OctaFX is a typical forex broker that is registered offshore in Saint Vincent and the Grenadines. The site has a referral program, bonuses, promotions, and contests. On the one hand, such concern is credible. On the other hand, there are also grounds for claims. During the review, we will find the pitfalls of the intermediary and find out if there is fraud here.
- OctaFX General Information
- Registration and Client Portal Review
- OctaFX Trading Conditions
- Account Types Review
- Trading Platform
- OctaFX — Deposit and Withdrawal of Funds
- Bonus Program, Analytics, Copy Trading
- Is OctaFX a Scam?
- Legal Information and License
- Octafx.com Domain Info
- Contacts Review
- Pros and Cons
- Frequently Asked Questions (FAQ)
OctaFX General Information
|Address||Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, St. Vincent and the Grenadines|
|Assets||Forex (currency pairs), CFDs|
|Leverage||From 1:25 to 1:500|
|Trading platform||MetaTrader 4, MetaTrader 5, OctaFX Trading App|
Registration and Client Portal Review
The OctaFX site supports the most popular languages with an emphasis on the South Asian region. Of course, we are offered a beautiful slogan about the big goals that can be achieved with this broker.
The founders of OctaFX write that customers make a lot of money thanks to favourable conditions. More than 10 million accounts have been opened here and more than a billion transactions have been carried out.
At the same time, the broker was registered in 2011 in the offshore Saint Vincent and the Grenadines. Such jurisdiction makes us wonder whose benefit is greater here.
The broker is good, isn’t it? Let’s see. You should type in your name, email address and come up with a password on the registration form. Please confirm that you are not associated with the United States.
Next, a message will be sent to your email, which contains a link to activate your account. Then the system will ask you to fill out a short questionnaire. Please provide your address, phone, date of birth, and Forex trading experience. Select the account options (you can specify a demo).
After these actions, OctaFX’s client portal finally opens. There is a dashboard on which there are tabs for verification, deposit, withdrawal, participation in contests, etc. A beginner can start working with a demo account.
OctaFX Trading Conditions
OctaFX offers customers to make money on the exchange with popular assets, including cryptocurrency. Apparently, this broker also changes trading conditions depending on the country of residence of the trader. Unfortunately, it would have taken us too long to check this.
Account Types Review
The choice of account primarily depends on the type of terminal used: MetaTrader 4 or MetaTrader 5. Therefore, OctaFX offers only two accounts.
|Options||Habitual Trader||Smart Trader|
|Minimum Deposit, USD||100||100|
|Leverage||From 1:25 to 1:500||From 1:25 to 1:500|
|Spread (floating)||From 0.6 pip||From 0.6 pip|
|Lot Volume||To 200||To 500|
As you can see, there is no particular difference. Accounts differ only in the number of assets and the allowed amount of lots. Margin-call and stop-out levels are 25% and 15% for each tariff. The trader has advisers, hedging, and scalping at his disposal.
The standard MetaTrader 4 or 5 versions are used to open an order. The platform is set up by the broker for trade spreads and commissions, bid execution and administration. Note that there are no links to download the terminal on https://www.octafx.com/.
You can install MetaTrader on a PC or mobile device only after authorization in your client portal. WebTrader is located there, too. Its functionality is standard. In the header, you can instantly contact support.
Customers can also try the OctaFX Trader App, a new terminal equipped with an additional set of graphs and indicators. It can be installed as a mobile app.
OctaFX — Deposit and Withdrawal of Funds
You can deposit money in one of the following ways:
- Electronic payment system
Ethereum is also used for withdrawal. OctaFX states it does not charge any fees for payment transactions.
For some reason, the broker does not describe the verification process on its website. This information is available only in your client portal. You will need to upload proof of identity.
Alas, we were unable to find out if any more documents were required. Verification takes place step by step. Without the ID upload, the next step is not available.
Bonus Program, Analytics, Copy Trading
OctaFX offers a lot more promo services than brokerage services. Just take a look at this list:
- Referral program
- Unique offer for introducing brokers
- Deposit Bonus
- Status program (depending on deposit size)
- Economic calendars, calculators, tutorials
- Copy Trading
Obviously, the broker is trying in every way to attract the attention of inexperienced users and keep them on its platform.
Is OctaFX a Scam?
Let’s list some dubious moments. All this indicates that it is not safe to work with the site.
Legal Information and License
The broker is managed by OCTA MARKETS INCORPORATED, which is certified 19776 IBC 2011.
Checking the register of Saint Vincent and the Grenadines shows that OctaFX was actually founded on September 15, 2011. Wait, what a pity! SVGFSA does not issue a permit to trade in Forex and binary options. Thus, the company’s activities are not licensed and are not controlled by anyone.
Octafx.com Domain Info
The broker’s domain was registered on July 28, 2011, which fits well with its legend. The Web Archive also made the first snapshot of https://www.octafx.com/ in February 2012.
Finally, the monthly site traffic is about 4M users (according to SimilarWeb). The broker is most popular in India, Malaysia, the Philippines, Nigeria, and Bangladesh.
It is not surprising, because without a license OctaFX only has to work in third-world countries.
Communication with support is possible only through an online chat or feedback form. We contacted the operator to clarify the features of the tariff plans. The manager responded instantly but offered to study the information on the site and did not give useful answers.
Pros and Cons
- Long term work.
- Fast registration.
- No license.
- Unclear verification.
- Lots of promotional material.
- Almost the same account types.
- No trusted contacts.
Frequently Asked Questions (FAQ)
We do not think so, since the broker has not received any licenses yet. Trading can be extremely risky.
Both types of accounts have a minimum deposit of $100.
Yes, this is a real company that has been operating since 2011. However, it is based offshore and seems to be totally unregulated.