The WikiFX Score of this broker is reduced because of too many complaints! The WikiFX Score of this broker is reduced because of too many complaints! The WikiFX Score of this broker is reduced because of too many complaints!
No restriction on the broker account. Provide service support by WikiFX
Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines
This broker bas been verified to be illegal and all of its licences have been expired, and it has been listed in WikiFX's Scam Brokers list; please be aware of the risk!
The platform is a Ponzi Scheme, which refers to the use of "principle of value multiplication". In the form of rolling or static fund circulation, it uses the money of next member to pay to the present one, which is essentially a pyramid scheme with the distinction of hidden, deceptive and socially harmful. By calling common person's desire for money, fraudsters in the platform begin raising funds underground. Since this kind of platform mostly will abscond after 1 or 2 years, the fund-raising mode just can exist less than 3 years.
Average transaction speed（Millisecond） Good 321.4
The fastest transaction speed（Millisecond） 46
The fastest transaction speed [open]（Millisecond） 57
The fastest transaction speed [close]（Millisecond） 46
Slowest transaction speed（Millisecond） 1998
Slowest transaction speed [open]（Millisecond） 1998
Slowest transaction speed [close]（Millisecond） 1984
Average disconnection frequency（times/day） Perfect 0.3
Average reconnection time（Millisecond） 10.2
XAUUSD Good 30.1USD/lot
Average trading slippage Good 0.1
Maximum transaction slippage 27
Maximum transaction slippage [Long] -2
Maximum transaction slippage [Short] 27
SL does not fit
The figure has not yet reached 1990.02. My entry has been closed. Really really a scam
made a withdrawal from Octafx and tried to transfer amount to my bitcoin wallet.tried my bank account and was advised that this option not provided to south africa and all attempts where rejected Octafx gave me option to withdraw using Tether ERC20 or TrC20 which I choose ERC20 and linked my etherium wallet adress from my luno and withdrawal was successful only to find out the network used was burned in south africa which is USDT in this case money left dangling on the network and lost.
2021/12/16 11:55:49South Africa
Unable to withdraw
I deposited 150,000 pesos and started investment on this platform. But they rejected my withdrawal of $5,000 and the customer service did not reply. Please help.
They are a fraud company.
I was contacted by OctaFX after I responded to there promotions that I saw on Facebook. They asked me to open up an account with $500 and then another person called me every night at the same time to give me “training” on how to trade via software that was down loaded onto my PC. I make trade on 3 Months but when I request for withdrawals they refused it and rejected my requests.
Octafx not crediting my deposit from two weeks
Hi my name is Syed usman Shah. I am trading on octafx from more than 6 months. On april 12 i deposited Rs40000 which is equivalent to $261 but they have added only 32.75$ which is only Rs5000 i told this issue to support many time they always says our finance team is working on this issue and As soon As possible the will resolve this issue but they haven't able to resolve it so finally i came here after contacting many time to support but they are unable to solve my issue.
unable to withdraw
At first my friend told me about octafx that time I had the money to invest so I registered and deposited and trade with them after gaining the exact amount I wanted, I proceed to withdraw but it keeps telling me they have sent it but I didn't receive anything in my account.
octafx copytrading am unable to withdraw they wm
I can't withdraw they want me to put in $25 and I had just $ 3.66 now u can't even withdraw back my money so sad
Do not believed the sweet words of a Scammer.
This woman chatted with me on telegram and she told me that she could help me in making money online. I deposited $300into the account, And after a 3 months my last check of my account it has $3000 but now I cannot access the account, and she no longer responds to any messages from me.
The Central Bank of Nigeria (CBN) has established the RT200 FX Program, which aims to boost foreign currency revenues.
The fact that there are many brokers today in South Africa; seeking to attract traders to invest with them, makes it very difficult to choose the best broker for trading. Not all brokers are suitable for traders. Some are fraudulent sites manifesting as brokers and seeking for traders to scam. We have therefore provided in this article the basic guidelines for choosing a broker for trading; bothering on their proof of regulation and approval from WikiFX.
The international Forex broker OctaFX has recently added 25 new cryptocurrencies paired with the U.S. dollar, ready to be traded on its services from 14 March 2022.
WikiFX has been following OCTA scam case since early 2020. In the case, forex broker OCTA didn’t allow an investor to withdraw his 100,000 dollars at the very first time due to the large amount of profits.
although OtcaFX is regulated by CySEC showcase at WikiFX, there are two complaints against the broker recently. With an increasing amount of fraud cases, WikiFX decided to exposed OtcaFX and raised the question whether all brokers regulated by CySEC are trustworthy or not.
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The Cyprus Securities and Exchange Commission (CySEC) was established in accordance with section 5 of the Securities and Exchange Commission (Establishment and Responsibilities) Law of 2001 as a public legal entity. It is an independent public supervisory Authority responsible for the supervision of the investment services market, transactions in transferable securities carried out in the Republic of Cyprus and the collective investment and asset management sector. It also supervises the firms offering administrative services which do not fall under the supervision of ICPAC and the Cyprus Bar Association.
Current Status:Suspicious Clone
License Type:Market Making(MM)
Regulated in Country/AreaCyprus
Regulatory License No.：372/18
Email Address of Licensed Institution :email@example.com
License Type:No Sharing
Website of Licensed Institution :
Expiry Date :--
Address of Licensed Institution :STrovolou 47, KYROS TOWER, 5Th Floor, Nicosia 2018
Phone Number of Licensed Institution :35725251973
You can check the real-time processing progress in 'User Center-My Release-Ponzi Scheme'
General Information & Regulation
OctaFX is a US-registered online Forex and CFD broker, founded in 2011 and opened its MT4 trading platform in the same year, introduced local payments for the first time in 2012, swap-free accounts was released in 2015, and then introduced US crude oil and Brent crude oil in 2020 due to OctaFX's claim to hold a full Cypriot CySEC license, which is suspected to be The full Cyprus CySEC license that OctaFX claims to hold is suspected to be a set of licenses. Octa Markets Cyprus Ltd does not offer its services to residents of USA, Canada, Belgium as well as to other jurisdictions falling outside the European Union.
OctaFX offers financial trading assets mainly in 32 Forex currency pairs, commodities, 10 indices CFDs, Crypto currencies.
Trading accounts offered by OctaFX include the OctaFX MT5 account (for smart traders with a minimum initial deposit of $1,000), OctaFX MT4 account (for habitual traders with a minimum initial deposit of $100), and OctaFX cTrader account (for progressive traders with a minimum initial deposit of $100).
The maximum trading leverage offered by OctaFX is 1:500 for Forex currency pairs, 1:200 for gold and silver, 1:50 for CFDs on indices, and 1:10 for cryptocurrencies.
Spreads & Commissions
OctaFX offers floating spreads with a minimum spread of 0.4 pips on EURUSD with commission markup on OctaFX cTrader accounts and 0.6 pips on EURUSD with no commission markup on OctaFX MT4 and MT5 accounts.
OctaFX offers three trading platform options: MT4, MT5, and cTrader. MT4 trading platform is suitable for both novice and experienced traders, with easy operations and diversified configurations. MT5 has all the positive features of MT4 with some new features added to it, extensive charting time tables, indicators, and images, suitable for more in-depth technical analysis, technical analysis. cTrder has a multi-functional trading environment that allows for more flexible trade execution and can meet the needs of any trader. All three trading platforms support web, desktop, Android, and iOS versions.
Deposit and withdrawal
OctaFX supports traders to deposit and withdraw funds to their investment accounts via VISA credit card (minimum deposit $25, minimum withdrawal $20), Bitcoin, Skrill (minimum deposit $50, minimum withdrawal $5), Neteller (minimum deposit $50, minimum withdrawal $5).
Customer support is available 24/7 and is best reached via live chat or Telegram. A webform is equally accessible, and traders may alternatively call. OctaFX ensures swift access to a customer services representative in case the unlikely need for additional assistance arises.
The Database of WikiFX comes from the official regulatory authorities , such as the FCA, ASIC, etc. The published content is also based on fairness, objectivity and fact. WikiFX doesn't ask for PR fees, advertising fees, ranking fees, data cleaning fees and other illogical fees. WikiFX will do its utmost to maintain the consistency and synchronization of database with authoritative data sources such as regulatory authorities, but does not guarantee the data to be up to date consistently.
Given the complexity of forex industry, some brokers are issued legal licenses by cheating regulation institutes. If the data published by WikiFX are not in accordance with the fact, please click 'Complaints 'and 'Correction' to inform us. We will check immediately and release the results.
Foreign exchange, precious metals and over-the-counter (OTC) contracts are leveraged products, which have high risks and may lead to losses of your investment principal. Please invest rationally.
Special Note, the content of the Wikifx site is for information purposes only and should not be construed as investment advice. The Forex broker is chosen by the client. The client understands and takes into account all risks arising with Forex trading is not relevant with WikiFX, the client should bear full responsibility for their consequences.