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OctaFX.com Review Visit site

Updated: Oct 19, 2018
3.438 · 184 REVIEWS
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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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3.438 · 184 REVIEWS
Forex Peace Army
DO YOU RECOMMEND THIS COMPANY?

Let other traders know if this service is worth checking or should be avoided.

Your feedback matters!

ruseneca,
Sofia, Bulgaria,
Sep 21, 2018,
Registered user

Very bad support, average spreads, unregulated company!
I asked the support whether the spread on cTrader is all I pay and they told me that I will pay a weekend fee as well if orders remain opened for the weekend!
When I made a deposit and started trading, I noticed that the net profit/loss is higher. The column "Commission" is hidden by default! When I added it, it really showed that they take additional commission but they didn't inform me in the real chat.
This means that their support is completely useless.
Apart from this, you cannot withdraw all your funds! You can request only round sums! Therefore, some cents remain in your account which is disadvatange.

In comparison with my primary broker, OctaFX has higher spreads and lower number of trading instruments, it is not regulated, support is not trained! It provides all 3 platforms - MT4, MT5 and cTrader which is a plus for them.
Reply by OctaFX Rep submitted Sep 27, 2018:
Dear ruseneca,

We verified your claim and we would like to apologize for any inconvenience caused.
Consequently, we made a decision to return the commissions you paid to your account.

Regarding the commissions tab is not hidden, rather it is a default look of cTrader platform.

As for withdrawals to ensure a smooth flow of transactions, we do not allow withdrawals with decimals yet, but we are working on improving the system.
And similarly we constantly work on improving our services, therefore if you'd like to contact us and suggest ideal spreads and trading instruments we'll be happy to welcome your feedback.

Once again, we humbly apologize and we hope that this will not spoil your experience with us in the future.

Kind regards,
OctaFX Rep.
Idil Ikhwan Rosdi,
Malaysia, Malaysia,
Sep 9, 2018,
Guest

THE DAMN REAL BULLPOO BROKER EVER AND EVER

NEVER EVER AND EVER DARE TO USE THIS SCAM-POO BROKER! THEY ARE REAL SCAMMER! THEY REALLY HAVE SUCY MANY WAY TO SCAM YOU OUT! Let me list few for you guys;
1) Through partially close trade. YOU WILL NEVER FOUND SUCH BULLPOO WITH ANY BROKERS BY DEDUCTING ALL THE CURRENT POSITION AND REOPEN WITH THE SMALLER LOT. (You wont be informed about this poo on their website)
2) SO CALLED "NEGETIVE BALANCE PROTECTPOO" - YOU WILL NEVER GET THE BALANCE EVEN IF THERE'S STILL YOUR BALANCE AND THATS ALL EVEN SHOWING AT YOUR TRADE HISTORY BUT THE BS PART IS YOU WILL NEVER GET BACK WHAT YOURS!

P/s: Moderator please approve this review and never let anyone be another victim of theirs!
Reply by OctaFX Rep submitted Sep 13, 2018:
Dear Idil Ikhwan,

We're sorry to hear about your dissatisfaction with our service. Following your complaint, your trades were investigated thoroughly and we did not find any errors. What you've experienced was a stop out.

Please keep in mind that you were trading with a bonus. Consequently, once your bonus was canceled your margin level fell below 15% and your trades were closed. We are uncertain as to what partial closure you're referring to, therefore if you'd like to clarify we will be able to look into it. And again we're not sure what you're referring to mentioning Negative Balance Protection, as your account was successfully adjusted to zero.

We would also like to remind you that we reserve the right to abstain from any further communication if you continue using abusive language towards OctaFX team members.

Therefore if you have any questions you're welcome to contact us in a polite manner and we will be happy to help.

Kind regards,
OctaFX Rep
radzeernr,
Malaysia,
Aug 14, 2018,
Registered user

octaTrader

At the beginning, I will never trust any broker company without strong recognition, but I found here, it very good as big forex company, and I would like to add, its more advantage if your country have local deposit, easy deposit and fast withdrawal, I just wait for less than 1 hour, my withdrawals in my account.

thanks octafx, great doing business with you, and hopefully this will lasting llonger.

tq
Reply by OctaFX Rep submitted Aug 17, 2018:
Dear radzeernr,

Thank you for your kind feedback. We're happy to hear that you're satisfied with the services we provide and that your experience with us is a good one. We really value your input, and if there is anything we can do for you please, do not hesitate to contact us.

Kind regards,
OctaFX Rep
RyuTrader,
Philippines,
Aug 12, 2018,
Registered user

Terrific support, fast withdrawals, great communication, customer service and responsiveness.

I would like to make this post in order to give closure to this incident. They ultimately resolved the situation and returned my loss without attaching any conditions.

Now, for me, it took some time, about 12 hours from the time I complained about this issue, for them to return the money. To their defense, their office opens at New York timezone I believe, and from that time, the return of the funds was immediate. I received the funds at about 9:22am NY Time, so their office just about opened. I would say objectively, that was very fast, but that time, it was long for me so I was impatient. I believe I did acknowledge my impatience in my first post above and that was because I was irrational and emotional that time. I mean, imagine waking up to a 1.1K USD loss which was unfairly sustained. Additionally, I happened to have a fever that time as well so it was a really, really terrible day for me.

It just sucked. It's as if the entire force of the universe was against me. How can I win against that? Furthermore, I had unrealized floating losses which I had to manage on significantly-reduced margin. Has the universe conspired against me? 

Anyway, all throughout the ordeal, even though I kept bugging them thru e-mails about what the update is on my case, they kept responding to my e-mails. At that time, I thought they were just delaying me but on hindsight, they had a pretty reasonable response. They kept on telling me it will be resolved within the day and that they're investigating and reviewing the entire incident. Of course, when you are a big company, you don't just do impulsive actions, you review the incident first, then take action accordingly. I was unreasonably expecting them to return my money right this instant, but it has to go through the process. As mentioned, I was reasonably but irrationally impatient. In fact, I was so impatient, I decided to make a post against them here in forexfactory, in facebook and here in FPA as my way of maybe forcing their hand? On hindsight, if I wasn't in such terrible condition, I would have waited a day before taking this public. But what's done is done and to be fair to them, I need to make amends which is why I'm writing this follow-up, closure post. 

So yeah, they returned my money before they even explained what happened. Which I think is a huge gesture on their part. It appears that the spike occurred from the liquidity provider's side. Last word I had was that they have already contacted the said liquidity provider and they're currently looking into it. From my understanding, they have not yet had closure on this from the liquidity provider's end yet they already returned my money. I think that deserves praise, credit and appreciation.  

Then yesterday, a representative from OctaFX called my mobile phone asking me how I was doing. While we did not have a lengthy conversation due to my terrible condition yesterday as well, I think it is a good, personal gesture on their part. I did relay a personal message to him via their e-mail support in order to make up for my unenthusiastic reaction to his call.

I tried withdrawing my funds from OctaFX and I thought because of my post here and bad review against them in their FB page, they would give me hard time. Instead, I was able to make a withdrawal fast. Really fast. 2 hours fast in fact. That was the fastest I was ever able to withdraw from any broker before and that means something. Of course they required a few verifications to confirm it was in fact, me, who made the withdrawal requests but this is a one-time thing and after the verification (which was done fast too) I was able to receive the funds almost instantaneously. 

That's one of the most important things a broker can have to me - fast withdrawals. 

In summary, I would like to say, I have been a trader for a long time and it is my conclusion that no broker is perfect, and that includes OctaFX. However, I think OctaFX just made a case for being one of the fastest responders to the scene. Eventually, things screw up and the speed at which we respond to these situations is what makes or breaks us. This incident "makes" OctaFX. I have no hesitations to put a huge chunk of my money back in OctaFX and will trade under their account for the foreseeable future. They have earned my trust and I'm grateful for having found a reliable and trustworthy forex broker. 

I would personally like to thank the support team of OctaFX which includes Emma, Nathan, David and... I really can't remember his name - the guy who called me.

Aug 6, 2018 - 1 Star I wanted to give OctaFX the benefit of the doubt and not accuse anyone of highly unethical forex broker behavior but since the loss was big enough potentially result in the wipe-out of my account that it warranted several avenues of complaint other than my private complaint via e-mail and chat support to the broker. In short, I need to have some immediate resolution on this matter, which is why I am taking this public and posting this in FPA. Time is of the essence because I still have existing positions and orders which could result in big losses due to the current level of my margin.

Here goes:

Earlier today (or yesterday depending on timezone) at around 9:06pm GMT, August 5th, 2018, GBPCHF dropped 1,300++ pips, then returned to normal price levels, all in a span of one minute.

Every other forex chart I examined did not exhibit the same movement. Charts such as ICMarket's (ctrader), https://www.dailyfx.com/gbp-chf, https://www.investing.com/currencies/gbp-chf, https://www.tradingview.com/chart/?symbol=FX:GBPCHF did not show abnormal activity.

Even OctaFX's MT4 GBPCHF chart exhibited nothing out of the ordinary. I have all the screenshots.

Also, it can be concluded that a movement of such magnitude, 1,300 pips in 1 minute in GBPCHF, should affect all GBP and CHF pairs, however no such movement was recorded in other GBP or CHF pairs in Octafx ctrader. Not sure? Check out your OctaFX GBPUSD, USDCHF, GBPJPY, GBPNZD, GBPAUD, CHFJPY, NZDCHF or AUDCHF charts.

Finally, nothing in the financial market news indicated an event that caused a drop in GBPCHF of such magnitude to occur. As may be gleaned from the screenshots above, your chat support David agrees with me. Check it out yourself, http://www.financialjuice.com.

Seems that it was only confined to GBPCHF. The most coincidental thing about this is, the movement happened to coincide with the pip distance of my STOP LOSS, which was set at 1,300 pips. Happy coincidence? You decide.

Due to the unjustifiable flash crash in GBPCHF, my margin level was reduced significantly, which put my current positions in danger of OctaFX's smart stop out, and I presently do not have enough margin to proceed with further trades to regain my "unnatural loss", and win further profits. As of now, my current positions are hanging by a thread just to survive.

Given the above circumstances, I demand a quick and immediate explanation and resolution to this matter for the reason that, if my current positions get stopped out or close out in a loss due to lack of margin, it will be conclusively OctaFX's fault and I will be entitled to not only a refund but lost trading opportunity income. Please act on this quick.

Also OctaFX claims to be an ECN account provider - they have charged me a total of 91USD for the past two weekends as a result of their weekly rollover ECN fee. Given this, I'm highly stumped as to how this could have happened and again, and I reiterate my demand for an immediate explanation.

Reply by OctaFX Rep submitted Aug 8, 2018 Dear RyuTrader,



We are truly sorry to hear about your experience while trading with us. We carried out a thorough investigation and decided to compensate your trades. Please, rest assured that such spikes are uncommon and we hope that your further experience with OctaFX is a pleasant once.



If you have any questions or comments please, feel free to contact us anytime.



Kind regards,

OctaFX Rep
severinus edy,
Indonesia,
Jul 21, 2018,
Guest

Tight spread and fast withdraw

Tight spread and fast withdrawal
I join this broker several months ago, before I could hardly made profit trading forex but since I join octafx I constantly made profit. They even give you prize when you achieve target lots, and bonus was really added to my equity when I have met requirements. thanks and keep the good track ! Bravo
Reply by OctaFX Rep submitted Jul 30, 2018:
Dear severinus edy,

We're pleased to see that you're enjoying trading with us. Your feedback means a lot to us. Thank you!

If may ever need anything please feel free to contact us.

Kind regards,
OctaFX Rep.
IrwanI,
Kuala Lumpur, Malaysia,
May 24, 2018,
Registered user

Withdraw

Second withdraw success to local bank less than 1 hour.i like it.
So far so good.I don't have any problem with Octafx.It is indeed my pleasure to stay with Octafx as my broker and introduce to other trader.

May 1, 2018 - 5 Stars After almost 2 years with Octafx(cTrader Platform),i don't find any suspicious act from them,slippage,delaying order it happened sometime during the High impact news release but it's normal same as other broker even they claim have a very speed execution.
Mt4 swap free account have daily commision charge,not very suitable for Muslim trader.There is a lot of broker out there without any commision charge on swap free account.
Other than that,so far so good.
Withdraw to local bank(same method depositing) is very fast,less than one hour.

Thank You
Irwan Malaysia
Reply by OctaFX Rep submitted May 30, 2018:
Dear Irwan,

Thank you for your kind feedback. We're so happy you're enjoying trading with us.

Kind regards,
OctaFX Rep.
entire3d,
Dhaka, Bangladesh,
May 9, 2018,
Registered user

Pure Scammer OctaFx

Scammer Alerts!!
I am being scammed by OctaFx!

Please stay away from OctaFx, they are scammer. I just lost my deposit. Yesterday i made a deposit, and today i made a withdraw, but they declined!!

Please do not open an account on OctaFx, they're scammer, stay away from OctaFx. Also they banned me from Live chat.
Reply by OctaFX Rep submitted May 14, 2018:
Dear entire3d,

Thank you for your feedback.

We carefully reviewed your complaints and would like to address the issues in question.

You complained that the withdrawal is taking too long despite the fact that it was processed and received by you on the same day as you requested it.

It's important to note that in cases where little or no trading is performed we reserve the right to pass the withdrawal fee onto the customer. Hence, the reason for the delay was the fact that our agents went ahead to notify you that such will apply in your case, as you didn't perform any trading between the time you deposited funds and decided to withdraw them. Which you agreed to.

We usually cover payment system processing fees. However, keep in mind that we get a commission for your trading from our liquidity providers, which is why we can cover these fees for you.

Other measured were also taken in your case as we treat our customers with respect and expect the same coming from their side. Therefore we would like to kindly ask you to refrain from further abusive language and messages intended for OctaFX team members.

We also noted that you mentioned threads that concern OctaFX and our traders. Please note that all of these threads have been successfully resolved as we always strive to provide our customers with the best services available and that way remain a broker with unshaken reputation. Therefore we are truly sorry to hear about your dissatisfaction, and we would like to invite you to exchange with us if you have any further questions.

Kind regards,
OctaFX Rep.
iwancitra9988,
Medan, Indonesia,
Feb 25, 2018,
Registered user

HI .
Just want to say , stay away from this broker .
as they are hunting trader stop loss...
the problem is
I have two orders on euro cad , dd :22/02 , time :10:31:19 and 10:34:08 , and my account number is 416016
I placed stop loss at 1.5608
and that time the candle high is 1.56038 and spread is 2 pips only.

they closed my 2 orders and he said very simple : .... due to the news your stop loss is hit.....==> this is really like old story.... like want to fool me.
I can't say anything because my money in his pocket, like knife , i'm holding the sharp side.....

Do not invest with this broker ........

My second complain is on AUD NZD.
My order no 85716676 , i Placed stop loss at 1.09142
Please see your chart 1 Hour dd : 31/01/2018 , time :21:00 , their chart lowest is 1.0913
while other broker low at that time is 1.0922

They are hunting my stop losssss..

I can't stand it anymore regarding their behaviour like to stealing money from people.

Just want to share with other peoples my experience with this octa broker.....
"Remind DO NOT INVEST WITH THIS SNAKE BROKER"
Reply by OctaFX Rep submitted Mar 5, 2018:
Dear iwancitra9988,

In both instances, you were trading during news releases and as we conducted our investigation we did not find any errors in your orders execution.

In respect to your first order, please note that each broker has different quotes and different liquidity providers.
Therefore, the discrepancy between the orders is not unusual.

Regarding your EURCAD orders, please note that you had sell positions, which are closed by the ask price. The high price you see on a candlestick is the bid price and consequently not applicable in your case. Even if you see a 2 pip spread, which is typically lower, you should consider that during news releases spread tends to be bigger for short periods of time.
This is typical for all brokers, as it reflects the way in which the market operates. Hence, 4 pips spread is not considered a significant increase when trading the news. On that point, we would like to emphasize that news trading might involve higher risks and is not suitable for every trader.

We hope that we were able to address your complaint thoroughly. We value feedback from our customers we would like to thank you for providing such.

If you might have any more questions please, feel free to contact us anytime.

Kind regards,
OctaFX Rep.
setya91,
Groningen, Netherlands,
Jan 27, 2018,
Registered user

Nice service but takes 1 day for withdrawal

Hi guys,
So i want to share my experience with octafx.
I started trade with octafx around oct 2017 and nearly blew my account. I think they cheat on me (i also read some post here about the same stories). So i withdrew all my money left.
On the middle of jan 2018, i decide to give it another try. This time, i made some money (and conclude that last failures was solely caused by my stupidity). on Thursday, 25 jan 2018 i withdrew some of my profit and got my money on skrill almost a day after on Friday 26 jan 2018.
I give 4 stars because they state in their website that withdrawal only takes 3 hours but overall i am quite satisfied to do business with octafx.
Cheers guys :)
Reply by OctaFX Rep submitted Jan 30, 2018:
Dear setya91,

Thank you for your valuable feedback.
Usually all withdrawal requests are processed within 1-3 hours, however at times it may take longer depending on the amount of requests and the working schedule of our Finance Department. Nevertheless, we apologize for any inconvenience caused and invite you to contact our customer support if might have any questions in the future.

Kind regards,
OctaFX Rep.
amolkothekar9,
india, India,
Dec 23, 2017,
Registered user

THEY TRADE AGAINST U AND DO NOT WANT U TO PROFIT
account no 6003809 .very bad experience with this broker . had opened the account because they provide local bank deposit and withdrawal. i had many problems with them . their spread that widen more than 50 pips and forcefully hits our stop losses.
they dont want u to profit. there was a delay increasing the stop loss value. which took away my money. My internet was fully working. i never have problems with the other broker i already have. But they kept on insisting that the problem was from my side and not theirs.
*SO FACT IS THEY TRADE AGAINST U AND DO NOT WANT U TO PROFIT JUST A CASINO

Sep 18, 2017 - 1 Star account no 6003809 .very bad experience with this broker . had opened the account because they provide local bank deposit and withdrawal. i had many problems with them . their spread that widen more than 50 pips and forcefully hits our stop losses.
they dont want u to profit. there was a delay increasing the stop loss value. which took away my money. My internet was fully working. i never have problems with the other broker i already have. But they kept on insisting that the problem was from my side and not theirs.
*SO FACT IS THEY TRADE AGAINST U AND DO NOT WANT U TO PROFIT JUST A CASINO

Reply by OctaFX Rep submitted Oct 6, 2017 Dear amolkothekar9,



We’re sorry to learn about your dissatisfaction with our service.

Please contact our customer support, as they will be happy to double check your case and provide you with more details regarding your orders execution.



Best regards,



OctaFX Rep.
Reply by OctaFX Rep submitted Jan 22, 2018:
Dear amolkothekar9,

You were invited to contact our representatives regarding your orders execution back in October 2017. From what we can see you decided to close your account instead, which has been done as per your request. Our representatives are at your disposal at all times, therefore if you may have any feedback please, feel free to contact us anytime.

Best regards,
OctaFX Rep.