Beware! Octangle FX is an offshore broker! Your investment may be at risk.
RECOMMENDED FOREX BROKERS
Don’t put all your eggs in one basket. Open trading accounts with at least two brokers.
We are reviewing Octangle FX, a broker that’s purportedly located in Britain. At the same time, though, they provide leverage that’s no longer allowed there, so the offer itself made us put this entity on the list of suspected scams. Also, their legal documentation does not reveal any trading conditions whatsoever, which raises the suspicions even more. See the details you need to know about this broker in the full Octangle FX review.
Octangle FX REGULATION AND SAFETY OF FUNDS
As already mentioned, Octangle FX claims a presence in the UK, but they don’t even mention anything about licensing or regulation. To operate in Britain, they need to hold a valid license issued by the local financial authority FCA. Well, we researched but found nothing about this business in the regulator’s register, as you can see in the picture below. So, it’s an unregulated broker, and your funds won’t be safe if you deposit with them. The lack of regulation indicates it may as well be a scam, so beware.
Avoid Octangle FX and see the high-rated, adequately regulated EU brokers and British brokers by following the links. The enlisted companies are strictly regulated and also covered by deposit insurance funds laid down to protect customers in case of insolvency or fraud. For example, CySEC brokers’ traders can claim 20 000 EUR in compensation, while the British guarantees are even up to 85 000 GBP per person. Europe is financially secure, so you can safely open accounts with the brokers genuinely regulated there.
Octangle FX TRADING SOFTWARE
Octangle FX provides MetaTrader5, which is a leading Forex platform. The EUR/USD spread is also comparatively good, as it floats around 1 pip most of the time. The spread is the Buy/Sell difference, so naturally, it forms part of the trading costs for traders. Lower rates make trading less costly, enhance profit potential and also largely determine whether brokers are worthy or not. However, Octangle FX is a shady unregulated business and a suspected scam, so don’t get excited by the seemingly favourable trading conditions.
Instead, see the high-rated MetaTrader4 brokers and MetaTrader5 brokers on these lists, which deliver high-class software and excellent trading conditions. MetaTrader distributions are reliable and come with advanced features such as Expert Advisors, Algo Trading, as well as many complex indicators and charting tools. It also provides a marketplace where you can find more than 10 000 apps and third-party developed solutions you can successfully fit into your strategy.
The maximum possible leverage is 1:500, a ratio no longer allowed in the UK, which itself shows that Octangle FX is either unregulated or breaching the British financial rules. On the other hand, 1:500 is a high-risk level that’s considered inadequate for retail traders.
In fact, leverage is so dangerous that some financial authorities even decreed regulations to restrict its usage. As a result, EU, British and Australian brokers are restrained to 1:30, while the Canadian brokers and the US brokers can’t deliver higher than 1:50. However, risk-tolerant traders may as well have a look at the Swiss brokers, which are reputable but not leverage restricted.
Octangle FX DEPOSIT/WITHDRAW METHODS AND FEES
The minimum deposit with Octangle FX is $100, which is pretty much in line with the requirements of the regulated brokers. The funding methods accepted are purportedly Wire Transfers, Credit/Debit cards, Skrill, Neteller and other e-wallets, but we can’t verify this information for we were unable to sign-up and test their deposit system. The website issues are also a significant downside that certainly undermines their credibility.
Speaking of account funding, see the lists with Skrill brokers, Neteller brokers, FasaPay brokers, Sofort brokers, and Bitcoin brokers if you have a preferred payment system. The high-rated companies on the lists are properly regulated, and you can safely open an account with them.
As already mentioned in the Intro, Octangle FX discloses no trading provisions whatsoever. We even regard their legal documentation as irrelevant for the nature of their business. There is nothing about withdrawal requirements, fees, inactive account procedures, refund policy, bonuses and so on. That’s fishy.
Overall, Octangle FX is a shady unregulated broker and a suspected scam, so make sure to stay away from this sham enterprise.
HOW DOES THE SCAM WORK
New types of investment scams come about literally every day. However, most of the new schemes represent a modification of common fraud. These are not typical for the local markets but very similar from country to country.
Nowadays, scammers search for victims on the Internet and social media. Classical tactics, such as cold calling, became less widespread as the Internet got prevalent. The offers scammers make look legit and present exciting opportunities to invest money in the Forex market. Traders got reassured that the people behind the broker have an excellent track record, and they promise high returns, seamless trading and guaranteed profits. The scammers deliberately make people believe that the Forex market isn’t a risky place, but actually, the opposite is true.
What usually happens is that scammers just pocket traders and investors money. Sooner or later, clients would ask for a withdrawal, but scammers would delay or straightforward refuse to send any money back. Whenever traders persist, the guys standing behind the fraudulent broker would usually cut the communication or even ask for additional deposits. Either way, traders are likely to lose some or all of the capital invested. The end is always the same. When fraud becomes evident, the scammers would simply rebrand and start afresh, creating a new scheme under a different name.
WHAT TO DO WHEN SCAMMED
Unfortunately, no one is immune to scam. If you get scammed, the first thing you need to do is to protect yourself from further risk. Deactivate your card immediately, contact your bank and ask for advice.
Report what happened to you, file a complaint, contact the financial regulator, contact other government institutions related to trading and investing, call the police if you feel necessary. Seek help actively!
Remember, it’s crucial not to rush blindly trying to recover your funds because many scam chargeback agencies and individuals are trying to double scam the victims. They ask for upfront payment, take the money, but won’t do anything to help you!
Share online your experience; it’s important to protect others, as well. Be responsible!