OctaFX Review, octafx scam.
Octafx scam
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Octafx review
In this review, we will describe why your funds are not safe with octafx.
Scammed by octafx ? Start the process to get your funds back TODAY !
Is octafx legit ?
Octafx is an offshore broker. This broker is located in st. Vincent and the grenadines, a popular offshore zone. Problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why your funds are not safe with octafx.
Are funds safe with octafx ?
With such lack of information and octafx being offshore, funds are not safe. Security of funds is a huge problem with offshore brokers. A red flag that we noticed is octafx is withholding vital information to users.
Octafx could go bankrupt from one day to another since there are no banking information about this broker.
Fill out the form below and get a FREE consultation today. (if you lost more than $5,000, please use the chat).
Octafx review: our conclusion!
Octafx is an offshore broker. If you have been scammed, check out our chargeback process here or get a free consultation by a team of expert by clicking here.
Honest octafx review and test for traders
| review: | platforms: | spreads from: | leverage: |
|---|---|---|---|
| (5 / 5) | metatrader 4/5, ctrader | spreads from 0.2 pips | up to 1:500 |
The octafx broker for a long time in european countries has been providing services to traders in more than 100 countries. You might be surprised, the company is currently serving more than 1,500,000 traders. Here, according to the ECN (electronic communication network) model, the platforms can be selected.
In this review, we will show you all the details you need to know about octafx. Is it really worth investing your money there? – find out in our octafx review. Learn about the trading conditions, platforms, and special features for customers. With more than 8 years of experience in the trading industry, we checked octafx in detail.
What is octafx? – the broker presented:
You may know that there is no guarantee of making money in online FX trading. So we think it is very important to move towards the trading platform with your prudence, practical humanity, and knowledge. To be successful in online trading you need to go through many steps like practice, time, patience, and much more. Octafx gives you some of these opportunities so that you can deal with or defeat the market. The broker transmits clear-sighted market knowledge while maintaining the specific skills required to make money online which will give you a much higher balance of profits from losses.
Octafx is one of the best international forex and CFD broker. The main client base of octafx is in europe. This company has been providing opportunities for traders to invest in the market for a long time since 2011. A big advantage of this platform is that traders can easily determine the rate of low wages. Also, octafx helps to guess the speculation about their increasing rate.
More than 2,840,000 of the essential bonus fund was valued in that field. Here octafx is commission-free euro or USD only 0.4 pips! It helps maintain a highly competitive cost structure in emerging markets. The broker supports copy trading to support social businesses. Autochartist pro also supports traders in a wide range of ailments through manual support. Traders come to the octafx offer for the experience of ctrader trading and the metatrader platform.
Facts about the octafx company:
- Founded in 2011
- Based in cyprus and st. Vincent and the grenadines
- Supports copy trading
- Professional trading platforms
- Low trading costs
- Education for new traders
- Supports international clients
(risk warning: your capital is at risk)
Regulations and safety octafx
All online trading activities are regulated by government financial authorities, so trades play a very important role. The license used in trading helps to build a confidential relationship with the customer and build a strong foundation. Every broker has to meet certain rules and criteria to get this government license. If a broker violates the rules or attempts to commit fraud, the license will be permanently revoked.
The octafx broker has several licenses, which bring some great benefits for traders. Octafx holding plc is regulated by cysec (EU) which can give you maximum benefits. The broker has also a dealer license in mauritius (FSC). In this case, traders can make all their own decisions. There is a huge potential for independent limited business without any leverage.
Octafx is regulated by:
- FSC (mauritius)
- Cysec (EU)
Trading conditions for octafx traders – what are the offers?
Forex and CFD trading is very popular nowadays. Private traders like these assets a lot because they can access global financial markets using little capital. Also, you will get the opportunity to increase more profit from octafx. Traders get the opportunity to use maximum leverage 1:500 here. With your small capital, you can easily transfer higher numbers to the market.
Octafx trading conditions
The minimum deposit you can invest is 100$ or 100€ which is guaranteed at a much lower price than other brokers in the market. It is the best of octafx to make a conventional offer that you can apply and accept. You can enter the financial market with very little capital (0.01) lot depending on the position. The octafx broker offers different offers to the clients according to the package, based on the account type.
More than 100 assets are available on the platforms. That includes:
- Forex (currencies)
- Indices
- Metals
- Cryptocurrencies
- Stocks
Investing here means to trade currency, cryptocurrency, any product, stock, and much more. Shares of octafx are excluded from the market subject to the terms of the german stock exchange and the american stock exchange. Many other parties use these shares on favorable terms. Octafx assets are always dependent on the current market.
Although variable spreads are offered in these trade markets, a higher spread may be transmitted depending on the number of customers. You can compare it to the initial or general trading of the stock market. But here the average of the spreads is calculated as 0.4 pip in forex. If you want to get it out of the stock index it will be less than 1 point. Even better if you expect a high rank spread then the black account can help you in this regard. You can use the RAW spread account as an alternative. You will always find many offers here.
See the table for spread comparison at octafx:
In some cases, special offers may be offered in this trade. Such as:
- The first step is a free demo account.
- The minimum deposit is only $ 100 or € 100.
- Leverage will be between 1:30 and 1: 500.
- Spreads from 0.4 points
- Different account types available
- Platforms: metatrader 4/5, ctrader
- Opportunity to execute orders quickly
- Short trading possible
- No hidden fees
- Islamic accounts possible
- Trading without swap fees
- 50% deposit bonus is possible
(risk warning: your capital is at risk)
Test of the octafx trading platforms
Every professional forex broker must have a reliable trusted trading platform for trading. Traders use several tools to gather information on what kind of analysis traders are using in this trade market. See below to know about the various available platforms of octafx.
These are the available platforms of octafx:
- Metatrader 4
- Metatrader 5
- Ctrader
Metatrader 4
Metatrader 4 is a platform that any user can use with ease. Because this trade is a process that is extremely flexible, fast, secure, responsive. Any customer can also use this platform for forex and CFD trading. It analyzes transactions in financial markets and provides secure and fast access. Users of octafx can ensure traders’ advanced access to trading operations in a reliable environment. Octafx trading is an international broker so it supports many languages. It is also very popular as it can automatically supply trades to the market. Also, MT4 has more advanced charging capabilities, it is fully customizable.
Metatrader 5
Metatrader 5 is one of the most popular trades on one of the most popular platforms in the world. MT 5 is the world’s number one multi-asset platform provider of futures, forex, CFD, exchange-traded instrument trading. Investors choose MT 5 as the best investment platform. This market has a large number of customers because this platform is very easy to use. MT5 includes level 2 pricing, robotic system trading, higher chatting, VPS support, education market. There is also the ability to provide free market data and news. The MT5 can also be said to be an automated trading option.
You can use the metatrader supreme edition platform to improve your business because the most advanced tools are applied here. We believe it improves the customer’s business experience. You can try using live and free demo accounts to enjoy this platform. Octafx MT5 and MT4 have powerful global widgets for feedback. This widget improves forex trading performance. Metatrader 4 and metatrader 5 play a major role in rapid order reversal and hedging promotion.
Ctrader
The ctrader is also offered by octafx. It has similar features to the metatrader platform. Here you can get a deeper look into the order flow and liquidity of the markets (level 2 market depth). Robot trading is supported and several chart types. With the ctrader, you will have access to the ECN market (electronic communication network). With ECN trading the conditions are better than with the metatrader accounts. From our reviews, you should use the ctrader for trading. It also supports customized indicators and tools.
Web trader/charting and analysis
Webtrader is a popular and convenient trading platform like MT4 and MT5. This trade allows traders to trade through browsers from anywhere. You can trade securely at any time in web trader. No download is required to get started. Works very fast without any OS choice. User-friendly (easy to use) can be done on the octafx platform. Web trade is much more advanced. Web trader works much faster.
Mobile trading:
MT4/5 and ctrader is one of the top software on the android platform on mobile. It has been designed by octafx markets for traders in a way that is easily accessible on mobile. Octafx clients allow them to access trading on any android device. Being mobile-friendly, it offers many benefits to clients or merchants. Octafx customers may not be able to place orders using mobile devices, where they will be able to perform basic technical analysis on the full chart. Customers will be able to do candlestick, line chart, bar chart, tick chart using excel on mobile.
Octafx allows mobile trading (app)
Octafx helps customers to know the basics by using the mobile trading app in the market. The mobile trading app encourages the customer to increase investment. See below the benefits you will get in the mobile app for metatrader 4/5.
Opportunity to watch live FX quotes, a chart with the display, platform customized, indicator add, broker’s clients can get a massage, market news, read and see broker news, all types of orders use. Time frames change, access trading history, and mobile access for online trading carry friendly and useful features.
The current market situation is quickly available in the metatrader 4/5 mobile application. The application is of course used for FX trading and it can be said to own a few powerful charting of all mobile applications.
(risk warning: your capital is at risk)
How to trade with octafx
Which market you trade your investment in depends on your choice.
Before any broker enters the market, you should know whether the market is moving upwards or downwards. It is up to you to decide whether to buy or sell stock spreads in this market. If you see a drop in the market price then you need to click on ‘sell’. On the other hand, if you see that the price has increased, then click on the ‘buy’ button.
Octafx order mask metatrader 5
You need to add stop-locks here urgently. Because when you move too far away from your location, you can secure your location through a certain process. Brokers can track trade market prices as well as place their trades in the trade market. You can also focus on real-time gains or losses.
How to open an octafx account
You can open a demo account on many topics at octafx. You can open a demo account accordingly by looking at the offers. It is very easy to open a demo account with the octafx and you will get this account quickly. To open an account you need to use your name and an email as well as a strong password. If you do not provide your full name and email address, the account will not be created.
For trading with real money, you will need to verify your account. That means octafx will require some documents to verify your identity. Just answer the questions in the account dashboard and upload the documents. The broker support can help you with that. The process can be over in a few minutes.
Opening account with octafx
Octafx offers different types of account:
The accounts that you can create with octafx are metatrader 4 micro, metatrader 5 pro, and ctrader ECN. We will talk about an account here for your convenience.
Metatrader 4 micro account
You can start with the micro account by depositing only $ 100. The account has floating spreads or fixed spreads. It is the best account for beginners because it offers micro-lots. That means you can open very small positions in the market.
- Minimum deposit $ 100
- Metatrader 4 platform
- Floating spreads from 0.4 pips
- Fixed spreads from 2 pips
- Leverage up to 1:500
- No commission
- Micro-lots
- Best for beginners with small amounts of money
Metatrader 5 pro account
The pro account is for traders who want to trade with more money and higher volume. The conditions are better than the micro account. The minimum deposit is $ 500 and the spreads are starting from 0.2 pips
- Minimum deposit $ 500
- Metatrader 5 platform
- Floating spread from 0.2 pips
- Leverage up to 1:200
- No commissions
- No swaps
- 3 days fees
Ctrader ECN account
ECN trading means investing in the market with raw spreads and deep liquidity. The ctrader is a good platform for professional traders who want to trade high volume with order flow. The minimum deposit is only $ 100. You will get real ECN access. The spreads are starting from 0.4 pips and you have to pay a commission per trade.
- Minimum deposit $ 100
- Ctrader platform
- Spreads from 0.4 pips
- Commissions from $ 3 / 1 lot trade
- No swaps
- Weekend fee
Demo account
You can use a free demo account to evaluate the platform first before depositing. Your virtual credit will be included, in the demo account with 10,000$ automatic funding. It will be deleted from the account after 30 days. Octafx clients submit this demo account so that the customer can be aware of all the tools.
Is there a negative balance protection octafx
Trade market clients think about broker protection before investing. The broker provides customers with maximum protection from investing. Octafx eliminates fears by traders by applying the best tools to ensure additional funding. In some cases, account balances can be negative. Because there is no negative balance system. Octafx can lose its unbalance in extreme market conditions. There is no reason to worry, the broker automatically shuts off your positions as soon as it is detected.
Octafx negative balance protection
Deposits and withdrawals with octafx:
As discussed above, the minimum deposit for opening a real trading account is $/€ 100. You can use for the deposit different payment methods. The available payment methods are:
- Bank wire
- Credit cards
- Cryptocurrencies
- E-wallets (skrill, neteller, perfectmoney, and more)
On most payment methods there are no fees for depositing and withdrawing money. Octafx will not charge additional fees but the payment provider can do it. The fee is depending on the payment methods but most payment methods are for free. The deposits can be instant by electronic methods. With a bank wire, you have to wait 3-5 days to credit the money into your account. Withdrawals with octafx are very fast too. It is depending on the time of the day, sometime the withdrawal is made in a few hours. The maximum time amount is 3 – 5 days for a withdrawal.
(risk warning: your capital is at risk)
Octafx accepted countries and forbidden countries
See below the countries that can access octafx trading:
For a long time in the octafx trading, argentina, australia, austria, bahrain, belarus, brazil have been trading deposits. Also, bulgaria, china, croatia, cyprus, czech republic, denmark are far ahead in terms of business investment. Renowned european countries such as estonia, france, finland, germany, greece, hungary, india, ireland, israel, and italy are directly involved in octafx investment. Octafx includes many more countries, including kuwait, malaysia, malta, mexico, monaco, the netherlands, norway, latvia, and liechtenstein. However, lithuania, luxembourg, oman, poland, portugal, russia, saudi arabia, slovakia, slovenia, south africa, sweden, spain are still trading here. Octafx allows direct deposit transactions to switzerland, thailand, the united arab emirates, the united kingdom, and qatar.
Octafx trading does not give or receive access to US customers in any way.
Each of the countries you see here has the support to join the broker octafx. This company is a very large trading platform so you can safely place your deposits or assets here. Moreover, there is support for a minimum deposit.
Special offers:
There are some special offers from octafx. It supports copy trading and a deposit bonus of up to 50%. In the following section, we will give you more details on it.
Copy trading (social trading)
Octafx offers a copy trading service to its clients. That means you can copy the trades of other traders or get copied. You do not have to be a forex expert to make money with octafx. You can search for a profitable trader and invest in their trader one by one. It is also possible to diversify your portfolio by invest in more than one trader for better risk management.
With octafx you have always control over your portfolio and the copied trades. It is very easy to manage. Just deposit money into your account, pick a successful trader, and start invention.
- Copy professional traders 1 by 1
- Full control over your investment
- Follow the best traders
- Earn money automatically
- Get copied and earn additional money
- Easy to use
Deposit bonus
Octafx offers a 50% deposit bonus. You will get additional money to increase your margin if you activate the bonus. But first of all, you can not pay out the bonus, you can only use it to make more profit. For withdrawal of the bonus, you have to do a certain turnover in trading volume (the bonus amount in lots divided 2).
- 50% deposit bonus
- Increase the free margin
- You can withdraw the bonus after doing the bonus conditions
- The bonus is available for all deposits over $ 50
Conclusion on the octafx review: recommended broker
By now you must have got a great idea about octafx. We would say from our experience that this broker has its license so you can use deposits or assets in this market. Octafx has long been involved in investing and it is directly regulated by the government.
The number of customers of this company is increasing day by day. So octafx proves that it is a reliable trading platform. If you search for it in online brokers, you will first see the name of the octafx. It also controls everything through the provision of powerful software and allows customers to access the account through the mobile app. If you want to gain a transparent trading experience, create an account with octafx broker. You can get something great, from the offers of this company. You will even get the opportunity to get involved in the business with very little profit.
Overall it is a professional provider for forex and CFD trading. The trading conditions are very good and the trading fees are low. In addition, copy trading and a deposit bonus are offered. Deposits and withdrawals are working very fast.
Advantages of octafx:
- Regulated and safe broker
- Free demo account
- Minimum deposit only $ 100
- High leverage up to 1:500
- Different account types
- Metatrader 4/5, ctrader
- Spreads from 0.2 pips
- Low commissions
- Professional support
- Copy trading
- Deposit bonus
Octafx is a good broker for traders who want to trade with tight spreads and low commissions. We can recommend its service and offers. (5 / 5)
Octafx review: scam or legit?
Octafx offers the popular metatrader and ctrader platforms, yet its lack of regulation in a major jurisdiction puts it at a disadvantage compared to other forex brokers. Read the entire review to get informed on all the details regarding this financial services provider. This guide will shed light on octafx indonesia: scam or legit? Can you withdraw profits?
About octafx indonesia
Founded in 2011, octa markets incorporated (octafx) is based in st. Vincent and the grenadines.
Initially, an offshore broker, octafx had a UK entity, which however voluntarily suspended its FCA license in april 2017. Although the broker considered restructuring its UK business and working with the FCA again, it halted the UK entity development due to the brexit uncertainty. Obviously, octafx decided to relaunch EU operations via a cypriot company (octa markets cyprus ltd.), which got licensed by the cyprus securities and exchange commission (cysec) in 2018.
The octafx group also includes octa markets incorporated, registered in saint vincent & the grenadines, which operates via the octafx.Com website. It offers leverage up to 1:500, a choice of three account types, and three trading platforms.
Stop-loss hunting and slippage is part of the octafx broker situation as well. While octafx indonesian support seems helpful and knowledgeable, many traders have complained about its inefficiency.
As mentioned, the corporate background of the operation is extensive and intricate.
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Octafx is SCAM: the confirmation - that I'm too busy with crazy arguments to get helped.
Jordann
Guest
Octafx is turning into a scam broker and here I will tell you my story and all lies octafx told me. A brokerage company which lies their clients must be immediatelly classified as a SCAM.
On 12 january I noticed that I had commissions accumulated from a referred client to octafx above $7. The client himself had traded an impressive amount of lots - above 62 standard lots by far. I decided to withdraw the commission via perfect money because previously I didn't have any option to withdraw money. The only acceptable option was mastercard and I was told I couldn't withdraw with it because the card operator had issues and that option was not active. Anyway, I requested a $7 withdrawal to perfect money and it got rejected with comments "please use skrill". Then I realised that they are joking with me and I will not receive any funds from them. I requested another withdrawal and it got rejected again. I contacted the support and explained what was happening and that there is no option for skrill deposits or withdrawals and I want to withdraw to perfect money.
They resolved the problem after several hours and my third request for the day was successful, the sum of $7 was received to my perfectmoney wallet.
However, on 22 january ( friday ) I logged in and noticed that I had above $5 in generated commissions and requested a withdrawal worth $5. Well, guess what. It was marked as "complete" but money never came to my account.
I contacted the support and I was adviced to wait for 24 hours. I told them that this is perfect money and trasnferring of funds is instant and on their website they state processing time is up to 5 minutes. After 24 hours I contacted them again with a request to receive the batch number of the transaction as I was asured that it was processed. They didn't provide me with this number. It means they never processed the transaction!
On 25 january ( monday ) I contacted them once again to receive the batch number. I was told to wait, they would contact me later. They didn't. So, on 25 january I decided to ask once again. I was told that they will speed up the payment which proves that they never sent the money and they were lying me 3 days that my withdrawal has been processed.
I left a negative rating here but it was not accepted. Maybe negative reviews are not accepted if the broker is sponsoring.
FPA review moderation team note: open your eyes. Look at the first 10 reviews on octafx's review page. As your eyes, if you use them, will show you, there are several 1 and 2 star reviews just in the first 10 reviews. Go ahead and click the button to show 50 reviews. Are you still having trouble seeing the 1 and 2 star reviews mixed in with other reviews?
Why are you trying to start a false conspiracy theory when the evidence is right there staring you in the face?
Then try to leave a new review for octafx and open your eyes again. Do you see where it says.
I certify that:
1. My review is my own opinion based on my personal experience with the reviewed company
2. I have not been offered any payment or other incentive (like a bonus or discount) to write this review
3. I have no business or personal relationship with the reviewed company or any of its competitors, except as a client
Read #3 a few more times and think about it. You are an IB. You have a business relationship with octafx outside of being a simple client. Most IB reviews are 5 stars, since ibs want to promote brokers. Ibs are NOT permitted to leave reviews, good or bad.
We work very hard to keep the reviews as fair and honest as possible. We do not appreciate people attacking us when all they had to do was read the review page and read the review submission form to realize their attack had no basis in fact.
Ibs are allowed to open threads in scam alerts, to seek help from other FPA members, and to invite companies to join the discussion.
I attach the last withdrawals. ID W2048063 was marked as "complete" but money never sent. In fact, they started lying that they had sent them until one of the support sent excuses that they will send the money and he will speed up the process. Nothing in my account.
Emtpy account after their support asked for proof:
Account history requested in chat:
Previously, they didn't want to proccess the transaction of $7 and they declined several times my requests:
Available options (mastercard they told me didn't work):
So, fellow traders, if you have money invested there, try to withdraw ASAP. If they refuse to pay me $7 and then $5 which are extremely small sums, they will obvously try to scam you and refuse to pay you the large amounts of money. In addition to that, their support sucks. They confirmed several times that the transaction had been processed and I should wait 24 hours. It means "get out of my head" if you still don't know. Later, it was confirmed the transactions was not completed, money never sent, althought withdrawal request has been marked as "complete". They are just trained to lie their clients.
Firstly, I received a confirmation that money were sent:
| the scammers confirm they had sent the money: |
|---|
| luna octafx: our relevant team in the finance department have already sent funds to your account. Therefore, kindly allow up to 24 working hours as it is depending on the operating speed at payment system in perfect money |
But then. Several days later, another one from the support states they were not sent and he will speed up the process:
Don't be a victim of these scammers! They even claim that their spreads is from 0.2. There is no such spread. For EUR/USD is minimum 1.2 pips. Maybe they had a technical error replacing the number 1 with 0 and instead of 1.2, they now advertise 0.2. It's fake!
Octafx review: is octafx.Com legit or another scam?
Octafx.Com review: at octafx, clients are promised a reduced risk. The broker is said to be “owned by a group of companies” and one of them is located at an offshore address. The other holds an operating license in cyprus.
This brokerage claims to be the best in forex trade and cfds as it gives the “lowest spreads in the industry”. There are awards published on the page supposedly won by octa FX.
HAVE YOU BEEN SCAMMED? If you have lost your money to online scammers, there is an opportunity you could get back your money.
Click HERE to start the recovery process
It offers to brodge the gap between traders that has been caused by “short balances” and “lack of global access to the global exchange market”. A demo account is offered to test the running of the broker.
Further, octafx promises a 50% bonus on deposit, to help the user “start forex trading on higher margins, increasing their account balance”. There is negative balance protection offered as well.
Octafx trading platform
The trading platform used by octafx trading software is the metatrader4. Metatrader5 and ctrader are also available. Clients are promised all the advantages that comes with this platform. Trading is offered on cfds, commodities and indices.
There are three account types offered by this broker and the deposits are quite within the average minimum. It ranges from $100 to $500.
Octafx offers trading on 28 currency pairs and other products like gold, silver, indices, and cryptocurrencies. The broker gives a leverage of up to 1:500.
Spreads on the brokerage on the accounts can be 1.1 pips, 0.5 pips, or 0.7 pips. It depends on what account the client uses.
Deposit and withdrawal methods on octafx
Deposit and withdrawal are available via credit cards, fasapay, neteller, skrill, wire transfer. Deposit minimum can get as low as $100.
Octafx does not charge any commission on transactions. The spreads are fixed for this broker. Some cases leads to a 50% deposit bonus.
This information is important so that clients can invest any little amount they can spare. In order to be able to first watch the working of the brokerage. If then they are satisfied with what they see, they can determine when to withdraw their money.
Is octafx licensed?
No. Octafx is owned by a company located in st. Vincent and the grenadines. The cyprus securities and exchange commission however licenses octa markets ltd, this company owns octafx.Eu.
This information means that misappropriation of funds by the broker is not under the watch and jurisdiction of this authority.
Support
To reach the customer care representative of octafx, clients can send emails or text at +34 651 769 010. To call, dial: +44 20 3322 1059 (UK), +852 5808 8865 (hong kong), and +62 21 3110 6072 (indonesia).
Conclusion
There are wide ranges of trading tools offered. It has educational tools for traders to learn from. Lack of license from any regulatory body is a disadvantage to the broker. Deposit minimums are affordable as well.
COMPARE WITH A TRUSTED BROKER
Fortrade
Fortrade is a UK-based broker with address at michelin house, 81 fulham road london, SW3 6RD, united kingdom. They are among the best brokers in the industry offering trades in numerous assets including stocks, commodities, currencies, indices and cryptocurrencies. Fortrade is regulated and licensed by the FCA(financial conduct authority) in the UK well as ASIC in australia which makes client funds safe. They accept traders worldwide.. Visit their official website
Octafx review: scam or legit?
Octafx offers the popular metatrader and ctrader platforms, yet its lack of regulation in a major jurisdiction puts it at a disadvantage compared to other forex brokers. Read the entire review to get informed on all the details regarding this financial services provider. This guide will shed light on octafx indonesia: scam or legit? Can you withdraw profits?
About octafx indonesia
Founded in 2011, octa markets incorporated (octafx) is based in st. Vincent and the grenadines.
Initially, an offshore broker, octafx had a UK entity, which however voluntarily suspended its FCA license in april 2017. Although the broker considered restructuring its UK business and working with the FCA again, it halted the UK entity development due to the brexit uncertainty. Obviously, octafx decided to relaunch EU operations via a cypriot company (octa markets cyprus ltd.), which got licensed by the cyprus securities and exchange commission (cysec) in 2018.
The octafx group also includes octa markets incorporated, registered in saint vincent & the grenadines, which operates via the octafx.Com website. It offers leverage up to 1:500, a choice of three account types, and three trading platforms.
Stop-loss hunting and slippage is part of the octafx broker situation as well. While octafx indonesian support seems helpful and knowledgeable, many traders have complained about its inefficiency.
As mentioned, the corporate background of the operation is extensive and intricate.
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Octafx review
In this review, we will describe why your funds are not safe with octafx.
Scammed by octafx ? Start the process to get your funds back TODAY !
Is octafx legit ?
Octafx is an offshore broker. This broker is located in st. Vincent and the grenadines, a popular offshore zone. Problem with offshore brokers is that they are not reliable and abuse the regulations. Make sure to stay away from this broker as they are anonymous and that they can disappear any time without notice.
To make sure you are dealing with a regulated and known broker, you should be able to find easily who is the CEO of this brokerage firm, who is running it etc. Lack of information is a big red flag since you don’t know who will be dealing with YOUR MONEY. This is the reason why your funds are not safe with octafx.
Are funds safe with octafx ?
With such lack of information and octafx being offshore, funds are not safe. Security of funds is a huge problem with offshore brokers. A red flag that we noticed is octafx is withholding vital information to users.
Octafx could go bankrupt from one day to another since there are no banking information about this broker.
Fill out the form below and get a FREE consultation today. (if you lost more than $5,000, please use the chat).
Octafx review: our conclusion!
Octafx is an offshore broker. If you have been scammed, check out our chargeback process here or get a free consultation by a team of expert by clicking here.
Octafx review
Octafx
Leverage: 1:30 | 1:500
Regulation: cysec
Min. Deposit: 100 EUR
HQ: SVG, cyprus
Platforms: MT5, ctrader
Found in: 2011
Octafx licenses
- Octa markets cyprus ltd - authorized by cysec (cyprus) registration no. 372/18
- Octa markets incorporated - authorized by the FSA (SVG)
Top 3 forex brokers
FXTM review
GO markets review
FP markets review
- What is octafx?
- Awards
- Safe or a scam?
- Leverage
- Accounts
- Market instruments
- Fees
- Deposits and withdrawals
- Trading platforms
- Customer support
- Education
- Conclusion
What is octafx?
Octafx is a technology based brokerage company that operates since 2011 and offers industry leading platforms such as metatrader5 and ctrader with numerous investment opportunities and great capabilities.
At the beginning of its establishment octafx walked a path from an offshore brand located in SVG and further on operated in the UK, however since 2017 closed its entity and moved to cyprus.
So, together with the european cysec license broker operates also a global offering from its entity, therefore check on carefully under which regulation you will fall as it may propose different trading conditions.
| Pros | cons |
|---|---|
| forex and cfds offered | phone support not available 24/7 |
| great trading tools | no forex education |
| MT5 and ctrader platforms offered | |
| fast account opening and free demo account | |
| no commission deposits and withdrawal options |
What type of broker is octafx?
Octafx is an STP forex broker also with high standards of secure trading environment, as of the regulation it imposes. The offering to the clients is wide and even comprehensive since proposes the same if not more investment opportunities to the world trading community.
10 points summary
| �� headquarters | broker located in SVG and cyprus |
| ��️ regulation | cysec, FSA SVG |
| �� platforms | MT5, ctrader |
| �� instruments | cfds on commodities, forex, metals, indices and energies |
| �� demo account | available |
| �� minimum deposit | 100$ |
| �� EUR/USD spread | 0.5 pips |
| �� base currencies | USD, EUR |
| �� education | available only through international entity |
| ☎ customer support | 24/5 |
Awards
Octafx already quite known and operates for a while despite a fact that received its european license just recently. So for the years it operates, octafx participates to various exhibitions and received numerous international awards along with the huge number of active traders registered at the company. That all in all confirm its status and reputable position in the industry, which we will also be able to see in detail further in our octafx review.
Is octafx safe or a scam?
The main issue and topic of our octafx review among others if its safe trading environment, which is checked as first due to its regulatory obligation and license under which the broker operated. Octafx launched since 2011 walked a path with various operation licenses including SVG registration, operating the UK branch, yet suspended this entity back in 2017 and target cyprus as its next destination of operation.
| Pros | cons |
|---|---|
| cysec regulated international broker | previously operated only offshore entity |
| global coverage and years of operation | |
| negative balance protection applied |
Is octafx legit?
So, the main gap for these years of operation was the fact that octafx was a brand of the octa markets incorporated company that is registered, regulated and governed by the law of saint-vincent and the grenadines. Which is offshore heaven for its tax-management as well as relative ease to establish a company. Now, since octafx established its legal entity in cyprus and respectively got a license from the local cysec, which also impose regulation according to european ESMA standards.
Therefore, now we can state that octafx and its octa markets cyprus ltd entity shows us a clear state of the compliance to the necessary operation standards.
Since the regulation demands strict follow of forex business operations management, it is considered safe to open an account either with cyprus or international octafx entity.
How are you protected?
The set of regulatory requirements enables protection to the clients and including – funds segregation, application of negative balance protection while the broker is constantly overseen by the authority in terms of its safety compliance. In addition, there is a security of the traders’ accounts applied by the investor protection and compensation schemes in case the broker goes bankrupt.
Leverage
As for the leverage as a known instrument that increases the initial capital you trading with and can be a very useful tool to magnify potential gains is offered by the octafx broker as well. However, along with its great capabilities, leverage increases risks together with its benefits, so you should always learn how to use tools smartly.
Risk level
The risk level is defined also by the leverage level you use since higher leverage dramatically increases your high risk to lose money as well.
For this reason, world authorities and regulators restrict leverage to use to specify, safer levels for retail traders. Therefore, octafx cyprus entity together with its operations established under ESMA rules offers lower leverage levels as defined by the regulator. This means that european traders or those clients that are registered with octafx european entity will fall under ESMA regulation that recently limited leverage.
Yet, if you still prefer to use high leverage international entity of octafx still allows so.
- European traders leverage is maximum 1:30 for major currency pairs, 1:10 for commodities
- International traders can still use leverage until 1:500
Accounts
Another important note within octafx review is a range of account types through which you will access trading. Eventually, the broker offers two account types that also define trading conditions and the platform that is used for trading itself.
| Pros | cons |
|---|---|
| fast digital account opening | none |
| single account for metatrader5 or ctrader platforms | |
| demo account offered | |
| option between trading fee models |
Types of accounts
As the broker defines by itself the MT5 account offered for a conservative trader as it is suitable for the majority of investors also supporting all trading styles and social trading as well. While ctrader will be more suitable for progressive traders or professionals as offers comprehensive trading conditions with commission based fee structure.
Besides, there is an option to submit for a demo practice account and use its unlimited sources to polish strategy or get to know platforms and octafx conditions better.
Yet, the international proposal includes also ECN and PRO account based on the platforms, besides micro account on metatrader4 platform is offered too. It is recommended for novice traders and allows micro lot trading with floating spreads starting at 0.4 pips or fixed spread at 2 pips.
Trading instruments
So what you can trade with octafx? The market range offers you the most demanded instrument while base on the CFD trading model and offering you an opportunity to speculate on the price movement on forex currency pairs, metals, energies and indices.
Another good point at octafx is its pricing strategy or a fee which you will need to pay for the usage of the octafx trading service. There are two options according to the account type you choose and the platform you use, offered by the octa markets.
While an international brand may offer slightly different conditions, which you may check from the site better.
| Pros | cons |
|---|---|
| low forex fees | inactivity fee |
| options between spread only or commission fee basis | |
| 0$ withdrawal fee | |
| micro lot trading available |
Our find on CFD fees
So fee strategy is different according to the platforms while MT5 offers you spread only basis with a minimum spread of EUR USD 0.2 pips, which is a very good offering compared to industry standards.
And ctrader brings you access to raw spread from 0 pip for EUR USD pair plus the commission charge of 3$ pet lot.
Also, see below the comparison table with a typical octafx spread and compare brokers to other CFD brokers with CFD fees, commission or inactivity fee if applicable.
Trading fees of octafx vs similar brokers
| asset/ pair | octafx fees | avatrade fees | etoro fees |
|---|---|---|---|
| EUR USD | 0.5 pips | 1.3 pips | 3 pips |
| crude oil WTI | 2 pips | 3 pips | 5 pips |
| gold | 20 | 40 | 45 |
| inactivity fee | yes | yes | yes |
| fee ranking | low | average | high |
Here is a snapshot of octafx fees
Overnight fee
Also, always consider overnight charge or swap in case you’re holding the position longer than a day. It is always defined by the instrument you trade and may be visible either through a website or platform while trading. See the example on the snap above.
Deposits and withdrawals
Being able to access your funds at any time with ease and convenience is another point with a regulated broker and our octafx review. So together with its strict money management rules, you may fund your account by deposit through a bank account with no complication.
| Pros | cons |
|---|---|
| no deposit fees | limited deposit and withdrawal option for european clients |
| withdrawals free of charge | no credit card supported for cyprus entity |
| wide range of payment methods supported by an international entity |
Deposit fees and options
As a licensed broker that obliges to safety measures, octafx cyprus offers only bank wire transfer for its european clients. While international entity includes also credit cards, e-wallets and other methods which you may check with customer service before any transfer is done.
- Bank wire transfer
What is also great, there is no charges for deposits so you won’t pay any commission, however always define it with your payment provider or bank itself as an international rule vary from jurisdiction to another.
Minimum deposit requirement
By the octafx policy, the minimum deposit set to a EUR100 allowing you to open any account type from the two offered by the broker.
Money withdrawal
Money withdrawal is the same smooth process, while octafx also covers fees so you may access your moany at any time and receive it relatively quickly. Usually, octafx confirms withdrawals within 1-2 business days, but allow extra days for you bank to process the transaction.
Here are the steps to withdraw money from octafx
By a simple follow of instructions, you may access your account and submit a withdrawal. And of course, you may always count on a great help center which is remaining at your assistance.
How do you withdraw money from account?
1. Login to your account. Select on withdraw funds’ at the menu tab
2. Fill in the form and enter the desired withdraw amount
3. Choose the withdrawal method
4. Complete the necessary form requirements
5. Confirm withdrawal details and submit
Trading platforms
Lastly and what we like the most is the octafx platform offering, while you may select either industry leading software also its newer version metatrader5 with all benefits included and not restricted, also with copy trading option. Or to use advanced and very powerful capabilities of ctrader platform.
The choice between the platform is always your and they are indeed very different, also bringing different price model and more suitable trading strategy. Metatrader5 is good for everyone and more trader friendly software, also copy trading available through it.
While ctrader platform is more sophisticated technology also the one that offering ECN direct market access which might be a better option for professionals. Besides, if you open an account with the international brand of octafx there is an option to use metatrader4 and operate through an account with micro lot trading option.
Scores & availability of different platforms
| pros | cons |
|---|---|
| option between metatrader5 and ctrader | no education or video support for european entity, but available through international site |
| user friendly design | |
| price alerts and push notifications | |
| fee report | |
| supporting various languages | |
| web, mobile and desktop versions | |
| MT4 offered only by international entity |
Web trading platform
Both platforms supporting various versions that you may access either just by the load through your browser without any installation which is very useful. Metatrader will bring you all the benefits and powerful capabilities it offers, while ctrader webtrader is also featuring great design and look.
Desktop platform
However, advanced traders would prefer the desktop version as it feature much more customization capabilities and tools to use. So here both platforms also available for download and suitable for any operating system either ios or windows.
Look and feel
Both platforms are with clear look and feel, indeed ctrader is more complex to understand as it is packed with advanced tools yet the design is easy to navigate and customize.
Automated trading
Octafx automated trading capabilities are also useful for either beginning or professional trading through the use of popular eas. You may either create your own once or follow a specified strategy available through the community or in the market place.
Mobile trading platform
The mobile app is also offered for both platforms, while apps are simple to use and offer a wide range of tools at the same time. MT5 mobile offers various charting capabilities also customization which is fantastic for mobile trading along with full management of your account.
Customer service
Also, octafx customer support provides its clients with 24-hour live support available through live chat, email and phone support in various languages. Eventually, avatrade offers some of the greatest quality support with fast and reliable answers and a huge range of free of charge lines all around the world.
Education
Unfortunately, there is no education center or any learning materials about the trading process offered by cyprus entity, either octafx does not provide webinars or analytical research which is not so good for complete beginners.
However, octafx provides education and analysis through its international brand along with unlimited demo platforms allowing to practice strategies and test the offered systems. So if you’re beginning trader maybe you can see competition or participate to the course using other sources.
Yet, we can forgive this missing point to octafx as there are truly many benefits on the trading conditions they provide.
| Pros | cons |
|---|---|
| free unlimited demo account available | no education videos, webinars or learning materials provided by the cyprus entity. All education and analysis tools included in the international offering |
| wide range of trading tools | |
| trading ideas and social trading options | |
| economic indicators and news feed |
Research
In addition to its some of the good quality trading offerings among industry, all clients can enjoy absolutely stunning research tools and trading tools that are accessible directly through the platforms. Along with other user-friendly tools including calculator, fantastic and clear charting with built-in news feed and other essential trading data for your better trading.
Conclusion
Overall, octafx review shows us a broker with a quality trading strategy which offers also flexibility in terms of conditions, platforms and instruments it proposes.
While before we had some concerns due to its operation only through offshore entity now the trust is on a certain good level as octafx is regulated by the european cysec aligned with mifid directive. Therefore means its operation aligned to the necessary protection level through its either entity.
Read more about octafx license through our news by the link.
What we also admit is high-tech access to a range of the instrument and multiple platforms either for manual, algorithmic or social trading. It is definitely a great advantage that octafx offers both industry popular metatrader platform and powerful ctrader which is highly regarded by the professional traders.
Nevertheless, make sure to check the proposal of the particular octafx entity as an international brand and a cyprus one offers slightly different conditions. While obviously, octafx international proposal features more comprehensive tools and conditions along with education and research materials also MT4 availability.
Yet, it is always great to hear your personal opinion about octafx. So you may share your experience or thoughts or discuss them below or ask us for additional information.
So, let's see, what we have: octafx review in this review, we will describe why your funds are not safe with octafx. Scammed by octafx ? Start the process to get your funds back TODAY ! Is octafx legit ? At octafx scam
Contents of the article
- No deposit forex bonuses
- Octafx review
- Is octafx legit ?
- Are funds safe with octafx ?
- Octafx review: our conclusion!
- Honest octafx review and test for traders
- What is octafx? – the broker presented:
- Test of the octafx trading platforms
- Metatrader 4
- Metatrader 5
- Ctrader
- Web trader/charting and analysis
- Mobile trading:
- Octafx allows mobile trading (app)
- How to trade with octafx
- How to open an octafx account
- Octafx offers different types of account:
- Demo account
- Is there a negative balance protection octafx
- Deposits and withdrawals with octafx:
- Octafx accepted countries and forbidden countries
- Special offers:
- Copy trading (social trading)
- Deposit bonus
- Conclusion on the octafx review: recommended...
- Octafx review: scam or legit?
- About octafx indonesia
- Disclaimer
- Forex brokers reviews
- Binary option brokers reviews
- Trading signals
- Economic calendars
- Octafx is SCAM: the confirmation - that I'm too...
- Octafx review: is octafx.Com legit or another...
- Octafx trading platform
- Deposit and withdrawal methods on octafx
- Is octafx licensed?
- Support
- Conclusion
- COMPARE WITH A TRUSTED BROKER
- Fortrade
- Octafx review: scam or legit?
- About octafx indonesia
- Disclaimer
- Forex brokers reviews
- Binary option brokers reviews
- Trading signals
- Economic calendars
- Octafx review
- Is octafx legit ?
- Are funds safe with octafx ?
- Octafx review: our conclusion!
- Octafx review
- Top 3 forex brokers
- What is octafx?
- Awards
- Is octafx safe or a scam?
- Leverage
- Accounts
- Trading instruments
- Deposits and withdrawals
- Deposit fees and options
- Minimum deposit requirement
- Money withdrawal
- Here are the steps to withdraw money from octafx
- How do you withdraw money from account?
- Trading platforms
- Scores & availability of different platforms
- Web trading platform
- Desktop platform
- Look and feel
- Automated trading
- Mobile trading platform
- Customer service
- Education
- Research
- Conclusion
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