OctaFX Broker Nigeria Review
OctaFX is one of the top 10 forex brokers in Nigeria and takes 3rd place in the rating of the best companies. The broker opens trading on the most highly profitable financial market with some of the best conditions for trading: low spreads (from 0.4 pips), copy-trading service, referral program, the ability to deposit to local banks without commission and protection against negative balance.
The company was founded in 2011 and has been actively developing since its creation. It has become one of the best and most popular brokers in Asia. More than 3.5 million traders cooperate with the company in more than 100 countries.
The broker accepts financial transactions in Nigerian currency through bank offices in Nigeria, which allows Nigerian traders not to waste time and money on currency conversion.
OctaFX is one of the most recognizable and popular brands in Asia and Africa, as it regularly receives awards in contests to choose the best forex broker in the industry.
Pros of OctaFX Nigeria.
- OctaFX is under the supervision of CySEC of Cyprus, the highest level of reliability regulator, so trading with the broker is safe for Nigerian traders.
- The broker offers funding through a local Nigerian bank, which reduces the cost of foreign exchange transactions for Nigerian traders.
- Low floating spreads from 0.6 pips, which can be reduced by participating in the broker’s status program.
- The broker offers clients the option of protection against negative balance.
- A 50% deposit bonus program and contests on demo accounts with real cash prizes.
- No swaps, commissions or fees for deposits and withdrawals.
- Minimum deposit as low as $25.
- MT4 AND MT5 platforms are adapted for all types of devices.
Disadvantages of OctaFX
- The number of trading instruments is inferior to other brokers: only 35 currency pairs, while there are brokers offering more than 50 pairs. Share or CFD trading is not available.
OctaFX – a quick review
Name: OctaFX Nigeria
Year founded: 2011.
Company website: www.octafx.com.
Address: Office 305, Griffith Corporate Center, Beechmont, Kingstown, St. Vincent and the Grenadines.
Minimum deposit: $25, or about NGN 10,300.
Licenses: CySEC (372/18).
Trading instruments: 35 currency pairs, 5 cryptocurrencies, 10 indices (on MT5 account and 4 indices on MT4 account), metals.
Trading platforms: MT4 MT5.
Promotions: 50% deposit bonus, referral program.
Regulation of broker
The financial activity of the company is regulated by CySEC – Cypriot Securities and Exchange Commission, one of the authoritative regulators of the highest league. License number 372/18 was issued on 10.12.2018.
The broker’s commission is one of the main income items of the company. It is important for the client that the fees are minimal or at the level of competing forex brokers. OctaFX offers clients some of the lowest commissions and fees for maintaining and servicing accounts and conducting financial transactions.
Spread. Is floating or fixed, may vary depending on market conditions. Thus, the minimum spread is 0.2 pips when trading the S&P 500 Index and 0.4 pips when trading another well-known index – the FTSE 100 Index. The spread on the most popular currency pair EUR/USD is only 0.6, on GPB/USD or AUD/USD is 0.9, the commission on the pair of NZD/USD is 0.7 pips. The spread decreases if the client’s account status increases (if the client participates in the status program).
Swap. Most forex brokers charge a fee for rollover to the next day. Swap can be positive or negative, depending on the instrument traded and the type of open position (long or short). OctaFX does not charge any commission for transferring positions, not only for Islamic accounts, but also for standard accounts.
Account replenishment. The company does not charge any fees for deposits by any of the available methods. Transactions on the majority of channels are executed instantly.
Withdrawal of funds from the deposit. Withdrawal transactions from the account are also performed by the broker without any fees. Withdrawal period up to 1-3 hours.
The company offers several types of real trading accounts. It is also available to clients to open a virtual account. Each type of account has peculiarities and advantages.
OctaFX Demo Account
The company offers every client to open a free practice account to learn how to trade the foreign exchange market. A client can open as many demo accounts as he/she wants. The company does not limit the number of virtual accounts or the period of validity. A client can practice as long as he wants until he is sure of his abilities. The demo accounts are opened for each of the real accounts so that a client can compare trading on MT4 or MT5 accounts.
Important. The virtual account balance is not limited – the client can choose a comfortable amount of initial capital. This distinguishes OctaFX from other brokers, which usually offer a fixed demodeposit: up to $10,000 – $100,000. Also the deposit when reducing the balance can be replenished to the original amount as long as it will be required by the client for virtual trading.
OctaFX real accounts
To trade with real money the broker offers to open one of 2 account types.
1)OctaFX MT4 (minimum deposit of $25) is designed for novice traders. The base currency of the account can be chosen – Euro or US Dollar, the recommended initial deposit of $100. Spreads are floating and start at 0.6 pips. Traders can trade 35 currency pairs, 4 indices, base metals (gold, silver), commodities and 5 cryptocurrencies. Market execution in less than 0.1 second is guaranteed. StopOut level is 15%, hedging and scalping are allowed. Leverage up to 1:500 on currency pairs, on other instruments reduces proportionally to the risks and volatility of the instrument. Metals are traded with 1:200 leverage, cryptocurrencies 1:25.
2)OctaFX MT5 – the second type of account offered by the broker is focused on more experienced or advanced traders. Although beginners can also work with it. To start it is enough to deposit $25, although the broker recommends to start with $100. It differs in the number of instruments available for trading: 35 currency pairs, 2 metals, 3 types of commodities, 5 cryptocurrencies and 10 indices. Leverage also varies from type of asset traded, on currency pairs up to 1:500, for indexes is limited to 1:50. Floating spread from 0.6 pips, no commissions for swaps or transactions on the account. The maximum number of simultaneously opened trades is up to 500. Therefore, the account is ideal for active intraday trading or scalping.
How to open an account with OctaFX Nigeria
Opening an account with the company involves a number of simple steps, as with any broker. To create an account, the client needs to:
- Select the appropriate item in the menu – “open a real account” (or virtual, at the first stage the actions of the client are similar).
- Fill in the abbreviated form, requesting the surname, name, country of residence, e-mail address, phone number and date of birth.
- Confirm the email, following the link in the letter sent by the broker.
- Personal account is created. Now the client can choose the type of account (one of the 2 real or demo accounts), then make the initial investment and start live trading.
Important. Unlike many forex providers, OctaFX does not request the mandatory customer identification at the funding stage. Identification will be required at the time of withdrawal of funds from the account. However, it is recommended to pass verification as early as possible and not to delay until you need to withdraw the first money from your account, when the confirmation becomes a prerequisite for the operation.
The company offers trading on the most popular and convenient terminals in the world.
Depending on the type of account the client chooses, the account is opened using MetaTrader 4 or MT 5.
Since the company was founded in 2005, terminals have been fully adapted to meet the needs of traders, making them very easy to use for beginners and professionals alike.
MetaTrader OctaFX comes with a full set of trading functions and options: the price chart can be build in any form (bars, simple line or Japanese candlesticks), wide range of technical analysis tools and indicators, any timeframes (from 1 minute to 1 month), online newsfeed and work with all types of market or limit orders.
MT4 and MT5 terminals are available for all types of devices: PC, browser, smartphone (iOS or Android based) as a mobile offer, tablet.
The broker regularly receives international recognition in comparison of the quality of services provided by forex brokers from reputable financial agencies or publications. The company received the award for the best trading platform in 2021, in 2020 it is recognized as the best copy trading platform. OctaFX trading mobile app was recognized as the best in 2019.
Trading instruments OctaFX
The broker offers work with a limited number of available financial instruments. However, the list includes the most well-known and popular in forex trading.
Forex currency pairs.
- Indices. Among which you can trade one of the most famous and recognizable – the American NAS100.
- Metals, this includes gold and silver. Leverage for them is provided at 1:200.
- CFDs on energy or trade U.S. oil and natural gas with a leverage of 1:100.
Deposit and withdrawal funds OctaFX
OctaFX, as one of the best brokers in Nigeria, meets the level set by competitors, so any deposit and withdrawal transactions go through without any fees or charges from the company. Transactions are usually instant (for deposits) or within 1-3 hours (for withdrawals).
Ways to deposit money to your account
1)Electronic purses. The company provides access to the most popular services for depositing: PerfectMoney Scrill or Neteller. When depositing the account, there are no commissions from the broker. The minimum amount for the first deposit is established at the level of the minimum deposit for trade – 25 US dollars.
2)Bank cards. The company offers replenishment of accounts by VisaMasterCard cards. The operation is processed instantly and without any fees.
3)Bank wire transfer. The company offers Nigerian traders to replenish their accounts using the local bank – GTBank. It takes a little longer to deposit funds by bank transfer than by bank card or e-wallet. The minimum amount to deposit by wire transfer is 36,000 naira.
Methods of withdrawal OctaFX funds
1)Electronic wallets. Traders can choose from all popular services – Scrill, Neteller, PerfectMoney or Crypto currency. No commission.
2)Bank credit or debit cards. As with deposit, there is no minimum amount, we accept Visa or MasterCard.
3)Bank wire transfer. Trader needs to specify his account number with GTBank in order to withdraw money in Nigerian currency. Withdrawal by bank details is also processed within 1-3 hours, but the bank may take up to 3 business days to process the payment.
Important. Withdrawal request is available after account verification. The client must identify his identity with documents. The company recommends to go through the procedure immediately after opening an account. Verification of documents usually takes place automatically, but in some cases it may take up to 12-24 hours. Documents can be downloaded in a special section of the personal cabinet or sent to the e-mail address of the company’s support service.
OctaFX does not impose restrictions on the minimum or maximum amount of operations on the account. Only the amount of the first deposit is controlled to be not less than the minimum required to start trading ($25). The client can withdraw any amount that exceeds the free margin.
The broker offers customers to take part in bonus programs, which are held regularly and are available, both on real accounts, and when working on virtual.
1)50% deposit bonus. Every time you deposit funds on a live account, the broker automatically credits a bonus of 50% of the deposit (to get the bonus you must deposit at least $50 or the equivalent in another currency). The bonus is available for withdrawal after working out according to the terms of the program. If the trader’s personal funds are less than the credit ones, the bonus is deducted. Thus, the broker’s credit funds accrued under the promotion do not participate in the drawdown.
2)Campaign “Draw a Friend”. According to the referral program, each trader, who invited a client to the company receives a bonus. Invited user should open a real trading account, deposit it and trade. Payable commission – $1 for 1 lot, closed by referral. The minimum amount of profit for a referral is $5.
3)The contest of demo accounts “ChampionMT4 DemoContest” gives every trader a possibility to earn real money prizes, while trading with virtual money on a demo account. The contest runs for 4 weeks and the main task is to show the maximal profit for the contest period. The winner gets $500, the second place winner gets $300, the third place winner gets $100, the fourth place winner gets $60 and the participant who takes the fifth place in the contest gets $50.
4)Status program, where depending on the trading turnover and capital, the client is assigned a status or level. There are 4 levels of privileges: Bronze (given to every new client with a deposit of $5 and more), Silver (when the account balance reaches $1000), Gold (when the account balance reaches $2,500) and Platinum ($10,000). Each level increases trading opportunities and bonuses for the client, including: accelerated withdrawal of funds from the deposit, free trading signals from Autochartist, faster processing of accrued bonuses, a personal manager, lower spreads or trading recommendations from experts.
OctaFX customer support
The level of support and quality of work of client managers corresponds to the high status of the broker’s services.
1_Prompt and high-quality customer support in the online chat on the broker’s website. One of the fastest and most convenient ways to contact the company’s manager is to ask a question in the online chat. A specialist responds within minutes. Chat is available 5 days a week, around the clock. You can ask a question as an existing client, as well as a new one who does not have an account on the website.
2)Email. Any question related to the broker’s work or trading services can be asked by sending a request to the broker’s email, indicated on the main page in the contact information section.
3)Customer support phone number. Unfortunately, the company does not have a local customer service phone number in Nigeria. However, Nigerian traders can leave a callback request.
Is OctaFX recommended for traders in Nigeria ?
Based on the review and analysis of trading conditions offered by the forex broker, the company is recommended for Nigerian traders to trade.
More than 3 million users have entrusted their deposits to the broker. Since the first year of its existence, the company regularly wins first places in the contests held by reputable agencies that monitor the Forex providers. The brand was recognized as the winner in such categories as “Best Forex Broker Asia 2021”, “Best Forex Broker India 2021”, “Best Forex Broker Nigeria 2020”, “Best ECN Broker 2020”.
The company participates in charity events. It is the sponsor of many world famous sports teams. From 2015 to 2016 the broker was a sponsor of Southampton FC – one of the outstanding soccer teams of the English Premier League.
To help traders favorable conditions for trading and maintenance of trading accounts: withdrawal or deposit without any commissions, profit withdrawal in 1-3 hours (many brokers withdraw money from accounts within 1-2 days), bonus program, the opportunity to win cash prizes in a virtual account, status privileges program, low spreads and a personal manager.
The broker has created all conditions for beginning traders or experienced investors to feel comfortable.
The minimum investment for beginning – 25 US dollars, absence of requirements for the minimum sum of withdrawal or replenishment – these are additional proofs that the broker is a reliable partner. Many fraudulent companies require minimum amounts of $100-$1000 for withdrawal or to deposit $100 to your account at once. OctaFX, as an experienced broker, offers to begin with a small deposit so that the client could understand on real trading whether trading suits him or not.
On the other hand, one of the disadvantages is that the broker offers a limited number of trading instruments. Although many specialists advise not to trade a great number of assets, but to choose only some of them, which trader understands the best. There is much more chance to succeed by trading several currency pairs and oil CFD than trying to trade a new instrument every day because analytics and forecasts about the upcoming sharp price movement have come out for it.
Frequently Asked Questions on OctaFX
Is OctaFX broker legal?
Yes. The broker is licensed by one of the respected forex regulators – Cyprus Securities and Exchange Commission or CySEC. Many of the biggest international forex brokers are regulated by a Cypriot company. This is considered one of the indicators of broker’s reliability.
OctaFX can be considered as a market maker?
OctaFX uses in its work the ECN NDD technology, which guarantees the output of client trades on the interbank market without a broker or dealing center. The instant execution of orders (in less than 1 second) also excludes participation of the broker in the formation of quotes.
Also the company guarantees that clients’ funds are kept separately from brokerage accounts in the world’s largest and most reliable banks.
What is the minimum deposit at a broker?
The minimum capital to start working with the broker is $25. However, to make a full-fledged trade, the company recommends depositing $100.
How can I deposit and withdraw money from my account? Are there any commissions?
Operations of deposit or withdrawal are made by the client in the personal cabinet in the corresponding sections of the menu. You can make a deposit immediately after you register on the company’s website. Withdrawal is allowed after the client’s identity verification.
No deposit or withdrawal fees are charged by the company.
How quickly can I withdraw money from OctaFX Nigeria?
Withdrawal transactions are processed fairly quickly by the broker – within 1-3 hours after requesting the service.
Is the 50% deposit bonus always credited or only on the first deposit?
Yes. Bonuses will be credited for every deposit as long as the promotion is valid. It is important to meet the main requirement of the program – minimum deposit of $50.
Can I withdraw the bonus funds from my account?
Bonus funds paid under the program can be converted into real money and withdrawn. To do this, you must meet the requirements of the promotion: bonus funds are converted into cash when the necessary trading volume is reached. For example, a client received a $50 bonus when making a deposit of $100. To convert bonuses into money, 25 standard lots must be traded.