When it comes to online trading, one name that often pops up is OctaFX. Known for its attractive bonuses, user-friendly app, and competitive trading conditions, Octa has gained attention across Asia, including in Singapore.
But with attention comes concern: Is OctaFX regulated? Can Singaporeans legally trade with them? Is it safe? These are valid questions, especially in a country like Singapore, where financial regulation is taken seriously and the Monetary Authority of Singapore (MAS) sets a high bar for investor protection.
This article aims to answer these questions directly, starting with understanding who Octa is.
What is Octa?
Octa is an international forex and CFD broker that began operations since 2011. It was originally branded as OctaFX but has since rebranded to simply “Octa.” The company’s mission is clear: to make financial markets accessible to everyone, regardless of experience or background. With over 40 million trading accounts opened in more than 180 countries, Octa is not a small player—it’s a global operation.
Octa offers a suite of services designed to appeal to both beginners and experienced traders. These include tight spreads, commission-free deposits and withdrawals, educational resources, copy trading, and a 50% deposit bonus. They also provide a highly intuitive trading app and demo contests with cash prizes. Octa has even earned industry recognition, winning over 70 awards, including titles like Most Secure Trading Platform Singapore 2023 and Best CFD Broker Asia 2025.
Learn more → OctaFX Review
All of this paints a picture of a broker that is popular and growing—but popularity isn’t the same as trust. Which brings us to the next critical question: is Octa truly legit?
Is Octa Legit?
To decide if Octa is legit, we must look past its marketing. We need to examine its regulation, safety measures, and user reputation.
Legitimacy in trading goes beyond flashy apps or bonuses. A broker must hold proper licenses, follow financial laws, and protect client funds.
Octa operates under several legal entities. Here are some of them:
Octa Markets Cyprus Ltd.
- Regulator: Cyprus Securities and Exchange Commission (CySEC)
- License Number: 372/18
- Regulator Tier: Tier-1 (High Trust)
- Significance: Offers strong investor protection under EU regulations.
Octa Markets Inc.
- Jurisdiction: Saint Lucia
- Business Registration Number: 2023-00092
- Regulator: Local authorities in Saint Lucia
- Regulator Tier: Unrated / Offshore
- Significance: Less oversight and limited investor protection.
Orinoco Capital (Pty) Ltd. (Octa’s South African entity)
- Regulator: Financial Sector Conduct Authority (FSCA), South Africa
- FSP License Number: 51913
- Regulator Tier: Tier-2 (Moderate Trust)
- Significance: Registered to operate within South Africa with moderate regulatory standards.
Octa Markets Ltd.
- Jurisdiction: Mwali (Comoros)
- Regulator: Mwali International Services Authority (MISA)
- License Number: HY00623410
- Brokerage License Number: T2023320
- Regulator Tier: Tier-3 (Low Trust)
- Significance: Offshore license with weaker investor safeguards.
Uni Fin Invest
- Jurisdiction: Mauritius
- Regulator: Financial Services Commission (FSC)
- License Number: GB21027161
- Regulator Tier: Tier-3 (Low Trust)
- Significance: Basic regulation with limited consumer protection compared to Tier-1 regulators.
These regulators fall between Tier-2 and Tier-3. So, while some branches follow strict rules, others have weaker oversight.
From a user standpoint, Octa has a solid reputation on platforms like Trustpilot, with thousands of five-star reviews praising its speed, reliability, and helpful features. They’ve also demonstrated consistency in upgrading their security systems and maintaining tight spreads, which are key trust indicators in online trading.
Still, while Octa seems legit on a global scale, this doesn’t automatically mean it’s legal for use in every country—including Singapore. So let’s take a closer look at what Singaporeans specifically need to know.
Is OctaFX Legal in Singapore?
Now let’s answer the core question: Is Octa legal in Singapore?
The short answer is: Octa is not licensed by the Monetary Authority of Singapore—Singapore’s official financial regulator.
To operate legally in Singapore, a broker must hold a Capital Markets Services (CMS) license from MAS. As of 2025, Octa does not appear in MAS’s Financial Institutions Directory. This means Octa is not authorised to offer regulated trading services in Singapore.
Using Octa in Singapore is not illegal, but it does come with risks. If you choose to trade with Octa, you do so without MAS protection. MAS cannot help with account issues, disputes, or recovering lost funds.
MAS has warned against using brokers without local licenses, especially those based offshore. Octa runs through entities in Saint Lucia, Mauritius, and Mwali—all of which have weaker regulatory standards than Singapore.
Some Octa entities are regulated, such as the one licensed by CySEC in Europe. But that regulation does not apply to Singapore traders, unless they use that specific CySEC-regulated entity. Even then, geographic restrictions may limit that protection.
This puts Octa in a legal grey area for Singaporeans. It’s not banned, but it’s not officially recognised or supervised by MAS either. That distinction matters—especially if you value local regulation and investor protection.
How Safe Is It for Singapore Traders to Use Octa?
So if Octa isn’t regulated in Singapore, does that mean it’s unsafe to use? Not necessarily—but it does come with trade-offs.
From a security standpoint, Octa has taken noticeable steps to protect its users. It has won recognition such as the Most Secure Trading Platform Singapore 2023, awarded by World Business Outlook. The platform uses encryption and modern security protocols to protect user data and funds. It also boasts fast order execution, tight spreads, and no commissions on deposits or withdrawals—features that are especially attractive to budget-conscious traders.
However, safety goes beyond technology. It also includes trust, accountability, and legal protection. Octa does not hold a license from MAS. So, if Singaporean traders face issues like account disputes, delayed withdrawals, or platform outages, they cannot report them to local authorities. You would have to deal with offshore regulators like those in Saint Lucia or Mwali, which have limited oversight and enforcement power compared to MAS.
So while Octa might be technically secure, it’s not the same as being locally safe or legally protected. That’s a critical distinction for any trader using real money.
What Are Singapore Traders Saying About Octa?
Despite these limitations, many traders in Singapore and the wider Southeast Asia region continue to use Octa—and some have had genuinely positive experiences.
User reviews on platforms like Trustpilot frequently mention the intuitive app design, quick deposits and withdrawals, and features like copy trading, which are especially helpful for beginners or part-time traders. For example, some users highlight how Octa supports crypto-based funding methods, which they find more convenient and accessible than traditional bank transfers.
Others appreciate the educational content, demo contests, and bonus incentives that help new traders get started without a steep learning curve. These are the types of features that have helped Octa build a loyal base—not just in Singapore, but across Asia.
That said, not every experience is perfect. Some users occasionally report issues with customer support responsiveness or fund withdrawal times, which reinforces the earlier point: without MAS oversight, resolving such problems can be more difficult. Still, the volume of positive reviews suggests that Octa is actively serving many users well, even if it’s not officially sanctioned in Singapore.
Read also! How to Trade on OctaFX for Beginners
Should You Use Octa in Singapore?
Here’s the bottom line: Octa is a legitimate broker with a strong global presence, solid trading features, and a track record of serving millions of users worldwide. For Singaporeans looking for a broker with low fees, good tools, and beginner-friendly options, Octa can be very tempting.
However, legitimacy is not the same as local legality or regulatory protection. Because Octa is not licensed by the Monetary Authority of Singapore, using it comes with risk. You’ll be operating outside of Singapore’s financial safety net, and if something goes wrong, you’ll have limited legal recourse.
So, should you use Octa in Singapore? If you’re an experienced trader who understands the risks and values Octa’s features, you may find it a useful option. But if you prefer full regulatory protection, strong local support, and peace of mind, it may be safer to choose a MAS-regulated broker instead.
FAQs
1. Is OctaFX Legit?
Yes, OctaFX (now Octa) is a legitimate online trading broker. It operates globally, offering forex and CFD trading services. It is regulated by entities like CySEC, FSCA, and MISA, but it is not licensed by Singapore’s MAS.
2. Is OctaFX Legal in Singapore?
No, OctaFX is not licensed by the Monetary Authority of Singapore. While it is not illegal for Singaporeans to use OctaFX, they do so outside of MAS’s regulatory protection.
3. Is OctaFX MAS Regulated?
No, OctaFX is not regulated by the MAS. It is registered in other jurisdictions like Saint Lucia and Cyprus, but does not have a license to operate in Singapore.
4. How Do I Contact OctaFX Customer Care?
You can contact OctaFX customer care through their live chat on their official website or via email. They also offer support through social media channels and a help center on their platform.
5. Is OctaFX Safe to Use?
OctaFX employs strong security measures, including encryption and secure trading protocols. However, since it is not MAS-regulated, Singaporeans lack local legal protections.
6. What Are the Deposit and Withdrawal Fees at OctaFX?
OctaFX charges no commissions on deposits and withdrawals. However, depending on the payment method, there might be third-party fees or currency conversion charges.
7. Can I Trade Crypto on OctaFX?
Yes, OctaFX allows users to trade cryptocurrencies like Bitcoin, Ethereum, and others alongside forex and CFDs.
8. What Is the Minimum Deposit for OctaFX?
The minimum deposit to open an account with OctaFX is typically $100, depending on the account type and payment method you choose.
Disclaimer
This article shares information for educational and informational purposes only. Do not treat it as financial, legal, or investment advice.
We have done our best to keep the content accurate at the time of writing. However, broker status and regulations can change without notice.
Octa does not hold a license from the Monetary Authority of Singapore. Trading with offshore brokers like Octa involves real risk. You may have limited legal protection and weak regulatory oversight.
Always do your own research before using any broker. If needed, speak with a licensed financial advisor. Make decisions based on your personal goals and risk tolerance.
By using any financial platform, including Octa, you accept full responsibility for your decisions and understand the potential for financial loss. Always trade responsibly.