyTrading works is that the Copiers select a Master Trader in the ranking list to copy, then make an investment deposit which will be used for the trading, and whenever the Master Trader opens a trade order, the same trade order is opened automatically in the trading account of the Copier, when the Master Trader closes a trade order, the order is also closed on the Copiers trading account.

The copier does not need to manually copy the trades, it happens automatically. The Copier can choose to copy the Master Trader trade in equal volume or 2 times the volume of the trade or even three times.

The OctaFX CopyTrading App is the dedicated app for CopyTrading, different from the regular OctaFX trading app. The OctaFX CopyTrading app can be downloaded from the Google Playstore on Android or Apple App Store on iOS devices, it is also available on desktop and web trading.

How to Start CopyTrading on OctaFX

The first step to start copy trading is to fund your CopyTrading wallet with a minimum investment sum of $25 (ZAR 455), some Master Traders require higher minimum investments. If you have funds in your OctaFX trading account already, you can simply do an internal transfer to your CopyTrading wallet.

The next step is to select a Master Trader whose trade you want to copy from the ranking list. You should go through the list of Masters to check their trading history and performance, and then choose the one you prefer. Keep in mind that different Master Traders have different settings so you might have to adjust your balance accordingly.

After choosing a Master Trader, the Copiers are all set to copy their trades and benefit from the expertise of professional traders.

A revenue share percentage (%) commission is charged for the overall profit that Copiers make, and the commission is paid to the Master Traders. If Copiers make no profit, then no commission will be charged. The commission is charged weekly or when Copiers reduce investment or unsubscribe from a Master. The Master determines the commission amount for copying orders. The commission can range from 0% to 50% of the Copier’s gain.

OctaFX introduced a new system that calculates the required investment, although every Master has a required investment that is calculated automatically by the OctaFX algorithm.

The calculation is based on the maximum margin used by the Master as well as the orders’ lot sizes that are placed by the Master within the last 7 active days.

OctaFX Execution Policy

On OctaFX’s website, you can find their execution policy under their ‘customer agreement’ section. Here is a summary of how the forex broker handles your orders.

OctaFX provides Market Execution on all trading instruments. The model of execution applied is ECN/STP. This means your orders are transferred to interbank liquidity providers. However, some orders may fail to offset or OctaFX might choose not to upset them. This happens in some cases.

Because OctaFX provides market execution, there is a high likelihood that your orders might be opened or closed at a price different from your requested price. Unlike some brokers who strive to get the next best price for you in this situation, OctaFX deems this slippage natural and will not bear any responsibility for it. This is because the price deviation (opening/closing) is due to the available liquidity.

Furthermore, OctaFX does not allow the use of arbitrage strategies. Arbitrage strategies carry along with them latency abuse, price manipulation, and time manipulation. If you are found using these strategies, OctaFX might cancel your orders, cancel your profits, close all your trading accounts, and refuse to allow you to open a new one. Also, addition, orders less than 180 seconds can be considered abuse and cancelled too. This means scalping is not allowed as well.

Customer Support

OctaFX offers 24/7 customer support options for traders via 2 channels. Our team tested the live chat and email support, here is our review.

1) Live chat: The response from the OctaFX live chat was fast, there was no wait time. The live chat is accessible on their website, and unlike most live chats, you do not need to enter your email address to start the chat.

OctaFX Live Chat Support

Some representatives could not answer some questions and referred us to send an email enquiry instead. Some chat agents declined to answer some questions, claiming they could only give such information to registered OctaFX traders.

2) Email support: The email response was fas. First, there was an auto-generated message with a ticket created for our inquiry, and then a representative replied in less than 5 minutes. The answers to the questions asked were relevant.

Although we could not keep talking in the email thread and had to send new emails for new questions, no response was received under the thread for the previous email response.

We also tested the direct email form on the contact us page of the OctaFX website but got no feedback. The responsive OctaFX email address is [email protected].

Both live chat and email support are available 24/7.

OctaFX Bonus

OctaFX promotions program currently offers a 50% deposit bonus to traders on a minimum deposit amount of $50 (ZAR 900). The bonus is not automatic, as clients will have to apply for the bonus after their account is credited with the deposit sum.

Traders can withdraw the OctaFX bonus after they meet a trade volume requirement of half the bonus amount in lots. For example, if a client receives a $50 bonus (ZAR 900) on a $100 (ZAR 1800) deposit, the bonus amount will be locked and released for withdrawal when trade volume is equal to half of $50 ($50 divided by 2), which is 25 lots.

You can learn more about the bonus and the rules that apply in the promotions sections of the OctaFX website.

Bonus on OctaFX

Do we recommend OctaFX?

OctaFX is regulated with FSCA in South Africa and is considered a moderate-risk broker because they are not regulated by a Tier-1 financial regulator, and traders in South Africa are currently still registered under their license in St. Vincent and the Grenadines.

There are better Forex Brokers in SA in terms of regulations that would ensure the better safety of your funds.

The overall fees are low for most Forex pairs & CFD instruments, and there are methods for local bank deposits & withdrawals in South Africa. The broker does not charge swap fees and commissions on trades. Their Copy Trading feature is also popular.

The number of tradable instruments on OctaFX is few, which means they may not have some instruments that you want to trade.

Although their customer support responds fast, the answers by some of their chat assistants were not very satisfactory. After every chat and email, the system sends a feedback form, for users to rate the support received with a thumbs-up or thumbs-down, and a space for comments which is optional.

The registration process to open an account on OctaFX is simple and fast. Although they require traders to verify their accounts before they can withdraw funds.

We recommend that you read more on the broker’s website and chat with the support to answer any questions you have before you register with the broker.

OctaFX South Africa FAQs

What is the minimum deposit for OctaFX?

The minimum deposit on OctaFX in South Africa is ZAR 900 for bank deposits, $25 for deposits via Visa card and €50 for deposits via MasterCard.

Is OctaFX trading legit?

OctaFX is a legit online forex broker that is regulated in South Africa as registered in St. Vincent & Grenadines and regulated by the Financial Service Authority in St. Vincent & Grenadines.

OctaFX is also licensed by the CySEC and they serve their EU clients through this licence.

Is OctaFX registered in South Africa?

OctaFX is regulated by the FSCA (Financial Sector Conduct Authority) in South Africa under the name Orinoco Capital (Pty) Ltd, with FSP number 51913, issued in 2021.

How long does OctaFX withdrawal take?

OctaFX withdrawal takes between 1-3 hours for the request to be processed by the finance team, and may take additional 1 hour for the funds to reach your account. This applies to all payment methods, and the process can be faster for some.

Can I make money from OctaFX?

Yes, you can make money through OctaFX if you know how to trade forex and CFD instruments. You can make money by making profitable trades. However, you should know that forex and CFD trading is highly risky and you can lose your money as well.


Note: Your capital is at risk

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