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OctaFX.com Review Visit site

Updated: Feb 19, 2017
3.296 · 167 REVIEWS
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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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3.296 · 167 REVIEWS
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Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

Philippines
Jan 13, 2017
Registed user

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.


Reply by OctaFX Rep submitted Jan 16, 2017:
Dear Mr. Henares,
Thank you for contacting us.
As far as we can see, your orders were initiated by the signal you were using. (If you have any print screens of your orders, please, feel free to share them on the forum.) However, as we've already underlined, the signal you purchased from MQL5 system is not a part of OctaFX and its services. MQL5 system is a part of MetaQuotes, a MetaTrader 4 developer and has no connection to OctaFX. All we do is provide you with an opportunity to trade on MT4 platform. Also, your Signal Provider doesn't trade with OctaFX, so the open/close prices may vary (different brokers may have different liquidity providers). Unfortunately, this situation is beyond our power, so please contact your Signal Provider for further clarification.
Kind regards,
OctaFX Rep.
HONG KONG, Hong Kong
Jan 11, 2017
Guest

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

Reply by OctaFX Rep submitted Jan 13, 2017:
Dear Siu Man Kit,
We are sorry to hear you are unhappy with our services.
However, according to point 13.7 of our Customer Agreement, "In case the account was deposited by various means, withdrawal shall be performed via the same means proportionally to the deposited amounts." We are afraid you were breaching this deposit/withdrawal policy by using different payment systems and fund amounts for deposit and withdrawal. Usually, we do everything to make our clients' trading experience as comfortable as possible and that's why we cover the payment systems' fees/holds. However, according to point 13.18 of our Customer Agreement, we are not obliged to cover the fees in all cases. Unfortunately, in your case and due to the deposit/withdrawal policy breaching, we had to come to a decision to shift responsibility for the hold to you. Please note that we just had to pass the payment system's hold on to you and we personally did not lock your funds. We hope for your understanding here. Please, be sure to contact our support in case you have any further questions arising.
Kind regards,
OctaFX Rep.
Canada
Jan 6, 2017
Registed user

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.

Reply by OctaFX Rep submitted Jan 9, 2017:
Dear snapped2002,
We are sorry to hear you had issues with Skrill. However, Skrill is not the only deposit/withdrawal option. For deposit, there are also Neteller or Visa/Mastercard options. For withdrawal, you may use Neteller.
Best regards,
OctaFX Rep.
Bucharest, Romania
Jan 6, 2017
Guest

NZD/USD - live account 216.6 pips spread on 26 dec.

Hi...
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 ...

Reply by OctaFX Rep submitted Jan 9, 2017:
Dear enervantul,
Can you please share your print screens and your account number on the forum? You can easily attach files there. Or (it would be quicker) just send these details to support@octafx.com Thank you!
Kind regards,
OctaFX Rep.
riyadh, Saudi Arabia
Nov 28, 2016
Registed user

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...

Reply by OctaFX Rep submitted Nov 30, 2016:
Dear Dr Basel,
We understand your discontent. However, as far as we see, you deposited your money, kept it for a few days and then withdrew it without trading. The sum you mention is the payment system commission that you have to pay in case you don't start to actually trade. If you had traded, the commission for you would have been 0%.
Best regards,
OctaFX Rep.
Manila, Philippines
Nov 22, 2016
Registed user

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

Reply by OctaFX Rep submitted Nov 24, 2016:
Dear Trueblood2015,

Thank you for leaving a review. We always stay at our customers' service and we are glad that you are happy trading with us.

Regards,
OctaFX Rep.
Cork, Ireland
Nov 2, 2016
Guest

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!

Oslo, Norway
Aug 31, 2016
Guest

Nice brokerage

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.

Reply by OctaFX Rep submitted Sep 2, 2016:
Dear Roald Veerag,
We are happy to hear your experience with us is positive!
Kind regards,
OctaFX Rep.
faisalabad, Pakistan
Jul 25, 2016
Guest

Best instant Market Execution speed offered by Octafx. Instant W.D and other

Reply by OctaFX Rep submitted Sep 2, 2016:
Dear Aftab,
Thank you for your review! We value all our customers' opinions.
Kind regards,
OctaFX Rep.
Kuwait City, Kuwait
Jul 2, 2016
Guest

Dear Admin
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.

Thank you

Amin

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.

Thank you

Amin

Added by OctaFX Rep on 2013-11-08
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!

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