New Forex scammer OctagonFX: honest broker review and feedback about it
OctagonFX: non-target brokers in the Forex market
People have been tricked into thinking that the best time for profits is coming. Smudged companies compose their letters on a direct path to take hold without straining, but necessary – then hide the money and disappear. OctagonFX is one of the newest forex scam brokers. It started its history in the autumn of 2019. There is no summary on the internet about someone with this name yet. Therefore, we chose to explain about the intermediary octagonfx.com and warn against working with it.
Quick Overview of Octagon FX
No obstacles have been presented by a professional forex broker. All that the octagonfx.com portal is famous for is data about the owner of the online store and its location. According to the permits, Octagon Capital Markets, registered in Saint Vincent and the Grenadines, are associated with the company.
The number of cells already suggests thoughts. A tropical country on the Earth’s water surface is a result obtained for describing various types of financiers, dummy brokers, “forex platforms,” pushing services to the peoples of the CIS countries (Russia, Belarus, Ukraine, Kazakhstan, etc.).
The unregistered presence of broker activity raises doubts because OctagonFX does not have permission to provide its services. This is the key to the fact that the financial intermediary mentioned in this review is a fraudulent intermediary. A reputable company, wishing to profit from a client base, seeks to convince of its reliability, first of all by obtaining a certificate for trading. They always put documents on display! And scammers often do not indicate the availability of documents. In the best case, they display copies of other people’s certificates on the website. Therefore, the star of our review “Octagon FX” is spreading without rejections. By placing their capital with this forex broker, the trader should feel in danger. Essentially, they are investing their funds in unfamiliar faces. When problems arise, who will they complain to? The fact is that deals with this intermediary are concluded outside the legal zone.
Review of the octagonfx.com website
The octagonfx.com site is hastily composed. The appearance is poorly thought out, and it is difficult to find the necessary information. There are many lexical, grammatical errors, as well as gross oversights in the texts. An example is the statement about a 1:5000 credit on one of the financial sections!
The broker’s portal is available in English and Russian. However, all managed documents are in English. Most likely, Octagon FX wants traders from the CIS countries not to be able to read the legal basis of the main company and the terms of cooperation in detail. Since there is a lot of interesting information there that can alert the user and raise doubts about the reliability of the intermediary. Let’s look at an approximate clause 2.4 of the user agreement. According to it, “Octagon FX” takes responsibility for misleading trading signals, recommendations, and consultations, the use of which may end in losses for the trader. We will provide a specific translation of part of the document where it is mentioned:
Sometimes site tabs do not load. One of these is the FAQ section containing explanatory texts and answers to the most frequently asked questions. In this regard, the site’s main goal is to create optimal conditions for near-trading activities and training traders on personal strategy settings. In reality, the situation is the opposite.
Trading Conditions Overview Octagon FX
The forex intermediary assumes earnings on currency pairs (almost 100). Entry into the trading community goes through the MetaTrader 5 client signature. Octagon FX explains the advantages of the trading climate and its capabilities. The software can be freely downloaded from the resource. There is a desktop version, a web version, and a mobile version.
Furthermore, “Octagon FX” offers 4 types of accounts with the base currency of the euro. Newcomers are advised to create a Micro account with the following conditions:
- starting money – from 250 euros,
- leverage – 1:500,
- trade density – starting from 0.01 lots,
The Standard accounts are universal. They differ only in initial deposits compared to the initial version for fund managers (over 5,000 euros) and the fantastic fact about hidden lending mentioned earlier (1:5000).
For professionals, they provide a Gold account. The conditions are almost the same as the previous method, except for permissible investments (from 10,000 euros). They also have access to trading signals and analysis + a private trust account.
The Premium and VIP accounts are designed for professionals, operate with deposits from 25,000 and 50,000 euros. Account holders can set a lot size starting from 1 lot. The price movement step for more advanced users is regulated to a loss of 1 point.
The amount of commissions accepted by “Octagon FX” is not disclosed. A novice will find out the broker’s commission size later, after completing a trade. Other participants are notified about the margin modesty when opening positions, according to the account groupings.
The hero of the review also offers fans to create PAMM accounts. The interest in passive income manipulates a certain number of clients. But, if you get involved with scammers, engaging in this venture becomes risky: scam brokers can wipe out all your capital. In the case of Octagon FX, such an outcome is very likely, as the company operates without boundaries.
Considering the absence of a demo version. To experience the trading universes, you have to use real funds. Deposits are possible with MasterCard/VISA bank cards and e-wallets. Capital warming happens instantly.
No deposit bonuses are not provided. Capital withdrawal movements are tax deductible in favor of Octagon FX at 6% of the amount.
According to the rules of the forex portal, declarations to withdraw capital from the account are processed within 5 days.
Octagon FX does not impose restrictions on capital transfer, but warns that applications are only considered from verified participants. Visitors are required to provide fingerprints of ID, bank card (which is used for depositing/withdrawing funds), and proof of payment for services for the last 30 days.
OctagonFX Bonuses and Rewards for Reconstruction
Upon the initial capital deposit, the “Octagon FX” portfolio provides a counter gift to the trader, which can grow to 100% of the paid amount. The currency value of the account holders is restored. Among the broker’s conditions, these funds can be used during practice, but there is a withdrawal limit.
The gift must be earned within a specified period, in other words, it disappears along with the acquired funds. Meeting the conditions set by intermediaries according to bonus programs is difficult and in most cases, simply impossible. This is just a lure, nailed to involve traders in the transaction cycle.
Users can try to earn on a situation account. With each transaction at each interest, OctagonFX promises to return approximately 5% to the subject. For those who are not ready to manage their funds, this is a successful mode of operation.
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Why Are They Sinful?
“Octagon FX,” acting without legal authority, can instantly sit down with the capitals of investors at any time. Examining reasoning is one way. Saint Vincent and the Grenadines, where it is based, is a paradise for the owner of the broker, located far beyond the borders. No one dares to go there to protect their business interests. Moreover, the deal is initially losing. No court will ever stand up to defend a novice who knowingly agrees to violate the law.
Also, note that “Octagon FX” does not provide complete information on general conditions. Users are not informed of the broker’s leverage size. There is a possibility that it “devours” all the losses.
Analysis Summary
Dealing with Octagon FX, in our opinion, appears unsafe. There is no information about Octagon FX on the network, which means a lack of client feedback. Should you risk your capital without ensuring careful financial mediation? None, as there are no guarantees that the influence with the company will be successful.
Author: Irina Vladimirova