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OctaFX.com profile provided by John, May 29, 2012
Octa Markets Incorporated is a worldwide recognized forex broker. OctaFX provides forex brokerage services to its clients in over 100 countries of the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience outstandingly convenient. Our top goal is the trust and satisfaction of each client's need and requirements. OctaFX sets the highest service level standards and maintains them as well as constantly develops new services and promotions.
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Penchant for Passing the Buck
Account number: 357169
This is my second issue with OctaFx and this time, I am giving them a 1 star rating. My first issue was simple and it took 4th attempt of chats for them to identify the problem to be able to resolve it. I was given two passwords and used the investor password which prevented my account to trade and copy from the signal provider. I should have used the trader password and this was resolved on my 4th chat. In the first three chats, I was always pointed to the signal provider and MQL5 when all along the problem is just with my password with OctaFx.
This time, the problem is scary because it is already the integrity of the system MT4 that I am using to trade with them in question. My account is tied to a signal provider where it automatically opens and closes position based on the position made the provider. On January 13, 2017, the signal provider open a sell position for EUR/USD at 1.06271 and closed at 1.06213 which should have been a profit. Instead, my account closed its position on its own (not initiated by me or the signal provider) during the lowest drawdown of the trade thus incuring me a loss. I contacted OctaFX's help desk and was told I cannot be helped. At first, the buck was passed on the signal provider as before but when I explained that the signal provider opened and closed the position on profit and the reason why I incurred a loss because my account closed its position earlier on its own.
AGain, I am passed to metaquotes by stating that it is not their problem if the system you provided me to trade with you having integrity issue. It scared the shit out of me because it meant that OctaFx account closes positions on its own during the lowest drawdown of the position.
I was just doing this a trial run before I infuse a larger money to trade bigger. Good thing I made a very conservative exposure to test how things are going with OctaFx. its scary. What if the exposure is big? OctaFx will just close the position on its own and then tell me they cannot me and talk to some entity I have not dealt with.
Of all the issues encountered, I am passed to someone else. No, I will not recommend this broker.
Fund "locked" up by Octafx for 180days
Beware of a hidden term of "Lock Up fund"
The following is my experience:
My account number with them is 2023884.
I have been trading with them for over 1 year.
Only since I start making money and start to withdraw bigger amount, all kind of problem comes.
When I try to withdraw 72,500 USD from them in November, they deduct money from my account and only tell me one day later:
(1) I have to bear a 4.9% of transaction fee for my withdrawal amount
"3.9% on all incoming transactions and 1% on outgoing transactions"
(2) Another 3,625 USD is "locked up" for the reason that Neteller has a "rolling reserve amount is 5% held for 180 days"
I was locked up again for the same reason that "Neteller keeps 5% on hold for 180 days, while Skrill holds 10% for 180 days"
so another 3,350 USD is on hold until now.
Note some of the locked up fund is my profit, so I am also very frustrated on why they should lock my profit up as trading profit don't involve deposit with Neteller or Skrill
I can reluctantly accept bearing the fee, but as I have explained to them my point locking up a fund is not a fee,
they have no right to ask me in turn to share to burden of they are held reserve.
There is no mentioning of such arrangement on anywhere of the agreement when I open account with them.
Now my fund is still on hold at the time of writing for over 1 months
On 11th January, I have notified them I am writing on Forex Peace Army and I am still waiting for their further response
Skrill killed this opportunity
I will give them a 3 star revue as my trading experience was generally positive however I can not recommend them as the only online money management system they offer is skrill.
WHAT A NIGHTMARE
I spend two days trying to fund my skrill account and never got there.
Then it occurred to me,
If I am having this much fun trying to put my money INTO skrill, whats it going to be like trying to get my money out.
I live by the simple belief that when you gut says get away from something, LISTEN.
Sorry OctaFX, I would have been happy to try trading with you but Skrill made a mess of it to the point you lost a client.
NZD/USD - live account 216.6 pips spread on 26 dec.
I'm hooked from an order NZD/USD on 25 Dec. because spread on octaFx was 216.6 pips ... well do you think is ok that thing ... ?
I have print screen, with that ... so ... no other broker have that spread in that day ... no one ...
.. and yes, I'm Live account, not a big one so that is very important for me ...
be careful, be careful, be careful,.........i opened a live account with this broker, and deposited my money, for one private reason i was obliged to withdraw my money from them, they deducted me 120.9 us$ even deposit and withdrawal are free as claimed on their site, and they sent me an email that they will delay the processing of the request ...their spread are horrible as well...listen trader if you want to succeed in this field search for another broker, you can deposit money easily but when you want to withdraw they will steal as much as they can from you...
The OctaFX brokerage is a very ethical broker and I think it can be seen by their consistent activity here on FPA. They really care for their clients.
No issues whatsoever with my trades executing. I trade with two signal services and rarely self-directed trades and never have any issues with these trades properly going on to my trading MT4 account.
Good customer service.
Only made two withdrawals.
Both show up on my bank account within 48 hours.
Good broker to trade with that cares about their traders
OctaFX, a broker that serves it's purpose.
After trading for quite a while now, I learned a lot of things both the hard and easy way. My primary broker has been OctaFX because their service has been sufficiently consistent, I will increase my rating to 5 stars. But I would recommend users of MT4 to not use the MT4 that comes with OctaFX as a browser application. Get the trading account details, download and login to the official MT4 client, it is a lot faster and offers more tools and data. :)
Jun 23, 2016 - 4 Stars 23/06/2016
Most reliable broker? Probably. I have only traded with OctaFX for one week and this is the first forex broker that I tried simply because of the reviews and forums on this website. One thing I can definitely say is so far so good.
I opened a micro account and deposited 19.50 EUR, 1:500 leverage, rode the forex market waves and made a 9.13 EUR profit. Requested an 8 EUR withdrawal to my Skrill account and it took less than 10 minutes.
Continuation of this consistent service and I will upgrade my review to 5 stars in the future. :)
Reply by OctaFX Hanna submitted Jun 28, 2016 Dear Daniels Pogosjans,
Thank you for the review! We are happy that you enjoy trading with us and we hope you'll leave us 5 stars in the future!
This has been a nice brokerage experience so far. Their CS is very capable and the website is good-looking. Smooth deposit and withdrawal, I like it.
Best instant Market Execution speed offered by Octafx. Instant W.D and other
Please add this review to my previous one,
Octafx team they contacted me and mentioned, they did mistake about my Documents and my citizenship and they will be glad to Open an Account for me and it will not be an issue.
2016-06-25 No Rating HI
Very Racist Broker,
im trading for past 5 years with Fxcm and im very happy with them, but i was looking for ctrader broker to give a shot and see how this platform will help my trade.
i found octafx and request to open a live account, when i submit my documents they asked me to send them my phone bill as well and next email this was their reply:
: " we decided to refuse your request because we dont accept trade from middle east " !!!
so i asked my friend from UAE to try and they told him same!
i asked another friend from KSA and he told them i wanna open an account with 100000$ and less than 1 hours he got a Live account
im not sure what is their rating in this scenario , but im happy they didnt accept my documents and next day i open my account with Pepperstone in Australia and now trying their ctrader account.
Added by OctaFX Rep
Content: Dear Sir,
Your opinion means a lot to us. We value honesty and transparency in every aspect of our business. Both qualities are also important values of OctaFX staff in day-to-day operations. That is why your words warm our hearts so much!
What would make your review even more valuable is your staying away from naming other companies in it.
Best wishes from our team!