OctaFX Review

3.103 · 292 REVIEWS
Updated: Aug 3, 2021 · OctaFX.com  · Is this your company?

OctaFX is a forex broker. Octa FX offers the MT4, MT5 and cTrader forex trading top platform. OctaFX.com offers over 25 forex currency pairs, cfds, commodities, stocks, gold, silver, oil, bitcoin and other cryptocurrencies for your personal investment and trading options.

OctaFX
Other websites of this company include OctaFX.eu, OctaFX.net, Octapk.net, OctaFX.pro.

Broker Details

Minimum Trade Size: 0.01
Maximum Leverage: 500:1
Minimum to Open Live: $5
Established: 2011
Address: Suite 305, Griffith Corporate Centre, Beachmont, Kingstown, Saint Vincent And Grenadines
Contact: +44 20 3322 1059
Regional offices:
Regulators: CySEC #372/18, SVGFSA #19776
Prohibited countries:
Trading platforms: MT4, MT5, cTrader
Web Trading: Yes
Mobile Trading: Yes
ECN: Yes
Currencies: (25+)
Cryptocurrencies: (3) Bitcoin, Litecoin, Ethereum
CFD: (10+) Gold, Silver, Stocks, Stock Indexes, Oil, Other Commodities
EAs/Robots: Yes
News Spike Trading: Yes
Scalping: Yes
Deposit Methods: VISA, awepay, Bitcoin, FasaPay, Local Bank Deposits, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay
Withdrawal Methods: VISA, awepay, Bitcoin, FasaPay, Local Bank Transfers, Neteller, paytm, Skrill, UnionPay

Live discussion

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OctaFX.com profile provided by John, May 29, 2012


Octa Markets Incorporated is a worldwide recognized forex broker. OctaFX provides forex brokerage services to its clients in over 100 countries of the world. OctaFX uses the most up-to-date technology and knowledge to make your forex trading experience outstandingly convenient. Our top goal is the trust and satisfaction of each client's need and requirements. OctaFX sets the highest service level standards and maintains them as well as constantly develops new services and promotions.


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3.103 · 292 REVIEWS
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Traders Reviews

Solanki Ghosh,
India, India,
May 22, 2021,
Guest

I lost my diposited money in octafx

Service use: Live

Length of use: over 1 Year

I have diposited money in octafx. But money is not showing in my octafx diposit accout. I lost my money. Octafx scam. Dont invest in octafx
 
Reply by OctaFX Rep submitted May 27, 2021:
Dear Solanki Ghosh,

We profoundly regret to read about what happened. Looking into your review, we've found that an issue occurred while processing your payment, and it was automatically bounced back as a refund. Since you already reached out on May 24 to let us know that your funds returned, we can assume that the issue was resolved simultaneously. However, please message us directly if you have any questions, and we'll be more than happy to help.

Once again, we wish to state our regret that you had to deal with such an issue and wait for your funds. It goes without saying that waiting could be highly frustrating, and we understand that. Please note that our Financial Department is working hard to ensure that all payments are processed on time. Nevertheless, certain holdups are possible with bank transactions, and it may take a while to investigate such matters. That said, we always ask our customers to contact us directly in similar cases or with any questions and allow us extra time to look into them.

We sincerely hope that this incident won't impact your satisfaction with our services and that you'll remain an essential part of our trading community.

Please consider sharing your detailed feedback directly on what else we could do to improve your experience, and please increase your rating here.

We appreciate your support and will be happy to hear from you anytime.

Kind regards,
OctaFX Rep.
Pakistan, Pakistan,
May 15, 2021,
Registered user

Withdraw through bank are too late

Service use: Live

I made a withdrawal request of $160 on octafx to bank account to pakistan .it's been 5 days but still no sign of money everytime I contact they read same script.they made me bleed on Eid festival
Here's withdraw request number W2787549,and don't say I didn't contact you before I did almost 20 time but everytime same script here is the querry number #4598306 & 4608493 & 4589857 & 4589437 & 4588171 .do you see how many times I have contacted.Im not saying octafx is bad broker it's good broker and I know I will receive withdraw but should be effecient to withdraw via bank account.
Regards
Zain ul abdien
  1 trader has found this review helpful
Reply by OctaFX Rep submitted May 21, 2021:
Dear abdienzain411,

Appreciate you taking the time to share your positive feedback about OctaFX and bring this question to our attention.

We're very sorry to read about your dissatisfaction with the payment processing times. After looking into your review, we've found that your payment was delayed due to the national holidays that took place around that time. Regrettably, that affected the bank's working hours, and your withdrawal was processed slightly later, on May 16, the day after you left this review. Since you already let us know via email that you received it, we believe that the issue was resolved simultaneously. If you have any questions, please contact us directly, and we'll be happy to help.

Taking this opportunity, we want to note that our Financial Department is doing their best to ensure that the processing time doesn't exceed 24 hours. However, in rare cases, certain hold-ups are possible, especially with local bank transactions, as after such a transaction is sent, our team has to wait for a confirmation from the bank's end. Please, if your payment request is taking longer, we highly encourage you to contact our Customer Support team first. They're always here for you and will be more than happy to look into it and will keep you up-to-date about your payment requests.

Speaking of your experience with our team, we will most certainly improve the communications aspect you brought to our attention and ensure the assistance you receive will be more sufficient.

If we can be of any assistance please, do not hesitate to contact us. We're always here to help.

Kind regards,
OctaFX Rep.
Assam, India,
May 13, 2021,
Registered user

I call this almost a scam.

Service use: Live

Length of use: over 1 Year

There is a hidden price level in there chart and it might hit your Stop Loss (Be Careful). In AUDJPY pair their spread is 0.016. I placed a sell order stop loss @85.311 and price reached 85.252 but stop loss hit. Next day I placed another sell order stop @85.094 and price hit Stop Loss at 84.973 (more then 100points). at night end of the day there spreads are like monster and it will hit your SL no matter where it placed. OctaFX should fix this problem (almost a scam). I complaint to there live chat but they don't care about their customers. The casually say we will look into this, but do nothing.
  1 trader has found this review helpful
Reply by OctaFX Rep submitted May 21, 2021:
Dear DPHUKAN007,

We regret to read about your trading experience with OctaFX.

Looking into your review, you previously exchanged about the matter with our team, and they explained what happened in detail. Please, let us share this information with our FPA community and clarify your case. Before going on, we want to point out that the close price was never at 85.252. You set your Stop Loss at 85.311, and it was triggered at 85.330 as it was the nearest available price. Please note that a Stop Loss order for a 'Sell' position will be executed whenever the current Ask price becomes equal or higher than the order price. This slight difference between the two prices could be explained by the limited liquidity available at that moment on the market. Keep in mind that we can't guarantee that your pending order, Take Profit, or Stop Loss, will be filled at the requested rate in such cases. In fact, we regret that the price went up, making the order unprofitable, but it was executed correctly from our side.

Regarding your message about spreads in the nighttime. All traders should be aware that it's the time of low liquidity in the market, and there could not be enough liquidity for your positions to be executed. Hence, due to out-of-hours trading, spreads may widen and become higher than normal. This is absolutely ordinary in real trading. We can't control it due to the nature of ECN trading and the simple fact that OctaFX serves as an intermediary between the client and the market. In particular, we are bound to follow our Customer Agreement provisions, paragraph 4.3, which states that 'Any possible open/close price deviation is a subject of the available liquidity. The Company bears no responsibility for the consequences of such deviations and/or price difference from the price requested by the Client.'

We hope that we managed to address your concern, and hopefully, this experience will not overshadow your overall enjoyment of our services.

We also appreciate your feedback regarding communications with our team; we will certainly take it on board and see how we can improve it by looking ahead.

If there's anything else we can do for you, please don't hesitate to get in touch.

Kind regards,
OctaFX Rep.
Delhi, India,
May 4, 2021,
Registered user

Totaly scamer broker octafx

Service use: Live

Length of use: over 1 Year

I put a trade of buy on 1773 in gold which was automatically closed at 1703, whereas in the month of April, gold never came to 1703. This trade I started on April 29, which automatically closed on April 30. On 29 April, the last market was 1755, which I took on the 1773 by-car trade. How could he close on 1703. Scamming this bunch with people
 
Reply by OctaFX Rep submitted May 17, 2021:
Dear Sonus,

We're sorry to read about your experience with our app.

After looking into your review, we've found that you already exchanged with our Trade Compliance Department, and we believe you received a detailed account of what happened. However, we want our FPA community to understand your case too. That said, we wish to clarify that you closed your sell order 24307945 by your buy order 27967666 using the 'Close by' option in MT4. The open price of this order, 1703.39, was at the same time the close price of your sell order. Please keep in mind that this data is available in the MT4 application, and you can check it in the history tab.

We wish to note that it's crucial to understand what kind of order execution you want to apply to your order. They're all very specific and always depend on what the trader wants to achieve. The 'Close by' option should be applied only when you want to execute your initial order by the open price of your new open order. We highly recommend the official MT4 guide available on their website as it's written thoroughly and gives a detailed explanation of all the closing options. Our team is also open to all your questions, so please contact us if you need additional information.

We hope this clarifies everything. Should you have any further questions, please don't hesitate to get in touch with our team.

Kind regards,
OctaFX Rep.
Karachi, Pakistan,
Apr 29, 2021,
Registered user

Zero customer support

Service use: Live

Length of use: 6-12 Months

I am using octafx from August 2020 overall it was a good broker but now i think i am wrong because on April 12 2021 i deposited Rs 40000 which is equivalent to 261$ any credited only 32.75$ in my account i told about this issue to support team they said me that this issue will resolve as soon as possible i repeatedly told that this issue is still unresolved but they said our finance team is looking into this issue and we will notify about this issue via email but i haven't received any email till 29 April before this issue i thought that it is a good broker but when real issue arises then they will not treat you well.
 
Reply by OctaFX Rep submitted May 13, 2021:
Dear Usmanshah08,

Thank you for taking the time to share your feedback and bring this question to our attention. We're deeply saddened that you had trouble depositing your funds, and that affected your good experience with OctaFX. After looking into your review, we've found that there's been a technical issue on the payment processor side, and our Financial Department took the time for investigation after you reported it to us in the first place. The rest of your funds were credited on May 5, and we hope that the issue was resolved simultaneously. We apologies for all the inconvenience that this may have caused you and want to inform you that we're currently looking into ways to improve our workflow to avoid such issues in the future.

Once again, we want to express our regrets that you had to wait for so long. We do understand that it could be extremely frustrating. Please note that our Financial Department worked really hard to resolve the issue at the earliest. However, certain holdups are possible for bank transactions in rare cases, and we ask our customers to allow us extra time for investigation if such a problem occurs. We also wish to encourage you to contact our team straight away if your payment is taking longer or you have any questions, as they will be happy to look into it and assist you immediately.

We sincerely hope that this incident won't impact your satisfaction with our services, and you'll remain an important part of our trading community.

If you have any questions, please don't hesitate to send us a message anytime soon. We'll be more than happy to hear from you.

Kind regards,
OctaFX Rep.
Abuja, Nigeria,
Apr 6, 2021,
Registered user

They are good but withdrawal options are not straightforward...

Service use: Live

Length of use: 3-6 Months

My account no. is 17187428. I have been using octafx with little funds for a while now, though I use more of other popular and more recognized brokers, and I noticed their customer care is great and they have a smooth operation of service. Only 3 major flaws I have observed:
1. They don't charge hidden fees but their exchange rate is extremely exploitative and unfair when you are withdrawing to your Nigeria local bank account. I just made a withdrawal request of $1200 and their exchange rate is $1 = #379.5 (when the current exchange rate is #495). So it's like I'm giving them my profits at the end. Nigerians should be aware of this issue.

2. Initially I wanted to withdraw to my bitcoin wallet in binance with the same $1200, but they denied me with the excuse that since I didnt deposit with bitcoin I can't withdraw with bitcoin. So I did a deposit from my bitcoin exchange and tried to withdraw the same amount of $1200, but this time they just said rejected! So it's more like they want to force you to use local bank withdrawal because they benefit better with that. I wish they can be honest to customers about that.

3. I eventually made the withdrawal request of $1200 on friday 2 April, and I am still waiting for the money to get to my local account today 6 April. I contacted customer support and they said it's probably my bank delaying payments. I guess it's because yesterday Monday 5 April was the Easter holiday, and 3rd, 4th April were weekend so banks were closed. However, if I don't get my money today or by tomorrow I will come and update my observations here. So my advice is don't make withdrawal requests close to weekends cos they handle it very slowly.

In summary, they are good but watch out for my 3 points above if you want to use them particularly if you are in Nigeria.
  2 traders have found this review helpful
Reply by OctaFX Rep submitted Apr 21, 2021:
Dear omeatai,

Thank you for reaching out to us and sharing your in-depth feedback about OctaFX.

We really appreciate your praise for our Customer Support team and services in general, and we're sure our team will be happy to read it as well. They work really hard to assist every customer, and your words are a great encouragement that they're doing things right.

Covering your questions, we regret that you had trouble withdrawing your funds. We've looked into your review and found that before withdrawing via Etherium, you previously deposited mostly via local banks. Please note that at OctaFX, your deposit and withdrawal methods must match, and our team explained it to you in chat. Shortly after, you deposited via Etherium but requested a withdrawal via Bitcoin, and it was rejected for the same reason. Your subsequent withdrawal via Etherium was successfully processed, though. And your next request for 1200 USD was processed via local banks for the same reason as you mostly deposited via local banks. Our Financial Department completed this payment on April 2, but we ask to allow up to one business day for your funds to be displayed in your bank account. We sincerely hope you received your funds on Monday, April 5, and consequently, the issue was resolved.

As for your question about the exchange rate, please be informed that the only institution responsible for it is your country's central bank. We don't set the exchange rate on our own, and if you have any questions concerning it, we encourage you to contact your bank. We can also see that the regular exchange rate for USD to NGN is around 380, and albeit there were certain fluctuations, it has never been greater than 410 during the last months.

We hope we managed to address your questions clearly, and now you understand that we don't force our customers to use any particular payment method. It's always about what's more convenient for you and what you use the most. Thank you again for taking the time to let us know, and if you have other questions, we'll be happy to hear from you directly.

Please remember that our team is always here for you, so don't hesitate to get in touch whenever needed.

Kind regards,
OctaFX Rep.
Assam, India,
Mar 26, 2021,
Registered user

Good

Service use: Live

Length of use: over 1 Year

I Finally Got My Withdrawal . Thank You Octafx.. I was wrong, I Am Happy After Withdrawal successful.. good .thank you

Mar 24, 2021 - 1 Star My Trading Account number is 12005993 .I request For Withdrawal . They Debited Fund From My Trading Account . I wating For week but not credited in my bank account.. they are scamer and false ECN Brokar. They are Market Mekar. My withdrawal Request number 2442383
 
Reply by OctaFX Rep submitted Mar 31, 2021:
Dear Mehrab Saifur Rohman,

Thank you for letting us know about the delay with your withdrawal. We're terribly sorry that it took longer than you expected to process it. After looking into your review, we've found that our Financial Department completed your request on March 25. As you have already updated your review here that you received the withdrawal, we sincerely hope that the issue was resolved. If you have other questions, please reach out to us directly, and we'll be more than happy to help.

We wish to explain the situation with the processing time for our FPA community. Our Financial Department is trying really hard to ensure that all payment requests do not exceed 24 hours. However, due to India's banking holidays and a high number of requests, our technical capacity is temporarily limited, and certain holdups are possible. We appreciate your patience and ask to allows us extra time for processing. We encourage you to contact our support team right away if your payment is taking longer. They will make sure to check its status and provide you with the latest information.

Please remember that our team is always here to help, and we'll be happy to hear from you whenever you need it.

Kind regards,
OctaFX Rep.
Sarawak, Malaysia,
Mar 14, 2021,
Registered user

Manipulating and bad practice

Service use: Live

Length of use: over 1 Year

I have been with octafx since 2019. I deposited many times and never withdraw because I lose all those capitals. But that is not the point. Overall in terms of execution, spread etc is fine, but I want to highlight 2 bad experiences with this broker. This problems really pissed me off.

1. Closing on trade without trader intervention
The first bad experience that I had with octafx. I can't pinpoint which trade account and which trade involved at the moment. I just want to share this experience. I had one open trade, with TP but without SL, and I was losing. I have more than enough balance and margin. I let the trade go on. When I open mt4 in my pc/phone, suddenly that trade close by itself in front of my eyes, without any intervention. I didn't do anything and they close that trade and make me lose my money. I talk to the support and he said I close it by myself and other excuse is the trade hit my TP? What?? That doesn't make sense. He told me he submit the case to Trade Compliance Department but they never even do any follow up since then. Bad support.

2. Manipulating Partial Close on Trades
This is the main talking point as I just encounter it 2 days ago. I have 1 open trade on XAU/USD with 0.04 lot. But first, let me illustrate how they manipulate the partial close on traders trade(s). Lets say you have 0.1 lot buy trade open at 1700.00, TP at 1710.00, current price is at 1705.00. From this scenario, you know that you are +50pips, means that you are +50USD of that trade. Lets say you want to partially close that trade to take half of the profit of +25USD which equivalent to 0.05 lot. Logically, if you partially close 0.05 lot of that trade on that current price, your will get +25usd in your account and the trade will still running with 0.05 lot at the opening price of 1700.00 and you will still have +25usd running.
BUT, that does not happen with octafx. If you partially close of that 0.1 lot for 0.05 lot at the current price of 1705.00, octafx will close entire lot of that 0.1 which will give u entire profit, and they will open a new trade of 0.05 lot at the current price (1750.00) for you. As you can see, the open a trade at the current price instead of partially close that 0.1 lot. They manipulate the system so traders will lose their money. What happen if the trend suddenly reverse and go south from there? Surely traders will lose their money.

That's what happened to me. I opened a buy at 1727.24 for 0.04 lot. The market go south, I want to control the damage and money managed it by closing 0.02 of the trade, but instead of closing 0.02, octafx close the entire trade with full loss and open another buy at the current price with 0.02 lot. What is the point of octafx? So that I will lose all my money. Look at the 2 trades below as the evidence.

Account: 4808638

53099393 2021.03.12 03:42:58 buy 0.04 xauusd 1727.24 0.00 1729.74 2021.03.12 04:12:04 1722.57 0.00 0.00 0.00 -18.68 (comment stated: to #53102958)

53102958 2021.03.12 04:12:04 buy 0.02 xauusd 1722.57 0.00 1729.74 2021.03.12 05:01:52 1717.27 0.00 0.00 0.00 -10.60 (comment stated: so: -18.5%/-1.6/8.6)

I lose my money on both of the trades. The second one they opened and I suffer that loss as well.

I asked the support but one of the support doesn't really try to find the problem and said THAT IS HOW MT4 PARTIAL CLOSING WORKS. She told me she already forward the issue to Trade Compliance Department and she already sent me an email regarding it. But by the time I check my email, which I found that there is no email sent to me from octafx, even in my spam box, and return to the chat screen, she quickly left before I told her about the email.

Then I talk again with another support. And then I was referred to Trade Compliance Department and I finally get an email from that department. This is the email:

------------

Mar 12, 2021, 14:37 GMT+3
Dear (name),

This is how partial closing works at OctaFX in MT4.

Unfortunately, the system is tweaked this way.

Please consider using MT5 or cTrader if you want to avoid such execution of a partial close.

Regards,
Dillan
Trade Compliance Department

------------

As you can see from the email, he said 'THIS IS HOW PARTIAL CLOSING WORKS AT OCTAFX IN MT4'. And, 'Unfortunately, the system is TWEAKED this way'. It was tweaked, manipulated that way SO THAT TRADERS LOSE THEIR MONEY!

This is from me
------------------
Mar 12, 2021, 14:18 GMT+3

Why other brokers and the common way of partially close trades differs with octa? You cannot say its the way of mt4. Other mt4 with other broker doesn't work like octa does. It's nonsense I closed partially and you close it fully. Doesn't match the fundamentals. Partially is partially. But your explanation is partially equals to fully. And open another losing trades on my behalf. You already damage my margin with fully close trade that supposed to be only half damage, and then you added one more damage to the wound by opening up another losing trade. I better off close that trade fully with that full damage rather than opening another one. This is really doesn't make sense. Half is half. How come you close all as half. Don't lie saying this is how mt4 works. It doesn't work that way.

-------------

And his reply again:

Mar 12, 2021, 11:37 GMT+3
Dear (name),

We have reviewed your inquiry regarding the execution of the order attentively.

Regarding the order 53099393, please note that your entire original order is closed and a new order with the rest of the volume is opened in case of partial close.
This is how partial closing works at OctaFX in MT4.

In your case, the entire order 53099393 with volume 0.04 lots was closed, and a new order 53102958 with volume 0.02 lots was opened as you partially closed 0.02 lot.

That's why you may see such loss as your entire position was closed to open a new one with a smaller volume.
Please note that it was closed at the current market price.

Please consider using MT5 or cTrader if you want to avoid such execution of a partial close.

Please do not hesitate to contact us if you have any further questions.

Best regards,
Dillan
Trade Compliance Department

------------------

Obviously manipulating the system so that traders will lose their money. This is really a bad practice by a broker. This is not a compliant. Manipulative.

Please consider if you want to trade with octafx. They only try to make you lose your money.
  2 traders have found this review helpful
Reply by OctaFX Rep submitted Mar 18, 2021:
Dear Acura,

Thank you for reaching out and sharing your feelings about our brokerage with us. We deeply regret to read about your dissatisfaction with our services and interactions with our support team. Looking into your review, we've found that you had several exchanges with our team on the first issue mentioned, and our Trade Compliance Department already provided complete explanations via email. In brief, your order was not closed by TP indeed - it was opened and closed by your EA from the MT4 terminal, and you can find this information in the 'Experts' tab in your MT4 for February 18. We genuinely apologize that you received inaccurate information in the first place. Please be informed that such cases require an in-depth investigation from our TCD team to whom we instantly transferred you, and it took some time to investigate the matter.

As for your question about the partial order close, we're aware of the issue. Regrettably, it's not something that we could fix immediately as it demands a massive amount of time and effort once we pass such feedback to the relevant department. However, we want to ensure you that we take all your opinions and recommendations very seriously, and you can rest assured that they're addressed and considered by our team.

If you have any feedback on how we could improve our performance, we'd really appreciate it if you could message us directly. It's one of our top priorities to provide the most convenient trading experience, and we want to ensure that every aspect of our platform qualifies for all your expectations.

Please message us anytime soon. We'll be happy to hear from you and help whenever you need it.

Kind regards,
OctaFX Rep.
India, India,
Mar 11, 2021,
Registered user

Octafx fraud and unfair rules

Service use: Live

Length of use: over 1 Year

Guys octafx has a rule which is completely unfair for traders. Their rule is " If you have open orders then you can't request for withdrawal ".
How does that rule make any sense? If you have enough free margin to make a withdrawal request without blowing your account? Then why isn't it allowed?
I will tell you why.. Let's say you're in a good open trading position. Now you want to make a withdrawal request. Guess what? You have to close your open position. This is beneficial for octafx because i believe they are a b book broker and they make profit of client losses. I know they say that they are an STP broker, what's the proof then? Can octafx provide me the receipt for orders passed onto their liquidity providers? There's a different forex broker who do provide trade receipts for each order passed onto their liquidity providers. So we can see the name of the liquidity provider who executed our order. Can octafx prove this with trade receipts?
And if you're thinking about, why not i just close the position and then make a withdraw request and then open positon again?
Octafx wins again! Even on major pair like Gbp/Usd you pay like 1.5 pips spread on average.

You know what's worst? I requested for withdrawal yesterday ( March 10 at 16:10 ) after closing all my open order. And my last open order was closed at 16:06:54 March 10.
That means it's 4 mins before making a withdraw request i closed all my open orders.
And today ( March 11 ) the support rep at octafx is saying i have to close my open position which is already in profit. Yes so octafx can get 1.5 pips spread benefit after i close and reopen that same position.
Guys please be careful with this broker and study all the rules they have which is unfair. The only reason i am with this broker is because of their withdrawal options which is much better for me as an indian.
I hope other forex brokers do consider such withdrawal options as octafx with good spreads, the spreads at octafx is terrible!. And i and many other indians will switch from octafx.

I have email transcript of the chat along with the screenshot of the support rep. I can't see the option to post proof here. But if it's possible then i can prove it.
  2 traders have found this review helpful
Reply by OctaFX Rep submitted Mar 18, 2021:
Dear Anon212,

Thank you for bringing our attention to this question. We sincerely regret to read that you faced an issue while withdrawing your funds and received inaccurate information about how to request a payment. After looking into your review, we've found that our Financial Department successfully processed your withdrawal created on March 10, and another one made shortly after was unfortunately rejected due to insufficient funds on your trading account.

Once again, we wish to state our regret and apologize because you were misinformed by one of our agents. Please note that OctaFX is expanding rapidly, and to provide the best services to our clients, we recently onboarded more support agents, some of which are still in the learning process. We wish to clarify that our traders can withdraw their profits anytime regardless of having open trades. However, if you won't have enough free margin, it could be rejected, as happened with your second request.

We also want to address your question about the type of broker OctaFX is and remind you about the differences between ECN and MM brokers. An ECN broker executes all orders through liquidity providers, whereas a MM processes trades in-house. OctaFX is an ECN broker - we earn from commissions, and all our transactions are passed through our liquidity providers. We don't disclose information about them, but you're welcome to check our Customer Agreement for more information about order execution, where it clearly stated that we're an ECN/STP broker.

In regards to spreads, please note that brokers have a different pool of liquidity providers. And it is a common practice for some brokers to display lower spreads than those visible on their trading platforms. At OctaFX, we show all spreads in real-time, and we don't charge any commission for deposits and withdrawals. Not to mention that as a part of our efforts to fight the current COVID-19 pandemic, we've decided to lower our spreads up to 14 points. And we want to keep them this low for as long as we can despite the market volatility. Consequently, our spreads are one of the most competitive on the market right now.

We genuinely hope that this incident will not affect your future satisfaction with our services and that after receiving our explanation of your concerns, you'll remain a part of our traders' community. We'll also be happy to see you on our live chat and hear more about what else you'd like to improve to make your experience with OctaFX better.

We're always here for you, so please send us a message anytime soon.

Kind regards,
OctaFX Rep.
malaysia, Malaysia,
Mar 1, 2021,
Registered user

octafx cheat my money

Service use: Live

Length of use: 6-12 Months

too many time im trade using octafx almost 2000usdi lose from this broker.. i hate this broker liar n cheater i want my money back this broker liar cheat my money .. my trading acc 20010976 just now i trade that still floating octafx give 50%bonus from my deposit but when floating just touch 1usd from 12 usd free bonus suddenly liar octafx auto close my position in trading acc then im loss all my money.. i feel frustated to this broker because too much and too many time they treat me like this almost 2000usd im loss my money to this broker .. i want to take a legal action againt this liar broker Octafx. i hope Fpa pls Take action i feel im hoing to die tht this broker cheat on me again and again if want to compare with my last broker it will not happen like this .. hm so sad my money i lose hmm pls help me somebody’s
  1 trader has found this review helpful
Reply by OctaFX Rep submitted Mar 4, 2021:
Dear zulhafizshamxx,

Thank you for reaching out and sharing your feelings with us. We deeply regret to read about your dissatisfaction with our services. However, we couldn't help but notice that you didn't contact our team before leaving this review. Please let us point out that if you're having issues trading at OctaFX, it's crucial to address them to our team first. Cases like yours always require a detailed examination from their side, and our team is happy to look into it and provide you with full details.

After looking into your review, we've found that you experienced a stop out for your last orders. Therefore, we want to remind you about how the deposit bonus works. Generally speaking, your bonus funds are part of your equity, but only if your equity is bigger than your bonus amount. Once it gets lower, the system will cancel your bonus, and open orders may be closed by stop out. The same happened in your case as your margin level became less than 15%.

We want to encourage you to contact us directly after reading this reply. Our team will be more than happy to dive deeper into your case and make sure to check everything about the matter, and initiate an investigation. On top of that, we want to chat with you directly and provide more information on how you can better manage risks and lower your losses.

We're looking forward to hearing from you soon.

Kind regards,
OctaFX Rep.

Frequently Asked Questions

Is OctaFX regulated?

OctaFX is regulated in Cyprus and Saint Vincent And Grenadines. Their regulatory licenses are:

  •  CySEC (Cyprus Securities and Exchange Commission): 372/18
  • Saint Vincent And Grenadines FSA(Financial Service Authority): 19776

Is OctaFX a good broker?

Unbiased traders reviews on ForexPeaceArmy is the best way to answer if OctaFX is a good broker. https://www.forexpeacearmy.com/forex-reviews/8757/octafx-forex-brokers.

Please come back often as broker services are very dynamic and can improve or deteriorate rapidly.

Additionally, we'd recommend to check recent OctaFX community discussions: https://www.forexpeacearmy.com/community/tags/octafx/.

What is the minimum deposit for OctaFX?

OctaFX allows different minimum deposits for different account types. The minimum deposit spectrum is:

  • Micro account on MT4 is $100
  • Pro account on MT5 is $500
  • ECN account on cTrader is $100

What is OctaFX?

OctaFX is an online forex broker. Octa FX offers access to some financial markets to be traded with, including:

  • Forex Currency Pairs
  • Stocks Indices
  • Cryptocurrencies
  • Precious Metals
  • Commodities
The above assets can be traded on several trading platforms, like:
  • MetaTrader 4
  • MetaTrader 5
  • cTrader

How do I deposit into OctaFX?

To make a deposit, follow below steps to get it done.

  • Log in to your Personal Area
  • Switch to the account you would like to deposit at the top of the page
  • Select the payment system you would like to use under the Deposit my account section on the right
  • Enter the amount you want to deposit
  • Click "Continue"
  • Fill in other information if required and click "Confirm"

What leverage does OctaFX offer?

OctaFX offers laddered leverages, like 1:1, 1:5, 1:15, 1:25, 1:30, 1:50, 1:100, 1:200, and1:500 on MT4, cTrader and MT5.

Be aware leverage can amplify your losses or profits, be very careful to select the leverage that fits your trading appetite and risk tolerance.