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Is OctaFX a Scam

This OctaFX review was written by Forex industry experts with over 10 years of experience.
The information in this OctaFX review does not apply to users in the United States.

Since 2011, the OctaFX Broker has been offering Forex services. It operates under a CySEC licence and offers favourable terms to Forex traders. At the moment, OctaFX has been chosen as an intermediary to the financial markets by over 6.6 million clients worldwide, but the broker’s focus is on Asia-Pacific countries. OctaFX is well-known in Indonesia, Malaysia, Pakistan, and other Asian countries. Its services are used by active traders as well as passive investors who prefer to replicate the successful trading strategies of other market participants. Capital Finance International named OctaFX the Best CFD Broker in the Asia-Pacific region in 2020, and Global Banking and Finance Review named it the Best Forex Broker in Asia in 2021.

 Attention!

Due to the large number of negative reviews about this company, found when updating this page, and the low average rating, the author of the review does not recommend working with this broker. OctaFx Ban in Pakistan

The author advises to Trade With No1 Exness Forex Broker 

What is OctaFX?

OctaFX is a technology-based brokerage firm that has been in business since 2011 and provides an industry-leading platformMetaTrader5 with a wide range of investment opportunities and exceptional capabilities.

OctaFX started as an offshore brand based in SVG and later expanded to the UK, but in 2017 it closed its entity and relocated to Cyprus.

So, in addition to the European CySEC full licence, the broker operates a global offering from its entity; therefore, consider carefully which regulation you will fall under, as it may propose different trading conditions.

OctaFX Pros and Cons

👍 Advantages of trading with OctaFX:

  1. Provides tried-and-true trading platforms such as MetaTrader 4, MetaTrader 5, and cTrader.
  2. Tight spreads starting at 0.6 pips and no non-trading commissions from the broker for fund deposits or withdrawals.
  3. Trading opportunities include a wide range of assets as well as access to a service for copying trades.
  4. Minimum deposit is available. To begin trading, you must first fund your account with at least $100.
  5. The Cyprus regulator CySEC has given it a licence to conduct brokerage activities.
  6. More than 97 percent of orders were executed without slippage.
  7. On MT4 accounts, the ability to select the type of spread (floating or fixed).

👎 Disadvantages of OctaFX:

  1. Cryptocurrencies and CFDs are not available for trading on cTrader accounts.
  2. There is a limited number of investment options for trying to generate passive income.
  3. The list of payment systems is updated on a regular basis.
  4. The EPS commission amount is not specified on the company’s website.

Is OctaFX safe or a scam

OctaFX offers a secure trading environment. OctaFX, which was founded in 2011, walked a path with various operation licences, including SVG registration, and operated a UK branch before suspending this entity in 2017 and moving to Cyprus.

Is OctaFX legit?

So, the main difference during these years of operation was that OctaFX was a brand of the Octa Markets Incorporated company, which is registered, regulated, and governed by Saint-Vincent and the Grenadines law. Which is offshore heaven for tax management and relative ease of inclusion. OctaFX has now established its legal entity in Cyprus and gained a licence from the local CySEC, which also imposes regulation in accordance with European ESMA standards.

As a result, we can now state that OctaFX and its Octa Markets Cyprus Ltd entity are in complete compliance with the required operational standards.

Is OctaFX Global Broker?

OctaFX is truly global, as it is available in over 194 countries.

OctaFX is a global trading platform because it operates in 194 countries across Europe, Asia, Oceania, and Africa. OctaFX’s major markets include the United Kingdom, Germany, Australia, South Africa, Thailand, and China. OctaFX has over 30,000 registered users.

Is OctaFX a scam?

OctaFX has already received a number of prestigious industry awards and positive feedback from traders, providing a solid basis for its selection for trading as a relatively new but successful participant in the Forex and CFD markets (CFD-broker rating). Octa is one of those companies that allows you to trade cryptocurrencies, Forex, and other markets while working under very favourable conditions. The broker deserves credit for providing quick execution, quite acceptable spreads without extensions in a calm market, adequate algorithmic trading and news trading, bonuses, and contests. It also provides several dependable and functional terminals, which can be found on the website octafx.com.

OctaFX is one of the few brokers who publishes information about their clients. For example, on average, 500 new customers are registered daily, 50 000 profitable transactions are completed, and the total revenue is $4 billion. The broker operates in full compliance with international legislation and standard standards, and possesses a number of serious licences that are also appealing to the modern speculator.

In general, the company is actively growing, doing everything possible to make trading on its platform convenient and profitable for its customers. According to Fxempire, a leading Forex website in London, «OctaFX has managed to win the hearts and minds of many of its customers through the efforts and dedication that it invests in providing first-class services». In general, this is the answer to the question of whether OctaFX is a scam.

OctaFx Deposit and withdrawal

Deposits are accepted via Visa/Mastercard bank cards, bank transfers, Skrill, Neteller, and transfers in Indonesian and other countries’ local banks. The Micro account balance requires a minimum deposit of $5. In terms of funds withdrawal, OctaFX is one of the few brokers that actually processes all withdrawal requests within 1-3 hours. If the player’s personal identification information is correct, a typical withdrawal request will be processed immediately and confirmed via email.

Before any withdrawal request can be approved, each global Forex broker is required by international anti-money laundering legislation to follow certain rules. Except for payments made through banks and Neteller, which are $5 and $4, respectively, the minimum withdrawal limits are the same as the deposit limits. There are no upper limits on capital withdrawal. Skrill, Perfect Money, PayWeb, Neteller, and WebMoney transactions are instant. OctaFX protects its customers’ funds by using segregated accounts, which ensure that capital is kept in a bank account separate from the main brokerage operations. It means that the company cannot use the customer’s resources for its own purposes.

Is my money safe with OctaFX?

Yes, your funds is safe and protected with OctaFX. OctaFX, as you are knowledgeable, works in accordance with regulations. It has taken numerous precautions to protect all of its investors.

OctaFX uses SSL encryption to protect its customers’ private and sensitive data. Your funds will be kept in top-tier banks in a highly secure environment.

You can also enable Two-Step Verification if you want to further secure your account. You will not be able to access your account until you receive an SMS confirmation.

How long do OctaFX withdrawals take?

Withdrawals from OctaFX are typically processed within a few working days, but depending on the withdrawal method used, it may take up to 7 working days for a withdrawal from OctaFX to appear in your bank account. Withdrawals are available in any of the following currencies.

USD, GBP, AUD, EUR, NZD, CHF, ZAR, SGD, JPY, and CAD are all valid currencies.

Is OctaFX Safe To Trade With In 2022?

OctaFX, which was founded in 2014, has been in operation for eight years and is headquartered in St. Vincent and the Grenadines.

The Financial Conduct Authority regulates OctaFX (FCA). These bodies have rules in place to ensure that trading platforms have safeguards in place to protect investors’ funds. This means that OctaFX users don’t have to be worried about their money because it is segregated and safely stored in trustable banks. SSL encryption also simplifies each user’s personal information.

For increased security, OctaFX offers a Two Factor Authentication (2FA) option. A confirmation code will be sent to a mobile phone via SMS. To access your accounts, you will need to enter this code.

Another safety concern with online brokers is the chance of trading manipulation. This is highly harmful to consumers on those platforms. Nonetheless, in the case of Market Maker agents who compete with customers on the platform, this is more popular.

Can you make money with OctaFX?

Several traders make a lot of money with OctaFX. However, as with all online trading platforms, traders have the potential to lose money. Losses, in particular, can exceed deposits.

This may appear to be a small number, but it quickly adds up to a huge number of gains over the lesson of the year. While OctaFX provides you with all of the tools you need to make money, they cannot guarantee that you will profit.

Conclusion

Overall, OctaFX offers a high-quality trading strategy as well as flexibility in terms of the conditions, platforms, and instruments it offers. We were initially concerned because OctaFX operated purely through an offshore entity; however, OctaFX is now regulated by the European CySEC in accordance with the MiFID directive. As a result, its operation is in accordance with the required level of protection. We provide high-tech access to a variety of instruments and platforms for manual, algorithmic, or social trading. OctaFX offers both the industry-standard MetaTrader platform and the powerful cTrader platform, which is highly regarded by professional traders. Learn more about the OctaFX licence by following the link to our News.