Easily Trade – Apple, Microsoft , Tesla and Google Stocks – Open a FREE Account Here

Octa Review

4.7/5 - (12 votes)
OctaFX Review

Updated : May 22, 2024

Jump to:

Overall Rating

Min Deposit

SGD 34 (USD 25)

Regulators

CySEC

Trading Desk

MT4, MT5, OctaFX Trading App

Crypto

Yes

Total Pairs

35

Islamic Account

Yes

Trading Fees

Low

Account Activation

24 Hours

Overview

 

Octa Review

 

Octa caters to traders in Singapore, tailoring their trading environment based on personal financial markets and preferences. With diverse platform options like MetaTrader 4 & 5, OctaTrader, and a mobile app, both novices and experienced traders benefit from various tools.

Through an array of available financial instruments plus leverages that are competitive among peers, local investors can engage in forex or commodity trades as per their choice.

Octa’s absence of deposit, withdrawal, or inactivity fees, a hefty 50% deposit bonus, and a unique selection of promos make it an affordable option for traders aiming to optimize capital efficiency.

Adding an Islamic account option underlines Octa’s commitment to meeting the different demands of the local trading community. Furthermore, the broker’s training materials and 24/7 customer assistance demonstrate its commitment to trader growth and pleasure.

Octa caters to Singaporeans looking for a dependable partner to help them navigate the intricacies of global markets by offering a responsive and educational trading experience.

This unique approach and strong security measures promote Octa as an appealing alternative for Singaporean traders who appreciate value, variety, and confidence in their trading operations.

At a Glance

🏦HeadquarteredSaint Vincent and the Grenadines
🌎Global OfficesUnited Kingdom, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand, South Africa
📌Local Market Regulators in SingaporeMonetary Authority of Singapore (MAS)
🚩Foreign Direct Investment in Singapore195 billion USD (2022)
💵Foreign Exchange Reserves in Singapore461.1 billion SGD (November 2023)
➡️Local office in Singapore?None
👤Governor of SEC in SingaporeNone, the chairman of the MAS is Lawrence Wong
🫴🏻 Accepts Singapore Traders?✅ Yes
🔢 Year Founded2011
☎️Singapore Office Contact NumberN/A
📱Social Media PlatformsFacebook
X
YouTube
Instagram
Telegram
LinkedIn
⌛RegulationCySEC, SVG FSA, FSCA
1️⃣Tier-1 LicensesNone
2️⃣Tier-2 LicensesCyprus Securities and Exchange Commission (CySEC)
Financial Sector Conduct Authority (FSCA)
3️⃣Tier-3 LicensesFinancial Services Authority of Saint Vincent and the Grenadines
🔢 License NumberCyprus – 372/18
Saint Vincent and the Grenadines – 19776
Singapore – FSP 51913
🫴🏻 MAS RegulationNone
❌Regional RestrictionsThe United States
☪️Islamic Account✅ Yes
🆓 Demo Account✅ Yes
🔁 Non-expiring DemoNone
🕰️Demo Duration30 days
👉Retail Investor Accounts3
🌟 PAMM AccountsNone
💧Liquidity ProvidersUnknown
🤝Affiliate Program✅ Yes
🧑‍⚖️Order ExecutionMarket
➡️OCO OrdersNone
💻One-Click Trading✅ Yes
💡 Scalping✅ Yes
📌Hedging✅ Yes
👴🏻Expert Advisors✅ Yes
📰 News Trading✅ Yes
🗞️Trading APINone
✏️Starting spreadFrom 0.6 pips
💵Minimum Commission per TradeNone
➡️Decimal Pricing5th Decimal after the comma
✳️Margin Call25%
🛑Stop-Out15%
⬇️Minimum Trade Size0.01 lots
⬆️Maximum Trade Size500 lots
💰Crypto trading offered?✅ Yes
🫴🏻 Offers an SGD Account?None
👤Dedicated Singaporean Account Manager?None
📈Maximum Leverage1:500
❌Leverage Restrictions for Singaporeans?None
💴Minimum Deposit (SGD)34 SGD ($25)
💷Deposit CurrenciesEUR, USD, LTC, DOGE, USDTE, USDTT, ETH, BTC, ZAR
✔️SGD Deposits Allowed?✅ Yes
💵Account Base CurrencyUSD
👥Active Singaporean Trader Stats50,000+
👤Active Singapore-based Octa customersUnknown
📆 Singapore Daily Forex Turnover1.2 million SGD
💳Deposit and Withdrawal OptionsNeteller
Skrill
Cryptocurrencies
Debit/Credit Cards
Singaporean Local Banks
OZOW
EFT Secure
⏰Minimum Withdrawal Time1 – 3 hours
⏱️Maximum Estimated Withdrawal Time1 – 3 hours
✔️Instant Deposits and Instant Withdrawals?Yes, Deposits
🗂️Segregated Accounts with Singaporean Banks?None
📊Trading PlatformsMetaTrader 4
MetaTrader 5
OctaTrader
Octa App
⏱️Trading Platform TimeGMT +2
🧐 Observe DST ChangeNone
🕰️DST Change Time zoneGMT
🛢️Tradable AssetsForex
Share CFDs
Shares
Indices
Commodities
Cryptocurrencies
🫴🏻 Offers USD/SGD currency pair?None
✏️USD/SGD Average SpreadNone
📉Offers Singapore Stocks and CFDsNone
🗣️Languages supported on the WebsiteEnglish, Malay, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified)
➡️Customer Support LanguagesMultilingual
📲Copy Trading Support✅ Yes
⏰Customer Service Hours24/7
🤝Singapore-based customer support?✅ Yes
🎁Bonuses and Promotions for Singaporean Traders✅ Yes
🎓Education for Singaporean beginners✅ Yes
💻Proprietary trading software✅ Yes
🎀Most Successful Trader in SingaporeChew Wei Xiang (±$70 million assets under management)
😷Is Octa a safe broker for Singaporean Traders?✅ Yes
7️⃣Rating for Octa Singapore7/10
🔢 Trust score for Octa Singapore79%
🚀Open an Acount👉 Click Here

Regulation and Safety of Funds

 

Octa Regulation and Safety of Funds

 

Regulation in Singapore

Octa is not currently regulated by the Monetary Authority of Singapore (MAS). However, Octa global regulations are listed in the table below.

 

Global Regulations

🔍Registered Entity🌎Country of Registration🔢Registration Number⌛Regulatory Entity📊Tier1️⃣License Number/Ref
🥇Octa Markets Cyprus LtdCyprusN/ACySEC2372/18
🥈Orinoco Capital (Pty) LtdSouth Africa2021/704761/07FSCA2FSP 51913
🥉Octa Markets IncorporatedSaint Vincent and the GrenadinesN/AFSA SVG319776

 

Protection of Client Funds

🔍Security Measureℹ️ Information
🗂️Segregated Accounts✅ Yes
👤Compensation Fund MemberNone
💵Compensation AmountN/A
🎓SSL Certificate✅ Yes
2️⃣2FA (Where Applicable)✅ Yes
⛔Privacy Policy in Place✅ Yes
⚠️Risk Warning Provided✅ Yes
❌Negative Balance Protection✅ Yes
🛑 Guaranteed Stop-Loss OrdersNone

 

Security while Trading

Numerous crucial steps show Octa’s dedication to the safety of Singaporean traders. First, the broker uses segregated accounts to keep customers’ cash separate from the company’s operations finances, a typical legal requirement for preserving traders’ capital.

They also use SSL encryption to protect personal and financial information during transmission, resulting in a secure trading environment. Furthermore, Octa uses strong verification measures, including ID scans and proof of address, to avoid fraud and assure transaction integrity.

When available, the company’s use of two-factor authentication (2FA) enhances account security against unwanted access.

Furthermore, Octa’s platform provides negative balance protection, an essential safety feature that stops traders from losing more than their account balance, providing a valuable buffer against turbulent market circumstances.

These steps together provide a strong security architecture that meets the high expectations of Singaporean traders.

 

Pros and Cons

✅Pros❌Cons
Octa provides negative balance protection to all retail accountsThe MAS does not regulate Octa in Singapore
There are several security features on the Octa website to protect traders’ dataThere is no regulation through a Tier-1 regulatory entity

Octa offers strong security measures, such as reinforced data centers, for its VPS service.

No, the Monetary Authority of Singapore (MAS) does not regulate Octa. However, Octa is regulated by other international entities like CySEC, FSCA, and SVG FSA.

Awards and Recognition

 

Octa Awards and Recognition

 

Octa received the following recent awards and recognition:

 

✅Best Client Fund Security in Indonesia (2023) – World Business Stars Magazine.

✅Best Educational Broker (2023) – Holiston Media.

✅Most Reliable Broker in Asia (2023) – Holiston Media.

✅Best Forex Broker in the Philippines in 2023 – Global Business Review Magazine.

✅Best Forex Broker in Singapore (2023) – Global Banking and Finance Review.

✅Most Reliable Broker in Brazil (2023) – World Finance.

✅Most Secure Trading Platform in Singapore (2023) – World Business Outlook.

✅Broker with the Fastest Withdrawal in Singapore (2023) – International Business Magazine.

Account Types

🔍Live Account💴Minimum Dep.🚀Open an Account✏️Average Spread💵Average Trading Cost
🥇OctaTrader34 SGD👉 Click Here0.6 pips6 USD
🥈MetaTrader 434 SGD👉 Click Here0.6 pips6 USD
🥉MetaTrader 534 SGD👉 Click Here0.6 pips6 USD

 

OctaTrader Account

 

OctaTrader Account

 

The OctaTrader Account caters to both novice and experienced traders in Singapore with its user-friendly design.

It offers a wide range of tradable assets, such as Forex pairs, precious metals, energy commodities, indexes, and cryptocurrencies. It maintains leverage up to 1:500 for Forex transactions while offering lower leverage on other products.

The account is also compatible with hedging and scalping tactics plus Expert Advisors – consistent with various trading methods popular in Singapore’s dynamic market.

Moreover, no charges/low opening spreads serve as cost-effective options for clients who worry about transaction costs.

With functions streamlined yet accommodating every need from traders at all levels paired together, this account stands out, maintaining simplicity but ensuring full-fledged functionality, providing an enjoyable experience when it comes down to making trades effortlessly through their platform.

 

🔍Account Feature🌟Value
💴Minimum Deposit Requirement34 SGD ($25)
✏️Average SpreadsFloating, from 0.6 pips
💵Commissions chargedNone; mark-up is added to the spread
🛢️Instruments offered on account32 Forex Pairs
Gold and Silver
3 Energies
10 Indices
30 Cryptocurrencies
📈Leverage RatiosForex – up to 1:500 (1:100 for ZAR/JPY)
Precious Metals – up to 1:200
Energies – up to 1:100
Indices – up to 1:50
Crypto – up to 1:25
⬇️Minimum Trading Volume0.01 lots
⬆️Maximum Trading Volume200 lots
➡️Margin Call25%
🛑 Stop-Out15%
✴️Trade Execution TypeMarket
⏱️Trade Execution Average SpeedUnder 0.1 seconds
💷Base Account Currency OptionsUSD or EUR
🫴🏻 Trading Strategies AllowedHedging, Scalping, Expert Advisors
☪️Islamic Account Offered?✅ Yes
🚀Open an Account👉 Click Here

 

MetaTrader 4 Account

 

Octa MT4 Account

 

Octa’s MetaTrader 4 Account is an excellent choice for Singaporean traders seeking a balance of conventional dependability and innovative capabilities.

This account goes beyond Forex and provides access to a wide range of assets, including share CFDs, indices, and cryptocurrencies, all via a single interface.

The MT4 Account’s varied asset choices complement competitive leverage options, allowing Singaporeans to trade based on risk tolerance and financial objectives. The no-commission structure and variable spreads beginning at 0.6 pips make this account appealing for cost-effective trading.

Traders can also benefit from the account’s support for various trading tactics, including automated trading using Expert Advisors and risk management via hedging techniques.

This account type is particularly appealing to traders who want the technical strength of MT4 combined with the flexibility of trading a broad choice of instruments.

 

🔍Account Feature🌟Value
💴Minimum Deposit Requirement34 SGD ($25)
✏️Average SpreadsFloating, from 0.6 pips
💵Commissions chargedNone; mark-up is added to the spread
🛢️Instruments offered on account32 Forex Pairs
Gold and Silver
3 Energies
10 Indices
30 Cryptocurrencies
149 Stocks
21 Intraday Assets
📉Leverage RatiosForex – up to 1:500 (1:100 for ZAR/JPY)
Precious Metals – up to 1:200
Energies – up to 1:100
Indices – up to 1:50
Crypto – up to 1:25
⬇️Minimum Trading Volume0.01 lots
⬆️Maximum Trading Volume200 lots
➡️Margin Call25%
🛑Stop-Out15%
✴️Trade Execution TypeMarket
⏱️Trade Execution Average SpeedUnder 0.1 seconds
💵Base Account Currency OptionsUSD or EUR
🫴🏻 Trading Strategies AllowedHedging, Scalping, Expert Advisors
☪️Islamic Account Offered?✅ Yes
🚀Open an Account👉 Click Here

 

MetaTrader 5 Account

 

Octa MT5 Account

 

Octa’s MetaTrader 5 Account is a top choice for Singaporean traders seeking a competitive edge in trading technology. It offers various trading instruments, including Forex pairs, precious metals, energy commodities, stock indices, and cryptocurrencies.

The account also offers leverage options, with forex trades offering leverage ratios of up to 1:500. Its advanced analytical capabilities, supplementary indicators, and graphical elements make it a valuable choice.

Clients also benefit from a fee structure with no charges for floating spreads, allowing for more flexible transactions. The system supports hedging and scalping techniques and is compatible with Expert Advisors.

 

🔍Account Feature🌟Value
💴Minimum Deposit Requirement34 SGD ($25)
✏️Average SpreadsFloating, from 0.6 pips
💵Commissions chargedNone; mark-up is added to the spread
🛢️Instruments offered on account32 Forex Pairs
Gold and Silver
3 Energies
10 Indices
30 Cryptocurrencies
📉Leverage RatiosForex – up to 1:500 (1:100 for ZAR/JPY)
Precious Metals – up to 1:200
Energies – up to 1:100
Indices – up to 1:50
Crypto – up to 1:25
⬇️Minimum Trading Volume0.01 lots
⬆️Maximum Trading Volume200 lots
➡️Margin Call25%
🛑Stop-Out15%
✴️Trade Execution TypeMarket
⏱️Trade Execution Average SpeedUnder 0.1 seconds
💶Base Account Currency OptionsUSD or EUR
🫴🏻 Trading Strategies AllowedHedging, Scalping, Expert Advisors
☪️Islamic Account Offered?✅ Yes
🚀Open an Account👉 Click Here

 

Octa Demo Account

 

Octa Demo Account

 

Singaporean traders should consider the Octa Demo Account a valuable tool for their trading endeavors. This simulation platform offers a risk-free environment for novice and experienced investors to enhance their strategies.

The account replicates real market conditions with virtual funds for novice traders, providing practical experience without exposing capital to potential risks. For experienced traders, it allows them to experiment with new tactics and familiarize themselves with the platform’s features.

Participating in Octa’s Demo Trading Contest can also provide significant benefits, potentially securing bonuses or prizes. However, traders should note the 30-day usage limit to encourage focused learning and continuous learning, especially in the unpredictable financial industry of Singapore.

 

Octa Islamic Account

 

Octa Islamic Account

 

Octa has created an Islamic Account specifically for Singapore’s Muslim community, ensuring compliance with Shariah law trading guidelines. The account is exempt from swap fees associated with overnight holdings, aligning with Islamic teachings prohibiting interest accrual.

Octa’s Islamic Account offers diverse assets, including Forex, indices, commodities, and cryptocurrencies, allowing traders to choose an alternative ethical path.

This feature reflects Octa’s commitment to respect and inclusion, acknowledging the diverse religious beliefs of its clients.

Singaporean Muslims will find Octa’s Islamic Account appealing, as it aligns with Shariah’s legal framework while maintaining the secure and convenient experience of conventional alternatives.

 

Pros and Cons

✅Pros❌Cons
Octa’s accounts are aligned with the powerful trading platforms offeredThe trading accounts are assigned and connected to specific platforms
Singaporeans can expect competitive trading conditions from all three Octa accountsSpreads with Octa are marked up
Octa offers a free demo account and an Islamic Account conversionOcta’s demo account is only available for 30 days

Yes, Octa provides Islamic accounts that are Sharia-compliant.

Yes, you may seek an account upgrade if you fulfill the conditions of the new account type.

How To Open an Account Step-by-Step

To open an account with Octa, Singaporeans can follow these steps:

 

Step 1: Go to the official website and click on “Sign Up” or “Start Now”

 

Octa Open Account Step 1

 

Step 2: Complete the online registration form

You will then be required to input personal information into the registration form, including your complete name, email address, and phone number. Make careful to provide precise information since this will be required for account verification later.

 

Octa Open Account Step 2

 

Step 3: Wait for Confirmation from Octa

When you complete the registration form, Octa will send a confirmation email to the email address you provide.

 

  • Check your email inbox and click the confirmation link to validate your email address and complete the account creation process.
  • Following email confirmation, you will be led through several steps to complete your profile, including supplying more personal information and proof of identification verification.
  • The last step is to fund your account to be used for trading. Octa provides various deposit options, including bank transfers, e-wallets, and cryptocurrency. The minimum deposit amount is 34 SGD ($25). Once you have funded your account, you can trade on Octa’s platforms using a variety of financial instruments and trading tools.

Yes, Octa provides sample accounts to assist you in becoming acquainted with their systems.

A minimum deposit of 34 SGD ($25) is required to activate your trading account.

Trading Platforms and Software

 

Octa Trading Platforms and Software

 

Octa offers Singaporean traders a choice between these trading platforms:

 

➡️MetaTrader 4

➡️MetaTrader 5

➡️OctaTrader

➡️Octa App

 

MetaTrader 4

 

Octa MT4

 

For Singapore traders needing a reliable and straightforward trading environment, Octa’s MetaTrader 4 platform is an excellent choice. Its seamless integration with automated trading methods is particularly beneficial for tech-savvy locals.

Meanwhile, the extensive charting capabilities are highly valuable to those who rely heavily on technical analysis.

Besides that, MT4 supports multiple order types, enabling traders to employ various techniques ranging from short-term day trades to long-term investments – making it desirable in Singapore’s diverse trade scene due to its versatility.

 

MetaTrader 5

 

Octa MT5

 

MT5 is tailored to address the intricate requirements of traders in Singapore and comes with additional advanced functionalities.

Its enriched bundle of technical indicators and graphical tools enables a more comprehensive market analysis that benefits those engaged in profound research.

With its multi-asset trading capability particularly appealing for Singaporean investors who prefer portfolio diversification across different assets such as stocks, forex, and commodities alike, individuals keen on testing their strategies would find great value from leveraging MT5’s enhanced back-testing features.

 

OctaTrader

 

OctaTrader

 

OctaTrader platform caters to traders in Singapore, prioritizing simplicity and efficiency. Its uncomplicated interface is ideal for beginners and those seeking a streamlined trading atmosphere.

Delivering essential features without inundating users enables quick decision-making in the fast-paced Singaporean market.

OctaTrader’s emphasis on ease suits traders who value straightforwardness over complexities when trading, making it ideal for anyone desiring a simplified yet optimal trade experience.

 

Octa App

 

Octa App

 

The Octa App caters to traders in Singapore seeking mobility and flexibility. In a fast-paced economic hub like Singapore, conducting transactions on the go is essential.

The app merges desktop trading platform functionalities with mobile accessibility, allowing users to oversee markets and execute deals from anywhere.

With its real-time quotes, charting tools, and order management system, the software offers immense value for locals looking for comprehensive market insights throughout their day-to-day activities.

Additionally, this user-friendly application ensures optimal efficiency despite smaller screens during trades, ensuring convenience at all times.

 

Pros and Cons

✅Pros❌Cons
Octa offers three feature-rich, user-friendly platforms to all types of traders in SingaporeThe functions offered on mobile trading apps are limited compared to web-based and desktop terminals

Yes, Octa’s systems include real-time charting and technical analysis capabilities.

System requirements vary but are often modest, allowing for operation on most current computers.

Range of Markets

 

Octa Range of Markets

 

Singaporean traders can expect the following range of markets from Octa:

 

➡️Forex

➡️Share CFDs

➡️Shares

➡️Indices

➡️Commodities

➡️Cryptocurrencies

 

Financial Instruments and Leverage offered by Octa

🔍Instrument🔢 Number of Assets Offered📈Max Leverage Offered
➡️Forex321:500
➡️Share CFDs149+1:20
➡️Shares1501:20
➡️Indices101:50
➡️Commodities71:50
➡️Cryptocurrencies301:25

 

Pros and Cons

✅Pros❌Cons
Octa offers leverage up to 1:500 on ForexOcta does not offer a diverse range of markets or instruments compared to competitors
Traders can expect negative balance protection when they trade with OctaOcta does not offer SGD currency pairs or local Singaporean CFDs (shares and indices)

Octa concentrates on FX, cryptocurrency, and commodities rather than stock trading.

Social trading via CopyTrading is typically accessible in most marketplaces.

Octa vs FxView vs HFM – Broker Comparison

🔍Broker🥇Octa🥈FXView🥉HFM
⌛RegulationCySEC, SVG FSACySEC, FSCA, FSA, SEBIFSCA, CySEC, DFSA, FSA, FCA, FSC, and CMA with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions
📊Trading PlatformMetaTrader 4
MetaTrader 5
OctaTrader
Octa App
MetaTrader 4
MetaTrader 5
ActTrader
ZuluTrade
MetaTrader 4
MetaTrader 5
HFM App
💳Withdrawal FeeNoneNoneNone
🆓 Demo Account✅ Yes✅ Yes✅ Yes
💴Min Deposit34 SGD67 SGD0 SGD
📈Leverage1:5001:5001:2000
✏️Spread0.6 pipsFrom 0.0 pips0.0 pips
💵CommissionsNone$1/$100,000 traded$6 per round turn
🛑Margin Call/Stop-Out25%/15%70% (M)
50% (S/O)
50%/20%
🧑‍⚖️Order ExecutionMarketECNMarket
❌No-Deposit BonusNoneNoneNone
💰Cent AccountsNoneNoneNone
🗂️Account TypesOctaTrader Account
Octa MetaTrader 4
Octa MetaTrader 5
RAW ECN
Islamic
Cent Account
Premium Account
Zero Account
Pro Account
🫴🏻 MAS RegulationNoneNoneNone
💴SGD DepositsNone✅ Yes✅ Yes
🗂️SGD AccountNoneNoneNone
⏰Customer Service Hours24/724/524/5
➡️Retail Investor Accounts324
☪️Islamic Account✅ Yes✅ Yes✅ Yes
⬇️Minimum Trade Size0.01 lots0.01 lots0.01 lots
⬆️Maximum Trade Size500 lots100 lots500 lots
⏰Minimum Withdrawal Time1 – 3 hoursInstant10 Minutes
🕰️Maximum Estimated Withdrawal Time1 – 3 hours7 Days10 business days
✔️Instant Deposits and Instant Withdrawals?✅ Yes, Deposits✅ YesNone
🚀Open an Account👉 Click Here👉 Click Here👉 Click Here

 

10 Best Forex Brokers in Singapore

Rank

Broker

Review

Regulators

Min Deposit

Official Site

#1

ASIC, FSA, CBI, BVI, FSCA, FRSA, CySEC, ISA, JFSA

$100

#2

FSCA, CySEC, FCA, DFSA, FSA, CMA

$0

#3

Read Review

CySEC, MWALI, FSCA

$25

#4

Read Review

CBCS, CySEC, FCA, FSA, FSC, FSCA, CMA

$10

#5

Read Review

FSCA, FSC, ASIC, CySEC, DFSA

$5

#6

Read Review

ASIC, BaFin, CMA, CySEC, DFSA, FCA, SCB

$0

#7

FSA, CySEC, FSCA, FSC

$10

#8

Read Review

ASIC, CySEC, FSCA, FSA

$100

#9

Read Review

CySEC, FCA, FSA, FSCA

$100

#10

Read Review

FCA, CMA, FSC

$200

#1

$100

Minimum Deposit

#2

$0

Minimum Deposit

#3

$25

Minimum Deposit

#4

$10

Minimum Deposit

#5

$5

Minimum Deposit

#6

$0

Minimum Deposit

#7

$10

Minimum Deposit

#8

$100

Minimum Deposit

#9

$100

Minimum Deposit

#10

$200

Minimum Deposit

Fees, Spreads and Commissions

 

Octa Fees, Spreads and Commissions

 

Spreads

When using Octa, Singaporean traders should expect competitive spreads, a crucial cost component in Forex trading. Octa typically offers narrow spreads on key currency pairs, which is advantageous for some traders’ frequent trading or scalping tactics.

The benefit of low spreads helps reduce overall expenses. Therefore, it is important to budget-conscious Singaporean traders.

For instance, renowned pairings such as EUR/USD can have incredibly small 0.6 pip-spreads; however, fluctuations may occur particularly with exotic pairings or during periods of high market volatility.

Therefore, these investors must know how spread changes might affect their trading efficiency and profitability directly.

 

Commissions

Octa’s lack of trading fees is one of its most appealing advantages for Singaporean traders. This implies that the broker’s fee is integrated into the spread, resulting in a plain and transparent pricing structure.

The no-commission policy is especially tempting for high-volume traders since it simplifies cost calculations and allows for a better grasp of prospective earnings and losses.

This feature is appropriate for the trading style popular in Singapore’s market, where traders often desire a transparent and predictable charge structure.

 

Overnight Fees

Octa’s swap-free accounts provide a substantial advantage for Singaporean traders since overnight costs do not apply to open positions maintained for more than 24 hours.

This feature is especially useful for traders who hold positions overnight or for multiple days since they avoid incurring extra charges over time.

The lack of swap fees is consistent with the trading practices of many Singaporeans, who may use techniques that require holding holdings for a lengthy period.

 

Deposit and Withdrawal Fees

Octa has no fees for deposits or withdrawals, which is a significant advantage for Singapore traders. This strategy assures that the amount deposited or withdrawn is precisely what appears in the trader’s account, with no decreases owing to transactional fees.

This cost-effectiveness is especially crucial in Singapore’s dynamic trading environment, where traders cherish the freedom to manage their capital without paying extra fees.

 

Inactivity Fees

Octa does not charge inactivity fees, which is advantageous for Singaporean traders who do not trade often. This feature allows traders to keep their accounts open without fear of being charged when not actively trading.

This flexibility is useful in Singapore, where traders may take pauses from trading for various personal or market-related reasons.

 

Currency Conversion Fees

While Octa accepts deposits in various currencies, accounts are denominated in USD, exposing Singaporean traders to currency translation expenses.

This is especially important for traders who deposit or withdraw in Singapore dollars (SGD) since they will suffer costs for the conversion to or from USD.

This extra expense must be incorporated into Singaporean traders’ financial plans, particularly those who want or need to deal in their own currency.

 

Pros and Cons

✅Pros❌Cons
Octa has a transparent fee schedule for trading and non-trading costsCurrency conversion fees might apply to SGD deposits and withdrawals
Singaporeans can trade commission-free across accounts and marketsOcta’s spreads on exotic forex pairs can widen during specific market hours

No, Octa does not impose commissions on most of its account types.

No, for most payment options, Octa does not impose withdrawal fees.

Deposit and Withdrawal Options

 

Octa Deposit and Withdrawal Options

 

Octa offers Singaporean traders the following deposit and withdrawal methods:

 

➡️Neteller

➡️Skrill

➡️Cryptocurrencies

➡️Debit/Credit Cards

➡️Singaporean Local Banks

➡️OZOW

➡️EFT Secure

 

Octa Deposit Currencies, Deposit and Withdrawal Processing Times

💳Payment Method💵Deposit Currencies⏰Deposit Processing🕰️Withdrawal Processing
➡️NetellerEURInstant1 – 3 hours
➡️SkrillUSDInstant1 – 3 hours
➡️CryptocurrenciesLTC, DOGE, USDTE, USDTT, ETH, BTC3 – 30 minutes1 – 3 hours
➡️Debit/Credit CardsEURInstant1 – 3 hours
➡️South Africa Local BanksZAR1 – 3 hours1 – 3 hours
➡️OZOWZARInstantN/A
➡️EFT SecureZARInstantN/A

 

Pros and Cons

✅Pros❌Cons
Singaporeans can use instant deposits to fund their trading accountsOcta does not offer local Singaporean payment methods
Octa keeps all client deposits in segregated accounts with top-tier banksSingaporeans cannot deposit or withdraw in SGD
Singaporeans can expect free deposits and withdrawals with OctaOcta does not offer instant withdrawals

Mostly, deposits are immediate, except for bank transfers, which may take longer.

No, there is typically no maximum restriction on withdrawals.

How to make a Deposit with Octa

To deposit funds to an account with Octa, Singaporean traders can follow these steps:

 

✅Log in to your Octa trading account using your credentials. This is the first step in accessing your account dashboard, which allows you to manage your cash.

✅Go to the ‘Deposit’ area of your dashboard. This section is specially intended to handle all deposit transactions.

✅Choose your desired deposit method. Octa provides several payment alternatives, including local bank transfers, major credit/debit cards, and e-wallets such as Neteller and Skrill, to meet the different needs of Singaporean traders.

✅Select the deposit currency. While Octa accepts deposits in numerous currencies, Singaporean traders should know that accounts are predominantly denominated in USD. Consider possible conversion costs if you are depositing in a different currency, such as SGD.

✅Enter the amount you want to deposit. Check that this amount is consistent with your trading plan and the minimum deposit criteria provided by Octa.

✅To complete the transaction, just follow the on-screen instructions. This may include extra processes such as verification, particularly for first-time deposits or when utilizing certain payment methods.

 

How long do Octa Deposits take?

The duration of the deposit process fluctuates depending on the chosen method. Swift processing is common for electronic methods like credit/debit cards and e-wallets, allowing traders to see their funds appear in their accounts promptly.

However, local bank transfers may take 1 to 3 hours, contingent upon a bank’s operating schedule and procedure execution. For Singaporean traders to have an impeccable trading experience, they must manage their activity around these varying processing times.

Yes, Octa allows deposits in several currencies.

Due to strict AML policies, identity verification is often requested before or soon after making a deposit.

How to Withdraw from Octa

To withdraw funds from an account with Octa, Singaporean traders can follow these steps:

 

✅Begin by logging into your Octa trading account using your protected credentials. This is required to use the account management features.

✅Navigate to the ‘Withdrawal’ option on your account dashboard. This section is devoted to handling all withdrawal transactions.

✅Choose your preferred mode of withdrawal. Octa offers several payment alternatives, including bank transfers, e-wallets such as Neteller and Skrill, and credit/debit cards, to cater to the diverse needs of Singaporean traders.

✅Choose the currency in which you want to receive your withdrawal. While Octa accounts are normally denominated in USD, Singaporean traders may elect to withdraw in SGD or another currency. Selecting a currency other than your account’s base currency may result in conversion costs.

✅Enter the amount you want to withdraw, ensuring it does not exceed any minimum or maximum limitations set by Octa.

✅To complete the withdrawal procedure, just follow the instructions given. This normally comprises security verification stages, varying significantly depending on the withdrawal method selected.

 

How long do Octa Withdrawals take?

Withdrawal processing times at Octa vary depending on the method employed. E-wallets and credit/debit card transactions are often handled fast, within 1 to 3 hours. However, bank transfers may take longer depending on the various banks’ processing timeframes and business hours.

Singaporean traders must consider these processing periods when planning their financial management, particularly if they want immediate access to their cash.

Octa’s withdrawal procedure is efficient, making it a suitable alternative for Singapore traders who value rapid and dependable access to their assets.

Yes, identification verification is often necessary for withdrawals.

You can follow the progress of your withdrawal on your Octa account dashboard.

Educational Resources

 

Octa Educational Resources

 

Education

Octa offers the following Educational Materials to Singaporean traders:

 

✅Webinars

✅Forex basics articles

✅Forex basics video course

✅Platform video tutorials

✅Platform article tutorials

✅Glossary

✅Comprehensive Frequently Asked Question section

 

Octa also offers Singaporean traders the following additional Research and Trading Tools:

 

✅Market Information

✅Economic Calendar

✅Market Insights

✅Forex News

✅Interest Rates

✅Holiday Calendars

✅Trading Calculators

✅Live Quotes

✅Monitoring

✅Profit Calculator

 

Pros and Cons

✅Pros❌Cons
Traders can expect an impressive range of educational materials and proprietary trading tools on the Octa websiteOcta’s demo account is only available for 30 days after registration, which might not be enough for some Singaporean traders
Octa’s demo account is ideal for beginner and professional tradersCompared to other brokers, Octa’s educational materials are limited

Yes, Octa updates its teaching curriculum to match market developments and trends.

Yes, technical analysis is addressed in Octa’s instructional materials.

Bonuses and Promotions

 

Octa Bonuses and Promotions

 

Octa offers Singaporean traders the following bonuses and promotions:

 

➡️Demo Trading Contest

➡️Trade and Win Giveaway

➡️50% deposit bonus

➡️Status Program

 

Demo Trading Contest

The Demo Trading Contest is a noteworthy campaign that allows traders to hone their abilities in a risk-free environment. This tournament enables participants to trade on demo accounts in competitive settings, providing a fantastic chance for beginners to develop trading methods without incurring financial risk.

Winners of the contest get cash prizes or bonuses that may be utilized to make actual trades, providing an excellent chance for traders to test their strategies and earn rewards without making a monetary commitment.

 

Trade and Win Giveaway

The Trade and Win Giveaway offers a distinct motivation by awarding traders for their trading endeavors through an opportunity to accumulate points based on the number of transactions they execute.

This initiative permits participants to redeem acquired points for diverse prizes, such as electronics or other desired items.

Renowned for its novelty, this enterprise promotes consistent trading involvement by offering an enjoyable attribute, enabling traders to progressively collect rewards in alignment with their interests.

 

50% deposit bonus

Traders looking to maximize their trading funds can greatly benefit from the 50% Deposit Bonus. Singaporean traders who deposit receive a generous bonus that significantly increases their available trading capital, allowing for larger positions or more flexible trades.

However, it is important to note any additional terms and limitations, such as minimum trade volume requirements, before signing up.

 

Status Program

The Status Program is intended to reward faithful traders. Traders may progress through levels depending on their deposit amounts and trading activity, with each level providing unique benefits such as reduced spreads, priority customer care, and exclusive access to training resources and webinars.

This program particularly benefits active traders since it provides better trading conditions and benefits as they advance through the status levels.

Octa often gives welcome incentives, although their availability may vary.

Yes, Octa sometimes runs promotions based on seasons or specific events.

Affiliate Programs

 

Octa Affiliate Programs

 

When cooperating with Octa, Singaporean affiliates can look forward to several appealing features that will optimize their earning potential and improve their affiliate experience.

One of Octa’s affiliate program’s most alluring features is the possibility of earning large commission rates.

Affiliates may get up to 80% of the spread RevShare, which translates into considerable profits depending on the trading volume suggested customers produce. Given how competitive affiliate marketing is in Singapore, this high compensation rate is alluring.

Moreover, affiliate marketing initiatives gain legitimacy from Octa’s well-established reputation, which many industry honors have reinforced. This may greatly help Singaporean affiliates draw in and hold onto customers.

Additionally, the program provides the ease of daily commission distributions, guaranteeing prompt and reliable earnings—a critical component for affiliates who depend on recurring revenue sources.

Furthermore, the program offers more than 25 different payment options, meeting the interests and preferences of affiliates in Singapore. In a country like Singapore, where affiliates may have varying preferences for how they want to receive their revenue, this flexibility in payment alternatives is crucial.

Utilizing a progressive commission calculator makes the affiliate experience even better. With the help of this tool, affiliates may predict their revenue in an easy-to-understand manner by estimating possible profits depending on the number of referred customers and their trading volumes.

Lastly, further incentive comes from the program’s recognition and award system, which honors notable partners from areas like Singapore. Affiliates are encouraged to exert more effort by the activity-based ranking system, since better rankings translate into larger commissions.

Octa offers a variety of marketing options, real-time information, and a simple interface for affiliates.

Commissions are often calculated depending on the trading volume of customers that utilize your referral link.

How to Register an Affiliate Account Step-by-Step

To register an Affiliate Account, Singaporean traders can follow these steps:

 

Step 1: Go to the official website and click on the “Referral Programs” banner

 

Octa Affiliate Account Step 1

 

Step 2: Click on “IB Partner Program” then click on “Become IB”

 

Octa Affiliate Account Step 2

 

Step 3: Complete the online registration form

Important personal information, such as your name, email address, and password, must be provided. Since the information will be used for your affiliate account and correspondence, ensure it is correct and current.

 

Octa Affiliate Account Step 3

 

Step 4: Wait for a referral link form Octa

Once the registration form has been submitted, a special referral link will be sent to you. This link is important since it is your main means of earning commission, and it follows the customers you refer to Octa.

 

  • Share your referral link with others now. You can share this link with friends, co-workers, and acquaintances interested in trading via various platforms, including blogs and social media.
  • As an Octa affiliate, your income is contingent upon the trading activity of the customers who join via your referral link. The bigger your prospective commissions, the more active trading they engage in.
  • Maintain a record of your profits and referrals. Furthermore, affiliates can track their referred customers’ actions and commission earnings using Octa’s tools and dashboards.

 

In Singapore, registering as an Octa affiliate is as simple as possible. Once enrolled, you can share your referral link and earn from the traders you refer. Overall, Singaporeans can easily market Octa’s trading services through this affiliate program while leveraging their networks to get income.

Once your Affiliate Account is activated, you may create a unique referral link from the dashboard.

Commission is typically dependent on the trading volume of the customers you suggest and may range up to 50% of the broker’s revenue share.

Customer Support

👥Customer Support🫴🏻 Octa Customer Support
⏰Operating Hours24/7
🫴🏻 Support LanguagesEnglish, Malay, Portuguese, Malay, Thai, Chinese, and Vietnamese
🗣️Live Chat✅ Yes
💻Email Address✅ Yes
☎️Telephonic Support✅ Yes
4️⃣The overall quality of Octa Support4/5

 

Response Time

🫴🏻 Support Channel⏰Average Response Time⏱️User-based Response Time
☎️Phone2 minutes5 minutes
💻Email1 working daySame-day
🗣️Live Chat5 minutes2 minutes
📱Social Media5 minutes10 minutes
🤝Affiliate1 working daySame-day

 

Quality of Customer Service

Octa’s customer service has been excellent. Their 24/7 bilingual service is very useful for Singapore’s diversified trade community. The customer support team’s timeliness and professionalism while answering questions and offering help contribute considerably to a great user experience.

Whether via live chat, email, or phone assistance, Octa’s customer service has constantly shown a dedication to prompt and efficient resolution of trader concerns and difficulties. This high degree of customer care is crucial to Octa’s total client happiness.

 

Pros and Cons

✅Pros❌Cons
Singaporeans can expect multilingual support from OctaOcta does not offer localized support in Singapore

Yes, customer support can assist you with the verification procedure.

Yes, Octa has a comprehensive FAQ area on its website where you may get solutions to frequent issues.

Social Responsibility

Octa’s Social Trading platform is an important tool for Singaporean traders, especially those new to trading or wanting to benefit from the knowledge of more experienced traders.

This feature enables users to participate in copy trading, which involves replicating the methods of successful traders known as “Masters.” The Octa CopyTrading app, which is completely linked with MetaTrader and accessible on Android smartphones, makes it easier to use this valuable resource.

The method entails creating and financing a Copier account, following which traders may choose Masters whose tactics they want to follow.

This strategy not only allows traders to profit from experienced traders’ expertise but also acts as a learning tool by witnessing and comprehending efficient trading tactics in real time.

The range of over 10,000 Masters available for copying assures Singapore traders may discover styles and methods matching their trading objectives and risk tolerances.

Furthermore, the CopyTrading software contains features for comparing the performance of several traders, enabling users to make better-educated selections when choosing Masters.

This capability is especially useful in a market like Singapore, where traders reward a mix of innovation, competence, and evidence-based decision-making. As a result, Octa’s Social Trading platform provides unique educational, strategic, and financial advantages, making it an invaluable tool for Singaporean traders.

Profit sharing depends on the social trading program in which you are engaged.

Execution rates vary but are often finished virtually concurrently with the Master Trader’s operations.

User Comments and Reviews

 

🥇“As a regular trader, I found Octa’s lack of commission costs and cashback returns quite advantageous. The trading circumstances are excellent, but I am concerned about a lack of local regulatory control. It would be comforting to have them controlled by MAS.” – Shan Neo (January 2024)

 

🥈“Octa’s demo account was an excellent approach for me to get started with Forex trading. The platform is simple, and the demo contest is a brilliant method to practice. I believe that more sophisticated risk management tools would benefit beginner traders.” – Feng Jackson (December 2023)

 

🥉 “I have been using Octa’s VPS service for automatic trading, and it has been completely dependable with no downtime. It is a useful tool, particularly when running EAs. Though impressed with the technical elements, I believe Octa should prioritize sustainability and CSR actions in Singapore.” – Zachary Martin (December 2023)

In Conclusion 

Our final verdict on Octa for Singapore traders provides a fair assessment of its products. Octa’s comprehensive variety of trading platforms, including MetaTrader 4 and 5, meets the varying demands of the Singaporean market, from novices to seasoned traders.

While Octa has various advantages, traders should consider their unique trading methods, risk tolerance, and the significance they take on local regulatory control. Overall, we can conclude that Octa is a prominent challenger in Singapore’s Forex and CFD trading markets.

 

Our Insight

In my opinion, Octa is a good option for Indonesian traders. Their no-commission structure, low spreads, and lack of deposit and withdrawal fees make it a cost-effective solution. 

Our Recommendations

 

✅Tailoring incentive offers and promotions to local festivals, holidays, and events may enhance engagement and attractiveness among Singaporean traders.

✅Incorporating more local payment options, such as popular e-wallets and Singapore-specific bank transfers, will make transactions simpler and quicker for local businesses.

✅Offering more advanced risk management tools and features, such as guaranteed stop-loss orders, would entice risk-averse traders in Singapore.

✅Establishing a local office in Singapore with a dedicated Singaporean account manager might offer more customized services and strengthen ties with local traders.

✅Regular market research to understand Singaporean traders’ changing demands and preferences would allow Octa to remain ahead and change its services appropriately.

✅Participating in local CSR initiatives and supporting sustainable trading practices might help Octa improve its brand image and attract socially aware traders in Singapore.

✅Singaporean traders who prefer mobile trading will benefit from further improvements to the Octa App, such as more sophisticated tools, easier navigation, and quicker execution.

✅Expanding the breadth of tradable assets, especially in Singapore-relevant sectors such as local equities or regional indexes, may attract more investors.

✅Being regulated by the Monetary Authority of Singapore (MAS) will considerably increase Octa’s reputation and reliability among Singaporean traders.

✅Introducing accounts denominated in Singapore Dollars (SGD) would remove currency translation fees for Singaporean traders, lowering transaction costs.

✅Providing additional specialized instructional information, such as webinars, tutorials, and market research tailored to Singapore, would be valuable, particularly for new traders.

Pros & Cons 

✅Pros❌Cons
Octa is a multi-regulated broker with a good reputationOcta’s demo account is only available for 30 days
There are flexible deposit and withdrawal options availableOcta is not locally regulated in Singapore
There is 24/7 customer support offered to SingaporeansOcta is a market maker broker, which could lead to concerns about conflict of interest
Singaporeans can expect commission-free trading from OctaOcta does not hold regulations with Tier-1 entities like the FCA or ASIC

You Might Also Like Tickmill Review

You Might Also Like: FXGT.com Review

You Might Also Like FXView Review

You Might Also Like: PrimeXBT Review

You Might Also Like: Saxo Bank Review

Frequently Asked Questions

The minimum deposit varies based on the account type and financing method, often from USD 100.

Yes, Octa offers a range of CFDs on indices, including Nasdaq 100.

No, Octa presently does not allow PayNow for deposits or withdrawals.

Octa’s user-friendly interface and instructional features make it ideal for beginners. Consider MAS-regulated solutions for additional peace of mind.

Octa is a legitimate and safe broker for Singaporean traders.

Spreads start at 0.6 pips; commissions may apply depending on the account type. Singaporeans can explore the Octa website for a complete pricing schedule.

Yes, while MAS does not regulate Octa in Singapore, the broker is regulated by FSCA in South Africa, CySEC in Cyprus, and SVG FSA in Saint Vincent and the Grenadines.

Yes, they often provide welcome bonuses, deposit bonuses, and trading competitions to Singaporean traders.

Most withdrawal methods take up from one to three hours with Octa.

Yes, Octa is licensed by the International Financial Services Commission (IFSC) in Belize, a recognized regulatory authority. However, the Monetary Authority of Singapore (MAS) does not oversee it.

No, Octa does not offer VIX 75 as part of its portfolio of CFD Indices.

Yes, Octa provides an Islamic account per Sharia norms.

Table of Contents