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About WikiFX

    OctaFX

    Scam Brokers
    |
    2-5 years
    |
    Suspicious Regulatory License
    |
    MT4/5 full license

    Rating

    0123456789
    .
    0123456789
    0123456789

     /10.00

    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!

    Benchmark

    AA

    Licenses

    Cyprus Securities and Exchange Commission

    Market Making(MM)

    CYSEC Suspicious Clone

    Overview

    • Company Name:

      OctaFX
    • Company Abbreviation:

      OctaFX
    • Place of registration:

      OctaFXUnited States
    • Regulatory Status:

      Scam Brokers
    • Customer Service Email Address:

      --
    • Customer Service Phone Number:

      +44 20 3322 1059
    • Company summary

      GeneralInformation&RegulationOctaFXisaUS-registeredonlineForexandCFDbroker,foundedin2011andopeneditsMT4tradingplatforminthesameyear,introducedlocalpaymentsforthefirsttimein2012,swap-freeaccountswasreleasedin2015,andthenintroducedUScrudeoilandBrentcrudeoilin2020duetoOctaFX'sclaimtoholdafullCypriotCySEClicense,whichissuspectedtobeThefullCyprusCySEClicensethatOctaFXclaimstoholdissuspectedtobeasetoflicenses.OctaMarketsCyprusLtddoesnotofferitsservicestoresidentsofUSA,Canada,BelgiumaswellastootherjurisdictionsfallingoutsidetheEuropeanUnion.MarketInstrumentsOctaFXoffersfinancialtradingassetsmainlyin32Forexcurrencypairs,commodities,10indicesCFDs,Cryptocurrencies.MinimumDepositTradingaccountsofferedbyOctaFXincludetheOctaFXMT5account(forsmarttraderswithaminimuminitialdepositof$1,000),OctaFXMT4account(forhabitualtraderswithaminimuminitialdepositof$100),andOctaFXcTraderaccount(forprogressivetraderswithaminimuminitialdepositof$100).OctaFXLeverageThemaximumtradingleverageofferedbyOctaFXis1:500forForexcurrencypairs,1:200forgoldandsilver,1:50forCFDsonindices,and1:10forcryptocurrencies.Spreads&CommissionsOctaFXoffersfloatingspreadswithaminimumspreadof0.4pipsonEURUSDwithcommissionmarkuponOctaFXcTraderaccountsand0.6pipsonEURUSDwithnocommissionmarkuponOctaFXMT4andMT5accounts.TradingplatformsOctaFXoffersthreetradingplatformoptions:MT4,MT5,andcTrader.MT4tradingplatformissuitableforbothnoviceandexperiencedtraders,witheasyoperationsanddiversifiedconfigurations.MT5hasallthepositivefeaturesofMT4withsomenewfeaturesaddedtoit,extensivechartingtimetables,indicators,andimages,suitableformorein-depthtechnicalanalysis,technicalanalysis.cTrderhasamulti-functionaltradingenvironmentthatallowsformoreflexibletradeexecutionandcanmeettheneedsofanytrader.Allthreetradingplatformssupportweb,desktop,Android,andiOSversions.DepositandwithdrawalOctaFXsupportstraderstodepositandwithdrawfundstotheirinvestmentaccountsviaVISAcreditcard(minimumdeposit$25,minimumwithdrawal$20),Bitcoin,Skrill(minimumdeposit$50,minimumwithdrawal$5),Neteller(minimumdeposit$50,minimumwithdrawal$5).CustomerSupportCustomersupportisavailable24/7andisbestreachedvialivechatorTelegram.Awebformisequallyaccessible,andtradersmayalternativelycall.OctaFXensuresswiftaccesstoacustomerservicesrepresentativeincasetheunlikelyneedforadditionalassistancearises. About More
    Pyramid scheme complaint

    WikiFX APP!

    Global Forex Broker Regulatory Inquiry APP!

    Warning: This platform is a Ponzi Scheme. Please stay away!

    Previous Detection: 2021.09.26 Risk: 4 Item

    • 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.
    • The number of the complaints received by WikiFX have reached 72 for this broker in the past 3 months, please be aware of the risk and the potential scam!
    • The CyprusCYSEC regulatory (license number: 372/18) claimed by this broker is a suspicious clone, please be aware of the risk!

    WikiFX Verification

    • Exhibition Area

    • Survey

    • MT4/5

    • Website

    • Genealogy

    • Clones

    • Keywords

    • Time Machine

    • Score

    WikiResearch

    • Delivery Index

    • Market Analysis

    • Material Delivery

    • Ad Brand

    • Search Source

    • Language

    Last Updated Time 2021-09
    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

      Expiry Date :

      --
    • Address of Licensed Institution :

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

      Phone Number of Licensed Institution :

      35725251973
    • Licensed Institution Certified Documents :

      OctaFX CySEC监管截图 View Certified Documents

    OctaFX · MT4/5

    Identification Result

      OctaFX · Website

      Most visited countries/areas

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          OctaFX· Genealogy

          OctaFX · Clones

          OctaFX · Market Analysis

          The data are from WIKI Research    2021.09.26 updated

          WikiFX prompts you

          This broker's score is relatively low.

          Please choose wisely! Please avoid unnecessary loss

          Continue
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          Data Sources WikiResearch 2021.09.26 Update

          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
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          *Reporting Reasons

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          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.