OctexTrade Review – Who is Behind OctexTrade Broker?
OctexTrade was allegedly formed in the United States, the most attractive location for a company formation since it inspires the most trust in customers. However, the US is one of the strictest regulated jurisdictions for brokerage services.
After checking the US financial regulators, it yielded no results referencing OctexTrade. To make a long story short, OctexTrade is an investment scam. Please find out more about it in our OctexTrade broker review.
However, you should stay away from dubious brokers like Electrum, Premium X Capitals, and DaxGlobe.
|Address||9591 Baltimore Ave, College Park, MD 20740, United States|
|Leverage||1:300 – 1:10000|
|Warning||AMF, CONSOB, FSMA, CNMV, A-TVP, CBR|
Regulation of OctexTrade and Fund Security
It’s interesting to see how scammers make extravagant claims. For example, OctexTrade presents itself as one of the world’s leading brokers. Needless to say how misleading it is. Where to begin? Let’s start with a statement that OctexTrade’s HQ is in the US.
A company must be authorized by NFA (National Futures Association) or CFTC (Commodities Futures Trade Commission) to be a registered broker service in the States. Also, for US brokers, leverage is limited to 1:20 (minor currencies) and 1:50 (major currencies).
OctexTrade doesn’t comply with either – it’s accredited by neither NFA nor CFTC, and it offers leverage far above restrictions (i.e., from 1:300 up to 1:10000).
Apart from the lack of US financial agency approvals, the company also doesn’t hold permits in other jurisdictions, despite its bold statement that it’s regulated by the British FCA (Financial Conduct Authority), Australian ASIC (Australian Securities and Investment Commission), and South African FSCA (Financial Sector Conduct Authority).
These are among top-tier financial supervisory bodies, and to become licensed by any of them, a brokerage must be top-notch.
That means a company must have:
- A sufficient minimal operating capital (from several hundred thousand to a couple of million dollars)
- Segregated accounts (separate customers’ money from the company’s funds)
- Negative balance protection (if a broker goes bankrupt, customers’ funds are protected)
On top of this, in case of insolvency, customers can get compensation depending on the jurisdiction. For example, FCA covers up to 85.000 GBP, and ASIC covers up to 100.000 AUD. Of course, any of these are not possible with illegal brokers.
Unlicensed brokerage, along with counterfeit licenses, automatically implies that OctexTrade is nothing but one of many scam brokers.
In fact, several watchdogs have already warned against this firm, including:
- Dutch AMF
- Italian CONSOB
- Belgian FSMA
- Spanish CNMV
- Russian CBR
- Slovenian A-TVP
Your funds are not secured if you make a mistake and invest in trading with OctexTrade. Thus, keep away from this shady business.
OctexTrade Trading Platform Overview
OctexTrade’s trading platform is entirely worthless since it’s merely a replica that consists of inoperable commands impossible to trade with.
Its so-called trading software can deceive only beginners who don’t know what a real trading platform should look like.
One more proof that OctexTrade is a bogus company. If you want the most out of trading, stick with legitimate forex providers that use advanced trading platforms such as MetaTrader4 (MT4) and its enhanced version, MetaTrader5 (MT5).
Methods of Deposit and Withdrawal with OctexTrade
From the information on the OctexTrade website, clients can deposit and withdraw funds with credit/debit cards and e-wallets.
Whereby the latter is definitive and has no cash back, and as such, it’s a preferred funding method of financial swindlers. Bear in mind that OctexTrade is a fraudulent broker, so there is no guarantee for withdrawals.
The minimum deposit amount required by this non-legit company is $200. It’s much higher than reputable trading corporations offering a trading account for as low as $1. OctexTrade offers several live accounts.
- Starter: $200 min opening balance, spreads from 1.9 pips
- Basic: $500 min opening balance, spreads from 1.7 pips
- Bronze: $1.000 min opening balance, spreads from 1.4 pips
- Silver: $5.000 min opening balance, spreads from 1.1 pips
- Gold: $10.000 min opening balance, spreads from 0.9 pips
- Platinum: $20.000 min opening balance, spreads from 0.5 pips
- Premium: $30.000 min opening balance, spreads from 0.2 pips
Here’s How They Execute the Scam
Online trading is popular due to its profitable opportunities. Simultaneously it’s risky because of two things. First, the nature of currency markets is volatile. Second, many online trading scams have flooded the industry.
So, if you are interested in FX trading, you will search the internet browser, and there is a chance that you will come across a fake broker such as the OctexTrade scam that pretends it’s a lawful company.
Con artists running this scheme will try to entice you with a lucrative offer. If you don’t have much experience with trading, you may fall for it. Know that fraudsters can be very persuasive and persistent in roping you into investing.
Once you deposit money, there are slight possibilities you can retrieve it. Therefore, think twice before investing. Never trade with a broker unless you are absolutely sure it’s safe.
Highly Recommend Forex Brokers
Better not test your luck with OctexTrade and similar hoaxers. Opt for respected trading corporations we have hand-picked for you in this article.
Each offers modern trading platforms, excellent trading conditions, low initial deposits, and outstanding customer support. Likewise, they are governed by top-level authorities; therefore, your funds are safe.
|FXTM Broker||Cyprus, UK, Kenya, Mauritius||4.5||$10 USD||Forextime.com|
|OctaFX Broker||St. Vincent and the Grenadines, Cyprus||4.4||$100 USD||OctaFX.Com|
|FP Markets Broker||Australia, Cyprus, SVG||4.7||$100 AUD||FpMarkets.Com|
|XM Broker||Cyprus, Australia, Belize, United Arab Emirates||4.7||$5 USD||XM.com|
|HFM HF Markets Broker||Saint Vincent and the Grenadines, Cyprus, South Africa||4.3||$5 USD||HFM.Com|
|FBS Broker||Cyprus, Australia, Belize||4.85||$1 USD||FBS.Eu|
To finish our OctexTrade review, this phony broker has nothing worthwhile to offer. There is no license, only faking about it. Trading conditions have no real value since it’s a dishonest company.
Further, leverage is too high and goes against restrictions (e.g., FCA limits it to 1:30). The OctexTrade trading platform is useless, with a bad imitation of a real one.
Initial deposits are too high. Risk management mechanisms don’t exist. If this isn’t convincing enough, then a long list of official scam alerts against this company definitely will do.
All in all, OctexTrade should be avoided if you don’t want to lose money. Choose smartly, be vigilant, and select only regulated and reputable forex brokerage services.
FAQs About OctexTrade Broker
What Is The OctexTrade Minimum Deposit Amount?
OctexTrade requires a $200 minimum deposit amount compared to legit brokers whose offers start at $1.
What Are the Deposit and Withdrawal Options for OctexTrade?
OctexTrade accepts credit/debit cards and e-wallets for deposits and withdrawals. However, it’s doubtful since it’s an unequivocal scam.
What Kind of Trading Platforms Does OctexTrade Offer?
OctexTrade offers a replica of a trading platform, a poor copy of genuine trading software, which can only deceive inexperienced traders.
Thank you for this article!