Is octafx legit

On www.Octafx.Com, you will find a st. Vincent and the grenadines license that does not offer any regulatory oversight or restrictions from any european regulators.

As mentioned in our profitix review, an SVG forex license is very easy to access for forex brokers that flock to the tax haven for its tax benefits, lack of regulatory oversight, and robust privacy laws. These benefits for the FX brokerage firm leaves the trader highly exposed to rogue FX trading practices. However, how do you sort out the truly good and the bad online when depositing large amounts of capital? It is a well-known fact that some traders post negative reviews on a broker, due to their own trading mistakes and failed strategies. Is the high amount of negative reviews on octafx a work of detractors looking for the downfall of an award-winning business?

How safe is your money with octafx? Read this octafx review!

Have you chanced upon the octafx website and wondering whether this broker is a scam or legit? Would you like an octafx review that will answer any queries or doubts you might have about trading with octafx? Then this octafx review is for you.

Octafx is one of the most popular FX brokerage sites online because it offers ctrader and metatrader 4 and 5 accounts. The firm has been in operations since 2011 and offers financial instruments such as cryptocurrencies, metals, contracts for difference (CFD), and currency pairs for trade. Its trading platforms have a desktop, web (mac and windows), and mobile (ios and android) versions.

Also, they have an octafx trading app. This brokerage firm has won multiple trading awards including a 2019 best mobile app and best FX broker award. Octafx has systems in place that have been vouched as reliable and convenient bringing in many customers in the close to 100 countries that they operate in.

Looking into independent octafx reviews, you will notice that there seems to be trouble in paradise. Many traders have lost their money to octafx. If you have and would like to get your money back, book a free consultation with us, and let us help you to recover your wealth back.

Multiple negative octafx reviews

Savvy traders always study online reviews before depositing their cash with any forex broker. Performing a thorough internet search can reveal frauds quite easily. A staggering amount of negative reviews is a sure sign that something is amiss. A trader that has excess negative reviews could be either unreliable or not viable for trade.

However, how do you sort out the truly good and the bad online when depositing large amounts of capital? It is a well-known fact that some traders post negative reviews on a broker, due to their own trading mistakes and failed strategies. Is the high amount of negative reviews on octafx a work of detractors looking for the downfall of an award-winning business?

Rookie traders often make losses because their psychology gets in the way of good trading strategies. Such traders will, therefore, post reviews that blame their broker, claiming that the broker turned a winning trade against them.

The type of broker reviews that you should pay close attention to are those that point to broker greed or carelessness. Greedy brokers will for instance twist the process to rack up commissions at the cost of the trader. Some will move a quoted rate to trigger a stop order while others will veil their trickery using gimmicks such as juicy bonuses that cannot be withdrawn.

There are brokers also that make it difficult for you to withdraw your winnings. While a reputable broker will not hold on to your winnings and trading capital, an unscrupulous dealer makes withdrawals impossible.

Octafx scam complaints

Their game plan is to get hold of your money, by ensuring that their deposit process is flawless and easy. When you want to withdraw your cash, they will play games with you, use stalling tactics, and frustrate you to the point that you will let them keep a part of your money. Octafx has been accused massively of such malpractices. Some of the accusations levied against octafx include:

Luring trader to sign up for deposit bonuses of up to 50%. The catch however is that to release the said bonus you would need to trade a massive number of lots that will cost a newbie all their earnings in the race for the bonus.

Some traders have accused octafx of closing their trades without permission and when in the negative causing losses. Octafx however has responded saying that they were acting within the stipulated rules in their agreements that ensure that accounts do not go in the red.

Another group of traders on octafx has made claims this brokerage firm withholds cash when they make withdrawal requests. Some claim that their accounts have then been closed without any further notice and that all that they have received is their capital minus their profits.

Some traders have also noted that octafx’s spreads are too high at some hours of trading, higher than the stipulated figures on their website. These spreads tend to increase dramatically especially on some pairs that give more profit.

Is octafx regulated?

When trading in FX you are advised to deal with licensed traders only because they have a regulator to answer to should they perform any trading malpractices. Octafx seems to have a well-hidden regulatory problem, which we will reveal for your safety.

This business was launched in cyprus in 2011 and has since then expanded and grown to the powerhouse it is. They have offices in 47 strovolos avenue, nicosia, cyprus, and beachmont, kingstown, saint vincent, and grenadine.

Compared to other major brokers, octafx has a very light physical presence despite offering its services to a large number of countries worldwide. The firm has a cyprus securities and exchange commission (cysec) license issued to octa markets cyprus ltd. This license however only covers its operations on www.Octafx.Eu. Its cyseclicense number #372/18 allows octafx trader’s to trade with the firm with a level of european regulatory oversight.

On www.Octafx.Com, you will find a st. Vincent and the grenadines license that does not offer any regulatory oversight or restrictions from any european regulators. As mentioned in our profitix review, an SVG forex license is very easy to access for forex brokers that flock to the tax haven for its tax benefits, lack of regulatory oversight, and robust privacy laws. These benefits for the FX brokerage firm leaves the trader highly exposed to rogue FX trading practices.

To cement its hold in the UK and achieve a high level of trust with traders, octafx in 2017 received the prestigious financial conduct authority (FCA) regulatory license. This new development should have helped the firm to expand its reach globally and break into higher grounds. The business would have had to enforce better business practices and move its operations to a london office.

They would also have a higher cost of business operations and responsibilities. Octafx decided to suspend its UK FCA license and in late 2019, paused the development of its UK subsidiary. The firm blamed its decision on the uncertainty surrounding brexit. Octafx is therefore an offshore entity.

Our octafx review conclusion

Cysec and FCA do not govern your trading account and its operations. If you deposit your money with octafx, you are taking a huge risk because this firm only has an SVG forex license that does not offer you any trading protection.

It, therefore, does not come as a surprise that many octafx reviews reveal broker malpractices such as withheld cash deposits or manipulated trading positions. If you have lost your money to octafx, get in touch with us. We will help you recover your hard-earned cash from this rogue dealer.

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.

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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.

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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 2020

Octafx summary

Who is octafx

Octafx is an online financial service provider that was created in 2011, with a head office in st. Vincent and the grenadines. They are also approved and regulated by cysec, and can fully provide services to clients from the european union. In this octafx review we will mention some of the rich and unique features that cannot be found in most brokers.

Octafx offers FX spot trading, along with cfds trading on cryptocurrencies, indices, metals and commodities.

They support trading platforms such as metatrader and ctrader, which are available on web, mobile, and desktop. Octafx also has their own mobile trading application.

Octafx has a website that is approved by the cyprus securities and exchange commission, also known as cysec that is under the octa-markets cyprus ltd.

The brokerage firm is headquartered in st. Vincent and the grenadines, which means it can offer a range of services to clients from around the globe. Because of this license, traders who choose this broker have the benefit of enjoying higher leverage and unrestricted bonus promotions.

The financial services and elements that are part of what octafx offers are made available for both novice and expert traders. For that reason, they have three types of accounts that accommodate every level of trading.

New clients who will open a new account with octafx are going to face different options because of limitations on promotions and leverage from the recent regulatory requirements of ESMA.

Octafx review – is octafx a good broker?

RECOMMENDED FOREX BROKERS

Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.

Regulation & safety

The european brand of octafx operates via the website – octafx.Eu – and abides by the highest regulatory standards. It is owned by the cyprus-based company octa markets cyprus ltd which is regulated by the cyprus securities and exchange commission with a registration number HE359992.

Cysec is among the foremost financial regulators in the world and all brokerages licensed by it have to follow strict rules and are subjected to intensive regulatory oversight. This removes any unwanted risk in trading and guarantees that the client’s funds are safe and their interests protected by the respective laws. Such rules include the segregation of accounts which assures that commingling with the client’s money is not possible. Furthermore, a license by cysec entails participation in a financial mechanism by which clients may be compensated if they suffer losses due to fraud or bankruptcy. The compensation goes up to 20 000 euro per person.

Besides the european brand, octafx group also includes octa markets incorporated which operates via octafx.Com website and is registered in saint vincent and the grenadines. It offers a generous leverage up to 1:500, as well as the option of three account types and three different trading terminals.

Negative balance protection (NBP)

An immense advantage in trading with octafx is the fact that both companies of octafx group provide their clients with negative balance protection. This means that if your balance becomes negative due to stop out, the brokerage will compensate the amount and bring your account balance back to zero. We always recommend that readers invest only with brokers who provide NBP, so that there is assurance they many not lose more money that their initial deposit.

Trading conditions

The trading conditions offered by octafx are very attractive and much more favorable that the standard for the industry. Here are some of the highlights:

The minimum initial deposit is only $100, more than twice as low as the standard $250;

Extremely low floating spreads;

Flexible leverage with maximum levels which vary according to the regulation in each country the broker operates;

Negative balance protection removes the risk of losses exceeding the initial deposit;

Low-risk trading in micro lots available on all account types.

Readers have to keep in mind that trading conditions vary a bit according to the broker brand of octafx and the country where it operates. This is, again, a sign of octafx’s commitment to comply with regulatory standards.

Octafx.Eu trading accounts

Trading account	recommended deposit	max. Leverage*	spread (+ commission)	platform
conservative trader	€100	1:30	0.5 pips	MT5
progressive trader	€100	1:30	0.3 pips + $6 /lot	ctrader

Octafx.Com trading accounts

Account type	minimum deposit	minimum trade size	maximum leverage*	spreads
novice	$100	0.01	1:500	from 0.4 pip on EUR/USD
experienced	$500	0.01	1:200	from 0.2 pip on EUR/USD
progressive	$100	0.01	1:500	from 0 pip pips on EUR/USD

Trading platforms

Octa FX provides clients with two popular trading terminals that are sure to meet their expectations: metatrader 5 (MT5) and ctrader. The fact that the metatrader 5 trading platform is supported is something we always consider an advantage since the MT5 is among the foremost trading terminals in forex trading at the moment, close to 80 percent of users prefer it. The platform provides an advanced charting package, lots of technical indicators, extensive back-testing environment and a variety of expert advisors (eas).

On the other hand, the multi-asset trading terminal ctrader provides pure ECN execution and a wide selection of advanced tools. Among them are fast order entry and execution speeds, direct order entry via charts and level II pricing which all contribute to render the platform highly valued among the forex trading community.

Another advantage is virtual private server (VPS) which is offered to both new and existing clients for only $15 per month. VPS hosting allows the execution of orders 24 hours, 5 days a week.

The SVG-based company octa markets incorporated which operates via octafx.Com website, besides the MT5 and ctrader, also provides clients with the metatrader 4 so that clients of octafx may have a wider pick of their preferred trading platform, as well as a copytrading app which we always view favorably.

Promotions

By the time of writing this review, octafx provides clients with the following promotions:

Copytrading app which allows clients to automatically copy leading traders;

50 percent bonus on each deposit;

Free forex trading signals: autochartist which allows clients to follow automated alerts to open and close trades;

Status program; allows clients access to new benefits such as accelerated transfers, lower spreads, personal manager and many more at every new level

Keep in mind that trading bonus, copytrading app and other promotions may not be eligible for clients of octa markets cyprus ltd.

Methods of payment

Octafx supports the standard payment methods of forex, as well as a popular e-wallet. Clients of the brokerage may deposit or withdraw via visa, mastercard, bankwire, as well as skrill.

Furthermore, the brokerage does not charge any withdrawal or deposit fees which lower the cost of trading and only requires the formal 5 euro minim withdrawal amount for withdrawals via skrill.

Conclusion

Octafx is a reliable award-winning FX and cfds broker that offers pretty good trading conditions and has air-tight regulation. To sum up the above, here are the advantages and drawbacks with regards to this broker:

Pros cons

Solid regulation no significant disadvantages

Octafx review and tutorial 2021

Octafx offers multi-asset trading on a range of platforms and mobile solutions.

Octafx offers leveraged trading on currencies.

Trade popular digital currencies at octafx.

Octafx is a forex, CFD and copy trading broker offering the MT4, MT5 and ctrader platforms. In this broker review, we’ll login to the personal area and uncover the key features, including leverage, demo accounts, regulation and more. Read on to find out if octafx is a good forex broker or not.

Octafx details

Octafx was established in 2011. The company’s headquarters are located in saint vincent and the grenadines, with an additional support office in jakarta, indonesia. The broker’s EU entity, octa markets cyprus ltd, is located in limassol, cyprus, and is regulated by the cysec.

With over 1.5 million trading accounts and a long list of forex industry awards, the founder and owner has ensured the company has amassed a global reach.

Trading platforms

Metatrader 4

The MT4 platform is a trusted software used by both individual traders and institutions, due to its ease of use and flexibility.

The platform allows you to develop your own expert advisors and technical indicators to suit your trading style. In addition to the 30 in-built technical indicators, advanced charting tools allow you to analyse price fluctuations and trends in the market, using 3 customisable chart and graph types.

Note that MT4 is currently only available for non-EU clients.

Octafx metatrader 4

Metatrader 5

MT5 is the next-generation platform that offers all the benefits of its predecessor but with additional speed, accuracy and more advanced features.

Users enjoy 8 types of pending orders, 44 analytical objects including gann and fibonacci retracement, plus additional technical indicators which are unique to MT5, such as trend oscillators and bill williams’ tools. There’s also an economic calendar as well as two major accounting modes for greater flexibility: hedging and netting.

Both platforms come in several languages, including english, arabic and hindi, and are compatible with windows pcs. Octafx provides a useful download guide on the website.

Octafx metatrader 5

Metatrader webtrader

For those using mac pcs, octafx also offers the web terminal version of MT4 and MT5, meaning traders can access the markets straight from an internet browser.

The web platforms are highly functional and customisable, boasting the same features found in the desktop versions, including charting tools, market indicators, scripts and expert advisors, plus access to diverse order types and execution modes.

Ctrader

The ctrader platform is a robust system designed for forex and CFD trading. The platform includes over 26 in-built chart views and up to 50 chart templates on a fully customisable interface. The platform boasts an impressive suite of 70 technical indicators and 28 chart timeframes, plus advanced level scalping and visual back-testing using cbot. With full market depth, traders can also execute advanced online trading strategies as well as programmable algorithms.

The ctrader platform is ready to download from the website once you have completed the registration process. The ctrader web terminal is also available for macos users.

Octafx ctrader

Markets

Octafx offers some of the most popular products, including:

Forex – 28 currency pairs including EUR/USD and USD/JPY

Indices – 10 CFD indices available such as US30 and NASDAQ

Commodities – including spot gold and silver contracts, plus brent and crude oil

Cryptocurrencies – 3 major digital currencies available; bitcoin, ethereum and litecoin

Trading fees

Typical variable spreads for EUR/USD are around 0.7 pips in both the metatrader and ctrader platforms. Gold spreads (XAUUSD) start from around 2 pips and major indices such as NAS100 are around 3.5 points. Bitcoin spreads (BTCUSD) are around 3.1 pips. Fixed spreads are also available for MT4 USD accounts.

Trading commissions are only charged in the ctrader account, at 0.03 USD per 0.01 lots. There are also rollover rates applied on positions held over 3 days. Details of these fees are listed in the product specifications.

Leverage

Octafx offers generous leverage limits up to 1:500 for currencies in the MT4 and ctrader accounts. Leverage in the MT5 account is available up to 1:200 on currencies. Metals can be leveraged up to 1:200, indices and energies up to 1:50, and cryptocurrencies up to 1:2.

Note that EU clients can only trade with leverage up to 1:30.

Mobile apps

Octafx delivers mobile app versions of the MT4, MT5 and ctrader platforms, available for iphone and android devices. The apps offer many of the essential features found in the desktop applications, including a complete set of orders in metatrader and full balance, margin and P&L information in ctrader. All trading apps come with a customisable mobile interface with clean and accurate trading functions, as well as custom mobile price alerts.

Octafx MT4 mobile app

Octafx (non-EU) also offers a downloadable proprietary copy trading mobile app, currently available only on android (APK) devices. The app allows you to manage and keep track of trading accounts whilst on the go. Users can also activate bonuses, access trader tools and deposit into their accounts. The app download process is quick and can be accessed from the google play store.

Octafx mobile app

Payment methods

Octafx offers a few fast funding methods which vary depending on your origin country, including bank cards, perfect money and bitcoin. Local bank transfers are also available for traders from certain countries, including thailand, india and nigeria.

The minimum withdrawal and deposit amounts are 5 USD for perfect money, 0.00096000 for bitcoin and 50 EUR for cards. All deposits methods are generally processed instantly or within a few minutes.

There are no commissions charged on deposits, withdrawals or currency exchange rates, except for 0.5% on perfect money deposits. The withdrawal time for all methods is 1 to 3 hours to approve and up to 30 minutes to transfer the funds. There is no withdrawal limit on earnings.

Demo account review

Octafx traders can open a demo account which provides the same trading experience as a live account but without risking any real investment. Each demo account is loaded with unlimited demo dollars and opportunities to participate in the broker’s demo contest to be one of the next champions. You can sign up for a free demo account in just a few minutes.

Octafx (non-EU) offers several deposit bonus deals, including a 50% bonus and a 100% bonus during special offer periods. In addition, there’s the trade & win promotion where traders can win gifts such as octafx t-shirts or gadgets. There are also contest opportunities, including the octafx 16 cars contest where traders are entered into a car prize draw every 3 months, as well as the champion demo contest 2020 for MT4 users.

Make sure to check all bonus terms and conditions before participating.

Regulation review

Octa markets cyprus ltd is authorised and regulated by the cyprus securities and exchange commission (cysec), under license number 372/18. EU member state residents are therefore protected by strict regulatory standards, including segregated client accounts and protection by the investor compensation fund.

The non-EU entity also claims to provide segregated client accounts to protect trader funds, as well as negative balance protection which ensures that trader account balances never fall below zero.

Additional features

Traders benefit from a range of additional education features and trading tools at octafx, including video tutorials and webinars, plus regular forex market insights and news. The brokerage also offers profit and margin calculators, as well as a forex signal service with the autochartist plugin and live quotes.

Octafx also offers a copy trading service, which is available on the desktop terminal and through the android mobile app. The copy trading services allows clients to automatically copy leading traders based on the equity and leverage of both the master trader and the copier’s accounts.

Octafx economic calendar

Account types

There are 3 account types available at octafx, which are determined by the trading platform you are using: micro (MT4), pro (MT5) and ECN (ctrader). Accounts are available in USD or EUR. The minimum trade volume across all accounts is 0.01 lots and there is no maximum.

The main differences between the accounts is the assets available to trade, the spreads and the minimum deposit amounts. The micro and ECN minimum deposit is 100 USD. The minimum deposit in the pro account is 500 USD. Commissions are also charged in the ECN account.

Account opening is easy and requires the submission of ID documents in line with KYC requirements. In most cases, if your documents are submitted clearly, verification should only take up to 3 hours.

There is also an islamic swap-free account for those worried about whether trading is haram or halal. Note clients from the united states are not accepted at octafx or octa markets cyprus ltd.

Benefits

Traders enjoy several benefits when trading with octafx vs the likes of FBS, IQ option and exness:

Metatrader and ctrader platforms

Bonuses and contests (non-EU)

Commission-free trading

EU regulation

Drawbacks

Compared to other brokers such as hotforex, XTB and olymptrade, octafx does fall short in some areas:

Not FCA regulated

Limited funding methods

Zero pip spreads unavailable

No copy trading on ios devices

Trading hours

Trading times in the MT4 and MT5 platforms are 24/5, from 00:00 on monday to 23:59 on friday server time (EET/EST). The ctrader server time zone is UTC +0, though you can set other time zones, such as GMT, for charts and trading information.

Customer support

For telephone support, non-EU clients can contact the helpline, +44 20 3322 1059, between 00:00 and 24:00, monday to friday (EET). For EU clients, the number to call is +357 25 251 973 between 09:00 and 18:00, monday to friday (EET).

There is also an email form, however, the fastest way to get in touch is via the 24/7 live chat service, which you can access by clicking on the chat logo at the bottom of the website. The support team are helpful if you need to know your withdrawal pin, any platform problems, VPS questions, or you want to delete an account.

In addition, you can find updates on the broker’s social media pages, as well as the octafx youtube channel.

The broker’s head office addresses are:

Octafx, suite 305, griffith corporate centre, beachmont, kingstown, st vincent and the grenadines

Octa markets cyprus ltd, 1 agias zonis and thessalonikis corner, nicolau pentadromos center, block: B’, office: 201, 3026, limassol, cyprus

The broker’s website is available in a number of languages for clients from indonesia, malaysia, pakistan and india.

Security

Octafx uses 128-bit SSL encryption and PIN codes in the personal area and trading platforms, which is the industry-standard security requirement for protecting personal data. The broker also applies 3D secure visa authorisation when processing credit and debit card transactions.

Octafx verdict

Octafx offers a promising trading service for novices and experienced traders, with a choice of metatrader or ctrader platforms as well as the copytrading app. The broker offers fee-free deposits and withdrawals, plus islamic accounts and a demo solution. The ECN spreads are also decent, though not as competitive as the zero spread accounts offered at other brokers like XM, for example.

Accepted countries

Octafx accepts traders from australia, thailand, canada, united kingdom, south africa, singapore, hong kong, india, france, germany, norway, sweden, italy, denmark, united arab emirates, saudi arabia, kuwait, luxembourg, qatar and most other countries.

Traders can not use octafx from united states.

Is octafx a legit company and regulated broker?

Octafx is a legit company registered in saint vincent and the grenadines. The EU entity is registered in limassol, cyprus and regulated by cysec. If you’re unsure whether a broker is a scam or legit company, you can always check out customer reviews online.

Is octafx a market maker?

No, octafx is a no dealing desk (NDD) broker and therefore acts as an intermediary between the trader and the real market. Octafx receives commissions from its liquidity providers for each transaction.

How do I delete my octafx account?

To delete your account, you will need to get in touch with the customer support team. Note accounts are automatically deactivated if you never deposit or sign in to them.

How do I open a copytrading account at octafx?

You can sign up and login to the copytrading account in a few easy steps. Once you login to your personal area, you can set up your copytrading profile and make a deposit to your wallet. You can also sign in to your new account using the android app.

Why was my octafx withdrawal rejected?

If you encounter a withdrawal problem, you will receive a notification in your email explaining the issue. Alternatively, if you need to cancel a withdrawal, you can do this within your personal area.

Does octafx offer any free bonus deals?

At the time of writing, octafx is not offering any free bonus deals, no deposit bonus deals or promo codes. There are other promotions available for non-EU clients. Make sure to check the bonus conditions before participating.

Is octafx legal in india and pakistan?

Yes, you can legally open an octafx account from 100 countries, including india, pakistan, singapore, ghana and the UAE.

Octafx review

Octafx is a forex broker. Octa FX offers the MT4, MT5 and ctrader forex trading top platform. Octafx.Com offers over 25 forex currency pairs, cfds, commodities, stocks, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

Broker details

deposit methods:

VISA, awepay, bitcoin, fasapay, local bank deposits, local bank transfers, neteller, paytm, skrill, unionpay

withdrawal methods:

VISA, awepay, bitcoin, fasapay, local bank transfers, neteller, paytm, skrill, unionpay

Live discussion

Join live discussion of octafx.Com on our forum

Octafx.Com profile provided by john, may 29, 2012

Octa markets incorporated is a worldwide recognized forex broker. Octafx provides forex brokerage services to its clients in over 100 countries of the world. Octafx uses the most up-to-date technology and knowledge to make your forex trading experience outstandingly convenient. Our top goal is the trust and satisfaction of each client's need and requirements. Octafx sets the highest service level standards and maintains them as well as constantly develops new services and promotions.

Video

Your company video here? Contact ad sales

Let other traders know if this service is worth checking or should be avoided.

Traders reviews

Length of use: over 1 year

Length of use: 0-3 months

DISCLAIMER: this review is not to state that octafx is the best broker in the world. I've traded with a lot of brokers and never had problems with any of them, with respect to deposit and withdrawals.

Herein are the list of transactions that I did on my account with octafx. It has the ID, time the request was created, and the time it was processed.

DEPOSIT
deposit ID 4703156
created dec 27, 2020 03:23 PM
processed on dec 27, 2020 03:50 PM

WITHDRAWALS
withdrawal ID 1930065
created dec 30, 2020 11:51 AM
processed on dec 30, 2020 12:17 PM

Withdrawal ID 1927033
created dec 29, 2020 08:00 PM
processed on dec 29, 2020 09:42 PM

Withdrawal ID 1920756
created dec 28, 2020 05:53 PM
processed on dec 28, 2020 09:43 PM

Withdrawal ID 1919630
created dec 28, 2020 03:09 PM
processed on dec 28, 2020 03:24 PM

SUMMARY:
I made the deposit to their GTB nigeria account, and made withdrawals to my GTB account. This might be the reason why I never had issues with them.

I'll advise traders to ask them [octafx] questions when they have issues, and be ready to hear and understand.

Thank you for such great feedback. We appreciate you taking the time to share it with our community and giving us one more reason to be proud of the work we’re doing with our team. We’re sure they will be excited to read your review, too, as they do their best to ensure fast and secure payment services.

Please send us a direct message if you have other questions or suggestions. Our team is always here to help, and we'll be more than happy to chat whenever you have time for us.

Kind regards,
octafx rep.

Length of use: 3-6 months

Deposit take less than 1sec
withdrawal take forever.

If you guys want to withdraw the money. Please do 1 year in advance

Thank you for reaching out and sharing your feelings with us. We're sorry to read about your dissatisfaction with our processing times. Please let us remind you that all withdrawal requests at octafx are processed within a few business hours. However, when our financial department handles a high number of requests, in rare cases, we ask to allow extra time, but it does not exceed 24 hours overall.

Please note that since you didn't provide your trading account number, we couldn't look into your previous requests. However, we wish to assure you that we always strive to improve our services and reduce the processing time. We also want you to know that if your payment is delayed or you feel like it’s taking longer than it should, you can send us a message in the live chat available on the website. Our team will be more than happy to update you on your request status.

We’re looking to hearing from you, so please don’t hesitate to get in touch with us anytime. Our team is available 24/7, and they're always here to help you whenever you need it.

Kind regards,
octafx rep.

Length of use: 0-3 months

Thank you for letting us know about the problem. We deeply regret that you were having a hard time trying to deposit, and you couldn't reach out to our support team. Unfortunately, we couldn't identify you on our system and look into your previous inquiries since you didn't provide your account details in your review. If you could contact us directly and share this information with our team, it will help us investigate the issue and understand what happened with your payment.

Please note that generally, it takes a couple of hours for bank transfers to be processed. However, we ask you to allow us extra time when our financial department handles a high number of requests. There could be different causes of why your payment is delayed and not reflected in your account. This requires an investigation, and we strongly encourage you to send us your payment proof if your deposit wasn't credited into your account after 24 hours have passed. These actions could help our team look up your payment and process it.

In the meantime, don’t forget that our team composes of real agents committed to helping you whenever you need it, so please contact us after reading this reply. We’ll make sure to find your payment as soon as possible and keep you updated.

Kind regards,
octafx rep.

Bank negara malaysia

Length of use: over 1 year

Thank you for reaching out and bringing this question to our attention. Unfortunately, we couldn't identify you on our system and look into your review since you didn't provide any details about your trading account or the bank you were using at the time. We’d really appreciate it if you could get in touch with our team and share the necessary details to help us find out what happened and investigate the matter.

We also want to remind you that our support team is always here to help you. They're available 24/7, and we'll be more than happy to hear from you and assist whenever you need it.

We're looking forward to hearing from you soon.

Kind regards,
octafx rep.

Length of use: 6-12 months

I have a lot of experience with various brokers, but octafx is the absolut best.

Low spreads.
Great bonus conditions.
Very fast withdrawal without any fees..
Good customer service.

Thank you for sharing such thoughtful feedback about our brokerage. We try really hard to provide the best trading experience for our customers here at octafx. Reading reviews like yours is a great hint that we’re providing our customers with the services that meet their needs, and we truly couldn’t be happier that that’s the case for you. We appreciate you being our client and want to say that you're always welcome on our chat at any time if you have any questions or suggestions.

Kind regards,
octafx rep.

Length of use: 0-3 months

As we’re already addressed your complaint in the thread you’ve created here on FPA, please allow us to echo what we’ve said here.

Thank you for your patience while we consulted your case with our team. After looking into the matters you brought to our attention, we can see that the cards you used to fund your trading account for the first and second time were different.

Please note that in such cases, our financial department may request verification of the second card to ensure it belongs to you and not to a third party, as all third-party transactions are strictly prohibited here at octafx. Therefore, the procedure is fully in line with our security measures.

We cannot merely block the possibility of conducting further transactions because in cases where funds do belong to a third party, we have to ensure that they’re refunded to the originating account. Therefore, it’s the trading activity that must be restricted to ensure that such money is not used for trading.

Looking into your trading history, we can see that the orders you're referring to were closed 17 hours after you got back access to your account. However, those orders could have been closed before the stop out occurred either in profit or with less loss as the two hours of account locking did not impact them. You decided to trade in the same direction, and it eventually led to the stop out. There were no issues from our side, and your orders were executed as per the market conditions. Unfortunately, there are no grounds for compensation/reimbursement as it was solely your decision to continue trading.

We want to remind you that despite this incident, you're always welcomed to contact us anytime, and we'll be more than happy to hear from you and help with any questions you may have.

Kind regards,
octafx rep.

Length of use: 0-3 months

I have been trading with this useless trader for 3 months now and im becoming more and more worried about the way this company handles my query or any issues.
1. They say there will be no swaps charged to accounts having funded more than 10k.
But they still keep charging the swaps and later asks me to provide details against the wrongly charged swaps. As in I'm working for octa FX and I will keep all this information ready for them.

2. They don't have a trading practice called partially closing a trade. If you are making losses on the trade you cant close it partially to minimize the loss. Rather it will book the entire loss and again open a new trade of the remaining lot. This is so weird and when I spoke to my account manager he gave fake promises of being working on the resolution.

3. They treat their customer with the least priority and I'm still to get my money reversed from them which now more than 50 days.

Nov 6, 2020 - 1 star octafx is a fraud company.. Beware.. You can lose money even without trading. There is no way you can contact there finance team. It's only the customer support team that never has any clue of what is happening.. In my case, 2 transactions of INR50000 got debited from my account on the 5th october 2020 but did not credit to my trading account. Since then I'm chatting with them every day.. But getting the same response .." madam we have requested for update sorry for the delay".. Every single day they are responding with the same message. After 1 month today on 05th nov, I asked them to arrange a call back from the account manager, when that human called me he was clueless about what is happening on my issue. He said he is following up with the finance team but he was not ready to provide a single email communication regarding the same. Still, no one knows what will happen to my funds. They don't have a call-in number. Only chat support. I have been trading with multiple traders and this is the worst of all. You cant talk to them at all. They don't respond to emails.. I'm very frustrated..

Reply by octafx rep submitted nov 20, 2020 dear shaziya shaikh,

Thank you for taking the time to share your experience with us. We're sorry to read that you had trouble depositing your funds at octafx. We've looked into your review, and as we can see, it is still being investigated by our financial department. We can also see that you've recently mentioned on social media that one of the transactions got back successfully, but there's still one missing. We're extremely sorry that it's taking so long, and we apologize for all the inconvenience you may have faced as a result. Please note that we’re still exchanging with the payment processor and are waiting for updates to provide you with as soon as new information reveals itself.

We wish to assure you that we’re committed to resolving this issue as soon as possible but want to ask you to allow us a bit more time. We understand how uncomfortable you may feel about the matter, and we want to tell you that we take it very seriously. We'll do everything that it takes to prevent such cases in the future and reduce the processing times. Please bear with us and remember that our customer support is constantly checking your case and they will be more than happy to provide you with the latest details.

We're looking forward to hearing from you soon. And we hope that it won't take much time to receive your funds back.

We deeply regret to read about your dissatisfaction with our services. We'll be more than happy to receive feedback from you about what could be improved, considering that the issue with swaps has been resolved and you were compensated.

As for the partial order closure, we're aware of the issue. However, it's not something we could influence and fix immediately as it would require an extensive amount of time and effort once such feedback is passed to the relevant department. However, we want to ensure you that we take your suggestions and recommendations very seriously, and we'll make sure they're all addressed and considered by our team.

We would also appreciate it if you could share what could be improved regarding our customer support services to meet your standards. It's one of our top priorities to ensure that we provide the most convenient trading experience to our customers and everything is done to your satisfaction.

Please send us a message anytime soon. Our team is always here for you, and we'll be happy to hear from you whenever you have any questions.

Forex brokers lab

BROKERS with LOW SPREADS

ASIC REGULATED BROKERS

BROKERS with MINIMUM DEPOSIT

BEST FOREX BONUSES

Regulators : –

Cryptocurrencies: YES

Minimum deposit: $100

Maximum leverage: 1:500

Spreads: low

My score: 5.4

Hello guys! I am going to introduce you to octafx today. Octafx is a brand of the octa markets incorporated company that is founded in 2011.

According to the information I received from the website of the broker, octa markets incorporated (octafx) is based in suite 305, griffith corporate centre, beachmont, kingstown, st. Vincent and the grenadines.

The broker’s website, octafx.Com, has approximately 300,000 visitors per month. The visitors are from pakistan, malaysia, and india mainly.

In this octafx review, you can find the answers to the following questions: is octafx scam or not? What are the account types offered by the broker? How good are the trading conditions such as spreads, minimum deposit and leverage? Is octafx regulated?

Let’s start with the regulation section, which is the most critical issue in the forex industry.

Regulation of octafx

I have said the regulation is the most critical issue because unfortunately, forex fraud and scams are common in the industry.

The broker was authorized and regulated by the UK’s financial conduct authority (FCA) until recently. The FCA is one of the most reputable regulators worldwide.

That is, FCA requires some strict rules that agents must adhere to in order to obtain the license. For instance, the brokers must hold at least £730,000 tangible assets to proof their financial stability.

In addition, they have to keep client funds must be held in segregated accounts separate from the company’s operational funds.

Except the numerous strict requirements for licensed entities, the financial regulator in the UK also provides a compensation scheme.

The financial services compensation scheme (FSCS) provides a maximum compensation cover of £50,000 per person in the event of insolvency.

However, octafx lost its FCA license in 2017. We can say that the broker is an unregulated forex broker.

Account types and spreads

There are three account types offered by octafx. These are micro, pro, and ECN account types.

The micro account is suitable for novice trade and small investments. There is no commission, there are two spread options such as floating starting from 0.4 pips and fixed starting from 2 pips. The minimum deposit is 100 USD for this account type.

The pro account is recommended for experienced traders who want to trade with lowest spreads and less trading costs. The spreads are floating and starting from 0.2 pips. There is no commission and the minimum deposit is 500 USD.

The last account type is ECN and it is recommended for progressive traders who want more transparency in pricing. The spreads are floating, starting at 0 pips but there is the commission. The minimum deposit for this account type is 100 USD.

The maximum leverage for micro account is 1:500, for pro account 1:200, and for ECN account is 1:500.

There are also swap-free (islamic account) and demo account.

Trading platforms

There are three trading platforms include the most popular trading platform metatrader 4 and its new version metatrader 5.

In addition to them, there is also ctrader which one of the most advanced forex chart-rich and customizable platforms.

Metatrader 4 is still the most popular because it has excellent features. It includes charting tools, market indicators, scripts and eas, advanced risk management, real-time market execution and more.

Metatrader 5, or MT5, is a next-gen multi-asset trading platform that will replace MT4 in the very near future. Its back-testing functions are not only faster than those of MT4, but it also allows simultaneous multi-pair testing.

Metatrader 5 (MT5), offering more than MT4 does, also includes features and trading functionalities that are better than many other online trading platforms available today.

Ctrader is a comprehensive and robust trading platform, designed especially for forex and CFD trading.

All trading platforms are available as a web application that is compatible with windows, linux, and macos. All of them can also be accessed from a smartphone or tablet, regardless of whether it runs ios or android.

Trading instruments

As a client of octafx you can trade on 28 currency pairs + 4 metals + 2 energies + 10 indices + 3 cryptocurrencies.

With octafx offering cfds along with other instruments, you can profit from the 10 most popular indices, including dow jones, NASDAQ, nikkei and eurostoxx 50.

Cryptocurrencies are also available on the metatrader 4 and metatrader 5 platforms. Octafx supports trading in bitcoin, ethereum and litecoin.

There are also commodities such as metals including gold, silver, platinum and copper, as well as crude oil, natural gas and other resources.

Payment methods

You can fund your account via bank wire transfer, credit/debit cards, bitcoin, and neteller. I think the deposit and withdrawal options are quite limited.

The broker claims that it charges no commission and use best exchange rates on both deposits and withdrawals.

There should be more methods, this is another big disadvantage for this broker.

Conclusion

Octa FX is a forex and CFD broker who is no longer licensed by FCA. It offers various trading platforms include MT4&5 and trading instruments.

The trading conditions are competitive but there is no choice of trading platforms. You must use only one of them.

If you didn’t want to trade with this broker you can check my top forex brokers list and find a better one. Of course, you will find better ones.

Octafx forex broker broker review

Reviewer : justin freeman

Published: 7th july, 2020.

Broker information

Company name: octafx

Founded: 2011

Country: st vincent & the grenadines

Platform info

Platform: metatrader 4, metatrader 5, ctrader

Dealing desk: no

Web based: yes

Mobile trading: yes

Broker services

Regulators: cysec

Bonus: first time deposit match: 50% up to max deposit: any

Minimum deposit: $5

Leverage: 1:500

US clients: no

Funding methods: credit cards, wire, neteller, skrill

Open free
demo account

Bonus offer for forexfraud visitors

Expert summary

Octafx belongs to a group of companies that include arlear inc OU, octa markets inc, and octa markets cyprus limited.

Incorporated in 2011, the CFD broker comes under the stringent regulations of the cyprus securities and exchange commission (cysec) in europe. To expand its services to include international clients, octa markets inc has included a registered office in st. Vincent and the grenadines.

The CFD broker offers investors the choice of three account types- micro, pro and ECN. The account types broadly dictate the platform, minimum deposit, products, and trading conditions. It is effortless and inexpensive to register with octafx.

All you have to do is choose your kind of trading account, select your platform, make a minimum deposit from $20-500 and start trading.

The broker offers a choice of three trading platforms that include the metatrader 4 & 5, plus the ctrader. All the platforms come with multiple order types, support manual/automated trading, feature several cutting-edge trading tools, and are accessible across all computers and mobile devices.

When it comes to the trading conditions, the broker’s retail clients in europe receive max leverage of 30:1 while professional and international clients receive leverage up to 500:1.

Octafx provides several educational resources for beginners. These comprise video tutorials, forex education, glossary and frequently asked questions.

To benefit experienced traders, the broker has included numerous analytical features and tools like the autochartist, live economic calendar, market insight, forex news, and a trading calculator. Most of them are directly accessible from the website. In terms of customer support, you can get in touch with the broker 24/5 via phone, email and live chat.

Octafx is an STP-ECN broker, offers tight spreads, negative balance protection, ultra-fast order execution, zero slippage, and no requotes.

The broker’s multiple deposits/withdrawal methods come at zero cost, the choice of two base currencies for fund transfers and immediate processing of withdrawal requests. Clients outside the european union also receive bonuses and promotional offers from time to time.

Octafx is the recipient of several industry awards for excellence in customer support, services, superior trading apps and others. A couple of the accolades are for the ‘best forex broker asia’ in 2018 and the ‘best forex ECN broker’ in 2017.

Free demo account

Octafx trading features

Why trade with octafx.Com? The firm lists these reasons:

Founded in 2011 and headquartered in saint vincent and the grenadines;

Regulated by cysec.

Six major industry awards received for services in 2012 through 2014;

STP/ECN format ensures no slippage, no re-quotes, tight spreads, and fast execution;

No trading room or dealing desk in ECN environment trading against you;

Four account types are offered, ranging from micro to mini for beginners, and to ECN for advanced traders;

Customer service reps work “24X5” on market days to fulfill your every need for assistance;

Metatrader4 versions available, together with a “ctrader” platform containing additional enhancements;

State of the art network ensures stability, great execution, reliability, and deep liquidity from global banking providers;

ECN fixed spreads begin as low as 0.2 pips;

Up to 1:500 leverage with micro-lots (0.01 size) available for everyone;

Client deposits are always held in safe and secure accounts, segregated from the firm’s operating capital;

Scalping, hedging, trading on the news, and eas are permitted at octafx.

The firm is always conducting a contest or a new promotion for the benefit of its clients.

Octafx leverage and spreads

As a non-dealing desk STP/ECN broker, octafx can guarantee very tight spreads from 0.2 pips, no slippage, and no re-quotes. Leverage up to 500:1 is also offered, even on small micro lot positions.

Octafx trading platform

Octafx offers two different trading platforms for your use, each allowing for unlimited access from your desktop, laptop, or mobile device. First, octafx grants access to the highly popular metatrader series of forex trading platforms. The MT4 set will support your android, iphone, or any winmobile OS compliant device. Secondly, the firm also provides “ctrader”, what the company states as the new standard in forex trading. Access is similar to MT4, including apple compatibility, but there are a few additional bells and whistles that make it worth your wile to test out on their free demo system. The latest technology in 128-bit SSL protection routines are utilized to encrypt all trading session and personal data, providing peace of mind from any unexpected compromise from the hacking community.

** MT5 platform now available!

Low minimum deposit - $5!

Octafx deposits and withdrawals

Octafx accepts deposits via visa/mastercard, bank wire, skrill, neteller, and also local banks transfers in indonesia and various other countries. Other domestic payment methods are also supported with new ones being added monthly. Your deposit may be in USD or EUR, and the minimum deposit for octafx is $5 for a micro account balance. A typical withdrawal request will be processed immediately with a confirming email following, as long as personal ID information is on file and in order. International anti-money laundering legislation requires that every global forex broker follow specific rules before any withdrawal request can be approved.

Beginner traders and customer support with octafx

Customer service representatives in jakarta, indonesia are eager to provide support in several languages. They can be accessed “24X5”, each and every business day. Octafx notes that these reps handle over 2,000 inquiries each day and resolve queries in five minutes on average, a testament to their professional ability to respond in a timely fashion. Email, live chat, and toll-free phone lines provide access. The company also supplies market news, research, and a convenient economic calendar.

Octafx review conclusion

Octafx has already garnered a number of prestigious industry awards and favorable testimonials, a good basis for choosing this relatively new entrant in the forex broker arena. They are also one of the few brokers willing to share volume data online. For example, on average, 500 new clients, 50,000 profitable trades, and $4 billion in value traded happen on a daily basis. Octafx also acts in full compliance with international legislation and regulatory standards, in addition to local oversight. Fxempire, a reputable forex site in london offered these words of praise, “octafx have managed to conquer the hearts and minds of many of their clients with the effort and dedication that they put into providing top notch services to their clients. For those who are in the market for a reliable and efficient forex broker, octafx certainly comes highly recommended.”

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About the author : justin freeman

Justin has twenty-two years' of experience working in the financial markets with brokers. He's held trading and risk management positions at boutique asset managers and large investment banks. Justin helps people understand their trading options in a clear, jargon-free manner.

Octafx REVIEW 2020

Octafx summary

Who is octafx

Octafx offers FX spot trading, along with cfds trading on cryptocurrencies, indices, metals and commodities.

They support trading platforms such as metatrader and ctrader, which are available on web, mobile, and desktop. Octafx also has their own mobile trading application.

Octafx has a website that is approved by the cyprus securities and exchange commission, also known as cysec that is under the octa-markets cyprus ltd.

New clients who will open a new account with octafx are going to face different options because of limitations on promotions and leverage from the recent regulatory requirements of ESMA.

So, let's see, what we have: having some questions about octafx? Read this octafx review. We candidly check out what it is, whether it's regulated, legit customer feedback, and more. At is octafx legit