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Score
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Comparison
Quantity 109
Exposure
Score
Regulatory Index6.67
Business Index7.11
Risk Management Index0.00
Software Index9.99
License Index6.32
Single Core
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Company Name
Octa Markets Cyprus Ltd.
Company Abbreviation
Octa
Platform registered country and region
Cyprus
Company website
YouTube
Company summary
Pyramid scheme complaint
Expose
Withdrawal is too slow, it hasn't arrived for a day.
octa fx is a fek broker my withdrawal not received in my bank account octafx officially ap is a show complete in a withdrawal 463$
never use octa as a broker they are pure scammer the more gain my profit the more i loss. both my capital and profit lost while my trade giing all the way up.
this Mercy James Forex will just get all your money, and when i was scanning at the bar code to make deposit it appears on the bar code OCTAFX, how come?if it is OVALEXFCRYPTOMARKET?... they will just get all your money and then you cannot withdraw it you need to deposit first 30,000 pesos for you to withdraw...after you deposit theres still no withdrawal....
This company suspended my account and there was a large sum of more than $70,000 in it
pls see my trade advance do... market is goin on 1953... when i check my trade this time also pending.. pls check my sell trade time ..
I earned a late 5 thousand dollars, after that they blocked my access to the account without any explanation, banned me from the platform and the payment I received was less than half of my earnings.
My name is jangsooyoung. The deposit caused by the payment problem has been delayed and this deposit has to be refunded to me from octafx. But they're delaying this refund and I've been having this unpleasantness for two weeks.I was expecting a quick refund due to their quick response but they are just asking me to wait.I'm not sure if they really refund my deposit.
Since the EU accounts were canceled, there have been no more payouts, only standard answers from support
they deverified the accound and asked for document which i already submitted 2 days back still till now not verified and not letting me with draw too
after trading from 31 dollars octa Fx took all of my funds and disable my trading account and also blocked my profile that 800 isnt a withdrawal at all it was a transfer to my mt4 account stay away from this scam broker save your funds guys thank you
I opened a sell USDJPY position on OctaFX to hedge import costs. Despite generating a profit for 15615 USD, OctaFX accused me of arbitrage and seized my funds. I provided ample evidence to prove that my hedging was legitimate, and multiple OctaFX agents confirmed this. However, OctaFX's compliance department insisted otherwise. I tried filing a complaint with CySEC, but they responded that OctaFX is no longer regulated by them. I urge other traders to be cautious when using swap-free accounts, as there's a risk of your profits being unfairly seized.OctaFX's actions were unjustified and have damaged my trust in the company.
ill withdraw some amount but its not creadit in my bank account but the app is show in completed what i do
I m deposite money .. suddenly it goes zero ..after going ask in customer care .they said..u dnt have balance. and.. disconnected.. please give back my money
hi my name is riham Ramadan the OctaFX have stopped withdrawal my account I have 23000$ in my account and no one of them give time to release the account always the telling me soon you will receive email and we will solve this problem almost one month
I deposited 9900 on June 17th to the Octa platform. Due to the platform's bonus promotion and high leverage, my funds doubled within a month. At this point, I wanted to withdraw the profits, but the platform refused my withdrawal request and asked me to provide KYC and three months of USDT wallet transaction records. After providing the requested documents, the platform claimed that I engaged in unauthorized trading. However, I traded normally, placing manual orders without delay or pushing positions. They want to deduct my profits and I even considered just getting back my initial investment. It has been almost three months now, and my initial investment has still not been withdrawn. Every time I communicate with the platform via email, their response is either that they are handling my withdrawal request normally or that it has been forwarded to the finance department. I hope that through Tianyan, the platform will address this issue correctly. Thank you.
Note: It is important to note that the information provided in this review may be subject to change due to the constant updating of the company's services and policies. In addition, the date on which this review was generated may also be an important factor to consider, as information may have changed since then. Therefore, readers are advised to always verify updated information directly with the company before making any decision or taking any action. Responsibility for the use of the information provided in this review rests solely with the reader.
In this review, if there is a conflict between the image and the text content, the text content should prevail. However, we recommend that you open the official website for further consultation.
Registered in | Cyprus |
Regulated by | CYSEC |
Years of Establishment | 5-10 years |
Trading Instruments | 28 Currency pairs, 2 metals, 2 energies,10 indices |
Minimum Initial Deposit | 100 euro |
Maximum Leverage | 1:30 |
EUR/USD Spread | 0.4-0.5 pips |
Trading Platform | MetaTrader 5 |
Deposit & Withdrawal Method | VISA, skrill, Swissquote Bank SA, Rietumu Bank, BlueOrange Bank |
Customer Service | Email, address, live chat |
Fraud Complaints Exposure | Yes |
Negative Balance Protection | Yes |
Octa is a Cyprus-based forex broker regulated by the CYSEC. The company offers trading in 28 currency pairs, 2 metals, 2 energies, and 10 indices with a maximum leverage of up to 1:30. Octa has only one MetaTrader 5 account type with zero commission and a minimum deposit requirement of 100 euros. Deposits and withdrawals are feasible through a variety of payment methods, with no extra fees charged by Octa. Customer support is available through email and live chat, and the broker's correspondence address is in Limassol, Cyprus.
In the following article, we will analyse the characteristics of this broker in all its dimensions, providing you with easy and well-organised information. If you are interested, read on.
Octa is a Market Making (MM) broker, which means that it acts as a counterparty to its clients in trading operations. That is, instead of connecting directly to the market, Octa acts as an intermediary and takes the opposite position to its clients. As such, it can offer faster order execution speed, tighter spreads and greater flexibility in terms of the leverage offered.
However, this also means that Octa has a certain conflict of interest with their clients, as their profits come from the difference between the bid and ask price of assets, which could lead to them making decisions that are not necessarily in the best interests of their clients. It is important for traders to be aware of this dynamic when trading with Octa or any other MM broker.
Octa offers a diverse range of instruments for traders to choose from, including 28 currency pairs, 2 metals, 2 energies, and 10 indices. Traders can access major currency pairs such as EUR/USD and USD/JPY, as well as less commonly traded pairs like USD/TRY and USD/HKD. In addition, Octa offers trading in gold and silver, as well as energies such as Brent crude oil and natural gas. Traders can also access indices such as the FTSE 100 and the Nikkei 225. However, Octa's instrument selection does have some limitations, such as a limited selection of cryptocurrencies and no individual stock trading available. Overall, the range of instruments offered by Octa is competitive, with a strong focus on forex trading.
Octa offers a commission-free trading model with a single account type, which can be an advantage for traders who prefer simplicity and transparency. The broker offers competitive spreads for major currency pairs, with spreads for EURUSD ranging from 0.4 to 0.5 pips. In addition, Octa provides detailed information on spreads, SWAPs, and stop levels for each trading instrument, which can help traders make informed decisions. Overall, the costs and fees of Octa are relatively low, and the broker provides transparency and clarity in its pricing structure.
Regarding the account types dimension, Octa offers a single account type using the popular MetaTrader 5 trading platform. This simplicity may appeal to traders looking for an uncomplicated trading experience. Additionally, the absence of commissions and competitive spreads starting from 0.3 pips may result in more cost-effective trading for clients.
However, the single account type may not be ideal for traders looking for more customization, and some may prefer higher minimum deposit requirements for increased credibility and access to additional features.
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Octa offers the popular MetaTrader 5 (MT5) platform as their sole trading platform. MetaTrader 5 is well-known in the forex industry for its advanced trading tools, customizable interface, and support for automated trading. With MetaTrader 5, traders can access flexible trading options, including access to market depth information, as well as a wide range of trading instruments.
However, the platform may be overwhelming for beginner traders and it currently lacks mobile or web-based platforms. Additionally, while MetaTrader 5 does offer some charting tools and technical indicators, it may be limited compared to other trading platforms. Finally, there is also a limited number of third-party plugins and add-ons available for the platform, and there are limited educational resources for platform-specific features.
Octa offers a maximum leverage of 1:30, which can provide traders with the opportunity to potentially increase profits with smaller account balances and take larger positions in the market. However, it is important to note that high leverage can also significantly increase the risk of large losses, especially for inexperienced traders who may be more susceptible to overleveraging and margin calls. It is crucial for traders to use leverage wisely and implement proper risk management strategies to mitigate these risks. Additionally, not all trading instruments or account types may offer the maximum leverage, so traders should be aware of the limitations and requirements for each instrument and account type.
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Octa provides a wide range of payment methods, making it convenient for traders to deposit and withdraw funds. They also provide detailed information on the deposit and withdrawal process, which makes it easy for traders to understand the process. Another advantage is that there are no extra fees charged by Octa for any payment method. Additionally, the processing times are quick and efficient. However, the payment options are limited, with no local payment options available. Some payment methods may also have long processing times. The minimum deposit amount of €50 is also relatively high compared to some other brokers. Finally, Octa doesn't accept cryptocurrency payments, which might be a disadvantage for some traders.
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Octa has a limited selection of educational resources available for its customers, with only basic calculators provided to help with trading. While these tools may be helpful for beginners, the lack of other educational resources such as webinars, tutorials, market analysis, and trading ideas may make it challenging for more experienced traders to improve their skills and stay up-to-date with market trends. The absence of educational articles or eBooks may also be a disadvantage for traders looking to expand their knowledge and gain a deeper understanding of the market. Overall, Octa's educational resources are limited and may not be suitable for traders seeking a more comprehensive learning experience.
However, if you're not limited to their website, you can see more educational resources on their official YouTube channel. Here is a video of a market analysis.
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Octa provides a range of customer care options for its clients, including email support and live chat. They also offer a back office service during regular business hours for additional assistance. A physical correspondence address is also provided for clients to send inquiries. However, Octa does not offer 24/7 customer support and phone support is not available. Additionally, their customer support availability is limited on weekends.
In conclusion, Octa is a reputable forex broker that provides traders with access to a wide range of trading instruments, including currency pairs, metals, energies, and indices. The company offers a user-friendly MetaTrader 5 platform, low spreads, and no commissions, which makes it an attractive choice for traders. Octa also provides a detailed deposit and withdrawal process with a range of feasible payment methods. However, the company's educational resources are limited, and the maximum leverage offered is relatively low compared to some other brokers. Overall, Octa is a reliable option for traders who value a simple and straightforward trading experience.
What trading platforms does Octa offer?
MetaTrader 5.
What instruments can I trade with Octa ?
28 currency pairs, 2 metals, 2 energies, and 10 indices.
Does Octa charge any commissions?
No, Octa does not charge any commissions on trades.
What is the minimum deposit required to open an account with Octa ?
100 euro.
What payment methods are available for deposits and withdrawals?
Octa accepts VISA, Skrill, Swissquote Bank SA, Rietumu Bank, and BlueOrange Bank.
Online trading involves significant risk, and you may lose all of your invested capital. It is not suitable for all traders or investors. Please ensure that you understand the risks involved and note that the information contained in this article is for general information purposes only.
Octa, won the most reliable Forex broker of 2024 by the renowned ‘Global Forex Awards 2024’ in the ‘Global’ category. The broker stated on its official website that reliability is a paramount value for us, and we are very proud to receive the Most Reliable Broker Global 2024 award. We're grateful to all traders who put their trust in us, and we'll continue to do our best to ensure our traders remain satisfied with our brokerage.
OctaFX denies claims of false promises after Indian authorities seized $9.6 million, emphasizing their commitment to transparent and educated Forex trading practices
ED raids forex trading platform OctaFx in a massive fraud case, seizing over Rs 80 crore in assets. Investigations reveal extensive money laundering.
OctaFX, a well-known brokerage firm, has recently come under charges of money laundering and chart manipulation by Indian authorities. The company denied the accusations and said the allegations are baseless.
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