Exness Review
OctaFX Fees and Spreads
Overall, OctaFX Fees and Spreads start from the average spread of 0.6 pips EUR/USD, and the commission depends on the trading account the trader is using. OctaFX offers two retail investor accounts as well as a demo and Islamic Account for Botswanan traders. OctaFX has a trust score of 67% out of 100.
- Louis Schoeman
Jump to:
Fees and Spreads Overview
Additional Trading Fees
Broker Fees
Pros and Cons
Final Verdict
FAQ
Overall Rating
- 4.6/5
Min Deposit
USD 25
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX at a Glance
| 🏛 Headquartered | Saint Vincent and the Grenadines |
| 🌎 Global Offices | United Kingdom, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand |
| 🏛 Local Market Regulators in Botswana | • Ministry of Finance and Economic Development (MFED) • Bank of Botswana (BoB) • Non-Bank Financial Institutions Regulatory Authority (NBFIRA) |
| 💳 Foreign Direct Investment in Botswana | 115.89 BWP Million in 2021 |
| 💰 Foreign Exchange Reserves in Botswana | 5270 USD Million in 2021 |
| ✔️ Local office in Gaborone? | No |
| 👨⚖️ Governor of SEC in Botswana | None, Moses Dinekere Pelaelo is the Governor of the Bank of Botswana |
| ✔️ Accepts Botswana Traders? | Yes |
| 📊 Year Founded | 2011 |
| 📞 Botswana Office Contact Number | None |
| 📱 Social Media Platforms | • Facebook • YouTube • Telegram |
| ⚖️ Regulation | CySEC, SVG FSA |
| 1️⃣ Tier-1 Licenses | None |
| 2️⃣ Tier-2 Licenses | • Cyprus Securities and Exchange Commission (CySEC) |
| 3️⃣ Tier-3 Licenses | • Financial Services Authority of Saint Vincent and the Grenadines |
| 🪪 License Number | • Cyprus – 372/18 • Saint Vincent and the Grenadines – 19776 |
| ⚖️ MFED, BoB, or NBFIRA Regulation | No |
| ✔️ Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 2 |
| ✔️ PAMM Accounts | No |
| 💻 Liquidity Providers | Unknown |
| ✔️ Affiliate Program | Yes |
| 📱 Order Execution | Market |
| 📊 Starting spread | From 0.6 pips |
| 📉 Minimum Commission per Trade | None |
| 💰 Decimal Pricing | 5th decimal pricing after the comma |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out | 15% |
| 📉 Minimum Trade Size | 0.01 lots |
| 📈 Maximum Trade Size | 500 lots |
| ✅ Crypto trading offered? | Yes |
| ✔️ Offers a BWP Account? | No |
| 📉 Dedicated Botswana Account Manager? | No |
| 📈 Maximum Leverage | 1:500 |
| 📊 Leverage Restrictions for Botswana? | No |
| 💳 Minimum Deposit (BWP) | 481 Botswanan Pula or an equivalent to $25 |
| ✔️ Botswana Pula Deposits Allowed? | No |
| 📊 Active Botswana Trader Stats | 250,000+ |
| 👥 Active Botswana-based OctaFX customers | Unknown |
| 🔁 Botswana Daily Forex Turnover | Unknown, Forex overall is $6.6 Trillion |
| 💰 Deposit and Withdrawal Options | • Debit Card • Credit Card • Bitcoin (BTC) • Ethereum (ETH) • Dogecoin (DOGE) • Litecoin (LTC) • Tether TRC-20 (USDTT) • Tether ERC-20 (USDTE) • Skrill • Neteller |
| 💻 Minimum Withdrawal Time | 30 minutes |
| ⏰ Maximum Estimated Withdrawal Time | 3 hours |
| 💳 Instant Deposits and Instant Withdrawals? | No |
| 🏛 Segregated Accounts with Botswana Banks? | No |
| 📱 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • OctaFX App • CopyTrade App |
| 💻 Tradable Assets | • Forex • Index CFDs • Commodities • Cryptocurrencies • Energies • Precious Metals |
| ✔️ Offers USD/BWP currency pair? | No |
| 📊 USD/BWP Average Spread | N/A |
| ✅ Offers Botswana Stocks and CFDs | No |
| 💻 Languages supported on the Website | English, Malaysian, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified) |
| ☎️ Customer Support Languages | Multilingual |
| 👥 Copy Trading Support | Yes |
| ⏰ Customer Service Hours | 24/7 |
| 📞 Botswana-based customer support? | Yes |
| 💸 Bonuses and Promotions for Botswanans? | Yes |
| 📚 Education for Botswanan beginner traders | Yes |
| 📱 Proprietary trading software | Yes |
| 🤝 Most Successful Trader in Botswana | Unknown |
| ✔️ Is OctaFX a safe broker for Botswana Traders? | Yes |
| 🎖 Rating for OctaFX Botswana | 7/10 |
| 🥇 Trust score for OctaFX Botswana | 67% |
| 👉 Open Account | 👉 Open Account |
Fees and Spreads
The spread list for OctaFX starts from 0.6 pips EUR/USD.
OctaFX’s variable spreads are marked up to account for the broker’s commission, which is charged during the arranging of the transaction.
OctaFX will establish the spread list for each transaction based on the kind of financial instrument being traded and the market circumstances on the day Botswanans trade. The following are some typical spreads Botswanans might expect:
➡️ EUR/USD – from 0.6 pips
➡️ USD/JPY – from 1 pip
➡️ NAS100 – from 1.2 pips
➡️ BTC/USD – from 2.8 pips
➡️ XBR/USD – from 0.7 pips
➡️ XTI/USD – from 0.7 pips
What are the typical spreads offered by OctaFX, and how do they compare to other brokers?
OctaFX aims to provide competitive spreads to its traders across a range of trading instruments, including forex currency pairs, commodities, indices, and cryptocurrencies. The specific spreads can vary based on market conditions, liquidity, and the account type chosen.
Are there any additional fees or commissions charged by OctaFX, apart from spreads?
In addition to spreads, OctaFX may charge commissions on specific account types,
Additional Trading Fees
Commissions
OctaFX does not impose commissions on transactions since the broker expenses for arranging the deal are already included in the spread.
Overnight Fees, Rollovers, or Swaps
OctaFX explains the overnight and swap fees for each traded financial asset in its detailed overnight fees schedule. These fees are affected by a few factors, including interbank rates, market conditions, position size, etc.
Typical overnight costs for retail traders include the following:
| 🔨 Instrument | 💰 Number of Assets Offered | 📈 Max Leverage Offered |
| ➡️ Forex | 32 | 1:500 |
| ➡️ Commodities | 5 | 1:50 |
| ➡️ Indices | 10 | 1:50 |
| ➡️ Cryptocurrency | 30 | 1:25 |
| ➡️ Precious Metals | 2 | 1:50 |
When registering for a genuine account, OctaFX’s Muslim traders may choose a Swap-Free or Islamic Account, which exempts them from swap costs for overnight positions.
OctaFX does not provide spread betting services to Botswanan traders. Therefore, Botswanans need not worry about spread betting fees.
Does OctaFX charge any additional trading fees beyond spreads and commissions?
OctaFX typically does not charge additional trading fees beyond spreads and commissions, but it’s essential to review the specific fee structure associated with your chosen account type.
Are there any fees for using advanced trading tools or features provided by OctaFX, such as Expert Advisors (EAs) or algorithmic trading?
OctaFX typically does not charge additional fees for using advanced trading tools or features like Expert Advisors (EAs) or algorithmic trading on their platforms.
Broker Fees
Deposit and Withdrawal Fees
OctaFX charges no deposit or withdrawal fees. However, Botswanans could be charged by their payment processor or bank for processing costs while making deposits or withdrawals.
Inactivity Fees
Broker fees, such as inactivity fees while a trader’s account is idle, are not something OctaFX implements.
Currency Conversion Fees
Since OctaFX does not allow BWP as a base account currency, Botswanan traders might be subject to currency translation costs.
What broker fees does OctaFX charge to its clients?
OctaFX primarily charges broker fees in the form of spreads and, in some cases, commissions. The spread is the difference between the buying (ask) and selling (bid) prices of a trading instrument and serves as the primary cost of trading.
Are there any hidden fees or charges that traders should be aware of with OctaFX?
OctaFX is known for its transparency and typically does not impose hidden fees or charges on its clients.
OctaFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Account set-up is easy and quick | OctaFX is an offshore broker that only has Tier-2 and Tier-3 regulation |
| There is an industry-standard minimum deposit requirement on both accounts that are offered | There is an extremely limited portfolio of tradable assets |
| There are Sharia-compliant trading options offered to Muslim Botswanan traders | There are limited base account currency options |
| There is an unlimited demo account offered, with virtual funds that can be topped up at any time | BWP is not an accepted deposit currency or an account base currency |
| Botswanans have access to maximum leverage up to 1:500 on major instruments | There are only two live trading accounts offered by OctaFX |
| There are no commission charges on any trades | |
| Botswanans have access to two powerful trading platforms and four innovative trading apps | |
| OctaFX supports copy trading and provides a designated app |
Verdict on OctaFX
Overall, OctaFX is very competitive in terms of its trading fees and spreads.
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Conclusion
Now it is your turn to participate:
Do you have any prior experience with OctaFX?
What was the determining factor in your decision to engage with OctaFX?
Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?
Have you experienced any issues with OctaFX such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?
Regardless, please share your thoughts in the comments below.
Frequently Asked Questions
What are the commissions charged by OctaFX?
OctaFX does not charge any commission fees, and the broker fees are already included in the spreads that Botswanans pay.
Are there additional fees charged to the OctaFX Islamic Account?
There are no holding or admin fees on the OctaFX Islamic Account.
How much do I pay when I deposit or withdraw funds from my OctaFX account?
You do not pay any deposit or withdrawal fees with OctaFX. However, depending on your payment provider, you might have to pay banking fees.
What are the typical spreads that OctaFX charges?
You can expect spreads from 0.6 pips on EUR/USD and other major instruments.
Which trading accounts can I register with OctaFX?
You can choose between a Habitual and Smart Trader Account on MT4 or MT5.
