Overall, Octa is considered an average risk, with an overall Trust Score of 79 out of 100. Octa is licensed by zero Tier-1 Regulators (high trust), two Tier-2 Regulators (average trust), and one Tier-3 Regulator (low trust). Octa offers Singaporeans three retail accounts: an OctaTrader, MetaTrader 4, and MetaTrader 5.
- Louis Schoeman
Updated : May 22, 2024
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Overall Rating
- 4.9/5
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 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
| 🏦Headquartered | Saint Vincent and the Grenadines |
| 🌎Global Offices | United Kingdom, Hong Kong, Indonesia, Cyprus, Malaysia, Thailand, South Africa |
| 📌Local Market Regulators in Singapore | Monetary Authority of Singapore (MAS) |
| 🚩Foreign Direct Investment in Singapore | 195 billion USD (2022) |
| 💵Foreign Exchange Reserves in Singapore | 461.1 billion SGD (November 2023) |
| ➡️Local office in Singapore? | None |
| 👤Governor of SEC in Singapore | None, the chairman of the MAS is Lawrence Wong |
| 🫴🏻 Accepts Singapore Traders? | ✅ Yes |
| 🔢 Year Founded | 2011 |
| ☎️Singapore Office Contact Number | N/A |
| 📱Social Media Platforms | Facebook X YouTube Telegram |
| ⌛Regulation | CySEC, SVG FSA, FSCA |
| 1️⃣Tier-1 Licenses | None |
| 2️⃣Tier-2 Licenses | Cyprus Securities and Exchange Commission (CySEC) Financial Sector Conduct Authority (FSCA) |
| 3️⃣Tier-3 Licenses | Financial Services Authority of Saint Vincent and the Grenadines |
| 🔢 License Number | Cyprus – 372/18 Saint Vincent and the Grenadines – 19776 Singapore – FSP 51913 |
| 🫴🏻 MAS Regulation | None |
| ❌Regional Restrictions | The United States |
| ☪️Islamic Account | ✅ Yes |
| 🆓 Demo Account | ✅ Yes |
| 🔁 Non-expiring Demo | None |
| 🕰️Demo Duration | 30 days |
| 👉Retail Investor Accounts | 3 |
| 🌟 PAMM Accounts | None |
| 💧Liquidity Providers | Unknown |
| 🤝Affiliate Program | ✅ Yes |
| 🧑⚖️Order Execution | Market |
| ➡️OCO Orders | None |
| 💻One-Click Trading | ✅ Yes |
| 💡 Scalping | ✅ Yes |
| 📌Hedging | ✅ Yes |
| 👴🏻Expert Advisors | ✅ Yes |
| 📰 News Trading | ✅ Yes |
| 🗞️Trading API | None |
| ✏️Starting spread | From 0.6 pips |
| 💵Minimum Commission per Trade | None |
| ➡️Decimal Pricing | 5th Decimal 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 an SGD Account? | None |
| 👤Dedicated Singaporean Account Manager? | None |
| 📈Maximum Leverage | 1:500 |
| ❌Leverage Restrictions for Singaporeans? | None |
| 💴Minimum Deposit (SGD) | 34 SGD ($25) |
| 💷Deposit Currencies | EUR, USD, LTC, DOGE, USDTE, USDTT, ETH, BTC, ZAR |
| ✔️SGD Deposits Allowed? | ✅ Yes |
| 💵Account Base Currency | USD |
| 👥Active Singaporean Trader Stats | 50,000+ |
| 👤Active Singapore-based Octa customers | Unknown |
| 📆 Singapore Daily Forex Turnover | 1.2 million SGD |
| 💳Deposit and Withdrawal Options | Neteller Skrill Cryptocurrencies Debit/Credit Cards Singaporean Local Banks OZOW EFT Secure |
| ⏰Minimum Withdrawal Time | 1 – 3 hours |
| ⏱️Maximum Estimated Withdrawal Time | 1 – 3 hours |
| ✔️Instant Deposits and Instant Withdrawals? | Yes, Deposits |
| 🗂️Segregated Accounts with Singaporean Banks? | None |
| 📊Trading Platforms | MetaTrader 4 MetaTrader 5 OctaTrader Octa App |
| ⏱️Trading Platform Time | GMT +2 |
| 🧐 Observe DST Change | None |
| 🕰️DST Change Time zone | GMT |
| 🛢️Tradable Assets | Forex Share CFDs Shares Indices Commodities Cryptocurrencies |
| 🫴🏻 Offers USD/SGD currency pair? | None |
| ✏️USD/SGD Average Spread | None |
| 📉Offers Singapore Stocks and CFDs | None |
| 🗣️Languages supported on the Website | English, Malay, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified) |
| ➡️Customer Support Languages | Multilingual |
| 📲Copy Trading Support | ✅ Yes |
| ⏰Customer Service Hours | 24/7 |
| 🤝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 Singapore | Chew Wei Xiang (±$70 million assets under management) |
| 😷Is Octa a safe broker for Singaporean Traders? | ✅ Yes |
| 7️⃣Rating for Octa Singapore | 7/10 |
| 🔢 Trust score for Octa Singapore | 79% |
| 🚀Open an Acount | 👉 Click Here |
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 | 📊Tier | 1️⃣License Number/Ref |
| 🥇Octa Markets Cyprus Ltd | Cyprus | N/A | CySEC | 2 | 372/18 |
| 🥈Orinoco Capital (Pty) Ltd | South Africa | 2021/704761/07 | FSCA | 2 | FSP 51913 |
| 🥉Octa Markets Incorporated | Saint Vincent and the Grenadines | N/A | FSA SVG | 3 | 19776 |
Protection of Client Funds
| 🔍Security Measure | ℹ️ Information |
| 🗂️Segregated Accounts | ✅ Yes |
| 👤Compensation Fund Member | None |
| 💵Compensation Amount | N/A |
| 🎓SSL Certificate | ✅ Yes |
| 2️⃣2FA (Where Applicable) | ✅ Yes |
| ⛔Privacy Policy in Place | ✅ Yes |
| ⚠️Risk Warning Provided | ✅ Yes |
| ❌Negative Balance Protection | ✅ Yes |
| 🛑 Guaranteed Stop-Loss Orders | None |
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 accounts | The MAS does not regulate Octa in Singapore |
| There are several security features on the Octa website to protect traders’ data | There is no regulation through a Tier-1 regulatory entity |
How secure is the Octa trading platform?
Octa offers strong security measures, such as reinforced data centers, for its VPS service.
Do any financial authorities in Singapore regulate Octa?
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 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 |
| 🥇OctaTrader | 34 SGD | 👉 Click Here | 0.6 pips | 6 USD |
| 🥈MetaTrader 4 | 34 SGD | 👉 Click Here | 0.6 pips | 6 USD |
| 🥉MetaTrader 5 | 34 SGD | 👉 Click Here | 0.6 pips | 6 USD |
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 Requirement | 34 SGD ($25) |
| ✏️Average Spreads | Floating, from 0.6 pips |
| 💵Commissions charged | None; mark-up is added to the spread |
| 🛢️Instruments offered on account | 32 Forex Pairs Gold and Silver 3 Energies 10 Indices 30 Cryptocurrencies |
| 📈Leverage Ratios | Forex – 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 Volume | 0.01 lots |
| ⬆️Maximum Trading Volume | 200 lots |
| ➡️Margin Call | 25% |
| 🛑 Stop-Out | 15% |
| ✴️Trade Execution Type | Market |
| ⏱️Trade Execution Average Speed | Under 0.1 seconds |
| 💷Base Account Currency Options | USD or EUR |
| 🫴🏻 Trading Strategies Allowed | Hedging, Scalping, Expert Advisors |
| ☪️Islamic Account Offered? | ✅ Yes |
| 🚀Open an Account | 👉 Click Here |
MetaTrader 4 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 Requirement | 34 SGD ($25) |
| ✏️Average Spreads | Floating, from 0.6 pips |
| 💵Commissions charged | None; mark-up is added to the spread |
| 🛢️Instruments offered on account | 32 Forex Pairs Gold and Silver 3 Energies 10 Indices 30 Cryptocurrencies 149 Stocks 21 Intraday Assets |
| 📉Leverage Ratios | Forex – 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 Volume | 0.01 lots |
| ⬆️Maximum Trading Volume | 200 lots |
| ➡️Margin Call | 25% |
| 🛑Stop-Out | 15% |
| ✴️Trade Execution Type | Market |
| ⏱️Trade Execution Average Speed | Under 0.1 seconds |
| 💵Base Account Currency Options | USD or EUR |
| 🫴🏻 Trading Strategies Allowed | Hedging, Scalping, Expert Advisors |
| ☪️Islamic Account Offered? | ✅ Yes |
| 🚀Open an Account | 👉 Click Here |
MetaTrader 5 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 Requirement | 34 SGD ($25) |
| ✏️Average Spreads | Floating, from 0.6 pips |
| 💵Commissions charged | None; mark-up is added to the spread |
| 🛢️Instruments offered on account | 32 Forex Pairs Gold and Silver 3 Energies 10 Indices 30 Cryptocurrencies |
| 📉Leverage Ratios | Forex – 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 Volume | 0.01 lots |
| ⬆️Maximum Trading Volume | 200 lots |
| ➡️Margin Call | 25% |
| 🛑Stop-Out | 15% |
| ✴️Trade Execution Type | Market |
| ⏱️Trade Execution Average Speed | Under 0.1 seconds |
| 💶Base Account Currency Options | USD or EUR |
| 🫴🏻 Trading Strategies Allowed | Hedging, Scalping, Expert Advisors |
| ☪️Islamic Account Offered? | ✅ Yes |
| 🚀Open an Account | 👉 Click Here |
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 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 offered | The trading accounts are assigned and connected to specific platforms |
| Singaporeans can expect competitive trading conditions from all three Octa accounts | Spreads with Octa are marked up |
| Octa offers a free demo account and an Islamic Account conversion | Octa’s demo account is only available for 30 days |
Are Islamic accounts available with Octa?
Yes, Octa provides Islamic accounts that are Sharia-compliant.
Can I upgrade my Octa account type later?
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”
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.
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.
Does Octa offer a demo account?
Yes, Octa provides sample accounts to assist you in becoming acquainted with their systems.
What's the minimum deposit for account activation with Octa?
A minimum deposit of 34 SGD ($25) is required to activate your trading account.
Trading Platforms and Software
Octa offers Singaporean traders a choice between these trading platforms:
➡️MetaTrader 4
➡️MetaTrader 5
➡️OctaTrader
➡️Octa App
MetaTrader 4
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
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 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
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 Singapore | The functions offered on mobile trading apps are limited compared to web-based and desktop terminals |
Are real-time charting tools available on Octa’s platforms?
Yes, Octa’s systems include real-time charting and technical analysis capabilities.
What is the minimum system requirement for Octa’s trading platforms?
System requirements vary but are often modest, allowing for operation on most current computers.
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 |
| ➡️Forex | 32 | 1:500 |
| ➡️Share CFDs | 149+ | 1:20 |
| ➡️Shares | 150 | 1:20 |
| ➡️Indices | 10 | 1:50 |
| ➡️Commodities | 7 | 1:50 |
| ➡️Cryptocurrencies | 30 | 1:25 |
Pros and Cons
| ✅Pros | ❌Cons |
| Octa offers leverage up to 1:500 on Forex | Octa does not offer a diverse range of markets or instruments compared to competitors |
| Traders can expect negative balance protection when they trade with Octa | Octa does not offer SGD currency pairs or local Singaporean CFDs (shares and indices) |
Can I trade shares on Octa?
Octa concentrates on FX, cryptocurrency, and commodities rather than stock trading.
Can I engage in social trading for all markets offered by Octa?
Social trading via CopyTrading is typically accessible in most marketplaces.
Octa vs FxView vs HFM – Broker Comparison
| 🔍Broker | 🥇Octa | 🥈FXView | 🥉HFM |
| ⌛Regulation | CySEC, SVG FSA | CySEC, FSCA, FSA, SEBI | FSCA, CySEC, DFSA, FSA, FCA, FSC, and CMA with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions |
| 📊Trading Platform | MetaTrader 4 MetaTrader 5 OctaTrader Octa App | MetaTrader 4 MetaTrader 5 ActTrader ZuluTrade | MetaTrader 4 MetaTrader 5 HFM App |
| 💳Withdrawal Fee | None | None | None |
| 🆓 Demo Account | ✅ Yes | ✅ Yes | ✅ Yes |
| 💴Min Deposit | 34 SGD | 67 SGD | 0 SGD |
| 📈Leverage | 1:500 | 1:500 | 1:2000 |
| ✏️Spread | 0.6 pips | From 0.0 pips | 0.0 pips |
| 💵Commissions | None | $1/$100,000 traded | $6 per round turn |
| 🛑Margin Call/Stop-Out | 25%/15% | 70% (M) 50% (S/O) | 50%/20% |
| 🧑⚖️Order Execution | Market | ECN | Market |
| ❌No-Deposit Bonus | None | None | None |
| 💰Cent Accounts | None | None | None |
| 🗂️Account Types | OctaTrader Account Octa MetaTrader 4 Octa MetaTrader 5 | RAW ECN Islamic | Cent Account Premium Account Zero Account Pro Account |
| 🫴🏻 MAS Regulation | None | None | None |
| 💴SGD Deposits | None | ✅ Yes | ✅ Yes |
| 🗂️SGD Account | None | None | None |
| ⏰Customer Service Hours | 24/7 | 24/5 | 24/5 |
| ➡️Retail Investor Accounts | 3 | 2 | 4 |
| ☪️Islamic Account | ✅ Yes | ✅ Yes | ✅ Yes |
| ⬇️Minimum Trade Size | 0.01 lots | 0.01 lots | 0.01 lots |
| ⬆️Maximum Trade Size | 500 lots | 100 lots | 500 lots |
| ⏰Minimum Withdrawal Time | 1 – 3 hours | Instant | 10 Minutes |
| 🕰️Maximum Estimated Withdrawal Time | 1 – 3 hours | 7 Days | 10 business days |
| ✔️Instant Deposits and Instant Withdrawals? | ✅ Yes, Deposits | ✅ Yes | None |
| 🚀Open an Account | 👉 Click Here | 👉 Click Here | 👉 Click Here |
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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 costs | Currency conversion fees might apply to SGD deposits and withdrawals |
| Singaporeans can trade commission-free across accounts and markets | Octa’s spreads on exotic forex pairs can widen during specific market hours |
Are there commission fees charged by Octa?
No, Octa does not impose commissions on most of its account types.
Are any fees reduced for high-volume traders with Octa?
No, for most payment options, Octa does not impose withdrawal fees.
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 |
| ➡️Neteller | EUR | Instant | 1 – 3 hours |
| ➡️Skrill | USD | Instant | 1 – 3 hours |
| ➡️Cryptocurrencies | LTC, DOGE, USDTE, USDTT, ETH, BTC | 3 – 30 minutes | 1 – 3 hours |
| ➡️Debit/Credit Cards | EUR | Instant | 1 – 3 hours |
| ➡️South Africa Local Banks | ZAR | 1 – 3 hours | 1 – 3 hours |
| ➡️OZOW | ZAR | Instant | N/A |
| ➡️EFT Secure | ZAR | Instant | N/A |
Pros and Cons
| ✅Pros | ❌Cons |
| Singaporeans can use instant deposits to fund their trading accounts | Octa does not offer local Singaporean payment methods |
| Octa keeps all client deposits in segregated accounts with top-tier banks | Singaporeans cannot deposit or withdraw in SGD |
| Singaporeans can expect free deposits and withdrawals with Octa | Octa does not offer instant withdrawals |
How long does it take to process a withdrawal with Octa?
Mostly, deposits are immediate, except for bank transfers, which may take longer.
Is there a maximum limit on Octa withdrawals?
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.
Is it possible to deposit in different currencies with Octa?
Yes, Octa allows deposits in several currencies.
Do I need to verify my account before depositing to an Octa Account?
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.
Are Octa withdrawals subject to any verification processes?
Yes, identification verification is often necessary for withdrawals.
How can I check the status of my Octa withdrawal?
You can follow the progress of your withdrawal on your Octa account dashboard.
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 website | Octa’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 traders | Compared to other brokers, Octa’s educational materials are limited |
Does Octa provide the educational resources updated regularly?
Yes, Octa updates its teaching curriculum to match market developments and trends.
Is technical analysis included in the Octa educational offerings?
Yes, technical analysis is addressed in Octa’s instructional materials.
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.
Are there any welcome bonuses for new Octa traders?
Octa often gives welcome incentives, although their availability may vary.
Are there seasonal or special Octa event promotions?
Yes, Octa sometimes runs promotions based on seasons or specific events.
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.
What tools are available for Octa affiliates?
Octa offers a variety of marketing options, real-time information, and a simple interface for affiliates.
How often are commissions paid on the Octa affiliate program?
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
Step 2: Click on “IB Partner Program” then click on “Become IB”
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.
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.
How do I generate my unique referral link with Octa?
Once your Affiliate Account is activated, you may create a unique referral link from the dashboard.
What is the commission structure for the Octa Affiliate Program?
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 Hours | 24/7 |
| 🫴🏻 Support Languages | English, Malay, Portuguese, Malay, Thai, Chinese, and Vietnamese |
| 🗣️Live Chat | ✅ Yes |
| 💻Email Address | ✅ Yes |
| ☎️Telephonic Support | ✅ Yes |
| 4️⃣The overall quality of Octa Support | 4/5 |
Response Time
| 🫴🏻 Support Channel | ⏰Average Response Time | ⏱️User-based Response Time |
| ☎️Phone | 2 minutes | 5 minutes |
| 1 working day | Same-day | |
| 🗣️Live Chat | 5 minutes | 2 minutes |
| 📱Social Media | 5 minutes | 10 minutes |
| 🤝Affiliate | 1 working day | Same-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 Octa | Octa does not offer localized support in Singapore |
Can Octa customer support assist with account verification?
Yes, customer support can assist you with the verification procedure.
Does Octa offer a FAQ or self-service section?
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.
What is the profit-sharing model for social trading with Octa?
Profit sharing depends on the social trading program in which you are engaged.
How quickly are copied trades executed with Octa?
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 reputation | Octa’s demo account is only available for 30 days |
| There are flexible deposit and withdrawal options available | Octa is not locally regulated in Singapore |
| There is 24/7 customer support offered to Singaporeans | Octa is a market maker broker, which could lead to concerns about conflict of interest |
| Singaporeans can expect commission-free trading from Octa | Octa does not hold regulations with Tier-1 entities like the FCA or ASIC |
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Frequently Asked Questions
What is the minimum deposit for Octa in Singapore?
The minimum deposit varies based on the account type and financing method, often from USD 100.
Does Octa have Nasdaq 100?
Yes, Octa offers a range of CFDs on indices, including Nasdaq 100.
Does Octa accept PayNow in Singapore?
No, Octa presently does not allow PayNow for deposits or withdrawals.
Is Octa a good choice for beginners?
Octa’s user-friendly interface and instructional features make it ideal for beginners. Consider MAS-regulated solutions for additional peace of mind.
Is Octa Safe or a Scam?
Octa is a legitimate and safe broker for Singaporean traders.
What are the fees for Octa in Singapore?
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.
Is Octa regulated?
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.
Does Octa offer any promotions in Singapore?
Yes, they often provide welcome bonuses, deposit bonuses, and trading competitions to Singaporean traders.
How long does it take to withdraw from Octa?
Most withdrawal methods take up from one to three hours with Octa.
Is Octa safe in Singapore?
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.
Does Octa have VIX 75?
No, Octa does not offer VIX 75 as part of its portfolio of CFD Indices.
Is Octa halal for Muslims in Singapore?
Yes, Octa provides an Islamic account per Sharia norms.
