Octa Forex Broker Review: High Risk (Suspected Scam)

Octa Company Overview:

Octa primarily offers forex, commodities, stocks, and index trading services to investors, with its official website at https://www.octafxtr.site/. According to Octa's website, the company is registered in Saint Lucia. The results from the Saint Lucia International Financial Centre (IFC) website confirm the company's registration in Saint Lucia. A Whois search conducted by TraderKnows revealed that the company's website domain was registered on December 9, 2022, which is less than one year ago.

Is Octa Compliant and Legal? Does it hold the appropriate financial regulatory licenses?

Octa's official website does not mention any regulation by financial regulatory authorities. The Octa website indicates the company's registration with the Financial Services Regulatory Authority (FSRA) of Saint Lucia. TraderKnows subsequently searched the FSRA website, but no regulatory or authorization information related to the company was found. Octa conducts financial-related business without any regulation.

Trading Instruments Offered by Octa:

According to Octa's official website, the broker provides trading services for financial assets, including forex, commodities, stocks, and indices.

Trading Software Provided by Octa:

Octa's official information states that the company offers software downloads for MetaTrader 4 (MT4), MetaTrader 5 (MT5), and its proprietary OctaTrader software. All three software options provided by Octa support various platforms, including desktop (Windows/MacOS), web versions, and mobile applications (IOS/Android).

Fund Security:

Octa does not disclose any third-party fund regulation information on its official website, raising concerns about the security of user funds.

Deposit and Withdrawal Channels:

Octa's official website introduces various deposit and withdrawal methods, including Neteller, Skrill, Mastercard, and provides basic information about the minimum deposit and withdrawal amounts, fees, and processing times supported by different methods and channels.

Leverage Ratios:

Octa's website only provides the maximum leverage ratios for forex, commodities, stocks, and indices under different trading software options. Specific leverage ratios for different trading products within these categories are not provided.

Summary：

Octa is a forex broker that conducts illegal financial activities without regulation. The broker has not disclosed critical information concerning user fund security. Octa is listed as "suspected scam" on TraderKnows. We advise you to stay away from Octa to avoid falling into potential fraudulent schemes.