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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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Lock up Fund to be Professionally Released
n January I left a review on Forex Peace Army forum describing my problem.
I realized later OctaFX was acting according to their Customer Agreement and didn't violate any conditions from that agreement.
I would therefore alter my review on Forex Peace Army forum by changing the rating to five star.
I would like to state that the case was finally settled professionally as promised and funds will be returned to my account at the time of writing and available for withdraw.
Five Stars, two thumbs up.
Jan 11, 2017 - 1 Star 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.
This broker has manipulated my order I took a buy trade of 5 lot which has opened above 10 pips and my account gone -500 and did hedging again buy taking a sell then again same problem occurred it has opened in gap total $400 I lost due to this and I emailed them about this they are hopeless not even given sufficient reply and not even refund of my amount so guys please don't trade with this broker they are doing pure manipulations of the account I am from India plz take action on this broker
Scam Broker Octafx
100% Scam Broker... please don't work on this broker..make report this broker please 100% scam scam and scam
Invest money somehere else , when you want to trade in serious enviroment
Well, i am professional trader in market last 11 years. I have experienced lot of NFA brokers 2010 times , lot of FCA brokers CYSEC etc , and nowadays i was looking for alternative to my current brokerage company that dissapoints me. So Octafx i see banners everywhere Ultra fast executions low spreads, no fees etc , so i thought its worth to try. Unregulated broker FCA regulation pending , no bank wire transfer ...but ok i decided to open account and try ..
So my experience with them : Opened account , verified , funded 10 000 euros via neteller ( they offer only neteller and skrill , so ok i like e wallets quick and fast) On wednesday last week i opened few lots to test execution spreads, slippage, all conditions during vaiorus markets condtions. I earned around 600 euros. Looks good seems that trading conditions for new clients are good , lets test withdrawal speed ( very important for me). So i asked withdrawal via neteller.
I have written to their live chat and they told me this will be processed within 2-3 hours. Well i said fine quick , they are behaving at least to new clients very good , market conditions great, withdrawal speed fast fine ,
but suddenly after 3 hours i received e-mail that not enough money in my account ...they decided to deduct 390 euros (3,9% from my account ) as neteller deposit fee. They were claiming i havent traded enough lots that they are able to cover my fee :) What a joke ...i experienced FCA brokers and dont even Cysec brokers when they say its free than its free , but this guys just charge fee, but ok checked their trading conditions and there is written they have right to do so so what they claim " 0% deposit fees " is not entirely true. They said me that its individual decission and they can decide anytime to charge feee..
Ok so first disapointment, but understandable neteller charge fees ok , i was trying to discuss with them so they offered me if i make aditional 10 standard lots they will refund this fee and everything will be fine. Considered good trading enviroment ok lets make 10 lots to be able to withdrawal and finally test speed of withdrawal.
After aditional 2 standard lots trader real schock and confusion comes :D after 600 euros earned and new client account opened for a week when i clicked on every price on EUR USD , they set to my account standard slippage around 3,5pips to open and close So it means when i opened order i got aditional slippage to spread 3,5 pips so each position costs me like 4 pips open and 4 pips close : ) without trading ...well i must say what a behaviour to new clients i havent seen for some years , no ECN only standard bucketshop with MT4 autodealer , if they were regualated even in Malta or Cyprus they cant do this stupid things ....
I understand now why FCA regulation is pending most than year ..this is not possible in regulated Forex world, yes its possible but when someone deposit 10 000 euros and make profits another 100% so they can put me like this ..but this is shame ...
I am giving them 1 star only for that they withdrawed my deposit back to neteller of course they charged their fee because with 8 pips cost of each position , 10 lots that i need to make to be free is suicide :)
well, dont even think to open account here , if you will start earning they will use MT4 auto dealer to STOP you :)
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.
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!