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 42 million trading accounts. It currently serves customers from 180 countries globally, and it offers commission-free access to financial markets and various services. OctaTrader platform elevates traders' experience by offering a one-stop solution with features like Space—a dynamic feed with real-time analysis, collaborative tools, and educational resources, all in one place. A library of webinars and tutorials ensures continuous learning for traders at all levels. 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 1:1000
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💱 Spread:
From 0.6 pips for all accounts
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🔧 Instruments:
52 Forex currency pairs, 150 CFDs on stocks, 10 indices, 34 cryptocurrencies, 3 energies, gold and silver
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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, MetaTrader 5 and OctaTrader.
• 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.
Octa Malaysia Review
Photo: Octa platform
As mentioned above, Octa provides its services to traders in 180 countries around the world. The platform gives these traders access to several trading assets including popular currency pairs, CFDs on stocks, indices, energies 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.
Octa offers three account types: MT4, MT5 and an account on its own proprietary trading platform OctaTrader. The average spread for EURUSD is 0.6 pips for all accounts with no additional charges or hidden fees.
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 52 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 34 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?
Spanning across the globe, Octa is subject to regulation by several authorities, reflecting the diverse regulatory landscape governing the activities conducted by Octa.
Octa holds the following licenses:
Octa Markets Cyprus Ltd. is authorised and regulated by the Cyprus Securities and Exchange Commission (CySEC) with license number 372/18.
Octa Markets Ltd. is authorised and regulated by the Mwali International Services Authority (MISA) with license number HY00623410, and international brokerage and clearing house license number: T2023320.
Orinoco Capital (Pty) Ltd. holds a Financial Service Provider (FSP) license number 51913 from the Financial Sector Conduct Authority (FSCA) in South Africa.
Conclusion
Octa Malaysia stands out as a reliable broker, offering competitive spreads, a user-friendly platform, and robust support tailored to Malaysian traders. Its commitment to transparency, flexible account options, and localized services make it an attractive choice for both beginners and experienced traders. While there are some limitations, such as limited asset variety, its strengths in customer service, promotions, and trading conditions outweigh these drawbacks. For those seeking a trusted broker in Malaysia, Octa Malaysia remains a solid option worth considering.
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.
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).