Thinking of getting into business with Octa.Trade? Here is what you must know about this broker. Carefully read this review to find out if Octa.Trade is the trading platform you will want to trade with.
Table of Contents
About Octa.Trade Broker
Octa.Trade is an offshore brokerage company with a lot of promises for traders. The broker has broken its first impression simply by failing to present itself well. It provides no location about itself nor a licensed claim.
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The broker claims to offer 24/6 Customer Service, personal account managers, live charts and data, multi-lingual live support and daily news and analysis.
There are different account types Octa.Trade offers. See below.
In spite the trading instruments Octa.Trade claims to offer, forex traders must know they are dealing with an unknown broker which does not have a regulation over its head.
Octa.Trade: Reasons to Avoid This Broker
Firstly, Octa.Trade is a platform with no financial authority overseeing its financial services. The broker is not regulated neither is it recognize by any financial authority. Forex traders must stay away from such a scam broker.
Secondly, we noticed on Octa.Trade that it has a demo account for traders. We advise you don’t waste your time on that, so you don’t get lured into trading real fund with this unregulated broker.
More so, this broker does not offer money back guarantee which means trading on such platform is clearly a risk.
These are cons for forex traders to avoid losing money with this scam broker.
Withdrawal and Deposit
Withdrawal process
Under the withdrawal policy, Octa.Trade presents the following information. See below.
Minimum Deposit
Octa.Trade does not specific what its minimum deposit is for forex traders.
As for the payment methods, we can make payment via Debit/ Credit card and Wire transfer. However, you should not consider making any payment with this broker because it is a risk. So beware!
Octa.Trade Platform
Octa.Trade offers web based trading software and not MT4 or MT5 (Industry standard trading platform) which gives us more reason not to take the broker serious.
As for the leverage, it can get up to 1: 200. Nevertheless, we say don’t consider doing that with an unregulated forex broker like this one because you stand the chance of losing your money.
Octa.Trade Licensing and Regulation
It is not far from believing that this broker is not a licensed brokerage firm. It is not under any financial regulation that means your money is at risk. Its unlicensed and unregulated financial activities are truly a red flag and must be avoided.
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Licensed in Australia(ASIC) and Cyprus(Cysec)
Accepts Traders Worldwide
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Conclusion: Is Octa.Trade a Reliable Broker?
Octa.Trade does not seem like a reliable broker for traders even though it promises offers that look good to be true.
More so, the broker is unregulated which means it is not authorized to operate in any regulated country and you should definitely not put any money into it.
Because we have taken it as a duty to review forex brokers and also share reasons, we will not recommend this broker for trading.
Kindly share your comment about this broker in the comment section.
