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    OctaFX

    • United States United States
    • 2-5 years
    • Scam Brokers
    • Suspicious Regulatory License
    • MT4/5 full license
    • Global Business
    Open Account
    WikiFX Score
    Comparison

    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!

    VPS Standard

    No restriction on the broker account. Provide service support by WikiFX

    • Single Core

    • 1G

    • 40G

    Get it for free

    Broker Information

    Company Name

    OctaFX

    Phone of the company

    85258088865

    Customer Service Email Address

    support@octafx.com

    Company address

    Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines

    Pyramid scheme complaint
    Expose

    Check whenever you want

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    This platform is a Ponzi Scheme. Please stay away! 4
    2022.05.23

    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.

    • Account
    • Benchmark
    • Funding
    Comparison
    Trading software
    • SMART TRADER
    • HABITUAL TRADER
    • Benchmark AAA
    • Maximum Leverage 1:500 for currencies (1:100 for ZARJPY) 1:200 for metals 1:100 for energies 1:50 for indices
    • Minimum Deposit 100 USD
    • Minimum spread starting at 0.6 pips
    • Products 35 currency pairs + gold and silver + 3 energies + 10 indices + 5 cryptocurrencies
    • Currency --
    • Benchmark AAA
    • Maximum Leverage Up to 1:200 for currencies 1:100 for metals and energies 1:50 for indices 1:2 for cryptocurrencies
    • Minimum Deposit 100 USD
    • Minimum spread starting at 0.6 pips
    • Products 35 currency pairs + gold and silver + 3 energies + 4 indices + 5 cryptocurrencies
    • Currency --
    • Currency --
    • Minimum position 0.01 lot
    • EA supported
    • Depositing Method (5+) Skrill
    • Withdrawal Method (3+) VISA
    • Commission --
    • Currency --
    • Minimum position 0.01 lot
    • Depositing Method (5+) Skrill
    • Withdrawal Method (3+) VISA
    • Commission --
    • Marketing Strategy
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    2022/4/13 8:59:49
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    Brokers Ten major guides for Choosing a good broker for trading in South African

    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.

    WikiFX
    2022/4/12 4:18:53
    Ten major guides for Choosing a good broker for trading in South African
    Brokers OctaFX Extends its Trading Offer by 25 New Cryptocurrencies

    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
    2022/3/29 3:10:42
    OctaFX Extends its Trading Offer by 25 New Cryptocurrencies
    Brokers OCTA scam case has been updated, and can the victim get his 100,000 dollars back?

    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.

    WikiFX
    2020/7/30 6:00:09
    OCTA scam case has been updated, and can the victim get his 100,000 dollars back?
    Brokers Refusing US$100,000 withdrawal! OCTAFX delayed withdrawal

    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.

    WikiFX
    2020/3/31 7:52:56
    Refusing US$100,000 withdrawal! OCTAFX delayed withdrawal

    OctaFX

    Please download WikiFX APP

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    Cyprus Securities and Exchange Commission

    Cyprus Securities and Exchange Commission (CYSEC)

    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.

    • Licensed Institution :

      Octa Markets Cyprus Ltd

      Effective Date :

      2018-12-10
    • Email Address of Licensed Institution :

      info@octafx.eu

      License Type:

      No Sharing
    • Website of Licensed Institution :

      www.octafx.eu,www.octamarkets.eu,www.de.octafx.eu,www.bg.octafx.eu,www.hr.octafx.eu,www.cz.octafx.eu,www.dk.octafx.eu,www.ee.octafx.eu,www.fi.octafx.eu,www.fr.octafx.eu,www.gr.octafx.eu,www.is.octafx.eu,www.it.octafx.eu,www.lv.octafx.eu,www.lt.octafx.eu,www.mt.octafx.eu,www.nl.octafx.eu,www.no.octafx.eu,www.pl.octafx.eu,www.pt.octafx.eu,www.ro.octafx.eu,www.sk.octafx.eu,www.si.octafx.eu,www.es.octafx.eu

      Expiry Date :

      --
    • Address of Licensed Institution :

      STrovolou 47, KYROS TOWER, 5Th Floor, Nicosia 2018

      Phone Number of Licensed Institution :

      35725251973
    • Licensed Institution Certified Documents :

      Annex1 Annex2

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    OctaFX

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    WikiFX·pyramid scheme complaint
    1  Know about pyramid scheme  >
    2  Pyramid scheme complaint   >
    3  Done
    1. What is pyramid scheme complaint?
    With the continuous development of the forex market, more and more Ponzi schemes have poured in, and global investors have suffered greatly. WikiFX has set up a complaint channel in order to ensure the funds security and prevent more scams. We sincerely invite foreign exchange investors to report such fraud platforms and jointly purify the market environment!
    2. 10 Features of Pyramid Scheme
    High Profit Promised Level Marketing Required Multi-level Marketing False Advertising Master Trader Awarded 'Datuk' Brainwashing-style training Fake Regulation Copycat of other platforms Marketing & PR campaigns
    Report immediately
    Report This Platform
    OctaFX
    * Contact number
    0086
    *Enter your phone number
    *Reporting Reasons

    *Enter your reason
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    Submit successfully!

    You can check the real-time processing progress in 'User Center-My Release-Ponzi Scheme'

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    OctaFX · Company summary

      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.

      Market Instruments

      OctaFX offers financial trading assets mainly in 32 Forex currency pairs, commodities, 10 indices CFDs, Crypto currencies.

      Minimum Deposit

      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).

      OctaFX Leverage

      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.

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      Trading platforms

      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

      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.

    Risk Warning

    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.