Octavetrade

WikiFX | 2024-09-12 17:35

Abstract：Octavetrade is a global forex broker registered in Cyprus with suspicious clone licenses.

Note: Octavetrade's official website: https://www.octavetrade.com/ is currently inaccessible normally.

Octavetrade is a global forex broker registered in Cyprus with suspicious clone licenses. Please be aware of the risk.

Pros and Cons

Pros	Cons
MT4/5	Suspicious Clone Regulation
Comprehensive Customer Support Channels	Unavailable Website
	Lack of Transparency

Is Octavetrade Legit?

Octavetrade claims to possess four regulatory licenses, yet each one is a clone license.

Specifically, Octavetrade provides a so-called CySEC license, license number 185/12. However, CIF license number 185/12 is not held by Octavetrade Limited, but belongs to Forextime Ltd.

A similar situation arises with Octavetrade's so-called FCA license. Octavetrade claims to have obtained FCA with license number 777911, but once again proves that the license number belongs to Exinity UK Ltd, not Octavetrade.

Furthermore, the FCA license number 600475 belongs to Forextime Ltd, while FSCA's license number 46614 also belongs to Forextime Ltd.

In conclusion, these licenses are all fake and you'd better stay away from this broker.

Regulatory Status	Suspicious Clone
Regulated by	Cyprus
Licensed Institution	Forextime Ltd
Licensed Type	Market Making(MM)
Licensed Number	185/12

Regulatory Status	Suspicious Clone
Regulated by	United Kingdom
Licensed Institution	Exinity UK Ltd
Licensed Type	Straight Through Processing(STP)
Licensed Number	777911

Regulatory Status	Suspicious Clone
Regulated by	United Kingdom
Licensed Institution	Forextime Ltd
Licensed Type	European Authorized Representative (EEA)
Licensed Number	600475

Regulatory Status	Suspicious Clone
Regulated by	South Africa
Licensed Institution	FOREXTIME LTD
Licensed Type	Financial Service Corporate
Licensed Number	46614

Trading Platform

Octavetrade claims to support MT4 and MT5, which is the two most popular trading platforms in the industry.

However, we are unable to download MT4 or MT5 from the Octavetrade website. Please note that legitimate brokers typically support verified trading platforms, and the absence of such software may indicate that the broker is likely a scammer.

Trading Platform	Supported	Available Devices
MT4	✔	computer and mobile phone
MT5	✔	computer and mobile phone

Deposit and Withdrawal

Octavetrade supports deposit and withdrawal through credit and debit cards, wire transfers, Skrill, Neteller, FasaPay, WebMoney, PerfectMoney, QiWI, Konnexone, VLOAD and TC Payment.

There is no commission for deposits, but only partial withdrawals require a fee. For example, a wire transfer requires $30, Visa and MasterCard withdrawals of $2, PerfectMoney for 0.5%, QiWI of 1.5%, etc. However, it is said that these pieces of information were directly copied from the FXTM websites, so you'd better not take them at face value.

Customer Service

You can connect Octavetrade through email and social media such as Facebook, Twitter, etc. You can also reach them at physical addresses offline. But it is very likely to be fake addresses.

Contact Options	Details
Email	support@Octavetrade.net
Social Media	Facebook: https://www.facebook.com/Octavetrade
	Twitter: https://twitter.com/ltsOctavetrade
	Instagram: https://www.instagram.com/Octavetrade Octavetrade/
	YouTube: https://www.youtube.com/user/ltsOctavetrade
	Linkedin: https://www.linkedin.com/company/Octavetrade-ltd-Octavetrade?trk=hb_tab_compyid_2234720
Supported Language	English
Website Language	English
Physical Address	Octavetrade247 Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus
Physical Address	88 Wood Street, 9th Floor London EC2V 7QR United Kingdom

The Bottom Line

Octavetrade's website is currently unavailable, therefore, you cannot obtain any information about trading instruments, commissions, spreads, etc. Additionally, all of its regulatory licenses are suspected to be clones. As a reault, you are advised to stay away from this broker.