- A South African trader reported a $14,826 loss due to an unauthorized trade on OctaFX. Other clients also faced similar issues, including profit restrictions and withdrawal denials.
- A South African trader reported a $14,826 loss due to an unauthorized trade on OctaFX. Other clients also faced similar issues, including profit restrictions and withdrawal denials.
In late June, a trader from South Africa lodged a complaint against forex broker OctaFX, alleging that an unexpected trade in his account led to a loss of $14,826. The trader reported opening a trade on June 21, only to be stopped out with a loss of $8,536. Upon reviewing his account, he discovered an additional unauthorized trade, resulting in a further loss of $6,290.
Believing OctaFX had opened the trade without his knowledge, the trader provided evidence to support his claim and requested an investigation. Despite contacting OctaFX and supplying the necessary personal information, his funds have yet to be refunded.
This incident is not isolated, as other OctaFX clients have reported similar trade execution anomalies, leading to unexpected losses. Some have also faced issues with profit restrictions and withdrawal denials.
Regulatory agencies including the Cyprus Securities and Exchange Commission (CySEC) and the Financial Sector Conduct Authority (FSCA) oversee OctaFX, but warnings have been issued by regulators in Malaysia, Spain, and the Philippines, highlighting unauthorized financial services and significant risks to investors.
