OctaSignalFx – Can You Trust Them?
Stop! It’s a Scam! Your money is not safe if you are trading with this unregulated, off-shore broker.
OctaSignalFx - DO NOT TRADE WITH THIS PROVIDER
2.2/10
$100
Minimum Depositupdated 2023
The details for opening trading accounts are not indicated on the broker’s website. In order to register with this broker, you only need to go to their sign-up page where you’ll be asked to enter your name, email address, phone number, and password. You’ll also be asked to accept their Terms and Conditions and confirm that you’re over 18 years of age. After this, the trading platform will be made available for you and you can start trading using their demo account.
Try these regulated brokers if you want to start trading cryptocurrencies
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
Website URL: https://octasignalfx.com
Founded: 2023
Regulations: Unlicensed
Languages: English
Deposit Methods: Cryptocurrencies, Skrill, MoneyGram, Western Union
Minimum Deposit: $300
Free Demo Account: Not Offered
Number of Assets: Not Specified
Types of Assets: Commodities, Cryptocurrencies, Fiat Currencies, Stocks, Indices
Trading Accounts and Conditions
OctaSignalFx fails to provide any information about the types of trading accounts they have. The only piece of information we are given is that their minimum deposit requirement to open a trading account with them is $300. Beyond this piece of information, we are not anything else. We do not know any of the broker’s trading conditions.
OctaSignalFx – Advantages
There are no advantages to trading with OctaSignalFx.
OctaSignalFx – Disadvantages
Here is a list of issues that tell us that we are dealing with a scammer in OctaSignalFx:
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Unregulated Broker
OctaSignalFx claims to be based in the United Kingdom, however, this claim is a lie. We know this because a broker based in England has to be regulated by the Financial Conduct Authority, which is the UK’s financial regulated. No broker can operate in this country without the FCA’s express authorization.
We checked the FCA’s broker database that is available online – for all to access and see. If a broker is regulated by the FCA, they will be listed in that database. We found out that OctaSignalFx is not listed with the FCA, which means they are not regulated by that authority at all.
Since there is no other information about their regulation status, we can safely assume that OctaSignalFx is not regulated at all. And this makes this broker an illegal entity, i.e., a scammer.
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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Blacklisted by FCA
While checking on this broker’s status, we also found out that the FCA has actually blacklisted OctaSignalFx. The authority has issued a strong warning to all traders on their website. In this warning, the regulator has stated that OctaSignalFx is not authorized by them to operate in the UK and that trading with this broker would mean losing all protection from the FCA.
When a reputed regulated such as the FCA states that we are dealing with an authorized broker that is a scammer, it is best to pay attention and avoid that broker completely.
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Issues with Trading Platform
OctaSignalFx claims to have a highly sophisticated trading platform. Unfortunately, even this claim has turned out to be a lie.
When we checked their live platform, we realized that it is not even a functional trading platform. What this broker offers are just a set of charts that they have imported from TradingView.com. There is no working platform – you cannot do anything with this so-called software.
The trading platform is a broker’s key offering. The quality of their platform is one of the main reasons why a trader would pick a particular broker. So, if a broker is providing their customers a fake platform, then you know that you are dealing with a scammer.
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Issues with Trading Conditions
The second offering that a broker has are their trading conditions. These trading conditions tell us whether it would be advantageous or not to trade with a particular broker. Therefore, brokers publicize their trading conditions clearly on their websites. Legitimate brokers will clearly spell out the types of trading accounts they offer – and the trading conditions associated with each of those accounts.
When a broker like OctaSignalFx does not mention their trading conditions, then you can be sure that you are dealing with a scammer. No legitimate broker would hide their main service offering the way this broker has done.
Thus, we have another sign of this broker’s scam.
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No Demo Account
OctaSignalFx does not offer their clients any demo accounts. Legitimate brokers offer their clients demo accounts. This is because this allows their prospective customers to come and check out their trading platform and trading conditions in a safe environment. This allows customers to assess whether the broker is offering an advantageous deal to them or not. A free demo account also allows customers to check the real trading platform.
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Issues with Payments
OctaSignalFx claims to offer multiple types of payment methods – Cryptocurrencies, Skrill, MoneyGram and Western Union. We doubt this is the case. First of all, Skrill has put strong policies in place where they do not service unregulated brokers. OctaSignalFx is an unregulated broker, so there is no way that they could use Skrill as a payments provider.
Added to this, there was no way for us to check this broker’s payment portal for ourselves, so we cannot say for sure if the other payment options are really available.
We need to warn traders that there are many times scammers list a wide range of payment options, but when it comes down to actual payments, then they offer only a single payment method – cryptocurrencies. Scammers love crypto transactions since they are permanent and anonymous. Nobody know to whom the money has gone and there is not way to get it back.
Thus, we would advise traders to use safer payment options such as credit cards when dealing with a new broker. This is because there is a chance that you can get your money back by filing for a chargeback if you use your credit card.
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Issues with Withdrawal Policy
The main issue we have with OctaSignalFx’s withdrawal policy is that they do not have one. Despite searching through their website, we just could not find any information on their withdrawal policy. So, we do not know what the minimum and maximum withdrawal limits are. We also do not know if there are fee being charged for withdrawals. And we do not know if there are any conditions that need to be fulfilled before you are allowed to withdraw your funds.
This lack of information signals a scam.
Conclusion
OctaSignalFx is a scammer and must avoided by all traders.
OctaSignalFx
Pros
- None
Cons
- Unregulated Broker
- Issues with Trading Platform
- Issues with Trading Conditions
- No Demo Account
- Issues with Payments
Do not trade with unregulated brokers that will steal your funds - try these regulated brokers:
82% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you can afford to take the high risk of losing your money
Plus500 is a FTSE 250 listed brokerage providing online trading services in CFDs, across 2,000+ securities and multiple asset classes.
The company was created as a combined effort of financial professionals and experts in web-commerce with the goal of perfecting the online experience for retail traders.
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