OctaFX vs InstaForex

ariesrsp

Recruit
Messages
1
Hello Brothers! I want to start forex trading . Can any one advice me which broker should I chose ? Octafx or Instaforex. I read lot of comments about octafx account disabling and denial from withdraw.
 

Pharaoh

Colonel
Messages
19,959
Did you check the FPA's reviews first?

https://www.forexpeacearmy.com/forex-reviews

If you had, you would already know that InstaForex earned a scam label a long time ago:

https://www.forexpeacearmy.com/forex-reviews/4257/instaforex

You can also see that InstaForex has an extensive collection of warnings from regulators around the world. Insta also has some anti-FPA propaganda pages telling lies to try to discredit the FPA. Even ff those lies were true, that wouldn't explain all those regulator warnings.

So, if you have the slightest interest in being able to sleep at night instead of wondering if your profits (and possibly even your initial investment) will be safe and can be withdrawn with no issues, don't place 1 cent with InstaForex no matter what any employee or IB of InstaForex says to you.


As for OctaFX, I've heard they don't like scalpers. If you close trades more quickly than they like, you may find all your profits being taken. I don't scalp, but I do like the option to be able to close a trade. Even if I plan to let a trade run for weeks or months, I want the option to bail out 2 seconds after I open it in the event there's some black swan news event that hits the same moment I pull the trigger. Yes, I know the odds of this are low, but the Swiss National Bank has cause 2 massive incidents all by itself since I started trading, and there have been other such events through the years.

If you don't scalp and aren't as paranoid about mega-surprises in the market as I am, you can check their review page for experiences of more of their traders:

https://www.forexpeacearmy.com/forex-reviews/8757/octafx

One thing to note. OctaFX is regulated by CySEC and registered with the SVG FSA (NOT regulated. That organization only registers forex and crypto brokers and offers NO protection or regulation). If you are in Europe, your account should be under CySEC, which does offer some protection. If you are outside of Europe, your account will probably be under the SVG FSA, so if anything goes wrong, your options will be limited.
 
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