Octa Malaysia - Is It a Good Broker in 2024?
One of the first decisions you’ll need to make when you want to start trading forex is the broker you want to use. Typically, you’ll consider what trading assets the broker offers, the trading platforms it has available, and its commissions and spreads. Ultimately, you’ll want to find a broker that meets your goals and fits in with your unique requirements.
This can, however, be somewhat complicated. This is simply because there are so many brokers out there that it could require a fair amount of research to find the right one. Fortunately, we’re here to help, and in this post, we’ll look at Octa Malaysia, and what it offers, in more detail.
Octa Malaysia – General Information
Established in 2011, Octa has opened over 6.6 million trading accounts and has executed over 500 million trades. It currently serves customers from 100 countries globally, and the platform’s aim is to make it easier for people to access the forex markets. Let’s now look at some general information about Octa Malaysia.
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💰 Account currency:
USD, EUR
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🚀 Minimum deposit:
$25
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⚖️ Leverage:
Up to 1:500
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💱 Spread:
From 0.4 pips (Octa MT4 account)
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🔧 Instruments:
32 Currency pairs, Index CFDs, Commodities, and 5 Cryptocurrencies
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💹 Margin Call / Stop Out:
25%/15%
Octa Malaysia Pros and Cons
Now that you know a little more about Octa, let’s look at some of the pros and cons of the platform.
👍 Pros
• Offers the popular trading platforms MetaTrader 4 and MetaTrader 5.
• Zero commissions and tight spreads.
• Offers various promotions and contests.
•Fast execution times and no slippage.
👎 Cons
•Limited investment options traders can use to generate a passive income.
• Only offers access to 35 currency pairs.
Octa Malaysia Review
Photo: Octa platform
As mentioned above, Octa provides its services to traders in 100 countries around the world. The platform gives these traders access to several trading assets including popular currency pairs, index CFDs, commodities, and cryptocurrencies.
When trading with any of these trading assets, Octa charges no commissions and offers some of the lowest spreads in the industry. Apart from active trading, Octa also offers a passive income opportunity in the form of its Octa Copy Trading tool. Here, you’ll be able to automatically copy all the trades of the leading traders on the platform.
The platform also offers a variety of promotions, including a 50% deposit bonus and its Trade & Win loyalty program. Traders can also join Octa’s Status Program that allows them to enjoy more benefits the higher their account balance is. Apart from the offering mentioned above, the platform also offers a range of educational materials including webinars, video courses, and articles.
Octa Malaysia – Fees
When it comes to fees, Octa Malaysia charges no commissions, and its spreads are fairly low. Here, the platform offers floating spreads that vary based on the prevailing market conditions.
For forex trading, the spread starts at a minimum of 0.4 pips if you’re using the MetaTrader 4 platform and 0.6 pips if you’re using the MetaTrader 5 platform. The spread for its other trading assets like indices and cryptocurrencies is higher than the forex spreads and differs based on the specific asset.
Octa Malaysia Trading Assets
Let’s look at what you’ll be able to trade through Octa Malaysia:
Currency Pairs: Octa Malaysia gives you access to 35 currency pairs including EUR/USD, GBP/USD, USD/JPY, USD/CAD, EUR/GBP, and others.
Index CFDs: The platform gives you access to 10 of the most popular global indices including AUS200, GER30, and NAS100.
Commodities: With Octa Malaysia, you can trade in gold, silver, natural gas, Brent Crude, and West Texas Intermediate crude.
Cryptocurrencies: Octa Malaysia gives you access to 5 of the most popular cryptocurrencies. These are Bitcoin, Ethereum, Litecoin, Ripple, and Bitcoin Cash.
It’s important to remember that the assets you’ll be able to trade with will depend on the trading account you choose to open. For example, with an Octa MT5 account, you’ll have access to all 10 indices, while the Octa MT4 account gives you access to only four.
Does Octa have an Islamic account?
Followers of the Islamic faith are not permitted to pay or earn any interest. When you leave positions open overnight in forex trading, you’ll need to pay fees that are called Swap fees and are a specific type of interest. As a result, Sharia law prohibits these transactions.
In order to accommodate followers of the Islamic faith, many brokers including Octa offer Islamic accounts. These are, in essence, swap-free accounts that charge a fixed commission instead of swap fees. With Octa Malaysia, opening an Islamic account is as easy as enabling the ‘Islamic’ option when you open a trading account.
Is Forex trading Halal?
Photo: Octa Islamic account
Is Octa Malaysia Regulated? Is This Company Safe?
One of the most important aspects when it comes to choosing the right broker, is regulation. Here, Octa Malaysia falls a bit short. Its European subsidiary, Octa Markets Cyprus Ltd, is regulated by the Cyprus Securities and Exchange Commission (CySEC). Keep in mind, however, that this subsidiary does not offer its services outside the European Union.
Here, Octa offers its services through Octa Markets Incorporated. This entity is registered, regulated, and governed by the law of St. Vincent and the Grenadines. It does not, however, appear that this company is regulated by any financial regulator.
Despite this, the platform has implemented several security measures to protect client funds and information. These include:
Segregated accounts. Octa uses separate accounts to keep client funds separated from the company’s funds in order to protect clients.
SSL-protected personal area. The platform uses SSL security to protect every client’s personal area and their information.
Account verification procedures. To further protect clients’ information, Octa has account verification processes in place.
Secure withdrawals. Octa has processes in place to ensure that any withdrawals from trading accounts are safe, secure and can’t be performed by any unauthorized third parties.
3D secure card authorizations. Card payments are protected by 3D secure technology.
In addition to these measures, Octa promises that their trading platform is monitored around the clock by a dedicated team of security specialists who maintain the highest levels of protection which, in turn, reduces the possibility for any data loss.
Octa Malaysia Alternatives
Considering everything mentioned above, it might appear that Octa is a good forex broker. However, because of the large number of negative reviews about the platform, we, at Traders Union, can’t recommend it.
As a result, we recommend that you consider another well known, reputable, and trusted broker. In this instance, we’ll recommend Exness. Overall, it has far more positive reviews on our site compared to Octa. In fact, it’s rated as one of the best brokers on our list of top brokers.
In general, its services are also superior to those offered by Octa. For instance, it gives you access to 107 currency pairs, 81 stocks and indices, 13 cryptocurrencies, and 12 commodities. In addition, it’s also properly regulated in several jurisdictions.
FAQs
Apart from the information provided above, we’ve also prepared a list of frequently asked questions that traders often have when it comes to Octa.
How do I open an account with Octa?
To open an account, you’ll need to go to the Octa homepage and click on Open Account. You’ll then need to complete the sign-up form and click Open Account. You’ll then be required to confirm your email address. Once you’ve done so, you’ll be able to select the trading platform of your choice and make a deposit into your account.
Does Octa offer a demo account?
Yes, Octa offers a demo account.
How much funds do I need to deposit?
Although Octa only requires a minimum deposit of $25, the platform recommends that you deposit at least $100.
What is my Personal Area for?
Your Personal Area is where you’ll be able to open new accounts, make deposits and withdrawals, transfer funds, or manage existing accounts.
Team that worked on the article
Jason Law is a freelance writer and journalist and a Traders Union website contributor. While his main areas of expertise are currently finance and investing, he’s also a generalist writer covering news, current events, and travel.
Jason’s experience includes being an editor for South24 News and writing for the Vietnam Times newspaper. He is also an avid investor and an active stock and cryptocurrency trader with several years of experience.
Olga Shendetskaya has been a part of the Traders Union team as an author, editor and proofreader since 2017. Since 2020, Shendetskaya has been the assistant chief editor of the website of Traders Union, an international association of traders. She has over 10 years of experience of working with economic and financial texts. In the period of 2017-2020, Olga has worked as a journalist and editor of laftNews news agency, economic and financial news sections. At the moment, Olga is a part of the team of top industry experts involved in creation of educational articles in finance and investment, overseeing their writing and publication on the Traders Union website.
Olga has extensive experience in writing and editing articles about the specifics of working in the Forex market, cryptocurrency market, stock exchanges and also in the segment of financial investment in general. This level of expertise allows Olga to create unique and comprehensive articles, describing complex investment mechanisms in a simple and accessible way for traders of any level.
Olga’s motto: Do well and you’ll be well!
Mirjan Hipolito is a journalist and news editor at Traders Union. She is an expert crypto writer with five years of experience in the financial markets. Her specialties are daily market news, price predictions, and Initial Coin Offerings (ICO). Mirjan is a cryptocurrency and stock trader. This deep understanding of the finance sector allows her to create informative and engaging content that helps readers easily navigate the complexities of the crypto world.