Top 8 Locally Based Brokers
OctaFX Review
- Louis Schoeman
Jump to:
Regulation and Safety of Funds
Account Types and Features
Account Registration
Range of Markets
Fees
Deposits and Withdrawals
Education and Research
Affiliate Program
Final Verdict
Pros and Cons
FAQ
Overall Rating
- 4.6/5
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
OctaFX Review – 17 key points quick overview:
- ✅ Regulation and Safety of Funds
- ✅ Account Types and Features
- ✅ Account Registration
- OctaFX Vs SuperForex Vs Global GT – Broker Comparison
- Trading Platforms
- Range of Markets
- Broker Comparison for Range of Markets
- Trading and Non-Trading Fees
- Deposits and Withdrawals
- OctaFX Education and Research
- Bonuses and Promotions
- OctaFX Affiliate Program
- Verdict on OctaFX
- OctaFX Current Popularity Trend
- OctaFX Pros and Cons
- Frequently Asked Questions
OctaFX Overview
👉 OctaFX is classified as a reliable broker that has a low minimum deposit, commission-free trading, and an unlimited demo account. OctaFX is not regulated by the Capital Markets Authority (CMA) in Kenya, but the broker is still considered a good option for Kenyan traders of all experience levels.
👉 OctaFX was established in 2011 and has been honoured with over 28 accolades to date. It is OctaFX’s goal to keep trading costs low, executing 97.5% of orders slip-free using STP (Straight Through Processing) and ECN models.
👉 This OctaFX review will provide traders with the details that they need to consider whether the broker is suited towards their unique trading objectives and needs.
Distribution of Traders
👉 The distribution of traders with OctaFX is as follows:
➡️️ India – 42.3%
➡️️ Pakistan – 17.6%
➡️️ Malaysia – 10.4%
➡️️ Philippines – 4.8%
➡️️ Indonesia – 3.8%
Popularity among traders who choose OctaFX
🥇 OctaFX may not have a significant market share in Kenya, but the broker still accommodates both beginner and professional traders from the region, placing it within the Top 100 brokers for Kenya.
OctaFX At a Glance
| 🏛 Headquartered | Saint Vincent and the Grenadines |
| 🏙 Kenyan Based Office | No |
| ✅ Accepts Kenyan Traders? | Yes |
| 🗓 Year Founded | 2011 |
| 📞 Kenyan 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 |
| ⚖️ CMA 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 Kenyan shilling Account? | No |
| 👨💻 Dedicated Kenyan Account Manager? | No |
| 📊 Maximum Leverage | 1:500 |
| 🚫 Leverage Restrictions for Kenya? | No |
| 💰 Minimum Deposit (KES) | 11,400 Kenyan shilling or an equivalent to $100 |
| ✅ Kenyan shilling Deposits Allowed? | No |
| 📊 Active Kenyan Trader Stats | 70,000+ |
| 👥 Active Kenyan-based OctaFX customers | Unknown |
| 💳 Kenya Daily Forex Turnover | $100 million+ |
| 💵 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 Kenyan 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/KES currency pair? | No |
| 📈 USD/KES Average Spread | N/A |
| 📉 Offers Kenyan 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 Kenyans | Yes |
| 📚 Education for Kenyan beginners | Yes |
| 📱 Proprietary trading software | Yes |
| 💰 Most Successful Kenyan Trader | Patrick Mahinge (Net Worth – Private) |
| ✅ Is OctaFX a safe broker for Kenyans? | Yes |
| 📊 Rating for OctaFXKenya | 7/10 |
| 🤝 Trust score for OctaFX Kenya | 61% |
| 👉 Open an account | 👉 Open Account |
Regulation and Safety of Funds
SVG’s Financial Services Authority (FSA SVG) has granted OctaFX a business permit to conduct operations in the country. Octa Markets Cyprus Ltd., with its headquarters in Cyprus, is governed by CySEC. OctaFX was compelled to close its UK offices and subsequently replace its FCA license with a CySEC license because of Brexit.
As per the official OctaFX website, the broker guaranteed the safety of all deposits made by Kenyan traders. A top-tier bank holds all customer money in segregated accounts, as required by international regulations. For this reason, the broker’s balance sheets are kept separate from those of its clients.
All personal data and financial transactions are secured and safe with OctaFX’s usage of some of the most advanced technologies. This is accomplished via the use of a 128-bit SSL-secured Personal Area.
The identity and address evidence of all new traders are confirmed by OctaFX’s comprehensive “Know Your Customer” (KYC) processes, assuring the security and authorization of all transactions.
Traders at OctaFX are also required to confirm all withdrawals by email confirmation. As a result, Visa and Mastercard transactions are both safe and transparent thanks to the usage of 3D Secure technology.
Because of OctaFX’s negative balance protection, if a trading account’s balance falls below zero, it will be reset to a positive value. To protect customers, the risk management system limits the amount of money that traders can lose to the amount of money that traders have deposited into the account.
Account Types and Features
Traders in Kenya to choose between OctaFX’s two dynamic and tailormade trading accounts. Each of these two account kinds is suited to a particular sort of trader based on their trading strategy, experience and expertise, and trading style.
Kenyan traders can choose between:
➡️ MetaTrader 4 Habitual Trader Account
➡️ MetaTrader 5 Smart Trader Account
Live Trading Accounts
MetaTrader 4 Habitual Trader Account
👉 Beginner forex traders can benefit from this account type because of its unique trading conditions and lower degree of risk. The following are included in this account type as an entry-level trading option:
| Account Feature | Value |
| 💰 Minimum Deposit Requirement | 11,400 KES 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 expert traders that participate in a wide range of financial markets and assets, providing them with the greatest conditions and technology, including the following advanced features:
| Account Feature | Value |
| 💰 Minimum Deposit Requirement | 11,400 KES 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 |
Demo Account
👉 The foreign exchange market is full of opportunities for Kenyan investors, but it also carries a significant amount of risk. That is why traders are urged to create a risk-free Forex trial account before delving into live Forex trading.
👉 The OctaFX Demo Account delivers the same Forex trading experience as a real account. However, what sets it apart is that traders work with virtual funds on a demo account instead of real money. Because traders are not risking real money, there is no need to worry.
👉 The OctaFX Forex Demo Account serves as a learning tool and to get started, all traders must do is join up and create a profile on the official OctaFX website. This will allow Kenyan traders to familiarize themselves with the platform’s features and the Forex market dynamics.
👉 To understand forex and CFD trading better and to determine their risk exposure, traders can use this valuable tool for an unlimited time. Apart from using virtual funds, the demo account has the same functionality as live accounts.
👉 In addition, Kenyan traders can:
➡️ Trade risk-free as many times as required to test scalping trading techniques and algorithms.
➡️ Explore the trading platform and see what it has to offer
➡️ Discover the basics of reading charts, including how to recognize levels and Fibonacci retracements.
➡️ Try out a few different kinds of orders.
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 an award-winning service that enables Muslim traders to profit from medium- to long-term trading techniques without encountering any difficulties. Muslim traders who use the Islamic Account do not have to pay any extra costs to compensate for the lack of overnight fees, which differentiates OctaFX from its rivals.
Account Registration
The simple account registration on the OctaFX website is all traders need to get started with the broker. After traders confirm their email addresses, the remainder of the application can be completed to assess the trader’s trading experience.
To open a brokerage account and begin trading, traders must provide identity and evidence of residency. Traders in Kenya can open an account and begin trading with a minimum deposit of 11,400 Kenyan shillings after their personal information has been verified.
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 SuperForex Vs Global GT – Broker Comparison
| HotForex | AvaTrade | Exness | |
| ⚖️ Regulation | FSCA, CySEC, DFSA, FSA, FCA, FSC, with registration in ACPR, BaFin, MNB, CONSOB, CNMV, FI, FMA, FSC, and other regions | 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 | 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 | 2,000 NGN | 41,500 NGN | 4,100 NGN |
| 📈 Leverage | 1:1000 | 1:400 | Unlimited |
| 📊 Spread | 0.0 pips | Fixed, from 0.9 pips | Variable, from 0.0 pips |
| 💰 Commissions | $3 to $4 | None | From $0.1 per side, per lot |
| ✴️ Margin Call/Stop-Out | 40%/10%, 50%/20% | 25%/10% | 60%/0% |
| ✴️ Order Execution | Market | Instant | Market |
| 💳 No-Deposit Bonus | No | No | No |
| 📊 Cent Accounts | No | No | Yes |
| 📈 Account Types | HotForex Kenya Micro Account HotForex Kenya Premium Account HotForex Kenya HFcopy Account HotForex Kenya Zero Spread Account HotForex Kenya Auto Account | Standard Live Account Professional Account Option | Standard Account Standard Cent Account Raw Spread Account Zero Account Pro Account |
| ⚖️ CBN Regulation | No | No | No |
| 💳 NGN Deposits | No | No | Yes |
| 📊 Kenyan Naira Account | No | No | No |
| 👥 Customer Service Hours | 24/5 | 24/5 | 24/7 |
| 📊 Retail Investor Accounts | 5 | 1 | 5 |
| ☪️ Islamic Account | Yes | Yes | Yes |
Trading Platforms
👉 OctaFX offers Kenyan traders a choice between these trading platforms:
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ OctaFX App
Desktop Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 MT4 is a great choice for both novice and seasoned traders looking for a platform that is easy to use but advanced. It offers a user-friendly layout that is simple to browse and can be customized to suit your needs.
👉 New features have been added to the MT5 interface to make it even more user-friendly. In addition to additional technical and fundamental indicators, 21 timeframes, graphical objects, more order kinds, and an economic calendar, there is also support for a wider range of order types.
WebTrader Platforms
➡️ MetaTrader 4
➡️ MetaTrader 5
👉 MT4 can operate automated systems known as expert advisors and offers several built-in indicators for technical analysis. There are a total of nine different periods from which to pick. Real-time market execution and robust risk management are only two of the many valuable tools available.
👉 MetaTrader 5 Web adds additional features and functions, along with offering a wider range of markets to Kenyan traders. Traders can access these WebTrader from the official OctaFX website where they can use their credentials to log in and start trading.
Trading App
➡️ MetaTrader 4
➡️ MetaTrader 5
➡️ OctaFX App
👉 The OctaFX Android and iOS MetaTrader 4 and 5 combines excellent charting with trading tools and other advanced features to make it easier for traders to trade on the move. OctaFX’s full-function trading interface allows traders to access financial markets, do technical analysis, follow the movement, and place orders from any location in the world.
👉 The proprietary OctaFX Trading App allows traders to deposit and withdraw money quickly and safely. In addition, the app offers account management, deposit management, and account control. The proprietary app is currently only offered for Android tablets and smartphones.
Range of Markets
👉 Kenyan traders can expect the following range of markets from OctaFX:
➡️ Forex
➡️ Index CFDs
➡️ Commodities
➡️ Cryptocurrencies
➡️ Energies
➡️ Precious Metals
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 578 KES
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
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 |
Trading and Non-Trading Fees
Spreads
👉 A markup is applied to OctaFX’s variable spreads to compensate the broker’s service charge for arranging the deal. Depending on the financial instrument being traded and the market circumstances of the trading day, OctaFX will set its spreads.
👉 Some typical spreads that Kenyan 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
Overnight Fees, Rollovers, or Swaps
👉 The overnight and swap costs for any financial instrument that can be exchanged are clearly shown in OctaFX’s comprehensive overnight fee schedule. Interbank rates, market circumstances, position size, and other variables all play a role in determining these costs.
👉 Some typical overnight fees that Kenyan 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
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, Kenyan traders can follow these steps:
➡️ Traders can log into the Personal Area and select the option to “Deposit” from the dashboard.
➡️ Traders can choose the account that they want to fund and choose their preferred deposit method from the list provided.
➡️ Traders can choose to deposit from a bank account, debit or credit card, e-wallet, or crypto wallet. Traders must note that the payment methods available to them will depend on their country of residence.
How to Withdraw Funds with OctaFX
To withdraw funds from an account with OctaFX, Kenyan traders can follow these steps:
➡️ Traders must ensure that they have verified their trader profile and once this has been done, they can log into their Personal Area on the official OctaFX website.
➡️ On the righthand side of the dashboard, traders can view the different withdrawal options and select one, enter the withdrawal amount and any additional information, and submit the withdrawal request.
➡️ Traders must note that there are withdrawal limits and that withdrawals are processed between one to three hours, but that it can take longer for the funds to reach the trader’s account.
OctaFX Education and Research
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 Kenyan 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
Bonuses and Promotions
OctaFX offers Kenyan traders the following bonuses and promotions:
➡️ A demo contest
➡️ Trade and win giveaway
➡️ 50% deposit bonus
➡️ Status program
OctaFX Affiliate Program
OctaFX has a robust affiliate program that benefits affiliates in the following ways:
➡️ Competitive trading conditions for customers
➡️ High pay-outs for affiliates
➡️ Tailored solutions for partners
➡️ Easy and hassle-free payments for affiliates.
➡️ Pay-outs are unlimited
➡️ There are no limitations on commissions
➡️ The program is completely open and transparent
Individual relationships with OctaFX are also available, allowing affiliates to work with the platform that best suits their needs. There is also a Master IB program that offers further training and regular IB competitions.
Referred 60+ customers may earn up to $12 for each lot exchanged for partners. Customers may also benefit from the greatest trading circumstances and programs that are fully customisable at this level, allowing them to maximize their total earnings.
Overall Rating
- 4.6/5
Min Deposit
USD 5 / 578 KES
Regulators
FCA UK
Trading Desk
None
Crypto
Yes
Total Pairs
28
Islamic Account
Yes
Trading Fees
Low
Account Activation Time
24 Hours
Verdict on OctaFX
OctaFX offers a wide range of trading platforms and a choice between two account types to meet the needs of traders of all skill levels. The trading expenses are low, and customer service is quick to respond to inquiries.
OctaFX has made a concerted effort to make instructional materials available. The broker has made a significant investment in the education of its customers, including AutoChartist, trading signals, market research and news, manuals, and tutorials.
The OctaFX customer support staff is available around the clock to assist users with any issues or problems they may have. All OctaFX’s premium features, including leverage and copy trading assistance, are available at a very affordable price as part of OctaFX’s comprehensive trading solutions.
The demo account great option for novice forex traders who want to test the waters on a reputable, dependable, and economical platform. More advanced investors will enjoy low spreads, commission-free trading, and openness to a wide range of tactics, including hedging and scalping, as well as automated trading methods.
OctaFX Current Popularity Trend
👉 According to Google Trends, OctaFX has had an upwards number of visitors in Kenya in the past month.
OctaFX Pros and Cons
| ✔️ Pros | ❌ Cons |
| OctaFX is a reliable broker that offers instant deposits and withdrawals | There is a limited selection of tradable instruments |
| There are copy trading accounts offered and social trading opportunities | There are only two trading accounts offered |
| Kenyan traders can access a range of tailor-made trading solutions, competitive trading conditions, and powerful platforms | There is no KES-denominated account |
| Trades are commission-free with OctaFX | |
| OctaFX offers transparent trading and non-trading fee schedules | |
| There is a comprehensive and lucrative affiliate program offered | |
| There are no fees charged on deposits or withdrawals | |
| There is an Islamic account and unlimited demo account offered |
Frequently Asked Questions
Is OctaFX regulated and by whom?
Yes, OctaFX is regulated by FSA SVG and CySEC (Octa Markets Cyprus Ltd).
Which financial instruments can I trade with OctaFX?
You can trade a range of markets from the following asset classes:
- Forex
- Index CFDs
- Commodities
- Cryptocurrencies
- Energies
- Precious Metals
Which trading platforms are supported by OctaFX?
OctaFX supports the use of these trading platforms:
- MetaTrader 4
- MetaTrader 5
- OctaFX App
Does OctaFX offer leverage and what is the maximum ratio offered?
Yes, OctaFX offers maximum leverage as follows:
- 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
What is the overall rating for OctaFX out of 10?
The overall rating is 7/10.
