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OctaFX.com Review MT4 - MetaTrader Platform

Overall Rating: (3.294)
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Total Reviews: 180
Last Updated: 2016-01-21
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.

Job Ben, Tanzania, Tanzania, United Republic of

Rating:
Date of Post:2016-01-20
Review: Octafx is a pretty tricky broker, when you join them they give you the best conditions but after you stayed for a while they give you the worst conditions ever like only negative slippage(no positive), price delays(I compared it with other mt4s and octafx seem to be late for about 4pips or sometimes the give you the wrong quotes).
Another thing which has come to my attention is Octafx is really not a true ECN(STP) broker one of the reason being that, no where in their website they have mentioned their Liquidity providers, and the way they execute trades is like a market maker broker or even worse a b-book broker.
They are a B-Book broker because all of my trades I placed on both my Octafx and Tradersway, the trades on Octafx always get stophunted by spread or price misquote.
So please beware, Octafx does not mention any of its liquidity providers at all and their terms and conditions oppress the client.
Their bonuses and no commission are just bait. I have traded with them for like 7months and my experience has been getting worse and worse.
 
Comment: Added by OctaFX Hanna on 2016-01-22 03:36
  Dear Job Ben,
We are very sorry that you weren't happy about trading with us.
As for the liquidity providers, we cannot disclose all their names due to our policy restrictions. However, here is one of the liquidity providers we work with: LMAX. You can read more about them on their website.
Please note that OctaFX is an ECN broker; you can get more info here: https://www.octafx.com/about-ecn-trading
We hope this will be helpful for you.

Inayetullah, India, India

Rating:
Date of Post:2016-01-11
Review: Thi scompany is fraud it zeroed my account eithin 1 hour withhout any movement inmarket and educted my Call margin at 50% which is 20% as per their Contract rule when I contacted them they are only Showing bonus issue not accepting their mistake
 
Rebuttal: Added by OctaFX Hanna on 2016-01-13 01:53
  Dear Inayetullah,
We are sorry that your trading experience with us wasn't positive.
However, there was no error in the execution of your orders.
At OctaFX stop out occurs in case your margin level falls below 15% of the required margin. In your case margin level fell below 15% after your deposit bonus was cancelled. And your bonus was cancelled in full compliance with the bonus promotion rule: "In case the equity of your account becomes less than the bonus size, the bonus will be cancelled". Read more about our bonus policy on our website in the "50% Deposit Bonus" section.

Kurt Schaub, México, Mexico

Rating:
Date of Post:2016-01-11
Review: I opened an account with them because all the good reviews here and the "deposit bonus" can be withdraw with a certain number of trades and volume, however when I ask for my bonus they said that the bonus is just for MT4 accounts, (I choose ctrader account) but when I check again the "bonus rules" they said:
Deposit bonuses can be credited to any account type.*

I contacted them in the live chat and told me:
MT4 accounts are meant, sir. Both Micro and ECN accounts are eligible for this promotion.

And that's how I didn't receive my deposit bonus by a lack of information in the web page.

I just made a couple of trades and the execution was really good, the spread in the opening are huge around 4-5 pips beacuse a lack of volume but I think that's in all ECN (I was trading with fixed spread brokers) but around 1 hour the spread becomes tight again, I will review again after my first withdraw.
 
Comment: Added by OctaFX Hanna on 2016-01-12 02:23
  Dear Kurt Schaub,
Thank you for your review. I hope that your withdrawal experience with OctaFX will be great too. I also want to assure you that the deposit bonus for cTrader account is being worked on now and it will be available in the nearest future.

Christian, Ecuador, Ecuador

Rating: No Rating
Date of Post:2015-12-05
Review: I was thinking to open an account with this broker. But now I will stay away from them, because they are typical broker that dont like people win money and their traps are always slippage... Thank you people for your testimony. Better I will to seek an honest broker...........
 
Rebuttal: Added by OctaFX Hanna on 2015-12-14 12:00
  Dear Christian,
Thank you for your opinion. However, I would like to remind you that slippage is not an uncommon occurrence in the periods of high volatility/after some important news releases. Slippage can't be avoided, and it doesn't depend on the broker. However, it can be used to the benefit of a careful trader. So I hope you'll anyway try trading with OctaFX to see its advantages.

sabri yol, turkey, Turkey

Rating:
Date of Post:2015-11-11
Review: if you can profit, they dont pay profit.be carefull..!!
I am waiting 20 days for withdrawn.....they did not pay my profit.....after I complained to neteeller.....Because my depozit method neteller...neteller help me about this.....after I did take my profit....SCAM BROKER.
 
Rebuttal: Added by OctaFX Hanna on 2015-11-17 01:05
  Dear sabri yol!

We are sorry that you weren't satisfied with our service. Customer satisfaction is our top priority, so we are happy to do everything in our power to make your experience positive.
However, we couldn't find your details in the list of our registered users. We appreciate all kind of feedback, but before you post a negative review, please share your real details (account number and name) for us to tackle the issue. Otherwise, we cannot consider your feedback valid.
Thank you for understanding.
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Dhanuka Meegolla, Kurunegala, Sri Lanka

Rating:
Date of Post:2015-10-24
Review: I have been working with this broker since last year. They giving me a n excellent service. I haven't got any SLIPPAGE problem with them and also no any withdrawal problems too. they could withdraw profits to skrill account within an hour. I hope to continue with this broker further and can be recommended to others as well.
 
Comment: Added by OctaFX Hanna on 2015-10-25 11:44
  Dear Dhanuka,
We are happy that you are pleased with OctaFX service.
Thank you for choosing us!

Anna, Ekaterinburg, Russian Federation

Rating:
Date of Post:2015-09-13
Review: I want to warn all traders working with this company.The Company may at any ask to send notarized documents.

For me personally, they have requested as soon as there was the first profit in the account. And the reason is the alleged fraudulent activities or access by third parties. Very strange.

And the cost of translating my documents into English + notarization + transfer documents for their address more than the profit earned by me !!!

Here's the letter itself:

We have received an information that your account MIGHT have been involved into fraudulent activity or accessed by third parties intending to do so. We have grounds to believe the documents provided for this account as well as its identity do not belong to the actual account owner.
This is not a statement, but an assumption, which requires investigation in accordance with of our Security Dept. requirements and policies. There is nothing to worry about; it’s a regular check, intended for your funds security and transactions' transparency first of all.
This is to let you know that in accordance with p. 13.12 of the Customer Agreement, namely:
13.12. For security reasons upon withdrawal the Company reserves a right to demand Client’s complete identification data, such as ID copy, address proof copy, bank reference letter and other relevant documents, apostiled or certified by a notary.
Your initial deposit has been refunded to the original e-wallet. In order to withdraw profit from your account, please follow these steps:
1. Please prepare the following documents:
a. Personal ID/passport copy (all the pages containing records);
b. An address proof, clearly showing residential address.
BOTH TRANSLATED INTO ENGLISH, NOTARIZED (OR CERTIFIED WITH AN APOSTILLE STAMP) BY A RESPONSIBLE GOVERNMENT AGENT.
2. Please send these documents (physically, by mail) to our HQ address at:
Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines, VC0100.
3. After the documents are received, case investigated and verified, your withdrawal request will be approved.
 
Rebuttal: Added by OctaFX Hanna on 2015-10-22 01:44
  Dear Anna,
Thank you for your feedback. We are sorry that your experience was not as positive as you expected. However, registering an account, you agreed with the terms and conditions of our Customer Agreement and, therefore, expressed your consent to comply with it. The reason for such a practice to request the notarized documents is that we do our best to avoid any scam or fraudulent activities and to make sure we work with real traders. We are sorry for these necessary security measures.
Also, I see that your country is Russian Federation. Unfortunately, we don't accept Russian traders, and registering you might have chosen another country which might be the reason for the documents request. If your case is different, do not hesitate to contact our Customer Support at support@octafx.com

Sajjad khan sun , Dhaka , Bangladesh

Rating:
Date of Post:2015-09-06
Review: I use this broker for last 6 months or more. I like their bonus system and withdrawal and deposit system. Their customers services are also good. I didn't find any problems with them unless some big slippage happens around 5-10 pips. Though I find it very few times but it usually happens on the day I made good profit.
 
Comment: Added by OctaFX Hanna on 2015-10-22 01:47
  Dear Sajjad khan sun,
Thank you for your feedback. We hope that you'll be only satisfied with your trading results in the future!

Daniel Selvon, Royal Park, Mauritius

Rating: No Rating
Date of Post:2015-08-25
Review: I tried them with only $100 for a week, I'm going to put $1000 and let you guys know.
 
Comment: Added by OctaFX Hanna on 2015-11-17 01:10
  Dear Daniel Selvon,
Thank you for your interest in our company! Please, feel free to share your further experience. We value our customers' feedback: it helps us improve.
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