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OctaFX.com Review MT4 - MetaTrader Platform

Overall Rating: (3.587)
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Total Reviews: 130
Last Updated: 2014-09-29
Special Notes:

Getting an 8 dollar welcome bonus is not a valid reason to leave a review.  Trade for a couple of months and leave a review based on how well things go with the broker.

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FPA Review Moderation Team, , USA

Rating: No Rating
Date of Post:2012-02-21
Review: We haven't tried a forex trading account with OctaFX.com. If you've traded forex with this broker, please leave a review here.

Armando J., Barcelona, Spain

Rating:
Date of Post:2014-09-25
Review: So far best broker for me. Trades are fast and no rejects like others do. Didn't use any bonus to be honest, so can't describe it. Spreads are great, not as great as promoted, but still very nice.
 
Comment: Added by OctaFX Rep on 2014-10-16 01:38
  Dear Armando,

Fast order execution and low spreads are definitely among traders’ top priorities. We are delighted to know that you enjoy our trading conditions. We also introduced a new platform recently and I encourage you to try it as you might enjoy it even more!

Kind regards,
OctaFX Rep.

Wattagodage Sajith Melantha, Jaela, Sri Lanka

Rating:
Date of Post:2014-09-14
Review: I Trade with octa fx still one month im very happy with octa specially
SPREADS AND EX SPEED very nice and ecn Condition NO COMMISSION. I invite all Traders see in fpa trade with octa then u feel how you increase your portfolio and MORE THAN REGULATED
BROKERS THEY ARE GENUINE fast withdrawal , no fees, fast customer support . i give octa fx 7 star
Thanks
 
Comment: Added by OctaFX Rep on 2014-10-16 01:37
  Dear Wattagodage,

Thank you! It’s great to see how excited you are about our services. We put a lot of effort into providing the best for our customers.
It makes us feel proud that you rate us 7 stars out of 5.
We wish you profitable trading!

Sincerely,
OctaFX Rep.

Beth Leong, Singapore, Singapore

Rating:
Date of Post:2014-09-07
Review: I Loved Octa 1) Friendly staff, various deposit and withdrawal methods 2) NO commission for micro accts yet with ecn spreads
Here's some things that I wished Octafx will get round to fixing
Skrill Deposit Method
================
For octa skrill deposit will automatically used whatever skrill balance you have in the account. It DOES NOT have full connectivity (functions) to skrill deposit methods such as eNETS, Credit Card. For other brokers which I have dealt with skrill deposit will link me to 1) The skrill login 2) after verification, skrill then display a menu with payment options.

For octa only automatic usage of skrill amount is allowed
This makes it very CUMBERSOME, INCONVENIENT and I have to calculate the exrate/charges involved as well. Eg to deposit usd300, first I have to login to skrill directly (NOT thru octa). Then I select eg credit card or eNETS. When depositing, I have to take into account the skrill charges (if any) as well as exrate that skrill may used, since my bank account is denoted as SGD (only skrill Gold vip customer can established a multi currently acct with skrill)
Eg, I may deposit SGD390. according to my somewhat fuzzy logic calculation

Next, I need to login to Octa customer area, select skrill, enter the amt, eg, USD300. It will allow me to login to skrill for verification. Then it will automatically checked whether the amt I have in skrill is sufficient to deposit usd300. It maybe that the calculation returns SGD390 (USD299.78) and the message is that I dont have sufficient amt to deposit usd300.

Thus I would then have to relogin to skrill, reselect the deposit method to "top up" the differences in order to have usd300 deposited. I then need to REPEAT the process to come back to Octa customer area, reselect skrill deposit method, get my password etc reverified and hopefully this time I got "sufficient" amount (in usd equivalent) to deposit usd300

Withdrawal/Internal transfer
=====================
Here, Octa is clearly lacking in serving customers better. There is no direct credit card withdrawals. Customers who deposited with credit cards need to use bank wire for withdrawals. This pushed the cost on the customers instead

It also complicated the withdrawal process as bank wire details are required and some customers are just not familar with whats the bank's swift code and may have to call their bank's hot line to get the information

Please note, for deposit by credit card, it is not processed by Visa Electron, but by a processor in russia (which makes it almost entirely impossible for a customer when issues arise). I am octa's IB, and my Taiwan's customer's international visa was rejected by the processor. No other reason except its from Taiwan. This customer also has accounts with IC Markets using the same visa to deposit

During internal transfers or withdrawals customers are asked to enter a 4 digit pass code (NOT the customer login password). Guess what? Octa WILL NOT mailed this passcode and HAS NEVER mailed this passcode with the account opening or account verification/confirmation email.

Thus imagine my shock when I was asked to enter this. I have to get online with the support staff to learn how to "reset" my passcode (which I have NEVER received, and NEVER was aware of), and select "forgot passcode". One forgets password but you did select that password or there was some confirmation of the password you have chosen or given (eg a newly opened mt4 will have a randomly assigned password and it will be in the mailer you received from Octa). How could one "forget" something which you are not EVEN AWARE of!

It was truly quite frustrating moment. Once I got passed that initial thrombosis of how Octa handles internal transfers/withdrawals, it gets on you (provided you still have hair left)!

Internal Transfer
=============
Internal transfer is another mystery. I am able to only transfer WHOLE numbers and NOT the cents. Thus if I have 3-4 accounts, all my accounts may end up with odd cents that I cant transfer or withdraw. Is this to allow Octa to generate some interest earned on the customer's accounts in the case whereby customers got margin call and got left with mere cents?

UNABLE to do partial closure
=======================
I subscribe to signals at MQL community. MQL used their own internal logic to calculate lot size (by arriving at a ratio). Due to slippage, price differentiate b/w subscriber and provider, as well as different lots, the profits/losses are different.

Over time this ratio can be reduced. When it does, MQL will force a partial close of open transactions. Octa has a VERY VERY UNIQUE, NON ACCEPTABLE logic of closing the ENTIRE ORDER and RECREATING the new order with a DIFFERENT EP (entry price). This can lead to a lost or a gain on the trader's acct depending on whether the new EP was in favor or the trader's or not (sounds like gambling)

Whilst for the same signal, IC Markets has NO DIFFICULTIES in allowing MQL to do a partial close, having clear link from old to new trade id#, and MAINTAINING the same EP.

====================================
I have emailed Octa on all of the issues and ask that Octa look into these if they wants the customer to stay with them. I hoped Octa will take this review MORE SERIOUSLY than the way they treated my email.

Octa was very polite but it was clear Octa was reluctant (citing that there is NOTHING WRONG with their handling of partial closure and they do not have "any plans" to have this modified)

As for other suggestions regards skrill deposits and internal transfers, I have yet to land on the moon. Similarly Octa has yet to understand how the customer gets affected and irritated by such issues.

==============================================
Although overall, I would recommend traders to trade with Octa, but I WOULD NOT recommend them if they intend to use skrill/credit card for deposit, or if they intend to use MQL signals to trade. If I feel frustarted as an IB and trader, just imagine what others will feel!

YoungChang, Chicago, USA

Rating: No Rating
Date of Post:2014-09-07
Review: Hey, You said that following excuse,
Why don't you verify the fund and ID before the client open an account in your firm???
Why do you check it when he request withdraw??

"Comment: Added by OctaFX Rep on 2014-08-11 06:21
Dear Muhammad Furqan Sheikh,

According to company policy, we reserve a right to request hard copies of the client's documents, certified by a responsible goverment agent. We usually request such copies to provide additional security for the client's funds and in instances, where we have strong reasons to believe that TOS are breached and that account is accessed by third parties and/or is registered under fake documents.
Also, you have received a correct information, this process normally takes about 1 month. As soon as our security deparment performs all the necessary verifications, you will be notified via email and your withdrawal will be processed.

Sincerely,
OctaFX Rep."
 
Comment: Added by OctaFX Rep on 2014-09-30 04:17
  Dear Sir,
Thank you for your interest in OctaFX. Even though we cannot accept US resident as a client, I will gladly address your inquiry.
Normally we verify client’s identity before he starts active trading. However, in cases when a client’s account is compromised and we have solid info that account is/was accessed by the third party, we may request notarized hard copies of the client’s document. We need to know that a withdrawal request is made by an account owner and we also have to abide by AML policies.
If you have any questions regarding this or any other matter, please do not hesitate to contact our CS team.
Kind regards,
OctaFX Rep.

lukas, Poloski, Poland

Rating: No Rating
Date of Post:2014-09-05
Review: I trade together with the family.
In general I was pleased with the account in the broker. My strategy is aggressive scalping combined with hadge position. Super performance and lack of slip rates. After a few weeks, a sudden realization of orders lasted a few sec. And a very large slips prices. In addition, I was accused of cheating by the person who is in touch with me. The case was quickly explained by, and money quickly withdrawn. Małe not a problem. Every time the scenario was the same. At the beginning of all great and then it issues the execution. The staff are very helpful but I have to admit it always eventually have informed that the problem is on the client computer. Overall, I am satisfied with the action this broker but later increase the execution order for a few sec does not allow for further work. I pay a lot of money and continue to work with them and I hope that this post can help.
My mail is [email protected] I hope that the problems can be solved and I will be able to write a positive post.
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Katriin Sepp, Pärnu, Estonia

Rating:
Date of Post:2014-08-19
Review: I began to trade at OctaFX since March, because my sister was trading there. I'm not pro trader and i had no idea what to expect from them, so i just started a small account. I can not say i've been very profitable because when i was trying to trade a big event, but i have no experience. So it was more like gambling, sometimes i guessed direction and other times i didn't. So then i changed to scalping strategy. It seems that my system is finally starting to compensate. What I like about this broker is that their MT4 is really fast compared to other brokers i tried. And the spread is best. Now I have more profit than my sister, and she taught me the trade =) I saw some complaints at FPA, but I do not know how it's with others. I have never had any problems. They do not withdraw on credit cards and I have to use Skrill. Maybe that's biggest discomfort i faced.

Muhammad Furqan Sheikh, Karachi, Pakistan

Rating:
Date of Post:2014-08-06
Review: I deposited and started trading with this brokers , when i made some money i found that broker was trying to cheat me in trading , like i was closing the positive trade but it was closing in negative pips ,so i decided to withdraw the funds , i sent the withdrawal request but they rejected and stated that the account is under investigation , even my account was verified before i started trading. they asked me to send the documents by post , i sent them the docs but they are asking for 1 month to complete the investigation.

i don't understnad what investigations they want ,even my account was verified and when i made money i was blamed to be not the owner of the account , i have also sent the bank documents where my account number is clearly shown . i am feeling very bad for this broker. can anyone help me?
 
Comment: Added by OctaFX Rep on 2014-08-11 06:21
  Dear Muhammad Furqan Sheikh,

According to company policy, we reserve a right to request hard copies of the client's documents, certified by a responsible goverment agent. We usually request such copies to provide additional security for the client's funds and in instances, where we have strong reasons to believe that TOS are breached and that account is accessed by third parties and/or is registered under fake documents.
Also, you have received a correct information, this process normally takes about 1 month. As soon as our security deparment performs all the necessary verifications, you will be notified via email and your withdrawal will be processed.

Sincerely,
OctaFX Rep.

Vitor Matinhas, Porto, Portugal

Rating:
Date of Post:2014-08-03
Review: Good broker with good spread and good execution. Perfect for who like scalping.
 
Comment: Added by OctaFX Rep on 2014-08-22 04:43
  Dear Mr. Matinhas,

We are very pleased to hear that you like our trading conditions. We hope that you we will continue to meet your needs with any strategy you might employ, scalping or not.

Sincerely,
OctaFX Rep.

Njali Hutia, Assam, India

Rating:
Date of Post:2014-07-22
Review: I never face any problem with octafx since I started to trade. Every time I request for withdrawal they pay me. I think they are one of the genuine broker in the FX Market.
 
Comment: Added by OctaFX Rep on 2014-08-22 04:42
  Dear Ms. Hutia,

It’s great to hear that you enjoy trading with us!
We hope that you will never need to search for another broker again!

Best regards,
OctaFX Rep.
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