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OctaFX.com Review MT4 - MetaTrader Platform

Overall Rating: (3.405)
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Total Reviews: 151
Last Updated: 2015-03-26
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.

Blue Marlin, Frankfurt, Germany

Rating:
Date of Post:2015-03-26
Review: In my trading of currencies I'm relying on small moves and a broker with a low spread, which OctaFX is, also I trade about 200 times a day. My trading is done manually, no robots.

3 days ago I opened an account with OctaFX and the first day everything went great. Yesterday, my second day my account was +20% up, I experienced bad executions. Sometimes at opening, sometimes at close I got cheated for 3 pips with the execution.
I complained, but the answer was - it's the liquidity, which is NONSENSE. If I can see the quote at X but are getting X+3, then I must be blind.... but I'm not.

Email 1 :
Account 246389
Why I'm experiencing bad executions up to 3 points (30 pips) using market orders ?

Answer OctaFX :
Thank you for contacting OctaFX!
Could you please specify the ticket IDs of the orders with such problem?
Sincerely, Sam

Email 2 :
Sam, please check all tickets from last 30 minutes...... All of them had bad executions at leat once - opening it or closing it.
The worst was when opened !
A visible difference up to 3 points to the actual price in the market.
Just now I did a trade buying EURUSD market (ticket 40103664) with bad executions of 3 points at the opening AND closing !
Instead of a profit of 1,80 it is a loss of 0,60

Answer OctaFX :
In answering to your recent inquiry:
The order 40103664 has experienced a regular market slippage by it's closure. It is possible due to the lack of liquidity at the price you request.
It is important to understand that MT4 chart shows you only the best price available at the moment. When there is no liquidity left to fill your order at the requested price, it is sent to another liquidity provider to be executed by the next price available.
Sincerely, Emma

Email 3 :
This I could accept for one order, but NOT for many orders in a row when there is very little movement in the market and I can clearly see executions up to 3 points (30 pips) away of the actual bid or ask prices.
This started to happen yesterday morning and continued until the evening. It never got back to normal again !

Answer OctaFX :
Any possible open/close price deviation is a subject of the available liquidity only.The Company bears no responsibility for the consequences of such deviations and/or price difference from the price requested by the Client. It is important to understand that the Company cannot control slippage in any way.
We can only recommend you to try accounts on cTrader platform. On cTrader there is Level II Market Depth provided, all liquidity available at different price levels is shown there. So, you will be able to control slippage.
Sincerely, Emma


SLIPPAGE ????!!!
HA
This is definitely NOT slippage !
My MT4 was bugged, that's why !

I withdrew my money from OctaFX.

ADIOS forever !

Rinku, Tangerang, Indonesia

Rating:
Date of Post:2015-03-25
Review: Good broker, no delays on withdrawal to BCA, fast orders, can you my trading strategy analysis well.

Alecksey A, Germany, Germany

Rating:
Date of Post:2015-03-25
Review: Octafx is a big scam

do not be tempted by the low spreads, this does not exist, if you are profitable they give a slippage from 2pips of entry and 2pips of exits

Octafx is not an ECN broker. I asked for a fillingticket and I have received no response. Any reputable ECN broker can send you a fillingticket the respective bank.

It's really true Octafx works with slippage plugin. But only if you have made at least 200%. in very short time.

Profitable trader are not allowed. If you are prifitabel, They block your account and you can not trade. then they want you no more offer their service.

When you're unprofitable, everything is good, good execution, no slippage and good client support. If you are a profitable trader they want to get rid of you.

It's all just good marketing. Nothing behind it. No successful trader dealing with this type of broker and all good rewies are fake or from unprofitable traders.

Ruwanti, Badung, Indonesia

Rating:
Date of Post:2015-03-24
Review: Nice new contest, overall good broker - low spreads, fast execution, good for new trader. Excellent Respond and best service. User Friendly website also...

Md.Abu Sufian, Dhaka, Bangladesh

Rating:
Date of Post:2015-03-20
Review: In my view, Octafx is a bogus. I deposited 100$ in my account 16th March ( 244281), Then i traded with my account last fomc news and make a lot of profit like 750$ +. Next morning i requested to withdraw
669$. I was astonished that they neglected me. They only backed my deposit but did not give my profit and they also deleted my trading history and disable my account. Then i talked to them live chat and i wanted to know from them that why they did not withdraw my profit, then they told me, i traded with arbitrage. But it is impossible. I manly profited with scalping ea.
I requested to all people not to trade with octafx. They cheated u.
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Miguel Garcia Figuez, Madrid, Spain

Rating:
Date of Post:2015-03-17
Review: Very good experience so far in terms of how orders work and how they support on verification. Withdrawal also went pretty fast. It's a good offer if not the best in the market now.

I'll see how they perform further on but first three months passed and I feel good about this brokerage.

MaVaan, Finland, Finland

Rating:
Date of Post:2015-03-08
Review: Damn joke that calls themself a reputable broker. Every positive review about them is a fake and shud be deleted.

Review Moderation Team Note: All reviews, positive and negative, are subjected to the same screening and moderation process.

Been waiting for my money for almost a year now, documents sent, and receiving confirmed, and then nothing. No communication whatsoever.

Hope I'll meet octa people at the fx fairs to have a word in private with my friends...
 
Rebuttal: Added by OctaFX Rep on 2015-03-17 08:56
  It took Mr. V. 10 months to simply send his identification documents. All his emails answered and chat requests were accepted. Withdrawal was successfuly completed after the confirmation from the security department.

Franco Garofalo, Treviso, Italy

Rating:
Date of Post:2015-03-07
Review: I worked with this broker for about 2 months with excellent results. I used a scalper and that allowed me to have big profits during the two months of trading and managed to withdraw via Moneybookers without any problem.

After collecting have changed the conditions of slippage in an exaggerated way and I lost all the money left in the account after the withdrawal.

They told me that the problem of slippage was due to "a lack of liquidity" but the problem persists even after two months of waiting and unfortunately I decided not to work anymore with this broker although good, does not behave well with its customers.

Specifically that I did not use any strategy or arbitrage is not allowed but a semplie scalping strategy closely.

Does not seem right to intervene to stop slippage on a profitable strategy for a client who would stay with them for a very long time.

Do not I work more with them but before that their intervention I was comfortable.

Too Bad.

Balaji iyengar, dubai , United Arab Emirates

Rating:
Date of Post:2015-03-03
Review: They are the worst scam broker I have seen in my over 12 years of trading. Stay away from them no ECN not regulated. I opened account on 27th Jan and deposited 450 usd and within 1 hour of trading made 160 usd profit suddenly found account is disabled without any prior information. Next thing is got mail saying they suspect my account is hacked by 3rd party etc and need my attested ID proof and address proof. Arranged the same next day and first sent to their support scanned copies had chats to ensure it is ok and then sent by courier to their HO. Even after 1 months status quo my deposit is struck and profit is struck. Saying first did not receive my documents even after sending tracking details of aramex then acknowledged receipt saying under investigation now over a month. Stay away from such brokers
 
Comment: Added by OctaFX Rep on 2015-03-17 09:04
  Greetings everyone!

This account had major security issues and was disabled for the funds safety and internal investigation. As soon as client's documents were received and checked, his withdrawal was completed.
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