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OctexTrade

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Operating status: SCAM

Website: https://octextrade.com/

Broker violations and abnormal records
  • 2022-11-13 BrokersView has Reviewed that OctexTrade is an Unregulated Forex Broker

    OctexTrade claims to be one of the largest forex and cryptocurrency brands around which is authorized and regulated by the UK Financial Conduct Authority (FCA), the Australian Securities & Investments Commission (ASIC), and the Financial Services Conduct Authority (FSCA) of South Africa. However, we did not find any match results for this broker in the above watchdogs' registries. The regulatory information this broker claim is a false statement for unsuspecting traders.

    Besides, this broker shows its company address is in the United States. As per United States law, US residents and citizens are only permitted to operate with CTFC- and NFA-regulated forex brokers. Firms and individuals, who need to possess the relevant regulations issued by the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC), will be allowed to solicit or approach US citizens. However, we did not find any match results to OctexTrade in the above two regulatory bodies. 

    The truth is, OctexTrade is not under valid regulation by any regulators to do forex. Investors' funds in this broker are unsafe and cannot be protected by any law. Therefore, it is a scam.

    OctexTrade claims to be one of the largest forex and cryptocurrency brands around which is authorized and regulated by the UK Financial Conduct Authority (FCA), the Australian Securities & Investments Commission (ASIC), and the Financial Services Conduct Authority (FSCA) of South Africa. However, we did not find any match results for this broker in the above watchdogs' registries. The regulatory information this broker claim is a false statement for unsuspecting traders.Besides, this broker shows its company address is in the United States. As per United States law, US residents and citizens are only permitted to operate with CTFC- and NFA-regulated forex brokers. Firms and individuals, who need to possess the relevant regulations issued by the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC), will be allowed to solicit or approach US citizens. However, we did not find any match results to OctexTrade in the above two regulatory bodies. The truth is, OctexTrade is not under valid regulation by any regulators to do forex. Investors' funds in this broker are unsafe and cannot be protected by any law. Therefore, it is a scam.
  • 2023-01-29 The UK FCA Added OctexTrade into Its Warnings

    On 30 Jan 2023, the United Kingdom Financial Conduct Authority (FCA) issued a warning that OctexTrade may be providing financial services or products in the UK without authorization. You may visit: https://www.fca.org.uk/news/warnings/octextrade

    On 30 Jan 2023, the United Kingdom Financial Conduct Authority (FCA) issued a warning that OctexTrade may be providing financial services or products in the UK without authorization. You may visit: https://www.fca.org.uk/news/warnings/octextrade

Related Complaints

Q&A

Could you please confirm if OctexTrade is legit?

Roberto Lugtenberg
Portugal
2022-12-07
ANSWER OctexTrade is not a licensed or regulated broker even though it states offers that look good to be true.OctexTrade claims to be one of the largest forex and cryptocurrency brands around which is authorized and regulated by the UK Financial Conduct Authority (FCA), the Australian Securities & Investments Commission (ASIC), and the Financial Services Conduct Authority (FSCA) of South Africa. However, we did not find any match results for this broker in the above watchdogs' registries. Besides, this broker shows its company address is in the United States. As per United States law, US residents and citizens are only permitted to operate with CTFC- and NFA-regulated forex brokers. Firms and individuals, who need to possess the relevant regulations issued by the National Futures Association (NFA) or the Commodity Futures Trading Commission (CFTC), will be allowed to solicit or approach US citizens. However, we did not find any match results to OctexTrade in NFA or CFTC.The truth is, OctexTrade is not overseen by any regulators. That means your personal data or your funds in this broker are unsafe and cannot be protected by any law. We would recommend traders stay away from unregulated brokers like OctexTrade and trade with licensed brokers.
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