OctaFX a Big Scam , Looting millions of people on the name of Forex Trading

Scam

OctaFX a Big Scam , Looting millions of people on the name of Forex Trading – Stay away from OctaFx

June 5, 2023 Scam Watch

OctaFX a Big Scam in India , Looting millions of people on the name of Forex Trading – Stay away from OctaFx

Yes, OctaFX is one of those FOREX Broker that have worst result in the financial market.

OctaFX is considered high-risk, . OctaFX is not publicly traded and does not operate a bank. OctaFx is scamming investors by taking illegal transactions from suspicious agents and circulating money and even having large hwala transactions in various countries including India. Govt must vigilant to OctaFX and others who are scamming the people at large by showing various advertisement by involving Cricket players and some bollywood celebrities.

OctaFx is a money circulation company who is cheating the people on the illegal business in India.
OctaFX seems to be highly future scan company some of its victims client have written complaints of being cheated by octafx company . OctaFx id running it’s operations in India by all illegal way and grabbing the money of Indians by its managed financial racket being operated by some of its agents by obtaining some suspicious bank accounts in India.

OctaFX is fully operated by masterminds and putting Indian economy in danger by flowing INR to other countries.

Fraud
Retail forex trading has been promoted by some as an easy way to make profits and has thus been the focus for a number of foreign exchange frauds. In response, financial regulators in a number of countries have introduced restrictions or provided warnings about this type of trading as well as legal actions against perpetrators. However, due to the decentralized nature of currency trading and the easy global access to the internet, a number of brokers are based in less restrictive jurisdictions.

Financial regulation is a form of regulation or supervision, which subjects financial institutions to certain requirements, restrictions and guidelines, aiming to maintain the stability and integrity of the financial system. This may be handled by either a government or non-government organization. Financial regulation has also influenced the structure of banking sectors by increasing the variety of financial products available. Financial regulation forms one of three legal categories which constitutes the content of financial law, the other two being market practices and case law.

See what the people says about OctaFx…

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

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

By Ayisha Rajasekhar

I was cheated by octafx, octafx eat my profit money 74000$+. I believe ForexPeaceArmy can help me in this case. I have all proofs with me. My account number 6058799.

On 25th March 2020 I made profit around 68000$+ on XAUUSD, I made a withdrawal request 3600$ and showed complete status, but after I made 55000$ Withdrawal request that 3600$ Request changed to pending status, than I ask to customer support they said some time it’s Take 3 days, I never get that 3600$ till date (I have trade history .html and .csv files contain this detail), the same day’s night I got whatsapp chat and call from Mr.tarun (IB) he talk nicely and congratulate me as “sir you made good profit” and explain about my gifts like android phone and ear pod etc… ( I have whatsapp chat history proof)

On 26th March 2020 I made profit on EURUSD than my account balance 74000$+, suddenly my account blocked, than they said investigation, arbitrage, TCD team, customer agreement.

On 9th April 2020. They just give back my deposit money around 600$ & After 2 weeks their XAUUSD chart runs on mt5. What this means?

Questions for octafx.com

You are using cysec license number for octafx.com but that license number only for octafx.eu. Why you are cheating traders while you are not regulated by cysec
Your so called arbitrage! Give evidence and prove my trade uses arbitrage strategy.
Your customer agreement p 4.8 said you can cancel only arbitrage orders. How you cancel all orders? Please prove with my trade history.
I come to know octafx.com is B-Book broker company (Mr. Tarun octafx IB confirms) Everything fine with your company until make profits, you are happy while clients lose their money because it’s come to your pocket directly, but while clients made profit you are not ready to give… but this time you need to give!

I ask ForexPeaceArmy admins and users to support and protect ordinary traders like me.

I am ready to produce all proofs from my side including trade history ( I download that before octafx delete )

future2012

Dear Sir,
I have an ECN account with Octafx where i have been trading in last couple of days, and my account number with them is 347038, i have been trading with them and i can say they they are not ECN they just a MARKET MAKER in the name of ECN. This is what i have experienced and i have reasons to back my claim. First of all let me tell you i have been trading since 2008 and i have traded with Fxpro, Yadix, Fxopen, Forex.ee and i really know what an ECN/STP means. I wont like to go in details rather i am just comin gto the main point of interest as per below:-
(1) Octafx closes my order before my set T/P, and they justifying their act by saying that this is ECN model. I am just giving you the brief details along with the reference order number as below:

(i) Sell order 77932462 GBP/USD – open at 1.27487 – T/P set at 1.2759 but they executed at 1.27599
(ii) Sell Order 77932355 GBP/USD -open at 1.27473- T/P set at 1.2730 – but executed by octafx at 1.27301

Rajivxxx

Hi, Just state forward i open account under them with 50$ just for to try ,because not have any positive feeling in starting, start trading and made 32$ profit, now after that when account goes in profit they start their bad things by adding 2-3 pips mark-up when ever trade open or closed but that 2-3 pips they are saying is its as slippage.

Please see pics where i mention every thing also.

1st trade
Trade ID(41381145) i open “sell stop” at 1.07475 ,but when it hit by BID price its open at 1.07454 , there its shows 2.1 pip slippage and their is not even a single bid value, they cheat 2.1 pips

2nd trade (with video)
Trade ID(41392173) I open sell trade at 1.07188 (please see 2nd pic and play video “swf” file in chrome)
(Stop loss is trailing by my ea ,ea is running at that time under VPS)

they done these in my last 10-15 trades
Octafx guys saying that “Slippage is more common during high volatility periods,” but these trades meta trader not disconnected also market is too calm, so this is how they cheating with the name on word Slippage. also i am not 1st one whom they do this ,mostly traders saying same thing on FPA site.

also sharing my login – investor passwords anyone can verify it in my account (until they block it)

Login 20472
password 321321q
OctaFX-Real (212.64.158.201:443)

Cheating by Octafx in trade Execution

In both the order they made a loss of 10 usd in total and these happen on 14th, i wrote them an email and i am just posting here their reply, just see,

Sam (OctaFX)

Jun 14, 17:50 EEST

Dear Debashish Behera,
Thank you for contacting OctaFX!

We have reviewed your inquiry regarding execution of the orders 77932462 and 77932355 attentively.

Your orders were closed by a take profit but due to limited liquidity available at that moment on the market it was executed at the different price.
It may happen when the market is volitile and there is a limited amount of available liquidity to execute Clients’ orders. Note that GBP pairs (e.g. GBPUSD) may still be affected by Parliamentary Elections in the UK resulting the market to be volatile and unstable.

Sell order 77932462 was closed when the Ask price reached 1.27590 at 11:20, June 14 (Server time), thereby triggering their take profit. The order was then filled at the next best available price in the market – 1.27599.

Sell order 77932355 was closed when the Ask price reached 1.27300 at 12:17, June 14 (Server time), thereby triggering their take profit. The order was then filled at the next best available price in the market – 1.27301.

This is an absolutely normal during real trading. In such situations we cannot guarantee that your pending order, take profit or stop loss will be filled at the requested rate. Whether a particular order will be filled at a more or less advantageous price depends solely on the market situation. OctaFX serves as an intermediary between the client and the market by offsetting the orders one for one with the best prices from our liquidity providers to be executed at their end.

Bear in mind that from our side it is not possible to 100% guarantee that your orders will be filled at the requested rate due to a nature of ECN trading.

I hope that I have clarified this. Should you have any further questions, please let me know.

Best regards,

Sam
Trade Compliance Department

Again yesterday and today happened the same thing in a series of trades and i am posting here the detaisl here and please see how they are cheating:-

(i) Order No – 78117459 – 1 lot – sell- usd/jpy- open at 111.692 – set t/p – 111.59 – they executed at 111.592.
(ii) Order No – 78119416 – 1 lot – sell-eur/usd-open at 1.11566 – set t/p – 1.11476 – they executed at 1.11478
(iii) Order No – 781228710 – 1 lot – sell – eur/usd – open at 1.11591 – set t/p – 1.11490 – they executed at 1.11492.

In all the three orders they cheated me with around 6 usd 0.2 pips each in three order.

Sir my question is have even seen any ECN model which closes the ordeer before the set T/P. In general practice of ECN Model, the order closes below the set t/p if the set t/p price is not avaiable and in ECN case a trader has always have the advantage, now my question is in Octafx how can their ECN model dare to close the order of a trdaer before T/P. Dont u see the mischief behind the screen. Even the Market Maker dont do this kind of act. And these Octafx people are really cheating people in the name of ECN. just see all the above orders where they are trying to cheat with very small amount like 1 or 2 usd so that it would not come under the scanner of a trader. But i am so vigillant about all these thing based on my experience.

Now i request you sir to intervene into this matter and bring justice to me, although its small amount but its an ethical conduct and the whole forex world should see the reality of octafx.

I am here attaching my trading statement file for reference.

Thanks
Debashish

SEBI Forex Brokers

As all Asian countries, India is also very popular among international Forex brokers. Economically, we should also know that India is a developing country with a steady economy which becomes more and more stable and prosperous. In fact, India has the 3rd largest billionaire base in the world, counting astonishing 111 billionaires in the vast country.
Even if this contradicts the low-income theory, some individuals get to prosper from the cheap labor force and long working hours. In terms of Forex trading in India, the line between legal and illegal Forex trading is still not clear. India has a somewhat confusing standpoint by allowing Forex trading but limiting it to certain requirements. For example, foreign Forex companies are welcome and have free hands, while Indian citizens are restricted to trade under certain conditions (which will be discussed below). India also maintains proper authorities to keep oversight over the financial markets in the country, which are in charge of market integrity, transparency, and protection of market participants.

The SEBI Authority

The Securities and Exchange Board of India (SEBI) dates back to 1988 when it was first established. In 1992, it was granted official legal power. Its role is to regulate the securities and capital markets in India. The role of the SEBI has grown, and it actually has the power to approve relevant by-laws, conduct inspections on companies’ records and their shares, and among other things, issue broker licenses.

SEBI and Forex

SEBI is also in charge of the registration of Forex brokers in India. Many people even today remain confused about whether Forex trading is legal or illegal in India. Well, it turns out that it is half-way legal, and that trading currencies is allowed if the traded currency pair includes the INR (Indian Rupee). In fact, only four currency pairs can be legally traded in India. Those are:

USD/INR

EUR/INR

GBP/INR

JPY/INR

Also, Internet trading via online platforms is not permitted to Indian citizens. Trading including always the INR is aimed at strengthening the currency and avoiding further weakening. The Indian Reserve Bank is short of dollars, and Indian traders looking to trade, for example, USD/EUR, would buy their dollars from the Reserve Bank and send the money out of the country which means that the Reserve Bank would be faced with additional shortages. If the majority of Indians traded the dollar (which is the most traded currency) outside of India, the Bank would come to a point to be compelled to buy the USD with INR at cheaper rates.
That would weaken the already weak national currency, and the Indian government tries to prevent devaluation of the currency. Still, Forex is a highly decentralized market hard to track down, and many European and American brokers established their seats in India and run their businesses normally for their European, American, and other non-Indian clients. Indian traders are allowed, but at their own risk.

International Brokers and Restrictions for Residents

Internationally established brokers are not illegal, only Indian citizens are not allowed to use online platforms, and are restricted to trading with INR and SEBI registered brokers. If the international brokers fit this profile, Indians can trade freely. Nevertheless, many Indians can be found trading illegally without paying attention to whether the broker is “approved by SEBI or not” and enjoy online trading with international brokers. This is also one of the reasons why global brokers profit with regional offices in India.
Still, it seems that the Indian government is giving in to the pressure and new legislation has been launched to legalize cross-currency pair trading which includes the aforementioned currencies only combined with each other (USD/EUR, USD/JPY, EUR/GBP, etc.). India is one of the countries with the biggest gap between the rich and poor, but that does not affect Forex companies. Since the number of wealthy Indians is pretty much high, the Forex market does not lack Indian clients who seem to have developed a true passion for currency trading.

Time Zones and the Indian Forex Market

Top Forex brokers in India will offer the best services and link their customers to the best quotes and prices accessible through sophisticated platforms which are in line with the highest industry standards. Since Forex trading has a lot to do with the right timing, time zones should not be neglected by traders. Let us see how the geographical location and time zones affect the Indian market. Besides the usual trading risks related to Forex exchange, the time zones can be a little bit troubling as well. The market time in the East and the West is different. The market is defined by two major activities during the day; in the morning when trading JPY/USD is very active, while the USD/EUR and USD/GBP dominate in the evening hours (called the American and European time). When trends and market changes are strong, overnight positions can be somewhat risky and should be closed on time (e.g. from 9:00 AM to 7:30 PM, from Monday to Friday). Traders, especially overseas traders, have to know the market activity times of each zone in order to know when to place and when to close trades. This can be seen as a risk-reduction tactic or safety measure.

Other Forex market regulators

NFA regulated Forex brokersFCA regulated Forex brokersBAPPEBTI regulated Forex brokersCBI regulated Forex brokersCBK regulated Forex brokersCB UAE regulated Forex brokersMAS regulated Forex brokersJapanese FSA regulated Forex brokersHKSFC regulated Forex brokers.

Indian Govt must took appropriate action against this company #octafx and must Ban it’s promotion and illegal business in India . ED and NIA must look into its financial trsantion by fake agents being operated from India.

Nidhi Sarvaiya

Feb 26, 2021

Morbi, Gujarat

I deposited my money on the octafx account and it’s been 18 days now my money is been debited from my account but not in my wallet they guys are fooling us they are saying from 18 ### days that they are checking even after giving my bank statement they are not refunding my money sooooo plzzz stay away from this they are fraud plzzzzz don’t invest in this app they are ### frauder

Latest Complaint Received from #OctaFX Investor on dated 3rd June 2021

Jafar Sadiq

Email:[email protected]

I think octa fx is a fake company because when I was trading two weeks ago on octa fx, I was going to lose my trade. For that, I decided to deposite Rs 1500, but it did not come into my octa fx trading account except it is from my bank account. Waited for sometime nothing happened so I again I deposited Rs 1500 because I don’t want to loose my money, there is no chance for loss if I have more dollors in my account but same thing happened again, that amount also didn’t deposited to my octafx account And in a short time, I lost all my money what I had in octa fx. Because of the amount I have accumulated, I have lost all the money I had in my octa fx account.My bank officers said that the amount has been successfully deposited to octa fx. The octa fx costomer care’s advisors are saying that it did not come into your octa fx account because of technical difficulties.If there is no transfer of cash due to any technical difficulties, such cash should be credited to my bank account within a week but now it’s after 2 weeks my cash is not yet credited to my bank. Looking at all this I realized that octa fx knowingly kept my payment as pending,it seemed to be cheating me, the cash should go into my bank account in a week if there is any technical difficulties,But 2 weeks have passed and my cash is still not up to my bank, about which octa fx customer representatives are answering. Looking at all this I realized that I had not taken into account the amount of cash I had made, it looked like I was cheating.

Is Your Forex Broker a Scam?

When you’re looking to trade forex, it’s important to identify brokers who are reliable and viable, and to avoid the ones that are not. In order to sort out the strong brokers from the weak and the reputable ones from those with shady dealings, we must go through a series of steps before depositing a large amount of capital with a broker.

Trading is hard enough in itself, but when a broker implements practices that work against the trader, making a profit can be nearly impossible.

#octafxBigScaminFinancialMarket.