Octafx Review
Overall, OctaFX is considered high-risk, with an overall Trust Score of 67 out of 100. OctaFX is licensed by zero Tier-1 Regulators (high trust), one Tier-2 Regulator (average trust), and one Tier-3 Regulator (low trust). OctaFX is currently not regulated by the Bank of Tanzania.
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Trading Platforms
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 230,000 Tanzanian Shilling
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX Review – 24 key points quick overview:
OctaFX Overview- OctaFX At a Glance
- OctaFX Regulation and Safety of Funds
- OctaFX Account Types and Features
- How to open an Account with OctaFX in Namibia
- OctaFX vs AvaTrade Vs Exness – Broker Comparison
- OctaFX Trading Platforms
- OctaFX Range of Markets
- Broker Comparison for Range of Markets
- OctaFX Trading and Non-Trading Fees
- OctaFX Deposits and Withdrawals
- How to Deposit Funds with OctaFX
- OctaFX Fund Withdrawal Process
- OctaFX Education and Research
- OctaFX Bonuses and Promotions
- How to open an Affiliate Account with OctaFX
- OctaFX Affiliate Program Features
- OctaFX Customer Support
- OctaFX Corporate Social Responsibility
- Verdict on OctaFX
- OctaFX Current Popularity Trends
- OctaFX Pros and Cons
- Frequently Asked Questions
- Conclusion
OctaFX Overview
OctaFX offers two different retail trading accounts namely a MetaTrader 4 Habitual Trader Account and a MetaTrader 5 Smart Trader Account.
OctaFX accepts Tanzanian clients and has an average spread from 0.6 pips with zero commission charges. OctaFX has a maximum leverage ratio up to 1:500 and there is a demo and Islamic account available. MT4, MT5, OctaFX, and CopyTrade platforms are supported. OctaFX is headquartered in Saint Vincent and the Grenadines and regulated by CySEC and SVG FSA.
Since 2011, OctaFX has been a CFD and forex broker operating out of St. Vincent and the Grenadines. No matter how high its customers’ expectations are, OctaFX gauges its performance by delivering cost-effective trading conditions and a transparent service globally.
OctaFX provides a variety of trading account types ideal for each trading strategy and experience level. OctaFX provides a choice of trading account types for the trading activities of all sorts of sophisticated traders.
In addition, OctaFX is one of the most popular platforms since it does not charge commissions along with offering a range of complex instruments and CFD tools with high-scale competitive values.
This OctaFX review for Tanzania will provide local retail traders with the details that they need to consider whether OctaFX is suited to their unique trading objectives and needs.
OctaFX Distribution of Traders
OctaFX currently has the largest market share in these countries:
India – 43.2%
Pakistan – 18.1%
Malaysia – 12%
Philippines – 7%
Indonesia – 3.7%
Popularity among traders who choose OctaFX
OctaFX is an international broker that has a substantial market share in the Asian market. While OctaFX has a <5% market share in Tanzania, the broker provides for both beginning and expert Tanzanian traders regardless of their trading goals, making OctaFX one of the Top 50 brokers for the area.
OctaFX At a Glance
| 🏛 Headquartered | Saint Vincent and the Grenadines |
| 🏙 Local office in Dodoma? | No |
| ✅ Accepts Tanzanian Traders? | Yes |
| 🗓 Year Founded | 2011 |
| 📞 Tanzanian Office Contact Number | None |
| 🤳 Social Media Platforms | • Facebook • YouTube • Telegram |
| ⚖️ Regulation | CySEC, SVG FSA |
| 🪪 License Number | • Cyprus – 372/18 • Saint Vincent and the Grenadines – 19776 |
| ⚖️ BoT Regulation | No |
| 🚫 Regional Restrictions | The United States |
| ☪️ Islamic Account | Yes |
| 💻 Demo Account | Yes |
| 🛍 Retail Investor Accounts | 2 |
| 📊 PAMM Accounts | No |
| 🤝 Liquidity Providers | Unknown |
| 💸 Affiliate Program | Yes |
| 📲 Order Execution | Market |
| 📊 Average spread | From 0.6 pips |
| 📞 Margin Call | 25% |
| 🛑 Stop-Out | 15% |
| ✅ Crypto trading offered? | Yes |
| 💰 Offers a TZS Account? | No |
| 👨💻 Dedicated Tanzanian Account Manager? | No |
| 📊 Maximum Leverage | 1:500 |
| 🚫 Leverage Restrictions for Tanzania? | No |
| 💰 Minimum Deposit | 230,000 Tanzanian Shilling or an equivalent to $100 |
| ✅ Tanzanian Shilling Deposits Allowed? | No |
| 📊 Active Tanzanian Trader Stats | 50,000+ |
| 👥 Active Tanzanian-based OctaFX customers | Unknown |
| 💳 Tanzania Daily Forex Turnover | Unknown, overall Forex Daily Trading Volume is over $6.6 Trillion |
| 💵 Deposit and Withdrawal Options | • Bank Wire Transfer • Debit Card • Credit Card • Bitcoin (BTC) • Ethereum (ETH) • Dogecoin (DOGE) • Litecoin (LTC) • Tether TRC-20 (USDTT) • Tether ERC-20 (USDTE) • Skrill • Neteller |
| ⏰ Minimum Withdrawal Time | No |
| 💵 Instant Deposits and Instant Withdrawals? | Yes |
| 🏦 Segregated Accounts with Tanzanian Banks? | No |
| 🕐 Maximum Estimated Withdrawal Time | Up to 5 Working Days |
| 📊 Trading Platforms | • MetaTrader 4 • MetaTrader 5 • OctaFX App |
| ✔️ Tradable Assets | • Forex • Index CFDs • Commodities • Cryptocurrencies • Energies • Precious Metals |
| 💸 Offers USD/TZS currency pair? | No |
| 📈 USD/TZS Average Spread | N/A |
| 📉 Offers Tanzanian Stocks and CFDs | None |
| 🗣 Languages supported on Website | English, Malaysian, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified) |
| 📞 Customer Support Languages | Multilingual |
| ⏰ Customer Service Hours | 24/5 |
| 👥 Customer Support Languages | Multilingual |
| ✅ Bonuses and Promotions for Tanzanians | Yes |
| 📚 Education for Tanzania beginner traders | Yes |
| 📱 Proprietary trading software | Yes |
| 💰 Most Successful Tanzanian Trader | Unknown |
| ✅ Is OctaFX a safe broker for Tanzanians? | Yes |
| 📊 Rating for OctaFX Tanzania | 7/10 |
| 🤝 Trust score for OctaFX Tanzania | 67% |
| 👉 Open an account | 👉 Open Account |
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 230,000 Tanzanian Shilling
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX Regulation and Safety of Funds
OctaFX Regulation in Tanzania
OctaFX is not locally regulated in Tanzania but offers its services to global clients through its international regulations through CySEC and FSA SVG.
OctaFX Global Regulations
OctaFX has been given authorization by the Financial Services Authority of SVG (FSA SVG), which will allow OctaFX to undertake financial services operations. CySEC is the regulatory body that oversees Octa Markets Cyprus Ltd., which has its headquarters in Cyprus.
Because of Brexit, OctaFX had no choice but to shut its operations in the United Kingdom and switch from being licensed by the Financial Conduct Authority to being licensed by the Cyprus Securities and Exchange Commission.
OctaFX Client Fund Security and Safety Features
The safety of any deposits that Tanzanian traders make is guaranteed by the broker OctaFX, as stated on the website that is officially associated with OctaFX. The money belonging to traders is kept in separate accounts with top tier banking institutions, as is mandated by several international legislation.
For this reason, the balance sheets of the broker and those of its customers are maintained completely distinct from one another.
Because OctaFX uses some of the most innovative technology, your confidential information, as well as your financial transactions, are completely protected and safe. This is achieved by using a designated Personal Area that is encrypted with 128-bit SSL.
OctaFX’s extensive “Know Your Customer” (KYC) procedures ensure that all new traders’ identities and address proof are validated, therefore authorizing all transactions, and ensuring their safety.
In addition, OctaFX mandates that all withdrawal requests from traders be followed up with an email confirmation. Because of the use of 3D Secure technology, financial transactions involving Visa and Mastercard are not only secure but also open to public scrutiny.
The negative balance protection offered by OctaFX ensures that a trading account’s balance will be brought back up to a positive number if it drops below zero. The risk management system restricts the amount of money that traders may lose to the amount of money that traders have put into the account. This is done to safeguard clients from experiencing financial hardship.
OctaFX Account Types and Features
OctaFX offers two dynamic and customizable trading accounts to traders in Tanzania, and they may select whichever one best suits their needs. According to the trading approach, level of experience and level of knowledge, as well as trading style, each of these two types of trading accounts is best suited for a different kind of trader.
Tanzania traders can choose between:
MetaTrader 4 Habitual Trader Account
MetaTrader 5 Smart Trader Account
OctaFX Live Trading Accounts
MetaTrader 4 Habitual Trader Account
Because of the one-of-a-kind trading circumstances, it offers and the reduced level of risk it entails, this account type might be beneficial to novice forex traders. An entry-level trading option is provided for each of the following assets inside this kind of account:
| Account Feature | Value |
| 💰 Minimum Deposit Requirement | 230,000 TZS or an equivalent to 100 USD |
| 📊 Average Spreads | Floating, from 0.6 pips |
| 💸 Commissions charged | None, the mark-up is added to the spread |
| 🔧 Instruments offered on account | • 35 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 on MT4, 500 lots on MT5 |
| 📞 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 |
MetaTrader 5 Smart Trader Account
This account is best suited for experienced traders who are active participants in a diverse variety of financial markets and assets. It offers these traders the most advantageous trading circumstances and innovative technology, including the following sophisticated features:
| Account Feature | Value |
| 💰 Minimum Deposit Requirement | 230,000 TZS or an equivalent to 100 USD |
| 📊 Average Spreads | Floating, from 0.6 pips |
| 💸 Commissions charged | None, the mark-up is added to the spread |
| 🔧 Instruments offered on account | • 35 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 on MT4, 500 lots on MT5 |
| 📞 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 |
OctaFX Base Account Currencies
OctaFX is quite restrictive for traders since it only permits trading accounts denominated in EUR and USD. This is particularly troublesome for Tanzanians who have bank accounts in TZS.
OctaFX Demo Account
A demo account is a practice account that offers traders a certain amount of virtual funds that they can use, allowing them to enter the live market without risking their capital.
There is a certain degree of risk involved when trading financial markets and OctaFX offers its clients a risk-free platform where they can test strategies, practice trading, and explore what the broker offers in a safe trading environment with real market conditions.
The OctaFX Demo Account replicates the performance of a genuine account, providing a realistic representation of forex trading. Traders, on the other hand, practice their skills using fictitious money in a practice account rather than actual cash.
The OctaFX Forex Demo Account is a learning tool, and for traders to begin using it, all they need to do is sign up for an account on the OctaFX website and build a profile there.
Consequently, Tanzania traders will have the opportunity to get acquainted with the functionalities of the platform as well as the dynamics of the Forex market.
Traders get access to this helpful tool for an infinite amount of time, and they can use it to better comprehend forex and CFD trading as well as estimate their risk exposure. The functionality of the demo account is identical to that of the actual account, except for the use of virtual funds.
In addition, traders in Tanzania can:
Carry out risk-free trades an unlimited number of times to validate scalping trading strategies and algorithms.
Take some time to investigate the trading platform and get familiar with its features.
Learn the fundamentals of reading charts, including how to identify levels and Fibonacci retracements
Experiment with a variety of order types.
OctaFX Islamic Account
Depending on the trading style and the trading strategy of the forex trader, they may keep their trading positions open for longer than 24 hours on a trading day.
This means that the trader could incur an overnight or rollover fee. This is a type of interest that is prohibited by Riba principles of Sharia law, which means that Muslim traders are often restricted in forex trading.
OctaFX’s Islamic Account is a service that has won several awards and makes it possible for Muslim traders to make a profit from trading strategies that include medium- to long-term investments without having to deal with any complications.
The absence of overnight fees is one of the aspects that sets OctaFX apart from its competitors. Traders who practise Islam and utilize the Islamic Account do not have to pay any additional fees because of this.
How to open an Account with OctaFX in Tanzania
To register an account with OctaFX, Tanzanian traders can follow these steps:
To register an account, you will first need to fill out a brief online form, and then you will be required to validate your email address.
After that, you will be required to provide the accounts team with documents to verify your identity and residential address, such as a scanned copy of your passport and a recent utility bill. This is a typical KYC process that is required by most modern forex brokers to protect clients.
You can begin trading and depositing funds into your account once OctaFX’s accounts team has finished verifying your data.
How to Register Your OctaFX Account
Step 1 – Go to the Official Website
Go to the OctaFX website (www.octafx.com/) and click on “Open Account”.
Step 2 – Fill Out Your Details
Fill out your first and last name, your email address and create a password for your account. Now click on “Open Account”.
OctaFX vs AvaTrade Vs Exness – Broker Comparison
| OctaFX | AvaTrade | Exness | |
| ⚖️ Regulation | CySEC, SVG FSA | Central Bank of Ireland (CBI), BVI FSC, ASIC, FSCA, JFSA, FFAJ, ADGM, FRSA, CySEC, ISA | FSA, CBCS, FSC, FSC BVI, FSCA, CySEC, FCA |
| 📱 Trading Platform | MetaTrader 4 MetaTrader 5 OctaFX App CopyTrade App | AvaTradeGO AvaOptions AvaSocial MetaTrader 4 MetaTrader 5 DupliTrade ZuluTrade | MetaTrader 4 MetaTrader 5 |
| 💰 Withdrawal Fee | No | No | No |
| 📊 Demo Account | Yes | Yes | Yes |
| 📈 Minimum Deposit | 230,000 TZS | 247,327 TZS | 24,342 TZS |
| 📈 Leverage | 1:500 | 1:400 | Unlimited |
| 📊 Spread | 0.6 pips | Fixed, from 0.9 pips | Variable, from 0.0 pips |
| 💰 Commissions | None | None | From $0.1 per side, per lot |
| ✴️ Margin Call/Stop-Out | 25%/15% | 25%/10% | 60%/0% |
| ✴️ Order Execution | Market | Instant | Market |
| 💳 No-Deposit Bonus | Yes | No | No |
| 📊 Cent Accounts | No | No | Yes |
| 📈 Account Types | MetaTrader 4 Habitual Trader MetaTrader 5 Smart Trader | Standard Live Account Professional Account Option | Standard Account Standard Cent Account Raw Spread Account Zero Account Pro Account |
| ⚖️ BoT Regulation | No | No | No |
| 💳 TZS Deposits | No | No | Yes |
| 📊 Tanzanian Shilling Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/7 |
| 📊 Retail Investor Accounts | 5 | 1 | 5 |
| ☪️ Islamic Account | Yes | Yes | Yes |
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 230,000 Tanzanian Shilling
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX Trading Platforms
OctaFX offers Tanzania traders a choice between these trading platforms:
MetaTrader 4
MetaTrader 5
OctaFX App
CopyTrading App
Desktop Platforms
MetaTrader 4
MetaTrader 5
MetaTrader 4 and 5
Traders of all experience levels will find that MT4 is a good option when seeking a platform that is not only simple but also sophisticated and powerful. It has a user-friendly interface that is easy to use and can be adjusted to meet your requirements in a variety of ways.
The UI of MT5 has been improved with the addition of new features, which has made it even simpler to use. In addition to new fundamental and technical indicators, 21 different periods, graphical objects, extra order types, and an economic calendar, this platform also provides support for a more extensive selection of order types.
WebTrader Platforms
MetaTrader 4
MetaTrader 5
MetaTrader 4 and 5
MT4 has several built-in indicators that may be used for technical analysis, and it also can run automated systems known as expert advisers. You have a total of nine distinct timeframes from which to choose.
Real-time market execution and rigorous risk management are just two of the many important tools that are at your disposal. Traders in Uganda will also have unlimited access to a greater variety of markets in addition to the extra features and services made available by MetaTrader 5 Web, a more sophisticated version of MT4.
Traders may get access to these WebTrader via the official OctaFX website, where they can log in with their credentials and begin trading. Traders can also use these WebTrader directly from OctaFX’s mobile app.
Trading App
MetaTrader 4
MetaTrader 5
OctaFX App
MetaTrader 4 and 5
Traders will find it much simpler to engage in mobile trading thanks to the OctaFX Android and iOS MetaTrader 4 and 5, which combine powerful charting capabilities with a variety of trading tools and other innovative features. The full-function trading interface that OctaFX provides enables traders to access financial markets, do technical analysis, track movement, and execute orders from any location around the globe. OctaFX also enables users to watch the movement of the market.
OctaFX App
Traders can make deposits and withdrawals of money in a timely and secure manner thanks to the unique OctaFX Trading App. In addition, the app enables users to monitor their accounts, manage their deposits, and manage accounts. Currently, the proprietary software is only available for use on mobile devices that use the Android operating system.
CopyTrading App
You have the flexibility to invest any amount for any length of time with the OctaFX Copytrading program, and you may take out your earnings whenever you choose. You may effortlessly manage your investment no matter where you are in the globe since all the configurations are straightforward to understand.
OctaFX Range of Markets
Tanzania traders can expect the following range of markets from OctaFX:
Forex
Index CFDs
Commodities
Cryptocurrencies
Energies
Precious Metals
Broker Comparison for Range of Markets
| OctaFX | SuperForex | Global GT | |
| ➡️️ Forex | Yes | Yes | Yes |
| ➡️️ Precious Metals | Yes | Yes | Yes |
| ➡️️ ETFs | No | Yes | No |
| ➡️️ CFDs | Yes | Yes | Yes |
| ➡️️ Indices | Yes | Yes | Yes |
| ➡️️ Stocks | No | Yes | Yes |
| ➡️️ Cryptocurrency | Yes | Yes | Yes |
| ➡️️ Options | No | No | No |
| ➡️️ Energies | Yes | Yes | Yes |
| ➡️️ Bonds | No | No | No |
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 230,000 Tanzanian Shilling
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX Trading and Non-Trading Fees
Spreads
OctaFX’s variable spreads are marked up to account for the broker’s service fee, which is incurred in the process of arranging the transaction. OctaFX will determine the spreads for each transaction based on the kind of financial instrument that is being transacted as well as the conditions of the market on that trading day.
Some typical spreads that Tanzania traders can expect include:
EUR/USD – from 0.6 pips
USD/JPY – from 1 pip
NAS100 – from 1.2 pips
BTC/USD – from 2.8 pips
XBR/USD – from 0.7 pips
XTI/USD – from 0.7 pips
Commissions
OctaFX does not charge any commissions on trades as the broker’s fee for facilitating the trade is already worked into the spread.
Overnight Fees, Rollovers, or Swaps
The overnight and swap charges for each financial instrument that may be traded are presented in a manner that is easy to understand in the complete overnight fee schedule that is offered by OctaFX. These expenses are determined by several factors, including the interbank rates, the market conditions, the size of the position, and other variables.
Some typical overnight fees that Tanzania traders can expect are as follows:
EUR/USD – a short swap of -0.64 points and a long swap of -1.03 points
USD/JPY – a short swap of -0.77 points and a long swap of -0.69 points
NAS100 – a short swap of -8.00 points and a long swap of -8.00 points
BTC/USD – a short swap of -2.00 points and a long swap of -2.00 points
XBR/USD – a short swap of -1.00 points and a long swap of -1.00 points
XTI/USD – a short swap of -1.00 points and a long swap of -1.00 points
Deposit and Withdrawal Fees
OctaFX does not charge any fees on either deposits or withdrawals. Tanzania traders, however, may face processing fees from their payment provider or banking institution.
Inactivity Fees
OctaFX does not charge any fees when live trading accounts go dormant.
Currency Conversion Fees
When Tanzanian traders make deposits or withdrawals in TZS, they run the risk of being charged currency conversion costs due to the restricted number of base account currencies available.
OctaFX Deposits and Withdrawals
OctaFX offers the following deposit and withdrawal methods:
Credit Card
Debit Cards
Bitcoin (BTC)
Litecoin (LTC)
Dogecoin (DOGE)
Tether ERC-20 (USDTE)
Tether TRC-20 (USDTT)
Ethereum (ETH)
Skrill
Neteller
Bank Transfers
How to Deposit Funds with OctaFX
To deposit funds to an account with OctaFX, Tanzania traders can follow these steps:
Traders may make deposits by logging into their Personal Area accounts and selecting the “Deposit” option from the dashboard menu.
Traders can choose the trading account that they wish to fund as well as the deposit method that best suits their needs from the available options.
Traders have the option of making deposits using funds from their bank accounts, debit or credit cards, electronic wallets, or cryptocurrency wallets. Traders need to note that the many payment options that are available to them will vary according to the country in which they are based.
OctaFX Fund Withdrawal Process
To withdraw funds from an account with OctaFX, Tanzania traders can follow these steps:
Traders need to make sure that they have authenticated their trader profile before they can log into their Personal Area on the official OctaFX website.
Once this step has been completed, traders can access their Personal Area.
Traders can then check the available withdrawal choices on the right-hand side of the dashboard.
After making their choice, they can then submit their withdrawal request by entering the amount they want to withdraw along with any other relevant information.
Traders must also note that there are withdrawal limitations and that the processing time for withdrawals ranges from one to three hours, which means that it may take longer for the cash to be deposited into the trader’s account.
OctaFX Education and Research
Education
OctaFX offers the following Educational Materials:
Webinars
Forex basics articles
Forex basics video course
Platform video tutorials
Platform article tutorials
Glossary
Comprehensive Frequently Asked Question section
OctaFX offers Tanzania traders the following Research and Trading Tools:
Trading calculators
Profit calculators
Live quotes
Account monitoring
AutoChartist Pro
Market information
Proprietary economic calendar
Forex market news
Interest rate information
Holiday calendar
Technical analysis tools
Fundamental analysis tools
OctaFX Bonuses and Promotions
OctaFX offers Tanzania traders the following bonuses and promotions:
A demo contest
Trade and win giveaway
50% deposit bonus
Status program
How to open an Affiliate Account with OctaFX
To register an Affiliate Account, Tanzanians can follow these steps:
Visit the OctaFX website and hover over the “Referral Program” option on the homepage.
Next, prospective affiliates can select the “IB Program” to get started.
Prospective affiliates can explore what OctaFX offers and once they are ready to join, they can select “Become IB” from the partner page.
The IB Account application will load, and prospective affiliates can complete the required fields.
Before submitting, prospective applicants must read and ensure that they understand the Customer Agreement.
Once registered, affiliates can access the promotional material and other features that OctaFX provides as part of its comprehensive affiliate program.
OctaFX Affiliate Program Features
The following are some of how OctaFX’s strong affiliate program is beneficial to its partners:
Market circumstances that are competitive for the benefit of customers
Generous compensation offered to affiliates
Tailored answers for collaboration partners
Payments sent to affiliates are simple and uncomplicated
There is no upper limit on pay-outs
There are no restrictions placed on the commissions that affiliates can receive
There is no secrecy or concealment around the program
Affiliates have the option of forming individual connections with OctaFX, which enables them to operate with the platform that is most suited to meet their requirements. In addition to that, there is a Master IB program that provides additional training in addition to regular IB contests.
Customers with 60 or more referrals can earn up to $12 for each lot that is traded in for partners. Customers can profit from the most advantageous trading conditions and programs, both of which are customizable at this level. This gives customers the ability to optimize their overall earnings.
OctaFX Customer Support
OctaFX’s customer support is available 24 hours a day, 7 days a week to help traders in any way that they can. The finance department of OctaFX operates from 6 am to 10 pm (EET) Monday to Friday, while the Account Verification department works from 8 am to 5 pm, Monday to Friday.
OctaFX Corporate Social Responsibility
OctaFX takes immense pride in being a socially responsible and ethical business. OctaFX is actively involved in supporting a variety of charitable organizations and causes, making all efforts necessary to assist people who need assistance.
OctaFX considers it both a part of their purpose and their obligation to work toward elevating the standard of living enjoyed by handicapped individuals all around the world.
Verdict on OctaFX
Overall, OctaFX offers trading solutions that are of high quality, as well as versatility in terms of the conditions, platforms, and instruments it suggests. OctaFX is a verified broker that is regulated by the SVG FSA as well as the Tier-2 European regulator, CySEC, which is linked with MiFID regulation.
This is even though many Tanzanian traders may have some worries due to activities that are carried out via offshore firms. Consequently, this signifies that its functioning is linked to the required degree of protection.
Tanzanians now have innovative access to a variety of financial instruments as well as several trading platforms, giving them the option to engage in manual, algorithmic, or social trading.
OctaFX’s provision of the widely used MetaTrader platform, in addition to its own custom app and the CopyTrade app, which has a stellar reputation among experienced traders, is unquestionably one of the company’s most compelling competitive advantages.
OctaFX Current Popularity Trends
👉 According to Google Trends, OctaFX has seen an increase in Google Searches in the past month.
OctaFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| Tanzanian traders can easily register an account with OctaFX | OctaFX is an offshore broker that only has Tier-2 and Tier-3 regulations, with no Tier-1 regulation |
| OctaFX has an industry-standard minimum deposit requirement | There is a limited amount of base account currency options |
| OctaFX is a Sharia-compliant broker that offers halal trading conditions to Muslim traders | TZS is not an accepted base account currency |
| OctaFX offers an unlimited demo account that does not expire | OctaFX only offers two live account options |
| OctaFX offers high leverage of up to 1:500 on major financial instruments such as EUR/USD | |
| Commission-free trading is offered on both trading accounts | |
| Traders can choose between MetaTrader 4, MetaTrader 5, and two powerful trading apps | |
| Copy-trading and social trading are supported |
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 230,000 Tanzanian Shilling
Regulators
FCA UK
Trading Platform
MT5, MT4, OctaTrader
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Frequently Asked Questions
Is OctaFX regulated?
OctaFX is regulated by CySEC (372/18) in Cyprus and SVG FSA (19776) in Saint Vincent and the Grenadines.
Is OctaFX safe or a scam?
OctaFX is a safe broker despite its high-risk status that is attributable to its Tier-2 and Tier-3 regulations. OctaFX is not a scam broker and is well-regulated by CySEC and SVG FSA.
Does OctaFX have a demo account?
Yes, OctaFX has a demo account. The Forex trading experience offered by the OctaFX Demo Account is identical to that offered by genuine accounts.
The only real distinction is that virtual currency is used in the demo account for currency trading. Because you are not dealing with actual currency, there is no risk of losing any money.
Does OctaFX have Nasdaq?
Yes, Nasdaq is featured as a part of OctaFX’s trading instruments under “NAS100”.
How long can you hold a position in OctaFX?
According to OctaFX, you can hold a position for up to 30 days on MetaTrader 4.
What is the withdrawal time for OctaFX?
The withdrawal time for OctaFX will depend on the withdrawal method that you use, ranging from 5 minutes up to 3 hours.
How do I get verified on OctaFX?
To verify your OctaFX trading account, you must support documentation that will verify your identification information such as your identity number, date of birth, name, surname, and other details. In addition, you must also provide documents that confirm your residential address.
Does OctaFX have a Cent Account?
No, OctaFX does not offer a Cent Account.
Does OctaFX have Volatility 75?
No, OctaFX does not have Volatility 75. There are only a few brokers that offer this option and OctaFX is unfortunately not one.
Conclusion
Now it is your turn to participate:
Do you have any prior experience with OctaFX?
What was the determining factor in your decision to engage with OctaFX?
Was it because of the minimum deposit, regulation, retail trading accounts, or any other factors?
Have you experienced any issues with OctaFX such as difficulty withdrawing funds, inability to verify regulations, irresponsive customer support, etc.?
Regardless, please share your thoughts in the comments below.
Addendum/Disclosure:
No matter how diligently we strive to maintain accuracy, the forex market is a volatile environment that may change at any time, even if the information supplied is correct at the time of going live.
