Need OctafX Feedback!

[Julio Luck]

Hello traders!

I've recently decided to choose another broker and according to some recommendations and common information I've just decided to try OctaFX. Now I am using demo and at this stage everything seems Ok, haven't found some real problems with them, but, actually, I still have some doubts most of them concerning their regulation and the withdrawal process.. Does anybody here can share their Octafx trading experience with me? Please, if it is possible, could you give me more details, don't want to see only "yes, they are good" or "they are bad" from newbies.

Thank you in advance!

 

[Izzy Fuente]

Hello traders!

I've recently decided to choose another broker and according to some recommendations and common information I've just decided to try OctaFX. Now I am using demo and at this stage everything seems Ok, haven't found some real problems with them, but, actually, I still have some doubts most of them concerning their regulation and the withdrawal process.. Does anybody here can share their Octafx trading experience with me? Please, if it is possible, could you give me more details, don't want to see only "yes, they are good" or "they are bad" from newbies.

Thank you in advance!

They are based in St. Vincent and it is that location's FSA by which they are regulated. There have apparently been a number of instances where withdrawals have been delayed and spurious requests for hardcopy to be sent to them in order to unlock accounts. They were also at one time offering a 30% deposit bonus. No genuine brokerage will ever offer a bonus.

 

[Julio Luck]

They are based in St. Vincent and it is that location's FSA by which they are regulated. There have apparently been a number of instances where withdrawals have been delayed and spurious requests for hardcopy to be sent to them in order to unlock accounts. They were also at one time offering a 30% deposit bonus. No genuine brokerage will ever offer a bonus.

It is very interesting what do you mean by genuine brokers? To be a genuine broker does not mean not to have a bonus, look at such brokers as Avatrade providing a 100% bonus or Plus500 with30%.

 

[Izzy Fuente]

Avatrade offer between 20-25%. Not sure where you think they offer 100%. Do you know why they offer a bonus?

From Avatrade: “In order to withdraw your bonus, you will be required to execute a minimum trading volume of 10,000 base instruments for every $1 bonus within 12 months. If you fail to trade the required amounts within the given time period - your bonus will be cancelled and removed from your account.”

The company wants you to trade frequently. The more you trade, the more often they can make risk free profit. To hang onto your $10,000 bonus, you’ll need to trade 100,000,000 base instruments and do so within around 220 trading days. No reputable broker will coerce clients into what will be for most an over-trading situation. I’m not saying it isn’t attractive, it is superficially free money that will appeal to those of a more gullible disposition, the inexperienced and the untrained. And Avatade boasts around 200,000 clients globally since inception in large part due to these gaudy baubles, but it doesn’t say how many of them managed to hang onto their bonuses or even end up in profit, with or without their bonus.

 

[Julio Luck]

Avatrade offer between 20-25%. Not sure where you think they offer 100%. Do you know why they offer a bonus?

From Avatrade: “In order to withdraw your bonus, you will be required to execute a minimum trading volume of 10,000 base instruments for every $1 bonus within 12 months. If you fail to trade the required amounts within the given time period - your bonus will be cancelled and removed from your account.”

The company wants you to trade frequently. The more you trade, the more often they can make risk free profit. To hang onto your $10,000 bonus, you’ll need to trade 100,000,000 base instruments and do so within around 220 trading days. No reputable broker will coerce clients into what will be for most an over-trading situation. I’m not saying it isn’t attractive, it is superficially free money that will appeal to those of a more gullible disposition, the inexperienced and the untrained. And Avatade boasts around 200,000 clients globally since inception in large part due to these gaudy baubles, but it doesn’t say how many of them managed to hang onto their bonuses or even end up in profit, with or without their bonus.

Yeah, I understand this bonus policy, but I suppose the the broker could not be judged by the bonus provision. As for me "genuine brokers" with no bonuses have some other disadvantages, for example, they provide high min. deposits which is often is not appropriate (as for me). I've just decided to try OctaFX according to such details as deposit, leverage and etc. which i guess correspond to the broker of this level (if not to consider the largest ones).

 

[Dunkan75]

I've recently known that they are FCA regulated now, maybe it would give you more confidence, I don't know) The main point about them is that they are not a fly-by-night company, I traded with them on a real account, made small profits and made withdrawals as it should be - fast and without words. Sometimes spreads differ from what many are talking about, I mean they were higher than it is promoted, but spreads as always are a trouble spot of any broker what I know, try your strategies if you prefer them in the contest they provide, if your name is Julio Luck, I suppose you will succeed))