Octavetrade

Octavetrade opens with a reminder of the US election, which means that its creators have not updated its since then. This is the first indicator of many that not only the website hasn't been updated, but that the whole thing has not been taken seriously.

The first thing we notice is that the broker's name bears a suspicious resemblance to that of OctaFX, a globally renowned and effective broker. But that's not the worst part. The other more major realization that hit us is that Octavetrade lookes very much like FXCM- another global broker.

Octavetrade goes as far as to rip off the license number of FXCM, and, moreover, claims to be regulated by CySEC, the FCA, FSCA, and the FSC of Mauritius. None of these regulations apply to Octavetrade, but to FXCM.

So the question that begs an answer is: can we consider Octavetrade a clone of FXCM? Well, yes.

An moreover, the broker is absolutely anonymous as a result of this, which makes it worse than we though. The combination of being both a clone broker and an anonymous entity. It is without a doubt that we label Octavetrade a unregulated entity and a risk to all!

Investing in unregulated brokers is the digital equivalent of throwing your money away for the wind to disperse it. It’s obvious that no one would do such a thing. Go with brokers that are regulated by trustworthy organizations like the FCA or CySEC. These entities work closely with the law, enforce it when called for, and have strict requirements for those under their gaze. Not to mention that those under their jurisdiction are members of compensation funds that cover victimized clients’ losses of up to £85 000 (FCA) and €20 000 (CySEC).

The registration process was easy registration, but our account ended in a perpetual state of “review in progress”. This means that we had to turn to the website for all the trading and payment conditions.

According to the website, the minimum spread starts from 1.3 pips, the leverage is 1:2000, all for the Standard account. Such a high leverage is extremely dangerous, as it can lead to a quick and abrupt loss of funds!

The available tradeable assets are forex currency pairs, commodities, indices, spot metals, indices, stocks, and cryptocurrencies.

OCTAVETRADE LOGIN

The website promises both the MT4 and MT5, but with no download links how can we make sure that the broker isn't lying. And given its track recornd, why are we to even trust it?

Without being able to open an account, we cannot access a software, if there is one to be given ion the first place.

Last but not least, there is a promoted Octavetrade web trader on phone devices, but none of the links to it a available. The links to the separate download pages were broken.

For now it seems that there is not trading software inplace.

OCTAVETRADE MINIMUM DEPOSIT

Keep in mind that the following information is taken from the website of an unregulated broker, meaning that it can manipulate the details as it sees fit. And not to mention that all investments here are at an immediate risk.

$100 is the minimum deposit requirement for the Starter account.

The proclaimed payment methods are bank transfers both local and international, e-wallets including Skrill, Neteller, PaySafe, VLoad, GlobePay (etc), and more obscure ones like Nganluong (E-wallet & banking channel), Konnexone, and TC Pay Wallet, plus a bunch of crypto wallets, and credit/debit cards.
None of these payment methods can be verified, and ist seems most of them are used by FXTM.

DON’T PROVIDE YOUR CREDIT CARD CVV CODE

The CVV code is the one thing that separates a buyer from a product. Without it, one cannot complete a purchase, even if him/her has given all other necessary information. By giving this detail to someone else, you are essentially inviting them to use your funds for their own means. And be warned that unregulated brokers most certainly plan to do so.

DON’T PROVIDE ACCESS TO YOUR COMPUTER AND BANK ACCOUNT VIA ANYDESK OR TEAMVIEWER

Be sure to never give AnyDesk or TeamViewer access to your PC to unverified agents. These 2 platforms allow for your PC to be taken over by a second party, oftentimes for help or guidance, but in the case of these brokers for the sole purpose of looting your bank account(s) and personal information. However, in order to do so your consent is needed, and this is the only thing standing in the scammers’ way.

OCTAVETRADE WITHDRAW TIME AND FEES

Crédit card withdrawals are feed by a fixed $3 sum. Certain crypto wallet withdrawal are commissioned by 1%, and other aren't E-wallet fees range from 0.5% to 3%. Bank transfers also have fees that ranged from 0.5% to 3.2% to $30 fixed.

Withdrawal processing times range between 1 to 4 business days.

Personally, we wouldn't be surprised if the user area offered only a single crypto wallet. Considering that Octavetrade is essentially a clone, almost all of these details are taken straight from FXTM's site.

ACCOUNT VERIFICATION

Beware, once more, when giving away an ID and a proof of address. Trustworthy brokers ask for these before traders can deposit to make a check up. Deceitful ones will ask for these details, using the anti-money laundering legislation as pretext, once you start asking too many questions and are getting suspicious of their activities. Understand that they will use these to build a stronger case against you in the event that you request a chargeback.

Yet again we urge readers to stay away from this broker as it will, without a doubt, never return your funds and profits. If you wish to to get smooth and efficient transactions, please visit a FCA/CySEC regulated broker, where all withdrawals are handled with care and respect.

HOW TO RECOVER

The most sound advice we could give you is to immediately file for a chargeback with you credit card company.

If you have given away your credit card details including the CVV code to the “broker” you should cancel it ASAP and check with your bank to see the damage inflicted.

Also, beware of self proclaimed “recovery” agencies or agents. These cheeky scammers promise to fix your problem and restore the lost funds. They offer their services in exchange of a small sum from your end, after which you won’t ever hear from them again.

The last line of defense for these indecent folk is more like a desperate cry: often times they will comment on reviews and cite the whole ordeal as a conspiracy initiated by competitive brokers against them; at times even claiming that reviewers are anything but objective, and that no one writes good reviews. The absurdities are limitless!

BOTTOM LINE

Octavetrade is a complete scam and a sorry excuse for a broker. It's close to being a clone firm, and is a risk to all.