OctaFX – Is it scam or safe?

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OctaFX – Is it scam or safe?

OctaFX is a trading name of Octa Markets Incorporated. OctaFX UK Limited is licensed and regulated by the Financial Conduct Authority (FCA). The FCA license allows it to conduct financial services, including forex.

However, there are some publications in forex forums that inform about poor practices related to spread-widening, negative slippage and withdrawal taxes.

So far, we haven’t received any complaints from clients of OctaFX.com.

If you feel frustrated by OctaFX.com and have something to share with us, please fill in the form below, describing your case:

4 Complains

  1. Well, this is my second disappointment with them. I wasted four hours to explain what my problem was and to be able to resolve it. They gave me two passwords and then my account was blocked. Now, it is a question of integrity of my MT4 with their system. My account is linked to a signal provider and it opens and closes positions automatically. SO, instead of following the instructions of the provider, OctaFX closed my position at a significant loss. I contacted their support but they told me they couldn’t help. They blamed my signal provider but the position was closed without any signal, it was closed by them! No I have decided – I am done with them! Better find another broker that is compatible with EA!

  2. I’ve been trading for 11 years and I at some point I decided to try OctaFX because their banners promised ultra-fast execution and low spreads. Although they are some kind of nonregulated broker (FCA license pending) I opened an account to try them. Because they offer neteller and skrill only I had to deposit by neteller. I funded EUR10k. I won EUR600 and I was happy with their trading conditions. So, I requested a withdrawal writing to their support via live chat and they answered me it would be last 2-3 hours. After a while I received an email that I don’t have enough money in my account! WTF***K They decided to deduct EUR390 due to neteller deposit fee. WTF> When you say it’s free then it should be free. Their claim 0% deposit fee is not true! I spoke to them and they promised if I traded 10 standard lots they would give me this blocked fee. Ok, I agreed. What happened then – they began to apply slippage of 3.5 pips. Scammers. Now I understand why they FCA regulation is still pending. Because they are cheaters. Do not even think to open account with them. If you start winning money they will start using their dirty tricks!

  3. Stay away from this broker! It manipulated my order and inserted huge slippage. I contacted them for some explanation but their support was hopeless. They didn’t even give me some decent explanation and now I don’t have much hope for my money. Do not trade with this broker! Scammers!

  4. I’ve been trading with OctaFX for almost a year and everything was OK until I started earning money and wanted to withdraw. I tried to withdraw USD72,500 and they told me that I must pay a transaction fee of 4.9%. Furthermore, they would block another USD3,625 because Neteller reserved 5% for 180 days. I want to underline that the blocked money is not from my profit and I don’t like it at all. I agree the fees should be shared but I don’t agree my money to be blocked. I had to wait two more months ths problem to be solved somehow. Just be aware of these fees!

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