At first glance, looking at the Octo Finance INC Ltd website, you might think this broker is reputable. Thus, just a bit of digging brings the new details to light.
But if you don’t know how to recognize those or where to look, you might be in a problem. Therefore, don’t miss out on a single detail from this detailed OctoTrade review.
Also, for some additional tips and warning signs, make sure to check our TPC Invest and VIG Investment reviews.
| Regulated by: | No regulations |
| Is This Company Safe? | No |
| Known Websites: | OctoTrade.ca |
| Have Warnings from: | AMF Quebec, CSA |
| Registered in: | Canada |
| Operating since: | 2023 |
| Trading Platforms: | WebTrader |
| Maximum Leverage: | 1:500 |
| Minimum Deposit: | N/A |
| Deposit Bonus: | Available |
| Trading Assets: | Cryptocurrencies, Forex, Commodities, Indices, Shares |
| Free Demo Account: | No |
| How to Withdraw from This Company? | Since the company is on a warning list, probably, withdrawals won’t be as smooth as traders expect. At first glance of the issue, contact our chargeback experts for consultation and refund guidance if needed. |
Legal info: Is OctoTrade Legit or a Scam?
According to the company’s website, this brokerage is regulated by Canadian FINTRAC and CIRO. Thus, the registration number provided for FINTRAC just reveals their registration details. However, the main regulatory bodies in Canada are IIROC and CIRO.
Yet, this firm is not regulated by any of those. After all, they don’t reveal legal documents anywhere, and it’s hard to prove any of the company’s legal details and license numbers. That practically doesn’t exist.
To be fair, if the company had any other top-tier regulations like FCA, CFTC, or similar, it would be different. Yet, they don’t. On top of that, there’s a warning from AMF of Quebec and CSA.
Who are OctoTrade’s Victims?
Since 2022, when the company was registered in Canada, they had plenty of time to build credibility. But they could also build positive OctoTrade reviews. Sadly, that’s not the case.
Therefore, we have to rely on analytics, and based on those, they mainly scam traders from:
- Canada
- United States
- Germany
- United Kingdom
- France
In any case, wherever you are coming from, let us know about your experience with this broker. If straightforward, you want to start money recovery, contact us directly.
Leverage, Commissions, Spreads, Fees and Taxes
One of the details exposing the OctoTrade broker scam is the company’s leverage of 1:500. If they were operating as a regulated broker, they could offer a maximum of up to 1:50.
Also, they reveal spreads from 0.05 pips, yet it’s hardly believable those are that low. Moreover, they reveal commissions starting from 0.1% and all-in charges up to 1.4% annually. Still, not something that will be that low.
Bonuses
Another irregularity with the OctoTrade trading firm is the bonus of up to 100%. Generally, in the financial world, nothing is free. Therefore, you can expect these bonuses to come along with shady clauses. Unfortunately, without transparent documents, checking those details is hard unless you deposit money with them.
OctoTrade Trading Features
Besides OctoTrade Forex and crypto deals, one of the main features is robo advisory. This deal includes a fixed 0.75% fee on the amount invested. But if the company is misleading traders about regulation, what should make you think they won’t about these?
Trading Platforms Available
Considering all the fake statements from this broker, we are surprised they don’t present traders with some advanced software options, such as cTrader or Meta Trader. Fairly, it would be too much.
Anyway, with the company’s web-based platform, there’s nothing much to expect. Not even some basic functionalities are available, not to mention advanced ones, such as EAs, social, or copy trading.
Available Trading Assets
Apparently, the OctoTrade scam broker offers more than 2000 assets. Thus, if the company will scam you anyway, is that offer relevant at all? Definitely not, but for the note, it consists of the following:
- Forex – USD/SEK, AUD/NZD
- Cryptos – BTC, LTC
- Indices – CAC40, FTSE100
- Shares – Amazon, MasterCard
- Commodities – gold, palladium
Account Types
Another key disadvantage of this broker is a lack of OctoTrade account types transparency. Not only that. They don’t even reveal the minimum deposit requirement.
Obviously, the company’s goal is to mislead traders to leave contact details. Via phone, it’s way easier to make them deposit some money.
Mobile Trading App
Trading on the go is getting more and more popular. That’s why optimized iOS and Android apps play a key role for some traders. But with fraudulent brokers, such options are rarely available. It’s nothing different with OctoTrade broker.
Demo Account
Since this firm offers highly speculative conditions, a demo account would be an appropriate solution for testing. Especially because of the OctoTrade crypto offers. Still, they don’t think it’s important for traders to get familiar with the platform without risk involved.
Education
Usually, when you think of trading education, you think of live sessions, 1-on-1 programs, mentorships, VODs, and much more. Instead of these, OctoTrade provides customers only with PDF documents about basic trading features. That’s definitely not something that would make any trader successful.
OctoTrade Withdrawal
Important to realize is that OctoTrade brokerage is not revealing its withdrawal policy. Without it, it’s easy to extend withdrawal processing time without any reason. On top of that, there are other hidden withdrawal fees and bonus policies. All this combined is a perfect recipe for manipulation. Thus, if you follow our advice, you will learn how to avoid those tricks.
Customer Support
In general, the company provides quite transparent contact details. There’s a physical address in Canada, e-mail, and a phone line. Also, they claim to offer services 24/7 and have 5-star customer support. However, zero reviews confirm such statements.
Key Information To Consider About OctoTrade
The main thing you have to remember about this brokerage is the multiple warnings they’ve got. Those are clear signs you shouldn’t invest with this firm. Not to mention misleading traders about regulations.
In addition to all this, the company is freshly registered and has no reviews. Therefore, you might be the first one to let other traders know about the company’s shady services. We also strongly recommend you talk to our refund specialists if you need to recover your lost funds. Don’t worry, even if it’s crypto, because our team has access to CipherTrace. Get in touch and find out all you need to know.
FAQ Section
What is OctoTrade?
OctoTrade is an investment firm registered in Canada in 2022 that has been offering FX and CFD trading services without regulations.
Is OctoTrade Legit?
No. The company is misleading customers about regulatory status but also there are warnings from CSA and AMF Quebec.
What is a Chargeback?
Chargeback is a reversal of a credit card transaction by the card issuer due to a dispute or fraud. In case you want to get started with it, contact us.
Source:
https%3A%2F%2Fscambrokersreviews.com%2Fcrypto-scams%2Foctotrade-review%2F
