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OctaFX.com Review MT4 - MetaTrader Platform

Overall Rating: (3.376)
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Total Reviews: 158
Last Updated: 2015-04-19
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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court COURT file case Cases Open - 0 | Not Guilty - 0 | Guilty - 0   reviews REVIEWS submit review

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.

Mohammad Jahidul Islam, Dhaka, Bangladesh

Rating:
Date of Post:2015-04-18
Review: OctaFX is a Real SCAM !!

Traders invest their money to make profit. Some can make or some lose. I am trading at forex market over 3 years. I had many accounts at other brokers, but the real scam I found is OCTA.

Traders create account they verify. Then we deposit- 50 to 1000 $ for making profit. If we lose the account is good condition but if we won and make profit 200 to 600 %...

1. Disable our account.

2. Add hidden spread.

3. Lock profile and ask for papers mail normal mail and offer to back the deposit, not profit !!

4. They delete all account details with trading history containing profit.

5. Give a SL with big GAP 3 or 4 pips and close the profitable trade.

6. They give a Therapy to their support- as they always tell you is chat-

http://prntscr.com/6uqufh

http://prntscr.com/6uqvox

They locked thousands of account last 1 year by showing this kinds of reason.

AC- 245138 (disabled account trade and omit history asked for physical attention to their office)

AC- 244281 (disabled account trade and omit history asked for physical attention to their office- blamed scalping as arbitrage)

AC- 244863 (disabled account trade and omit history asked for physical attention to their office- blamed scalping as arbitrage)

I can give you another 50 to 100 account details they done the same.

OctaFX- you think you are TARZAN & live in a jungle- anybody can't find you. You will suffer for what you are doing with customers money.

SCAM.......! SCAM.......!! SCAM.......!!!

Stephen, Johannesburg, South Africa

Rating:
Date of Post:2015-04-14
Review: Can someone please tell me what varification documents do OCTAFX really want.? I have submitted scaned ducuments twice (BANK STATEMEND, CREDIT CARD STATEMENT and bank letter as proof of address plus my ID) and they were both declined. First time, they wanted them in colour format and I did so and got declined. Second time, they said I should take the picture of my documents with a cell-phone. I mean really, whats the difference, if they are still the same documents. I went on to open three other accounts with different brokers with the very same documents and they never had any problem with them. Anyway, I like OctaFX for thier low spreads. I just wanna know what kinds of documents should I submit and in what format.
 
Comment: Added by OctaFX Rep on 2015-04-17 06:56
  Dear Stephen,

Sorry to hear that you were confused with our verification process. We require documents that can confirm your identity and residential address. Sometimes, the scanned versions of the documents do not meet our quality requirements and we request a digital photo of the same document. To put it simply, digital photo is the best and quickest way to verify your profile.

It is great that you like our spreads! We hope that you’ll enjoy our service.

And thank you for the feedback!

Kind regards,
OctaFX Rep.

David Roux, Johannesburg, South Africa

Rating:
Date of Post:2015-04-13
Review: In reply to the OctaFX rep.

Listen, what do you take us for idiots ?
I am not the only trader you have done this with, why not go look at the FPA forum SCAM ALERTS FOLDER, it is full of traders complaining about your slippage tactics, some with videos, screenshots and journaled proof, which I also have by the way.

Of course I can understand slippage in the market I have not been trading since yesterday but having each and every trade slipped with 20+ points even ones I made hours from when it first started happening is just plain thievery both OPEN and CLOSE is evidence enough of meddling.

I tell you what.

I will fund my account with another $ 100 and you leave it alone and let it trade successfully without ANY interference from your "Technical Dept" except for the acceptable market slippage which is as we all know is NOTHING like the SLIPPAGE some traders have been experiencing from OctaFX, we expect maybe 1 to 2 trades with slippage at most during High Volatility periods especially on EURUSD with high liquidity and maybe 0.3 to 1 Pip which we can live with NOT EVERY TRADE WE MAKE.

Funny thing is my friends account has been humming along quite nicely without ANY slippage doing the exact same trades at the exact same time I did and it is still running although a small account it is still growing.

Allow this and I might change my opinion about OctaFX, until then my review stands, is it really worth it ? It could land you guys in deep trouble.

2015-04-07 1Star I have an account with OctaFX and been trading with them for some months now all was good and although I am probably the worst trader on the planet I have been working on an EA that is actually very profitable.

The EA starting doing its job and I have a friend also at OctaFX running the exact same EA. We are both using a VPS in Germany as to make use of the best latency we can get for the EA.

When the EA started making profit on my account even though I have lost thousands manual trading all of a sudden my account started experiencing massive slippage while my friends account did not !!

OctaFX support simply said it was acceptable slippage, now I ask you how is it possible for two accounts doing trades at the exact same time from the exact same VPS server running the exact same EA, one experiencing slippage and the other not.

OctaFX is a SCAM broker simple, I have all the proof needed, screenshots, log files etc..

All OctaFX said is they will refer it to their technical dept. bah !!!

I will definitely take this further as this is unacceptable. People are being scammed and their money stolen. That being said I expect OctaFX to reverse all my trades and refund every last cent, how can I be sure of all the trades I have done have not been tampered with, stop hunting spread manipulation etc. all trades are in question now. If they are willing to scam traders for a few hundred $ what is to say they did not tamper with every trade I made ?

Comment: Added by OctaFX Rep on 2015-04-10
Content: Dear Sir,

Let me start by saying that I feel really sorry when a customer ends up so disappointed. It is a pity that after having several trades slipped a few pips on a particular day you start to doubt more than a 3 months history of your trading with us. We’ve tried to explain to you how market execution works. However, let me do it again: each order is executed by the price there is liquidity for. MT4 only displays the best price from the pool of the prices that exist at the very same moment. It is quite natural when one order is executed at one price and another order is executed at a different price, even though these orders had same volumes, entry prices, etc. No one can guarantee that your order will be executed exactly at the requested price. Overall, after reading your review here and your chat logs with our CS representative, it feels like you are disappointed in your performance and the industry itself. That can happen sometimes but it doesn’t mean that we did something wrong.

Sincerely,
OctaFX Rep.

glen kainama, jakarta, Indonesia

Rating:
Date of Post:2015-04-10
Review: i agree with david roux if you have an ea that profit they will hunt you down with slipage or widening the spread profitable trade into losing trade, i also experiencing this at octafx, i have a lot of losing trade manually and iam not doing bad things to them why if we winning they not happy about it...bad brokers

dani , uae, United Arab Emirates

Rating:
Date of Post:2015-04-09
Review: those discriminating brokers they did not accept me because of my nationality, unbelievable
Unfortunately your verification request has been rejected under the following reason:
We do not accept customers from **** country
 
Comment: Added by OctaFX Rep on 2015-04-17 06:57
  Dear Sir,

Due to the legislation issues we do not accept customers from certain countries. There is nothing discriminating in it.

Sincerely,
OctaFX Rep.
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Al Moataz, Cairo, Egypt

Rating:
Date of Post:2015-04-03
Review: I have been with Octafx, really great broker, low spreads, bonus on trades.. Fast withdrawals.. I am surprised to find bad reviews.

2015-02-18 4Star Very good withdrawal process, better than expected.

Fast and secure, friendly and helpful customer service.

2015-02-14 4Star Just to update :

I passed verification process with OCTAFX,

actually trading with OCTAFX is really smooth, very low spreads, and I am going to double my small account 10 USD.

I have not try to withdraw yet, I am gonnna update soon.

2015-02-03 2Star I did not try trading with OCTAFX, but their verification process is really poor. They rejected docs two times however I used same docs with many brokers and payment systems (Skrill )

f this is how verification process that means that withdrawals would be the in same unprofessional way,

Comment: Added by OctaFX Rep on 2015-02-09
Dear Al Moataz,

Thank you for your feedback!
It is unfortunate that you felt dissapointed with our verification process. Please note that we have to know our clients and we are also interested in making the verification process as fast as possible. As I can see from your profile history, your verification was completed right after you submitted digital photos of your documents.
Since you deciced to stay with us and started to trade, I hope that we'll have a chance to change your first impression.

Kind regards,
OctaFX Rep.

Kelum Tharanga, Tangalle, Sri Lanka

Rating:
Date of Post:2015-04-03
Review: Dear all...... I am a new Forex trader and I opened an account (micr-248050) with OctaFx few days ago.. So far they are best for me with Excellent client assistance, Low spread, good execution, Specially Yesterday (03/04/2015) at the NFP news release Execution was very fast and low spread. So it makes me more confident with Octafx. I have not yet make any withdrawals, Just start only. I will be here again after few months.. For now.. Octafx is the best broker.. and I give 5 stars.Thank you OctaFX..
Best regards...
 
Comment: Added by OctaFX Rep on 2015-04-09 05:20
  Dear Mr. Tharanga,

Thank you for your feeback!

We strive to provide our clients with the best in the industry, be it orders execution or live chat assistance. It feels great to be appreciated! We hope you enjoy being our client!

Kind regards,
OctaFX Rep.

Walter Lamerton , London , United Kingdom

Rating:
Date of Post:2015-04-03
Review: @ alecksey
What's wrong with you, mate? Of course I did. All went well.
At the end of the day, your failure to grasp the concept of the market is no one's fault but yours. Same applies to the losses.

2015-03-29 5 Stars It is a little bit odd reading the reviews here. I have been trading with the firm in question for a bit less than a year and I have never encountered that level of services before even with much bigger brokerages. I am more than satisfied with the conditions they offer

Review Moderation Team Note: Please take discussions to the forums thread linked to this review page

Sajith Tharaka, Sri Lanka, Sri Lanka

Rating:
Date of Post:2015-04-02
Review: This broker is totally scam for profitable traders. There are no issue with money withdrawals. But, they tell they are ECN ECN etc bu actually market makers. They put hidden slippages for 80% trades in a day after customer make profit by them so we after that we can't make profit by EAs. When we ask by chat, they tell us, it ia natural and maket condition etc etc but theae guys do it there own strategy by them self. No issue with re-quoting and markups but, very nice slippages. They do it only when someine make profit. I have checked with my other friends accounts.. This broker is going to add a pool someone make profit. Customer's loss is this broker's profit.
 
Comment: Added by OctaFX Rep on 2015-04-09 05:14
  Dear Sir,

Thank you for your feedback!

That is exactly how ECNs are; orders are executed by the best price there is liquidity for. We do not add any “hidden” slippage, there’s no such thing at all. Slippage is a natural part of trading in a real market and it is absolutely normal that one trader receives requested price and another trader receives slightly different price at the same moment. Prices always depend on the available liquidity.

Sincerely,
OctaFX Rep.
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