OctaFX is a low cost CySEC regulated forex broker that is popular in Malaysia. Their trading fees is low & support is good too, but have limited number of trading instruments. Read our review to decide if you should choose them or not?
OctaFX is a popular STP forex broker that has been operating since 2011 & accepts traders from Malaysia. More than 1.5 million trading accounts have been registered with them globally.
OctaFX offers three different kinds of trading accounts and the fees that it charges depends on the type of account. Users have the option of using the MetaTrader 4, MetaTrader 5, or cTrader trading platforms. OctaFX is relatively less regulated than other comparable brokers and holds licenses from Tier-2 CySEC and Offshore regulator St. Vincent & Grenadine authorities.
Compared to other brokers, OctaFX offers limited range of instruments including 28 currency pairs & 10+ CFDs on commodities, cryptocurrencies, indices. But they offer copytrading feature.
In this OctaFX Malaysia review, we’ve compared every pros & cons, and everything you need to know about OctaFX before choosing them.
OctaFX Malaysia Pros
OctaFX Malaysia Cons
|👌 Our verdict||#1 Forex Broker in Malaysia|
|🏦 Broker Name||OctaFX Malaysia|
|💵 Typical EURUSD Spread||0.7 pips (with Micro MT4 Account)|
|📅 Year Founded||2011|
|💰 Minimum Deposit||$100|
|⚙️ Maximum Leverage||1:500|
|⚖️ Regulation||CySEC, FSA|
|🛍️ Trading Instruments||28 currency pairs, 10+ CFDs on Indices. Cryptos, Metals|
|📱 Trading Platforms||MT4, MT5, cTrader for desktop, web & mobile|
OctaFX is regulated by one Tier-2 financial regulator which is less trusted than other comparable brokers. However, being licensed to operate by fewer financial authorities does not automatically mean that OctaFX is not a safe broker. They have been operating since 2011 and have a proven track record.
OctaFX is regulated and authorized under following regulators:
Is OctaFX a safe forex broker for Malaysian traders? Yes, would be our short answer.
It is also worth mentioning that OctaFX also maintains other security procedures to enhance the safety of traders. These practices include segregation of funds, anti-money laundering policies, and negative balance protection.
OctaFX is less well-regulated than other comparable brokers, however, they have been in operation since 2011 and are trusted by thousands of users worldwide.
The fees and commission that a trader is charged at OctaFX depend on a variety of factors – such as which type account is being used, when the trade is being made, and which instrument is being traded.
However, traders can get an idea of how much fees OctaFX Malaysia charges by using a few benchmark examples.
Here is a breakdown of trading fees at OctaFX Malaysia:
Below screenshot of table from their website shows the fees with their Metatrader 4 account.
The spread that they charge quite competitive when compared to other similar brokers like Exness & XM.
In addition to a spread, OctaFX also charges swap rates. But there is no commission with Islamic account, although the overall fees that they charge for Islamic accounts is similar to the other types of accounts.
Overall, OctaFX does not charge a any hidden fees that we noticed. Plus they have an option to open Islamic account for Swap Free trading. We found that OctaFX are an affordable forex broker.
For new account openers, OctaFX offers a 50% deposit bonus & this offer is available to traders in Malaysia.
But to withdraw the bonus funds, you need to trade half the number of standard lots equal to the bonus that you receive.
OctaFX offers a variety of deposit and withdrawal methods for traders in Malaysia.
The following deposit funds options are available at OctaFX Malaysia
OctaFX does not charge any deposit or withdrawal fees which makes it highly attractive to open an account with them.
OctaFX offers 3 different types of accounts and each of them are suitable for different kinds of traders. They recommend the Micro MT4 account for beginner or novice traders, the Pro MT5 for experienced traders, and the ECN cTrader account for progressive traders.
The minimum deposit at OctaFX Malaysia is $100 with their Micro Metatrader 4 Account. The base currency of all types of accounts can be either EUR or USD for all types of accounts for Malaysian traders.
In this section, we will be discussing the different account types as applicable to Malaysian traders since the terms and conditions may differ from jurisdiction to jurisdiction.
1. OctaFX Micro Account – The trading platform that is available for this type of account is MetaTrader 4. The floating spread for this type of account starts at 0.4 pips. They do not charge a commission when trading through this type of account.
A trader has the option of choosing between 28 currency pairs, gold and silver, 5 cryptocurrencies, and different indices. For currencies, a trader gets a leverage of 1:500. Swaps are optional.
2. OctaFX Pro Account – Pro users can trade through the MetaTrader 5 trading platform. The floating spread starts from 0.2 pips. They do not charge a commission. The recommended minimum deposit is USD 500.
You can trade between 28 currency pairs, gold and silver, 2 energy, 10 indices, and 5 cryptocurrencies. For currencies, they offer a leverage of 1:200. This account type does not offer swaps.
3. OctaFX ECN Account – ECN account users can trade through the cTrader trading platform. The floating spread starts at 0.4 pips. They charge a commission when trading through an ECN account. The recommended minimum deposit is USD 100.
Traders have the option of trading between 28 currency pairs and gold and silver. The instruments available is quite limited for an ECN account. Traders can get a leverage of 1:500 for trading currency pairs and 1:200 for trading gold and silver. No swaps are available.
The availability of instruments depends on the type of account that is being used. The Pro MT5 account type offers the wides range of instruments to trade while the ECN cTrader account offers the least number of options.
Through OctaFX, you have the option of trading 28 currency pairs, gold and silver, 2 energy instruments, 10 different indices, and 5 different cryptocurrencies.
The leverage that is offered depends on the type of account and the type of instrument that is being traded.
With OctaFX, you can trade using your mobile, web browser, or desktop regardless of the trading platform. FXTM uses popular third-party software to allow you to conduct your trades.
For Micro account users, MetaTrader 4 is available.
For Pro account users, MetaTrader 5 is available.
For ECN account users, cTrader is available.
Web Trading Platform – Their web trading platform be used if you want to trade through your internet browser. This offers a quick and convenient way for you to access the trading platform. The web trading platform supports all popular web browsers.
Mobile Platform – You can enjoy a user-friendly trading experience straight from your mobile phone. If you’re on-the-go or have a long commute then using a mobile platform can be the best choice for you.
Desktop Trading Platform – This is functionally and design-wise similar to the web trading platform. In the desktop version, you are offered greater functionality than the web version.
Overall, FXTM offers a standard trading experience thanks to its use of the MT4, MT5, and cTader trading platforms. They do not have a proprietary trading platform of their own, which can be an advantage if you are used to using these third-party platforms.
OctaFX offers support via 3 mediums to traders in Malaysia, including chat support, email or via Telegram. But the best way to reach customer support for OctaFX is to use the live chat that is available on their website.
Overall, we found OctaFX’s Malaysian support to be good. We like the fact that they have operators offering support in local language too.
Yes, we do recommend OctaFX to traders in Malaysia.
There are both pros and cons to trading through OctaFX, but there are more positives than negatives.
The overall fees that OctaFX charges is lower than most other brokers, which makes than an attractive choice for traders looking for a low-cost broker. They also do not charge any hidden fees.
The customer support offered through live chat is quick and helpful, and also available in local language. Plus, you can request a callback too.
But, many traders will find that the instruments that they offer is quite limited compared to other brokers. Also, OctaFX is less well-regulated than comparable brokers and is only regulated by a single Tier – 1 regulator.
However, OctaFX has a good track record and is trusted by users across many jurisdictions. They also have separation of funds and anti-money laundering policies in place.
Overall, we believe it is safe to trade forex & CFDs with OctaFX if you are a trader based in Malaysia.