OctaFX is an offshore-based broker. The headquarters of the company is in Saint Vincent and the Grenadines. The company has only tier-2 regulation from CySEC and lacks any other major regulations.
Therefore, we can say that the company is considered not safe, which you can see in our OctaFX review.
|Headquarters Country:||Saint Vincent and the Grenadines|
|Supported Platforms:||MT4, MT5, cTrader|
OctaFX is an offshore broker, operating from Saint Vincent and the Grenadines. The company opened another small branch in Cyprus, Octa Markets Cyprus Ltd, located in Limassol, Cyprus, based on what it got a CySEC regulation. It has additional office support in Jakarta, Indonesia.
The company was founded in 2011 and has been operating since then. The company operates in a quite unusual way, by offering its clients awards for being the best trader. Currently, on their website is a contest that includes a car as a reward.
Whether it really gives its traders a car, we were unable to confirm.. But based on everything else we found, we will go with no. Read yourself if you want to know more about OctaFX.
OctaFX Regulation and Security
As previously mentioned, this company, or better said its branch Octa Markets Cyprus Ltd, has a CySEC regulation. This gives the company the authority to trade with EU clients and to provide limited trading to the UK clients.
However, what we can see based on the clients’ comments, and our attempt to open an account with this company from several different countries, they accept clients from all the countries. Meaning that they operate outside of the EU without any regulation.
We can for now, classify this broker as not legit.
In which countries does this broker work?
OctaFX broker does have permission to operate within the EU based on its CySEC license. They can operate only partially in the UK, without a possibility to offer CFD Crypto trading to UK clients.
However, they do brag on their website that they got an award for the Best Forex Broker Asia 2020, which is a little weird, considering the fact that they do not have any branches in Asia.
Also, national news in India warned against OctaFX as an unregulated broker! So far, we can tell that this broker accepts clients from all the countries, except the US clients.
But be aware, if you are outside of the EU, the broker is not providing legal services!
What can you trade with OctaFX broker?
OctaFX broker is very specific when it comes to trading instruments. They offer only around 50 tradable assets. They offer 28 currency pairs, 10 different indicies, several commodities, and 3 major cryptocurrencies – BTC, ETH, and LTC. Another thing that this broker offers, which makes him a bit different, is copy trading. They offer their clients 2 programs – either to become a Copier or a Master trader.
The leverage that this broker provides goes up to 1:500, except for the clients coming from the EU. They belong under CySEC regulation, and the highest leverage they can get is 1:30 for the Forex market.
OctaFX broker offers its clients MT4, MT5, and cTrader trading platforms. Yet, MT4 is not available for the clients coming from the EU, again due to different trading provider from Cyprus.
Along with this, they provide Copytrading app that clients can use on their phones for an easier copy trading experience. But it comes with restrictions since clients can’t use Copytrading app on any iOS device.
OctaFX broker allows its clients to have an unlimited demo account, which is, in our opinion, very bad because it gives the potential trader very low real time experience about the market.
There are 3 account types available when making registration with this broker: Micro, Pro, and ECN account.
The minimum deposit for Micro and ECN accounts is 100$, while for Pro account you need to deposit at least 500$. Based on the type of the account, the client is getting a different platform and different leverage.
OctaFX does not provide enough information about withdrawal time, saying it takes up to 7 business days.
Scammed by OctaFX broker? What to do?
Despite all the warnings and talking about OctaFX regulation, there are still people caught in this brokers scam. If you are one of the people scammed by OctaFX, please do not hesitate to contact us!
We have the necessary experience and knowledge. We know how to get your money back step by step. Contact us today!
Is OctaFX a market maker?
No. OctaFX broker is NDD broker. This is the type of intermediary broker that is acting as a third party between the client and the real market. They receive their commission based on this.
Who owns OctaFX?
OctaFX is part of a global group that includes a couple of entities – Arlear Inc OU (Estonia), Octa Markets Inc (Saint Vincent and the Grenadines), and Octa Markets Cyprus Ltd (Cyprus).
Is OctaFX trusted?
OctaFX is an offshore broker, which is usually a sign that the broker cannot be trusted. They have tier-2 regulation only, from CySEC.
Is OctaFX legal in India?
No. OctaFX is running a scam in India, which even Indian national news warned about.
Is OctaFX a legit company and regulated broker?
OctaFX has CySEC regulation, but it provides worldwide services, which makes this broker illegal.