Scam
Forex

OctaFX

Unregulated Broker that Steals from its Clients

In this OctaFx review 2020, I’ll throw light on how this shady broker is scamming people and running an illegal operation. I have discussed every aspect of this company in detail, to make sure that you can make an informed decision without any hesitation. I hope my review will help you in understanding the reality of this broker:

OctaFX has customers from many countries but it is still difficult to find good OctaFX review India and OctaFX review Canada. This is why we decided to put forward the honest truth. 

Fake Address 

OctaFx is operating from Saint Vincent and the Grenadines region. Their address is Suite no. 305 of the Griffith Corporate Centre in the Beachmont Kingstown region. I randomly searched for the details of the address on the internet and the results are shocking.

Not all of the companies may be operating from the same address only. I have tried to incorporate the screenshot of the few brokers located at the same address as that of the company.

It is not possible that all of the companies are operating from the same address. It seems as though the broker provides a virtual address to deceive traders. 

Saint Vincent and the Grenadines is a weak region in terms of the regulation of forex brokers.  It is clear from the long list of companies operating from the same address. Another major shock is that all of these companies claim that they have completed the verification process with the same regional authority. There is no chance of multiple forex brokers to have approved registration from the same address. It is well-known to brokers that the offshore locations are perfect for tax evasion, and illegal activities. My OctaFx review advises traders to stay from the brokers operating from such offshore regions.

OctaFX Does Not Have Regulation! 

After dismay from the so claimed “registered address” of OctaFx, it is mandatory to check their regulation status. OctaFx is not a publicly registered broker.

The broker mentions that it is under the governing laws of Saint Vincent and the Grenadines region. There is no other supervisory authority which is overseeing their activities. There is no evidence of the regulation of the broker by the Financial Service Authority of Saint Vincent and the Grenadines. Here’s a screenshot to explain it better:

Next in the line is their fake claim about their regulation by the reputed Cyprus Securities and Exchange Commission (CySEC). A detailed look at the website of the regulation authority clarifies that the authorized domain of the regulated company is www.octafx.eu but the promoted domain is www.octafx.com. In addition to this, the owner of the domain www.octafx.eu is Octa Markets Cyprus Limited.

The European Securities and Markets Authority (ESMA) imposed a ban on the promotional bonus by this firm. OctaFx claims to work under the regulation of the Cyprus Securities and Exchange Commission (CySEC) which works under the ESMA guidelines. The broker thus is not eligible to provide promotional bonuses to traders. In a complete contradiction to this, OctaFx flaunts the 50% bonus offer on its website.

The non-adherence to the ESMA guidelines clarifies that there is no association of the broker with the Cyprus Securities and Exchange Commission. The broker trapped itself in the cobweb of fake claims by offering the 50% bonus to traders. Professional traders can check the websites of any of the CySEC regulated brokers that they never offer any sort of promotional bonus to traders. 

The Arlear Incorporation OU is responsible for the operations of the website of the OctaFx. I understand the improper screenshot of their ownership details but this is how they have presented them on their website. There are no results for Arlear Corporation on the internet.

OctaFx also mentions in its terms and conditions that it is operating through a single website only. Please refer to the screenshot of the same.

The straight conclusion from all of the contradicting and limited data is that the company tries its best to fool traders using false claims. The claim of regulation by the Financial Service Authority of Saint Vincent and the Grenadines has no proof in its support. Their address of the SVG region is a duplicate address and many companies have the exact same address. Their second claim that they have an association with the reputed Cyprus Securities and Exchange Commission (CySEC) is untrue. The address and the ownership details of the firm associated with the registered broker are different from the address of OctaFx. My OctaFx review suggests traders to stay away from their shady and fraud operations.

Third-Party Payment Processor

Octa Global Technologies LP is responsible for processing the payments of the trading accounts of OctaFx. A screenshot of the details of the payment processing is below.

As discussed earlier, there are issues related to their regulation and registration. And apart from that, their parent company isn’t responsible for any financial transactations. It is strange that a different company, which belongs to the Republic of Ireland.  oversees the payments. There is no link between this company and the region of Saint Vincent and the Grenadines. All these conditions add to the gripe of traders.

Online Presence of OctaFx

Their website is full of animations. It looks like it is a kids’ website. The website is highly colorful with no links to professionally created content. While writing my OctaFx review, I realized that they have kept their website quality low, which is a significant red flag. The images on the website are of average quality. The web page is very long and the journey of the visitor on the website is not pleasant. 

Traders should get exact information about the services of the broker without any distraction from unwanted elements. This interface does not reflect any professionalism on the part of OctaFx. The broker fails to increase the reach of its website to a wider audience. The basics of location, ownership, trading services are not accessible. The broker fails to keep the website updated with real-time data. Without any doubt, the broker loses hundreds of good expectant customers due to the bad website only.

OctaFx Social Media Presence

The Facebook account of OctaFx publishes a post about the wallpapers offered by them. It is strange but true that the place of services is given to the wallpapers. The wallpaper is full of cosmic illustrations. My OctaFx review respects the creativity but there is no link between the broker and the cosmos. 

The same problem exists with the Twitter account as well. The last post on their twitter account was in April. Another concern is that there are fewer followers of the twitter account as compared to any other company. It raises many eyebrows as efficient brokers have a good list of followers and connections on social media.

The online presence of OctaFx seems like the website and the social media accounts were made only for the sake of them. There is no care given to the abandoned accounts. There is no dedicated team responsible for their online response management. An experienced team in handling the website and the online accounts is a mandate for brokers. There is so much competition in the market and traders have lots of options to decide from. The internet has a lot to offer to visitors. The quality content is the first responsibility of any website. OctaFx fails to match the expectations of traders. 

Limited Customer Support

OctaFx fails to provide round the clock customer support to its clients. There is no facility of 24*7 customer support and dedicated phone numbers for regional linguistic support  provided to traders.

There is no email-id so the traders can contact the company. Some serious issues require the person to share information through email but there is no such provision. 

An organized and well-equipped technical support is the measure of quality care for the customers. Any company cannot serve in the respective industry without giving serious attention to customer care. OctaFx fails to provide good and reliable customer support to traders on email, phone, and Skype. There is no outline for the process to reach the technical support team according to the type of issue faced by the broker. It is a case of neglect in which the company tries to save its cost and efforts in helping traders. Traders should not let the negligence of the broker take a toll on the invested money. 

Regulated brokers establish a committed customer support team. It has various verticals of non-technical and technical support to traders. The quick responding team is the key to break the barriers between the broker and traders. OctaFx does not realize the importance of the high-end customer support and traders are left to linger on with their grievances. 

I realize why OctaFx hasn’t put in much effort in providing customer support. They don’t care about their clients. They only want you to invst as much as you can so they can steal from you. It’s either that, or maybe their organization is so faulty that they don’t want to hear the complaints of their various customers. In any case, OctaFx isn’t doing a good job in this field. 

OctaFx and its Terrible Trading Conditions

Unlike other regulated brokers, OctaFx does not have many trading instruments. It is not beneficial to traders as they don’t get many options to choose from. Whatever may be the condition of the market, traders have to deal with the same assets only.

Strange Leverage Conditions

The leverage ratio provided in the accounts of the OctaFx is on a pro-rata basis to the invested amount. The leverage ratio starts as high as 1:500. It is against the high invested amount of $5000. Other regulated brokers have a competitive leverage ratio of 1:100. The leverage ratio provided by the broker is not competitive. The minimum leverage ratio is 1:33 against the amount of $200,000. Following is the detailed chart about the leverage ratio of OctaFx.

The high leverage ratio cannot provide profits to traders. The leverage ratios in the trading accounts of the regulated brokers are competitive, but that’s not the case here. It allows a fair chance for traders to deal with the volatility of the forex industry. The non-provision of essential levels of the leverage ratio is a major disadvantage to traders.

OctaFx Offers Terrible Spreads

The spreads of the trading accounts are enormously high. In particular cases, the spreads reach as high as 56 pips. The spreads of regulated brokers start with as low as 0 pips for the popular pair of EUR/USD. The live trading accounts of OctaFx suffer overnight changes in the spread. The high performing assets of the trading accounts suffer changes in the spreads as well. This is the cheap policy of the broker which aims to steal as much as possible from the trader.

No PAMM Accounts

There is no provision of PAMM Accounts for traders of OctaFx. The PAMM or Percentage Allocation Management Module accounts are the best tools for professional traders. It is the advanced form of trading apart from the traditional methods in which an investor provides capital and another trader completes the trade execution.

It is a popular method of trading as the investor only provides capital to the trader. There is no worry of keeping a check on the trading market as the expert trader takes care of the same. The results of the PAMM accounts are far better than the results of the standard live trading accounts. There is less risk involved as the investor gets a percentage of profit in the smallest profit as well. OctaFx fails to understand the importance of PAMM accounts.

It’s a greedy enterprise that doesn’t want to see its clients succeed. It only wants to empty their wallets. 

Live Trading Accounts with Limited Services

The company provides 3 types of live trading accounts to traders.

The first account is a Micro account. There is no facility of the MT5 and cTrader on this account. The leverage ratio is as high as 1:500.

The second account of OctaFx is the Pro account. Here too, you don’t get the trusted MT4 platform, which is the best for forex trading. It requires a high minimum initial deposit of $500. The minimum initial deposit requirement is 10 times higher than the MT5 trading accounts of the regulated brokers.

The third account is the ECN trading account. There is no option of the Meta Trader platform for the ECN account and the leverage is as high as 1:500.

OctaFx Withdrawal Fee

OctaFx claims that it takes only 3 days to process the withdrawal requests. This is not true. The broker takes more than 7 days to credit the money into the account of the trader. Along with this, there are some conditions without which the broker doesn’t entertain any withdrawal request of traders. These conditions require the availability of proper margin, all necessary information, and the proper clarity on the payment channel. The list of guidelines is in the snapshot below.

OctaFx takes the sole discretion to charge any amount of fee from the trading account of the investor. Any charge deduction by the broker should be clear to traders. There are no details about the withdrawal fee related to the amount of the withdrawal. It is not an appreciable step as all of the regulated brokers provide a clear list of the payment partners to the company along with the amount and the fee details for the channels of payment.

OctaFx creates its supremacy in releasing the funds of the trader. Unlike regulated brokers, the funds of traders depend on the mercy of the broker. The broker accepts or rejects the withdrawal requests at its sole discretion only.

High Fee for Holding Position

OctaFx charges a three-day fee for opening the position for more than 3 nights. It is an enormous amount as compared to the charges of regulated brokers. The provision of keeping the open position is already in the best trading accounts of the regulated brokers. To my disappointment, traders of OctaFx have to pay a definite fee for the same purpose. The screenshot supporting the high fee is as below.

Missing List of Payment Partners

OctaFx fails to provide a detailed list of the payment partners associated with them. Regulated brokers always mention a clear outline for the payment modes accepted by them. It contains the list of the payment modes and the fee associated with them. In addition to this, the minimum withdrawal and deposit amounts are also mentioned. Regulated brokers understand that the safety of investor funds is only in segregated accounts. They also mention the banking partner associated with each region. But OctaFx doesn’t mention any of these details. That’s a cause of concern because you might deposit your funds but never get them back because their accepted payment method isn’t available to you. OctaFx has tried many shady tactics to deceive traders, that’s why they are a dangerous business. 

Cancellation of Account

I have found many OctaFx complaints where they suspended their clients’ accounts for no reason.. The broker cancels the trading account of traders when they request any significant withdrawals. The snapshot of the sole will of the broker is as below.

The broker is not working under any secure and regulated area. OctaFx again enjoys its sole-discretion in suspending the trading accounts of traders. Opening and closing of trading accounts are not under the will of a trader. It is under the will of the broker. The money involved in the trading account lapses automatically with the suspension of the trading account.

In other words, they can suspend your account anytime and steal your funds without facing any problems. They can get away with stealing from you. OctaFx is a thief disguised as a forex broker. 

No Educational Resource

OctaFx fails to provide educational support to its traders. There is no provision of good educational materials like video tutorials, and written documents like the detailed but simple e-books which makes a trader aware of the trading terms and the appropriate trading processes. 

A new trader needs to understand the market before doing business. The demo account simulates the conditions but there is no guide available in the demo account. Thus there is a strong need for a simple and elaborative education corner. A mention of the basics is not sufficient to meet the needs of all traders.

Final Verdict: 

The fake claims of the services and registration together with the limited services and customer support do not make it an ideal broker. Instead, they are eye-openers for anyone looking for a forex broker. 

You should keep a distance from such unregulated and malicious brokers. They are unreliable and shady. I hope my OctaFx review will help you in staying safe. Don’t bother working with them, there are plenty of options in the market, choose from those. 

References

2.3 Total Score
Total Fraud

OctaFX fails to provide any signs of reliability whatsoever. Stay away from them!

2.8Expert Score
Trust
3
Customer Service
3
Pricing
3
Trading Experience
2
1.8User's score
Trust
2.7
Customer Service
1.2
Pricing
1.8
Trading Experience
1.8
CONS
  • No support
  • No educational resources
  • History of cancelling users' accounts without reason
  • No payment partner details
  • Extremely high fee for Holding Position
  • Limited services
  • No PAMM accounts
  • Pathetic Spreads
  • No regulation whatsoever
  • Fake address
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10 Comments
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  1. 1.25
    Trust
    20
    Customer Service
    20
    Pricing
    20
    Trading Experience
    40

    Unspecified charges take away the entire deposit!!!
    OctaFX is nothing more than a scam. I wonder why I didn’t find this OctaFX review before I signed up in that terrible website. These people are the real crooks of the society and should be rotting in jail.
    I had opened an account with OctaFX in Sep 2019. I thought I would start trading forex and I had read several positive reviews about them. I’m pretty sure that most of their positive reviews are the results of sponsorships and paid content. There is no way that such a heinous and greedy broker can get a positive review from its customers.
    I had deposited $750 in my trading account but it stopped reflecting in my account after a week. I hadn’t traded much and I had definitely didn’t use the entire deposit at once. So the disappearance of my account balance was a really big shock for me.
    I contacted the customer support and thry told me it was because of some charges. But they didn’t specify what charges they levied. I lost my entire deposit due to their greedy policies. Octafx is a scam!

    Helpful(1) Unhelpful(0)You have already voted this
  2. OctaFX
    20

    I would not recommend them at all

    + PROS: Easy to find
    - CONS: Pathetic Service Dishonest
    Helpful(3) Unhelpful(0)You have already voted this
  3. OctaFX bad. My account has more than 576 rupees and it is not processing at all. I have those funds only and they don’t respond. No withdrawals processed by octafx. OctaFX Plz respond!!!

  4. Serious connection problem!! When I was setting up my account and depositing funds, I didn’t face any problems but now that I want to trade, it’s showing connection issues. At first i thought it was my wi-fi but everything is working fine except this app. The octafx app is terrible. I tried reinstalling the app but the problem is still there. I have $50 there and because of this connection problem, I can’t access those funds anymore. I really wanted to trade with Octafx but I don’t think i would be able to 🙁

  5. 0.75
    Trust
    10
    Customer Service
    10
    Pricing
    30
    Trading Experience
    10

    Unreliable broker and definitely NOT trustworthy. I had deposited more than 20000 INR in my trading wallet but it is not showing in my balance. It’s been deducted from my bank account but it is not reflecting on my trading balance. When I reported this issue with octafx customer support, they told me to wait for the money to show in my account. They first told me that it takes a week for some transactions to complete. So I waited.
    Now it has been 3 weeks and there is 0 balance in my trading account. Octafx customer support is still telling me to wait.

    - CONS: Untrustworthy broker
    Helpful(1) Unhelpful(0)You have already voted this
  6. 0.5
    Trust
    10
    Customer Service
    10
    Pricing
    10
    Trading Experience
    10

    OctaFX has horrible customer support. I have been sending them withdrawal requests for months and they don’t respond. I don’t know what to do anymore. I contacted them through the Play Store because I was using their mobile app. They still haven’t processed my withdrawal request! I had more than $350 invested in that account!

    - CONS: no withdrawals
    Helpful(0) Unhelpful(0)You have already voted this
  7. The octafx app is terrible. I have been logged out of this app and can no longer access my account. The customer support of this broker is terrible too. It doesn’t respond to any messages except sending an automated confirmation. I had been trading with octafx since Feb 2020 and until now, I didn’t have any complaints. I uninstalled the app, and then re-installed it but there’s no change. After seeing that, I wrote to their customer support email [email protected] multiple times but it didn’t yield any results. It’s been 3 weeks and I’m yet to get any responses from those people. Octafx needs to do something about it. I also tried to access my account through their website but no results so far. To be frank, I’m afraid they might have frozen my account for no reason. In any case, don’t sign up on octafx guys, they are dangerous people.

  8. 0.75
    Trust
    10
    Customer Service
    10
    Pricing
    20
    Trading Experience
    20

    Octafx is completely untrustworthy!! When you are depositing funds in your trading account, you wouldn’t face any problems at all but as soon as you request a withdrawal, you’ll start seeing a ton of connection errors. I haven’t been able to withdraw funds from my octafx trading account since last month. And I don’t think I would ever be able to withdraw them seeing how this broker is responding to my requests. I contacted them through the contact us page of their website but they left me with a simple automated response. These people don’t care about their customers!! They only want your money and then they would stop responding. The connection problem is still there. Don’t trust octafx!!!

    - CONS: Process deposits well but as soon as you request a withdrawal, they go silent and start showing errors
    Helpful(0) Unhelpful(0)You have already voted this
  9. Thank God I found this review. I had been seeing many ads from OCTAFX for a few days ever since I started looking into forex. I was really interested in trading but it seems they are very terrible indeed.

  10. 0.5
    Trust
    10
    Customer Service
    10
    Pricing
    10
    Trading Experience
    10

    I’m tired of writing to Octafx. These people are running a global scam! Just go and check out their reviews on Google Play Store and you’ll see a ton of 1-star reviews. So seeing this many complaints about octafx isn’t very surprising for me too. I have been a forex trader since 2014 and have worked with several brokers in this time. OctaFx became my broker in March 2020 when I thought that switching things up a bit would be beneficial. That was a big mistake. I have several problems with Octafx and I would like to share all of them here. Because when I posted my review on their Play Store listing, it got removed somehow. These people know how to bury negative and truthful reviews.
    THEY WILL DELETE YOUR ACCOUNT WHEN CONVENIENT
    My first problem with Octafx is their random system of deleting accounts. In July 2020, they deleted my trading account, which had more than $$$$$ in its balance without citing any reason. I had started trading full-time ever since this situation started in March. I lost my job and because I had studied forex a lot in the past few years, I thought I would become a full-time trader. Things were going okay for a while in May and June then they deleted my account and kept all the funds I had in it. I lost $$$$$ because of this terrible act of OctaFx. Forex brokers tend to delete or freeze an account when they find any technical issue with them or when they see the trader is doing something unethical. But I didn’t do anything and it shocked me when I tried to log in and it said that the account doesn’t exist. I have worked with many brokers in the past few years and none of them ever did such a thing. The only reason I switched brokers was because the broker had upped their fee and I didn’t want to pay that. Nonetheless my last broker stayed with me for years. Octafx could have had a great client but their act showed me they are just a forex scam.
    NO CUSTOMER SUPPORT EXISTS IN OCTAFX
    Another problem I have with Octafx is their non-existent customer support. When they deleted my account, I tried to contact the customer support of this broker. However, I didn’t get any responses from the customer support of Octafx for weeks. I had to send them 3 separate emails to the customer support mail id to get any response. And when I finally did get a response, it was just an automated one which told me to wait for a few days so they can look into the matter. I waited for a few days after receiving that response but when I wrote back to them, they didn’t respond.
    I’m certain now that Octafx doesn’t have any customer support. They have set a bot which responds to any queries and complaints when it can but they don’t look into any of them. Anyone can see how immoral and unethical this system is. As a forex broker, Octafx is the worst you can get in the market. In conclusion, I would only say that people should avoid trading with OctaFx, there are many others you can check out. Octafx is a scam.

    - CONS: No customer support Forex fraud Delete accounts without notice
    Helpful(0) Unhelpful(0)You have already voted this

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