Octa Review

Octa offers Colombian traders commission-free trading across all retail accounts. Octa offers leverage ratios of up to 1:1000 on forex major pairs. Colombians can choose from three powerful platforms across various desktop and mobile devices.
- Maryke Myburgh
Jump to:

Overview

Regulation and Safety of Funds

Awards and Recognition

Account Types and Features

Account Registration

Broker Comparison

Trading Platforms

Range of Markets

Fees

Deposit and Withdrawels

Education and Research

Bonuses and Promotions

Affiliate Programs

Customer Support

Social Responsibility

Final Verdict

Pros and Cons

FAQ
Min Deposit
USD 5
Regulators
CySEC, MISA, FSCA
Trading Desk
MT4, MT5, OctaTrader
Crypto
Yes
Total Pairs
80+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Overview
After thoroughly examining Octa’s services, we can provide our exclusive insights tailored for traders in Colombia.
Octa, a global broker established in 2011, has established itself as a prominent player with a strong presence in over 180 countries and an impressive 42 million trading accounts. The fact that Octa has been widely adopted is a testament to its credibility and global appeal.
Octa’s dedication to commission-free trading across financial markets is a standout feature that caught our attention. We were particularly drawn to this feature as it allows for the maximization of potential profits.
The wide range of educational resources available, such as free webinars, articles, and analytical tools, left a strong impression on us. These resources are incredibly helpful for individuals new to the field and those with years of experience or who want to improve their trading techniques.
OctaTrader, the broker’s proprietary platform, has captured our interest as a comprehensive trading ecosystem. We were impressed by the flawless coordination of trades across different devices, which resulted in a seamless trading experience.
The platform’s “Space” feature stood out with its 24/7 analytical support for different currency pairs. It provided real-time data that is crucial for making well-informed trading decisions.
Octa has made careful provisions for traders in Colombia. Having localized support in Spanish is crucial for clear communication and assistance, which we consider an essential feature.
In addition, the leverage system is designed to be flexible, allowing Colombian traders with smaller investments to participate by requiring a minimum deposit of just $25 (101,000 COP).
What market analysis tools does Octa provide to Colombian traders?
Octa gives Colombian traders market analytical tools to help them make better trading decisions, such as reduced spreads and leverage of up to 1:1000.
Does Octa provide support services in Spanish?
Yes, Octa offers help in Spanish, allowing traders to access services and support conveniently.
Octa At a Glance
🗓Established Year | 2011 |
🪪Regulation and Licenses | CySEC, SVG FSA, FSCA |
🌟Ease of Use Rating | 4/5 |
💰Bonuses | Yes, demo trading contest, giveaways, 50% deposit bonus, Status Program |
⏰Support Hours | 24/7 |
📊Trading Platforms | MetaTrader 4, MetaTrader 5, OctaTrader, Octa App |
📈Account Types | OctaTrader, MetaTrader 4, MetaTrader 5 |
💸Base Currencies | USD |
📊Spreads | From 0.6 pips, only the spread is charged |
📈Leverage | 1:1000 |
💳Currency Pairs | 32, Major, Minor, Exotic Pairs |
💰Minimum Deposit | 101,000 COP ($25) |
💸Inactivity Fee | None |
🗣Website Languages | English, Malay, Hindi, Bangla, Thai, Spanish, German, Vietnamese, Portuguese, Arabic, Chinese (Simplified) |
⚖️Fees and Commissions | Only spreads are charged, starting from 0.6 pips EUR/USD |
📚Affiliate Program | Yes |
🏛️Banned Countries | The United States |
💻Scalping | Yes |
🔎Hedging | Yes |
✴️Trading Instruments | Forex, Shares, Indices, Commodities, Cryptocurrencies |
👉 Open Account | Open Account |
Regulation and Safety of Funds
Octa’s Regulation in Colombia
Octa is not regulated by Colombia’s Superintendencia Financiera de Colombia or “SFC” (Financial Superintendence of Colombia). However, Octa’s global regulations are listed in the table below.
Global Regulation
🏛️Registered Entity | 🌎Country of Registration | 🔎Company reg. | 🔎Regulatory Entity | 📈Tier | 🪪License Number/Ref |
Octa Markets Cyprus Ltd | Cyprus | – | 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 | – | FSA SVG | 3 | 19776 |
Protection of Client Funds
🛡️Security Measure | 🖺Information |
Segregated Accounts | Yes |
Compensation Fund Member | No |
Compensation Amount | – |
SSL Certificate | Yes |
2FA (Where Applicable) | Yes |
Privacy Policy in Place | Yes |
Risk Warning Provided | Yes |
Negative Balance Protection | Yes |
Guaranteed Stop-Loss Orders | No |
Does Octa offer negative balance protection to Colombian traders?
Yes, Octa offers negative balance protection to help Colombian traders avoid losing more than their account amount.
Are there any guaranteed stop-loss orders accessible via Octa?
No, Octa does not provide guaranteed stop-loss orders.
Octa Awards and Recognition
While evaluating Octa, we made note of their most recent awards and recognition:
- Octa was honored with the prestigious “Best Forex Competition 2023” award by AllForexBonus.com.
- Octa received the prestigious accolade of being named the “Best Transparent Broker 2023” by FxDailyInfo.com.
- Octa was honored with the prestigious “Best Customer Support Nigeria 2023” award by Global Brands Magazine.
- Octa received the prestigious “Best Educational Broker 2023” award from Forexing.com.
- com awarded Octa the prestigious “Best Forex Broker 2023” title.
- Octa was honored with the “Best Client Funds Security Indonesia 2023” award by World Business Stars Magazine.
- Octa received the prestigious “Best Educational Broker 2023” title from Holiston Media.
- Octa was recognized for its exceptional reliability in the financial industry, receiving the prestigious “Most Reliable Broker Asia 2023” award from Holiston Media.
Account Types
OctaTrader Account | MetaTrader 4 Account | MetaTrader 5 Account | |
⚖️Availability | All Traders | All Traders | All Traders |
📈Markets | 35 Forex, Gold, Silver, 3 Energies, 10 Indices, 30 Cryptocurrencies | 32 Forex, Gold, Silver, 3 Energies, 6 Indices, 34 Cryptocurrencies | 52 Forex, Gold, Silver, 3 Energies, 10 Indices, 34 Cryptocurrencies, 150 Stocks, 26 Intra-day Assets |
💳Commissions | None; only the spread is charged | None; only the spread is charged | None; only the spread is charged |
💻Platforms | OctaTrader | MetaTrader 4 | MetaTrader 5 |
📊Trade Size | 0.01 lots – 200 lots | 0.01 lots – 200 lots | 0.01 lots – 200 lots |
📈Leverage | Forex – 1:1000 (1:200 for ZAR/JPY) Metals –1:400 Energies – 1:400 Indices – 1:400 Crypto – 1:200 | Forex – 1:1000 (1:200 for ZAR/JPY) Metals –1:400 Energies – 1:400 Indices – 1:400 Crypto – 1:200 | Forex – 1:1000 (1:200 for ZAR/JPY) Metals –1:400 Energies – 1:400 Indices – 1:400 Crypto – 1:200 Stocks – 1:40 Intraday Assets – 1:1000 |
💰Minimum Deposit | 101,000 COP ($25) | 101,000 COP ($25) | 101,000 COP ($25) |
Octa OctaTrader Account
The OctaTrader account is known for its exceptionally user-friendly interface, which makes it an excellent choice for traders who are new to the platform.
With a wide range of options including Forex pairs, Gold, Silver, Energies, Indices, and Cryptocurrencies, this platform provides a balanced and user-friendly selection for traders.
The lack of commissions and low spreads starting from 0.6 pips caught our attention, offering transparent and cost-effective trading. With leverage options of up to 1:1000 for Forex and 1:200 for Cryptocurrencies, traders can enjoy the flexibility to match their risk appetites and trading strategies.
For Colombian traders who a to get started, this option is incredibly accessible with a minimum deposit of just 101,000 COP ($25). The OctaTrader platform is incredibly user-friendly, allowing for effortless trade synchronization across multiple devices.
Additionally, it provides a wide range of powerful analytical tools to enhance your decision-making process.
Octa MetaTrader 4 Account
If you’re a trader who appreciates reliability and a track record of success, the MetaTrader 4 (MT4) Account is an excellent option. With this account and platform, you’ll have access to various markets. This opens up a world of trading opportunities for you to explore.
The MT4 platform is well-known for its reliability and extensive range of advanced charting tools, allowing traders to analyze markets with great precision.
The Octa MT4 account also offers a transparent and competitive pricing structure, with no commissions and spreads starting from just 0.6 pips.
The leverage options are quite generous, allowing Forex a maximum of 1:1000, accommodating both active and conservative trading strategies.
Octa MetaTrader 5 Account
If you’re a trader looking for a state-of-the-art platform with advanced features, the MetaTrader 5 (MT5) Account is worth considering.
With a wide variety of markets available, there are plenty of options for diversification. The MT5 platform is truly impressive, with its advanced charting tools, lightning-fast processing speeds, and user-friendly interface that surpasses its predecessor.
We also found that the commission-free structure maintains consistency, with spreads starting from 0.6 pips.
Colombian traders can take advantage of leverage options up to 1:1000 for Forex and 1:200 for Cryptocurrencies, allowing them to refine their strategies to perfection. With a minimum deposit of 101,000 COP ($25), it is easily within reach for Colombians with various budgets.
Octa Demo Account
For Colombian traders who are new to the world of forex, we highly recommend trying out Octa’s demo account. It’s an excellent tool for getting started and gaining experience in trading.
After testing this account, we can confidently say it’s an excellent tool for learning and practicing trading. It provides a risk-free environment with virtual money, allowing you to explore and experiment with various trading strategies freely.
What’s even better? Octa offers a range of platforms for you to explore, including OctaTrader, MetaTrader 4, and 5, and web and mobile options.
We were particularly impressed with the availability of up-to-the-minute market data. This experience will enhance traders’ practice sessions, making them feel remarkably genuine and effectively equipping them to transition to real-time trading.
There are no pressures, time limits, or requirements to deposit funds, making it a valuable resource for beginners learning the basics and experienced professionals exploring new techniques.
Octa Islamic Account
After spending time with Octa, we have grown to admire Octa’s approach to Islamic trading.
Octa stands out from other financial institutions by not offering a separate Islamic account type. All of their accounts are swap-free, which is in line with the principles of Islamic finance.
Colombian Muslim traders can confidently utilize all of Octa’s features and platforms without worrying about incurring swaps or interest fees on overnight positions.
This feature has proven extremely convenient, removing the hassle of handling a separate Islamic account. Octa’s dedication to inclusivity is evident in its efforts to provide equal opportunities and resources for individuals of all religious beliefs.
In addition to the swap-free trading environment, we found Octa’s educational resources highly beneficial. The webinars and tutorials will also help traders broaden their understanding and perfect trading strategies.
Octa demonstrates a strong commitment to the success of its clients by offering the necessary tools and support to navigate the markets with ease.
Octa’s negative balance protection is a feature that Colombian traders will appreciate. It provides security, particularly when experimenting with new approaches or during market instability.
Overall, our experience with Octa has been quite positive, and we genuinely feel that it’s a platform that effectively meets the requirements of the Colombian Muslim community.
Are there any commissions for transactions using Octa accounts?
No, commissions are not paid; just the spread is charged for transactions with Octa accounts.
What markets are accessible for trading with the OctaTrader account?
The OctaTrader account provides markets like 35 Forex pairs, gold, silver, 3 energies, 10 indexes, and 30 cryptocurrencies.
How To Open a OctaFX Account
When we signed up with Octa, we found an extremely streamlined process that allowed us to register and start trading quickly. Here’s how to register an account with Octa:
Step 1 – Select Trading Conditions > Account Types
On the Octa website, hover over the “Trading” option in the main toolbar, then click “Trading Conditions” and “Account Types .”This will bring up the relevant account comparison page, where you can examine the retail accounts’ specifics.
Step 2 – Click “Sign up”
When you’re ready to start, click the blue “Sign up” banner beneath the account comparison. This will direct you to the account registration page.
Step 3 – Complete Form
- Enter your name, email address, and a secure yet easy-to-remember password. You’ll also need to describe your trading experience so that Octa can supply more relevant information. After choosing ‘Open account,’ go to your mailbox and confirm your email.
- Provide further information about yourself, such as your country, phone number, and birthday. Press ‘Continue’ to select between the ‘Standard’ mode, which allows you to create an account with a single click, or the ‘Custom’ mode, which allows you to choose between OctaFX Demo and Real accounts, a trading platform, and leverage.
- If you’re just starting off, a demo account is preferable to a real one. It allows you to practice trading without jeopardizing your money. There is no need to make any investments; simply indicate the amount of simulated funds you want to contribute to your account when it is created.
- When you register, you will receive an email containing your profile and trading account information. From there, you can log in to your profile to manage your funds, receive bonuses, and participate in promotions, or you can begin trading instantly on the web terminal.
- Log in to your profile to deposit with no commission. You can begin trading with a minimum of $25. The minimal deposit in Octa varies depending on your region and payment options.
Min Deposit
USD 5
Regulators
CySEC, MISA, FSCA
Trading Desk
MT4, MT5, OctaTrader
Crypto
Yes
Total Pairs
80+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Broker Comparison
🥇 Octa FX | 🥇 BlackBull Markets | 🥇 FBS | |
🗺️ Regulatation | CySEC, SVG FSA | FSA, FMA | IFSC, CySEC, ASIC, FSCA |
💻 Trading Platform | MetaTrader 4 MetaTrader 5 OctaTrader Octa App | TradingView cTrader MetaTrader 4 MetaTrader 5 WebTrader BlackBull CopyTrader BlackBull Invest ZuluTrade Myfxbook | FBS Trader MetaTrader 4 MetaTrader 5 |
💰 Withdrawal fee | No | Yes | Yes |
💳 Demo Trading Account | Yes | Yes | Yes |
💰 Minimum Deposit | 101,000 COP ($25) | 0 COP ($0) | 20,500 COP ($5) |
📊 Leverage | 1:1000 | 1:500 | Up to 1:3000 |
💰 Spreads | 0.6 pips | From 0.1 pips | From 0.7 pips |
🚀 Commissions | None | From $6 per lot | $0 |
📊 Margin Call/Stop out | 25%/15% | 75%/50% | 30%/ 10% |
📊Order Execution | Market | Market, Instant | Market |
❌No-Deposit Bonus | No | No | No |
🪙Cent Accounts | No | No | Yes |
📒 Account Types | OctaTrader Account Octa MetaTrader 4 Octa MetaTrader 5 | ECN Standard ECN Prime ECN Institutional | Retail Account |
🏛️Colombia SFC Regulation | No | No | No |
💰COP Deposits | No | No | No |
💻COP Account | No | No | No |
📞Customer Service Hours | 24/7 | 24/7 | 24/7 |
💳Retail Investor Accounts | 3 | 3 | 1 |
☪️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 | 15 minutes |
⏲️Maximum Estimated Withdrawal Time | 1 – 3 hours | 3 days | Up to 7 days |
💳Instant Deposits and Instant Withdrawals? | Yes, Deposits | Yes, both | Deposits |
👉Open Account | Open Account | Open Account | Open Account |
Octa Trading Platforms
Octa’s offer is unique; the broker offers one account per trading platform: OctaTrader, MetaTrader 4, and MetaTrader 5. We explored each account and its associated platforms to discover how Colombians can benefit.
MetaTrader 4
If you’re a Colombian trader already familiar with MetaTrader 4, transitioning to Octa’s MT4 account and platform will be a smooth and effortless process.
This platform is an excellent option for Colombians primarily interested in forex trading. It offers various charting tools and technical indicators specifically tailored for currency analysis.
Traders who rely heavily on technical analysis tools to make informed decisions in the fast-paced forex market will find MT4’s emphasis on these tools highly beneficial. In addition, the interface can be customized to suit your individual preferences.
MetaTrader 5
Octa’s MetaTrader 5 account and platform are designed to meet the needs of Colombian traders who are looking for advanced features in a user-friendly interface.
According to our findings, although MT5 isn’t as popular as MT4, it does provide traders with a wider range of features that could be attractive to those seeking a more comprehensive trading platform.
For example, MT5 offers a wider range of pending order types compared to MT4, which allows for greater flexibility when executing trading strategies.
In addition, we also found that MT5’s feature of analyzing multiple timeframes simultaneously is extremely helpful in identifying trends in the Colombian forex market.
OctaTrader
We were thoroughly impressed by the user-friendly interface and robust features of OctaTrader, Octa’s proprietary platform.
Novice traders will find it easy to navigate, while experienced traders will appreciate the wide range of technical analysis tools and real-time market data.
While testing this platform, we discovered the integrated sentiment indicators as invaluable tools for assessing market sentiment. These indicators provide valuable insights by revealing the percentage of traders buying or selling a specific asset.
Octa App
Octa’s mobile app is a valuable tool for traders who want to stay connected and informed while on the move.
With this app, traders can easily monitor their positions, execute trades, and stay updated with the latest market news. It’s a convenient and efficient way to manage your investments wherever you are.
In our experience, this feature is particularly advantageous for individuals who want to stay updated with the market even when they’re not at their computers.
Furthermore, we also found that the app’s integration with Octa’s copy trading feature provides users a convenient method to replicate the trades of accomplished investors.
Are social trading tools accessible on Octa's platforms?
Yes, OctaTrader has a social trading function that allows Colombian users to follow and copy the techniques of successful traders.
Does the Octa App provide speedy order placing and position tracking?
Yes, the Octa App is built for speedy order placing and position monitoring, making it suitable for mobile trading.
Min Deposit
USD 5
Regulators
CySEC, MISA, FSCA
Trading Desk
MT4, MT5, OctaTrader
Crypto
Yes
Total Pairs
80+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Range of Markets
Octa’s range of markets gives Colombians exposure to various financial markets and trading opportunities. Let’s explore what Colombian traders can expect when they start trading with Octa.
🔎Instrument | ⚖️Number of Assets Offered | 📈Max Leverage Offered |
Forex | 52 | 1:1000 |
Metals | 2 | 1:400 |
Energies | 3 | 1:400 |
Indices | 10 | 1:400 |
Shares | 150 | 1:40 |
Crypto CFDs | 34 | 1:200 |
Intraday Assets | 26 | 1:1000 |
Octa Leverage and Margin
When exploring Octa’s offerings for Colombian traders, we couldn’t help but be impressed by their leverage and margin structure. Octa offers a range of leverage options that are quite generous, making it an attractive choice for traders who want to increase their market positions.
They provide a remarkable leverage of up to 1:1000 on major forex pairs, except for ZAR/JPY, which is limited to 1:200. With just one dollar in your account, you have the incredible potential to control a whopping $1000 worth of that currency in the market.
Nevertheless, Octa’s approach to leverage varies among different asset classes. Implementing a tiered system is a thoughtful approach, providing 1:400 leverage for metals and energies to account for the inherent volatility in these markets. Indices also offer a leverage of 1:400, which allows for increased exposure in these markets.
In contrast, Octa offers leverage of 1:200 for cryptocurrencies and 1:40 for stocks, considered less volatile assets.
In our opinion, this strategy showcases a deep comprehension of risk management, ensuring that leverage levels are appropriately matched with the unique risk characteristics of each asset class.
According to our research, assets that can experience rapid price movements within a single trading day are limited to a leverage ratio of 1:1000.
We also found that Octa uses a margin call and stop-out system for margin. As a responsible measure, positions are automatically closed if your account equity drops below a specific threshold, ensuring you don’t incur significant losses.
With a transparent mechanism and clearly defined margin requirements, Colombian traders can gain a comprehensive understanding of the risks involved in leverage trading.
Does Octa provide cryptocurrency trading to Colombian traders?
Yes, Octa offers cryptocurrency trading, with 34 different coins accessible to trade.
Can Colombian investors trade shares on Octa's platform?
Yes, Colombian traders can trade up to 150 shares on Octa’s platform.
Octa FX Fees
Octa Spreads
Octa prides itself on offering highly competitive spreads, but let’s delve into what this means for you as a trader. Based on our observations, the spreads charged by Octa vary based on the type of account and the asset being traded.
When trading EUR/USD, we observed spreads as low as 0.6 pips on both the OctaTrader and MetaTrader platforms. Meanwhile, the gold spreads began at 0.14.
For active traders in Colombia, the tight spreads can significantly impact, particularly if you engage in high-frequency trading. It’s important to keep in mind that spreads are subject to fluctuations based on market conditions.
However, Octa ensures transparency in this matter, enabling you to stay well-informed and adjust your strategy accordingly.
Octa Commissions
Octa’s commission-free trading across all account types is a standout feature. With trading costs limited to just the spread, keeping track of your expenses becomes a breeze.
This can potentially boost your profit potential and simplify your financial tracking. It is advisable to regularly visit Octa’s website for the latest fee information, as there might be exceptions to the commission-free structure for certain instruments.
Octa Overnight Fees
Because Octa’s account types are inherently swap-free, no overnight fees are charged on positions.
Octa Deposit and Withdrawal Fees
Octa simplifies the process for Colombian traders to begin their journey without any additional charges for deposits or withdrawals.
Nevertheless, there are a few conditions to consider when making deposit or withdrawals. There might be a small fee associated with your selected payment method that isn’t covered by Octa’s policies.
Colombian traders must verify these third-party processing fees with their payment provider to understand the fee structure before transacting.
Octa Inactivity Fees
Octa does not currently charge inactivity fees when trading accounts go dormant, allowing Colombian traders to take breaks from trading and use long-term strategies.
Octa Currency Conversion Fees
Octa doesn’t offer COP-denominated accounts or accept deposits or withdrawals in COP. Therefore, Colombian traders will likely face currency conversion fees when transacting with Octa.
What financial advantages does Octa's fee structure provide to Colombian traders?
Octa’s fee structure provides the financial benefit of low-cost trading, with competitive spreads and no commission fees, increasing profitability for Colombian traders.
How can Colombian traders maintain track of any expenses spent when trading on Octa?
Colombian traders can keep track of costs by analyzing their account statements and trading history on Octa’s platforms.
Deposit & Withdrawal Options
While Octa’s payment methods for deposits and withdrawals seem limited, especially compared to other brokers, we found that the available deposit and withdrawal options are secure and ensure fast processing times.
💳Payment Method | 🌎Country | 🪙Currencies Accepted | ⏰Processing Time |
Neteller | All | EUR | Instant – 3 hours |
Skrill | All | USD | Instant – 3 hours |
Cryptocurrencies | All | LTC, DOGE, USDTE, USDTT, ETH, BTC | Instant – 3 hours |
Debit/Credit Cards | All | EUR | Instant – 3 hours |
Bank Wire Transfer | All | Multi-currency | 1 – 3 hours |
Octa Deposits
How to Deposit using Bank Wire Step by Step
- To fund an account, log in to your Octa profile and pick it up.
- Select the “Bank Wire” option and set the deposit amount.
- Verify your account and make the deposit.
- Start the transfer from your bank using the Octa bank details.
- To notify Octa about the transfer, complete the transaction and send proof of payment.
- Bank wire deposits normally process between 1-3 hours.
How to Deposit using Credit or Debit Card Step by Step
- Log into your Octa profile and pick the trading account.
- Select the “Credit/Debit Card” option and input your deposit amount.
- Fill in any other payment information and complete the payment.
- To complete the transaction, follow the instructions on the payment service page.
- Credit/debit card deposits often process promptly but may take up to 3 hours.
How to Deposit using Cryptocurrency Step by Step
- Log in to your Octa profile and pick the appropriate account to deposit funds.
- To deposit cryptocurrency, select the “Cryptocurrency” option and the selected cryptocurrency.
- Proceed with the cryptocurrency transfer, adjusting the bonus % as needed.
- To initiate the transfer, scan the QR code or copy the wallet address into your crypto wallet.
- Cryptocurrency deposits usually arrive within minutes but can take up to 3 hours.
How to Deposit using e-Wallets or Payment Gateways Step by Step
- Log in to your Octa profile and select a trading account to fund.
- Choose your favorite e-wallet or payment gateway for deposit.
- Enter the deposit amount and any extra payment details as needed.
- Follow the payment instructions supplied by the e-wallet or payment gateway.
- Deposits through e-wallets or payment gateways are often completed promptly but may take up to 3 hours.
Octa Withdrawals
How to Withdraw using Bank Wire Step by Step
- To withdraw funds, log in to your Octa profile and choose the account from which to withdraw.
- Select the “Bank Wire” option and input the withdrawal amount.
- Complete the withdrawal request form and include bank wire transfer details.
- Withdrawal processing usually takes 1-3 hours but could take up to one business day in unusual situations.
How to Withdraw using Credit or Debit Cards Step by Step
- Log in to your Octa profile and pick the trading account.
- Select the “Credit/Debit Card” option and input the withdrawal amount.
- Follow the instructions to finish the withdrawal process.
- Credit/debit card withdrawals often process within a few hours.
How to Withdraw using Cryptocurrency Step by Step
- Select the “Cryptocurrency” option after logging in and navigating to the appropriate option to withdraw a cryptocurrency.
- Enter the withdrawal amount and initiate the cryptocurrency transfer.
- Cryptocurrency withdrawals can take up to 3 hours to arrive.
How to Withdraw using e-Wallets or Payment Gateways Step by Step
- Go to the Octa website and log into your profile.
- Select your favorite e-wallet or payment gateway for withdrawal.
- Enter the amount and follow the e-wallet or payment gateway’s instructions to withdraw funds.
- Withdrawals from e-wallets or payment gateways are often completed promptly but can take up to 3 hours.
Is there a cost to deposit or withdraw funds from Octa?
No, Octa does not impose fees for making deposits or withdrawing funds.
Can Colombian traders withdraw cash in COP from Octa?
No, Colombian traders cannot deposit or withdraw funds in COP.
Octa Educational Resources
Octa’s education and research benefit both beginner and professional traders by providing various tools, research, resources, and education. Below we give traders a snapshot of what they could expect with Octa.
📅Economic Calendar | Yes |
➡️VPS | Yes |
📊AutoChartist | Yes |
📈Trading View | No |
📉Trading Central | No |
📜Market Analysis | Yes |
🖺News Feed | Yes |
📹Blog | Yes |
📕eBooks | No |
🎥Educational Videos | Yes |
🗣️Platform Tutorials | Yes |
🤳🏻Webinars | Yes |
💻Seminars | Yes |
🗣️Live Support | Yes |
Does Octa provide a demo account for Colombian traders to practice trading strategies?
Yes, Octa provides a demo account with a virtual balance, allowing Colombian traders to test trading techniques without incurring financial risk.
Does Octa offer strategy guidelines or seminars for Colombian traders?
Yes, Octa offers strategy guidelines and tutorials to assist Colombian traders in creating and perfect their trading techniques.
Min Deposit
USD 5
Regulators
CySEC, MISA, FSCA
Trading Desk
MT4, MT5, OctaTrader
Crypto
Yes
Total Pairs
80+
Islamic Account
Yes
Trading Fees
Low
Account Activation
24 Hours
Octa Bonuses and Promotions
Octa offers Colombian traders the perfect opportunity to increase their trading capital, win prizes, and earn back on trades. Below, we discuss each of Octa’s promotions and contests.
Champion (Demo) Contest
The Champion (Demo) Contest provided by Octa presents an exciting chance for traders to refine their abilities without putting actual money at stake. Starting on July 1, 2024, this competition welcomes participants to showcase their skills using a demo account on the MT4 platform.
With over 6,400 registered traders, the competition is set to be intense. The winners are determined based on the account balance at the end of the four weeks.
The top prize is a withdrawable $500, followed by $300 for second place and descending to $40 for the fifth position.
This contest provides a safe space for traders in Colombia to test their strategies and potentially win cash prizes, making it an appealing choice for those looking to enhance their trading skills.
50% Deposit Bonus
Octa’s 50% Deposit Bonus is an enticing opportunity that significantly boosts a trader’s margin, enabling them to open larger positions. When traders deposit a minimum of $50, they are eligible for an automatic 50% bonus.
We found that this bonus can be withdrawn after trading several lots. As an illustration, a $400 deposit would earn you a $200 bonus.
However, to withdraw the bonus, you would need to trade 100 lots. This bonus is especially advantageous for Colombian traders who want to increase their trading volume, as it instantly increases their trading capital.
In addition, traders can take advantage of the bonus on both MetaTrader 4 and MetaTrader 5 platforms, allowing them to make the most of the latest technology.
Octa Trade and Win Giveaway
The Octa Trade and Win Giveaway is an exciting promotion that offers tangible prizes as rewards for trading activity.
Traders can earn prize lots based on their trading volume and redeem them for various gifts, including Octa-branded t-shirts and high-tech gadgets such as smartphones and laptops.
As the number of lots traded increases, the prizes become more extravagant, and all items are delivered free of charge. This giveaway is especially attractive to Colombian traders because it provides extra incentives for trading, going beyond the typical financial gains.
This innovative approach to incentivizing consistent trading brings a thrilling element to the trading experience.
Status Program
Octa’s Status Program aims to enhance the trading experience by offering a structured system of rewards based on different tiers. Traders who rise from Bronze to Platinum status can enjoy various perks.
These include commission-free transfers, round-the-clock customer support, exemption from swap charges, and the opportunity to access premium services such as Autochartist trading signals.
Individuals with higher statuses can benefit from quicker bonus withdrawals, reduced spreads, expedited transfers, and tailored expert guidance.
For the Colombian trader, this means a customized trading environment that offers exclusive services and lower costs based on loyalty and trading volume. We believe this caters to the requirements of new and seasoned traders who aim to optimize their market opportunities.
Can Colombian traders utilize bonuses to trade any financial instrument on Octa?
Yes. Bonuses can often be used to trade a wide range of financial products on Octa.
Is there a referral benefit for Colombian traders that brings new customers to Octa?
Yes, Octa’s affiliate program provides a referral incentive, and Colombian traders can gain from referring new clients.
Octa Affiliate Programs
Features
Having personally experienced Octa’s affiliate program, we were truly impressed by how they crafted an opportunity that perfectly aligns with the objectives of Colombian entrepreneurs and traders.
We found that Octa’s program not only provides an income stream but also fosters a sense of partnership and collaboration.
The opportunity to earn up to $12 per lot traded through referrals is truly impressive. In a market such as Colombia, where forex trading is gaining popularity, the potential for earning can significantly impact one’s life.
The progressive commission calculator from Octa proved invaluable, providing us with a clear goal to work towards by showcasing the potential earnings based on our efforts.
In our opinion, the trading conditions provided by Octa make it a platform that we can confidently recommend to others. Octa demonstrates a commitment to transparency and fairness through its low spreads, generous deposit bonus, and the absence of hidden fees or swaps.
This perfectly matches what we have observed in the Colombian market. Traders in this region are known for being discerning and value-conscious, making Octa’s offerings a seamless fit. Not having swaps is a thoughtful decision that caters to individuals who follow Islamic finance principles.
In our assessment, Octa’s affiliate program goes beyond being a mere source of income. Partnering with a broker who comprehends the intricacies of the Colombian market and actively caters to them presents a valuable opportunity.
Furthermore, Octa’s affiliate program goes beyond personal gain and focuses on building a thriving community of traders and entrepreneurs where everyone can reap the rewards.
How to Register an Affiliate Account with Octa Step-by-Step
- Open your web browser and go to the official Octa website.
- Hover over “referral programs”: The “Referral Programs” option may be found on the main menu, between “Trading Platforms” and “Promotions.” Hovering over this option will reveal a dropdown menu.
- From the selection menu, select “IB Partner Program”. This will take you to a website that explains Octa’s partnership program, including prospective earnings, benefits, and other pertinent information.
- Take your time to read the material presented. This includes knowing the commission structure, payment methods, and the numerous benefits available to partners. Familiarize yourself with what you can earn and receive as an IB partner.
- Once you thoroughly know the program, click the blue “Become IB” banner to begin the registration procedure.
- You will be redirected to the application form. Complete this form with accurate personal and contact information. To avoid delays in the approval process, ensure all of the information you give is accurate and up to date.
- After filling out the form, submit it for review. Octa’s team will review your application and give additional instructions or approval. This phase is important since it determines your eligibility to become an IB partner.
- Once approved, Octa will provide you with a unique referral link. This URL is important for tracking the clients you attract to the platform.
- Use your unique referral link to attract customers. Share it through multiple platforms, including social media, email marketing, and your website. The more clients you attract, the greater your prospective earnings.
- As your referred clients begin trading, you can track your performance and earnings using Octa’s progressive commission calculator. This program tracks the number of clients and the trading volume they generate, giving you a clear view of your prospective earnings.
- As the number of active clients increases, you can move up the IB rating system. Larger ranks result in larger commission rates, potentially leading to significant monthly earnings.
Are there any limits on how Colombian traders can market Octa to potential customers?
Yes, there might be. Therefore, when advertising Octa to potential clients, Colombian traders must follow the company’s marketing rules and any applicable legislation.
How does Octa ensure the fair and transparent tracking of clients referred by Colombian traders?
Octa guarantees that referred clients are tracked fairly and transparently using unique affiliate links and tracking software.
Octa Customer Support
📞Customer Support | 🗣️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 |
🌟The overall quality of their Support | 4/5 |
Octa 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 |
Does Octa's customer service offer help with account verification and registration?
Yes, Octa’s support can help with account verification and registration.
What is the best approach for Colombian traders to contact Octa regarding urgent support issues?
The ideal option for Colombian traders to contact Octa for urgent support concerns is via live chat or phone.
Octa Social Responsibility
Our thorough evaluation of Octa’s corporate practices revealed a significant focus on corporate social responsibility (CSR). Octa’s website prominently showcases its dedication to positively impacting society through its “Charity” page.
However, it is important to mention that the Octa website does not provide specific information about Octa’s most recent charitable events and programs.
Although the information provided is limited, we believe this is due to ongoing updates or recent changes in Octa’s CSR strategies.
However, our research has revealed that the broker has been actively involved in numerous significant CSR initiatives in the past.
These encompass emergency response programs and educational projects, showcasing Octa’s enduring commitment to supporting impactful causes and creating tangible change in people’s lives.
Octa User Comments and Reviews
- “I love how Octa has so many options. Even though Forex is my main game, it’s great to have metals and crypto in the mix. Also, those small spreads are great for traders.”
- “Octa’s test account is great, especially for people like me who are just starting. It’s a safe place to try things out without risking your money. It would be great if there were more educational tools.”
- “I give Octa a thumbs up! Using the site, making trades, and getting your money back is easy. That being said, they’re not perfect, but buyers can trust them.”
10 Best Forex Brokers in Colombia
Rank
Broker
Review
Regulators
Min Deposit
Official Site
Conclusion
Finally, Octa provides an appealing offering for Colombian traders interested in trading FX and CFDs. The broker’s commitment to openness, which includes clearly defined fees and a user-friendly platform, creates a welcoming atmosphere for both new and seasoned traders.
The extensive choice of trading instruments, combined with the swap-free nature of all accounts, allows for a wide range of trading techniques and preferences.
While Octa has obvious qualities, we’ve identified several areas where improvement is needed. The lack of COP-denominated accounts, deposits, and withdrawals could disadvantage some traders as it subjects them to currency conversion fees.
Furthermore, while the OctaTrader platform is user-friendly, it lacks the advanced capabilities that experienced traders want. We also found a lack of localized market analysis and educational materials for Colombians.
However, despite these drawbacks, we found that Octa’s focus on delivering a user-friendly platform, a comprehensive range of trading instruments, and a transparent price structure make it a viable option for Colombian traders.
Our Insight
We have had nothing but good experiences with Octa, especially considering that it offers specialized services for the Forex market.
One of the things that makes Octa unique is its dedication to offering a trading environment that is both user-friendly for novices and adequately stable for seasoned traders. We find the platform to be appealing due to its competitive spreads and incorporation of cutting-edge trading tools.
Our Recommendations
- By providing accounts in Colombian Pesos (COP), traders from Colombia can avoid the hassle and costs of currency conversion, making the process much more convenient and cost-effective.
- Octa’s educational resources could be enhanced by providing tailored content for the Colombian market. By incorporating local examples and offering materials in Spanish, traders would have a better grasp of complex trading concepts and strategies.
- By incorporating additional local payment methods, such as well-known Colombian banks and digital wallets, Colombian traders’ funding and withdrawal process could be significantly streamlined.
Octa Pros and Cons
✅Pros | ❌Cons |
Octa’s accounts are inherently swap-free | Octa is not regulated in Colombia |
There are feature-rich and user-friendly platforms | There are no COP-denominated accounts |
There are a few reliable payment methods available for deposits and withdrawals | Octa might charge currency conversion fees |
You might also like: Pepperstone Review
You might also like: XM Review
You might also like: HFM Review
You might also like: FxPro Review
You might also like: AvaTrade Review
Frequently Asked Questions
What trading platforms does Octa provide for Colombian traders?
Octa offers MetaTrader 4, MetaTrader 5, and the OctaTrader platform and app, catering to different preferences and devices.
Are there any educational resources in Spanish for Colombian traders?
No, Octa provides teaching materials but, there is a need for more resources specifically geared to Spanish.
What is the minimum deposit for Octa?
The minimum deposit to start trading with Octa is 101,000 COP (25 USD).
Does Octa provide any special bonuses for Colombian traders?
No. While Octa has numerous promos, no specialized incentives are targeted just for Colombian traders.
What payment methods are available to Colombian traders on Octa?
Octa accepts MasterCard, VISA, Neteller, Skrill, and crypto but lacks local Colombian payment methods.