Octa Forex Broker Review for Kenya 2024

🔒 Regulations	MISA (Comoros), CySEC (Cyprus), FSCA (South Africa)
🌐 Supported	English, Urdu, Hindi, Indonesian, Portuguese, Thai,
Languages	Spanish, Chinese, Vietnamese, Malaysian, German
💰 Products	Currencies, Stocks, Crypto, Indices, Commodities
💵 Min Deposit	$25
📈 Max Leverage	1:1000 (MISA), 1:30 (CySEC), 1:500 (FSCA)
💻 Trading Desk	ECN, STP
Type

Our Opinion About Octa

Octa (formerly OctaFX) is an established global forex and CFD broker that has been serving traders since 2011. Octa has built a strong reputation with competitive spreads, a solid range of tradable instruments, and support for popular platforms like MetaTrader 4 and 5. The Forex broker offers attractive features like negative balance protection, swap-free accounts, and an innovative copy trading platform.

Octa is a viable choice for Kenyan traders seeking a low-cost, feature-rich broker, though the risks of using an offshore-regulated entity should be carefully considered. Read on to learn more from our Octa Forex broker review.

Regulation in Kenya 

Octa operates in Kenya through its entity registered in St. Vincent and the Grenadines (SVG), Octa Markets Incorporated, which is registered with the SVG Financial Services Authority. This provides traders with a degree of regulatory oversight, providing the same level of client protection as a CMA-regulated broker.

Octa Forex Broker Review: Legit or Scam?

Based on our research, our Octa Forex broker review shows that it is a legitimate broker. It is licensed by reputable authorities, including the Cyprus Securities and Exchange Commission (CySEC) and South Africa’s Financial Sector Conduct Authority (FSCA). With over a decade in operation and multiple industry accolades, Octa has demonstrated commitment to its clients. The broker also segregates client funds and provides negative balance protection.

Octa Trading Instruments

Octa offers approximately 230 trading instruments across key asset classes:

• 35 currency pairs
• 50 CFDs on stocks 
• 5 commodity CFDs (including gold and silver)
• 10 index CFDs
• 30 cryptocurrency CFDs

Octa’s instrument selection covers major markets that should satisfy most retail traders’ needs.

Octa Account Types

Octa provides three main account types, each associated with a different trading platform:

OctaTrader Account

The OctaTrader account is designed for traders who prefer a web-based platform. With a minimum deposit of just $25 (recommended $100), this account offers competitive spreads starting from 0.6 pips and no trading commissions. Leverage up to 1:500 is available, and traders can access 80 instruments, including forex, metals, energies, indices, and cryptocurrencies.

Octa MT5 Account

For traders who prefer the advanced features of MetaTrader 5, the Octa MT5 account is an excellent choice. The OctaTrader account requires a minimum deposit of $25 (recommended $100) and offers spreads from 0.6 pips with no commissions. Leverage up to 1:500 is available, and traders can access an impressive 277 instruments, including forex, metals, energies, indices, cryptocurrencies, stocks, and intraday assets.

Octa MT4 Account

The Octa MT4 account caters to traders who prefer the simplicity and reliability of the MetaTrader 4 platform. This account offers attractive trading conditions with a minimum deposit of $25 (recommended $100), spreads from 0.6 pips, and zero commissions. Leverage up to 1:500 is available, and traders can access 80 instruments, including forex, metals, energies, indices, and cryptocurrencies.

All Octa accounts are swap-free, making them ideal for Islamic traders who adhere to Sharia principles. This means that overnight interest, or swap fees, are not charged on any open positions held overnight.

In addition to these live trading accounts, Octa also provides free demo accounts for practice. Demo accounts allow traders to test strategies and familiarize themselves with trading platforms using virtual funds without risking any real money. This feature is particularly beneficial for new traders who want to gain experience before investing their own capital.

Trading Tools

Octa equips traders with useful tools to enhance their experience:

• Economic calendar
• Trading ideas and strategies
• Forex news
• Autochartist for automated analysis and trade signals
• Account monitoring tool to track fellow Octa traders

 Octa Leverage, Spread, and Commissions

This forex broker allows leverage up to 1:500 on forex pairs, with lower ratios for other assets. Spreads are competitive, starting at 0.6 pips on the EUR/USD with an average of around 0.9 pips. The broker does not charge any trading commissions.

Octa Forex Broker Deposits and Withdrawals

Octa offers seamless transfers with no commissions or hidden charges. The broker supports a wide range of popular payment methods for deposits and withdrawals, ensuring convenience for traders.

Deposit Methods from Octa Forex Broker

Octa accepts the following deposit methods with no fees and varying minimum amounts:

Method	Minimum Amount	Processing Time
Visa/Mastercard	25 USD / 50 EUR	Instant
Skrill/Neteller	50 USD	Instant
Bitcoin	0.00037000 BTC	3-30 minutes
Ethereum	0.02000000 ETH	3-30 minutes
Litecoin	0.30000000 LTC	3-30 minutes
Dogecoin	230.00000000 DOGE	3-30 minutes
Tether (ERC-20)	50.00000000 USDTE	3-30 minutes
Tether (TRC-20)	50.00000000 USDTT	3-30 minutes

To make a deposit, simply login to your Octa profile, select the “New Deposit” option, choose your preferred trading account and payment method, and follow the instructions.

Withdrawal Methods

Withdrawals can be made using the same methods available for deposits, and Octa charges no fees. To withdraw funds, ensure your account is verified as required by law, log in to your profile, select “Withdrawals,” choose the payout method and trading account, and provide the necessary information.

Octa processes withdrawals swiftly, typically within 3 hours, ensuring traders can access their funds promptly.

Local Bank Transfers

For traders who prefer using local banks, Octa provides a convenient process:

1. Choose your preferred transfer method (ATM, bank branch, mobile, or online banking).
2. Specify the payment details provided in your Octa Personal Area.
3. Keep the receipt or payment proof and notify Octa about the transfer.

Currency Conversion

Octa offers competitive rates for currency conversions, allowing traders to deposit and withdraw funds in their preferred currency. The broker’s calculator helps estimate the amount arriving in your trading account after conversion.

Security and Protection

Octa prioritizes the security of client funds, employing stringent measures to safeguard deposits and withdrawals. The broker also offers negative balance protection, ensuring traders cannot lose more than their account balance, preventing them from falling into debt.

This ensures that Octa’s clients have a seamless and reliable deposit and withdrawal experience. The broker’s commitment to transparency and zero fees further enhances the trading conditions for its users.

Octa Forex Broker Registration – How to Open A Trading Account

Opening an account with Octa is quick and fully digital. Simply sign up on their website, providing your email and basic personal details. Select your preferred account type and verify your identity by submitting proof documents before withdrawing. The entire registration process is straightforward.

Octa Forex Broker Bonuses and Promotions

50% Deposit Bonus

Octa clients can claim a 50% bonus on deposits over $50. The bonus isn’t automatic – you must activate it after making an eligible deposit. You must trade half the bonus amount in standard lots to withdraw the bonus funds. For example, to cash out a $100 bonus, 50 lots need to be traded.

Demo Trading Contests 

The forex broker regularly hosts demo trading competitions, in which participants can win real money without risking their capital. These contests offer an excellent opportunity to hone trading skills and gain additional funds.

Octa Trading Platforms

Octa supports the industry-standard MetaTrader 4 and MetaTrader 5 platforms for desktop, web, and mobile trading. Their proprietary OctaTrader web platform and copy trading app provide additional options tailored to specific trading needs.

Platform	Availability
OctaTrader	Web, Android, iOS
MetaTrader 4	Desktop, Web, Android, iOS
MetaTrader 5	Desktop, Web, Android, iOS
Octa Copy Trading App	Web, Android

Octa Education and Research

Octa’s educational offerings cover the basics well, though more advanced materials would be beneficial. Resources include:

• Beginner-friendly articles and video courses 
• Platform tutorials in article and video format 
• Live and recorded webinars
• Forex news and market analysis

The research section provides useful content such as an economic calendar, trading ideas, and strategies.

Octa Customer Support

Octa offers 24/7 customer support through multiple channels:

• Live chat 
• Email 
• Telephone
• WhatsApp
• Telegram

The live chat is responsive but may not always provide in-depth answers. Email support offers more detailed assistance. Local phone numbers are available for several countries.

Our Verdict

Octa stands out as an attractive low-cost forex broker for Kenyan traders. With tight spreads, zero commissions, and a good range of trading instruments, the broker caters well to the needs of most retail clients. The innovative copy trading platform and swap-free accounts add to its appeal. While the lack of CMA regulation is a drawback, Octa’s licensing in other reputable jurisdictions and use of client safeguards provide some assurance. With its user-friendly platforms and favorable trading conditions, Octa is a solid choice for cost-conscious Kenyan traders who are comfortable with an offshore-regulated forex broker.

Octa Forex Broker Review FAQs