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    “Best Forex Broker” OctaFX Turned Out to Be “The NO.1 Fraud” ?

    Abstract:Forex scam keeps occurring recently, causing complaints against the brokers. Even OctaFX, which calls itself the "best forex broker", has been repeatedly criticized by investors and was even referred to as the "number one fraud company".

      Forex scam keeps occurring recently, causing complaints against the brokers. Even OctaFX, which calls itself the "best forex broker", has been repeatedly criticized by investors and was even referred to as the "number one fraud company".

      Complainant: A *** R (Indian investor)

      Complained broker: OctaFX

      Website: www.octafx.com

      Cause of complaint: Withdrawal failure

      Account balance: US$75,000

      Yesterday, A *** R, an investor from India, told us about his experience. A *** R started trading currency pairs on the OctaFX platform at the beginning of 2020, and at first it was either a loss or a small profit. In March, A *** R made a considerable profit by trading XAU/USD. But the good luck didn't last for long, as the platform suddenly stopped XAU/USD trading on March 25th.

    1.jpg

      XAU/USD trading was temporary suspended from March 25th to April 9th

      On April 9th, XAU/USD trading was resumed. During this period, A *** R submitted a withdrawal application because there was no profit, but unexpectedly, his application was immediately rejected by the system, and his following withdrawal requests remained "under review".

    2.png

      A *** R's withdrawal application was rejected

      A *** R contacted the broker's customer service, but the other party kept on delaying the withdrawal.

    3.jpg

      Customer service tried to delay withdrawals with excuses.

      When waiting for the matter to resolve, A *** R eventually lost his US$75,000 account balance. "Whether you make a profit or loss, money always belongs to the broker and you will never get it," A *** R concluded, saying that blinded by the desire to make an instant fortune, he did not check OctaFX's qualifications in before investing.

    4-1.jpg

      A *** R had US$75,000 of trading account balance

    4-2.jpg

      A *** R's account balance was wiped out

      According to WikiFX App risk reminder, OctaFX has been intensively complained in the past month, and has been listed as an illegal broker by WikiFX, with a score of only 1.90 points. The broker has a very short history, holding CySEC MM license for less than 2 years. Investors should watch out for it.

    5.jpg

      OctaFX received a rating of just 1.9 on WikiFX App.

      So far, WikiFX App has included profiles of over 18,000 forex brokers around the world, while integrating broker information query, exposure, news feed and other functions, offering investors 24/7 services.

      To report illegal traders, please contact WikiFX official customer service at wikifx@wikifx.com, or make an exposure immediately through WikiFX App http://bit.ly/3ajawKO

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