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Suspicious Clone
Score
1.39 /10
Danger
Octavetrade
2-5 yearsSuspicious Regulatory License
Suspicious Scope of Business
Suspicious Overrun
High potential risk
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Comparison
Expose
Exposure
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Website
Score
Regulatory Index0.00
Business Index6.05
Risk Management Index0.00
Software Index4.00
License Index0.00
Open Account
Website
Licenses
VPS Standard
No restriction on the broker account. Support service provided by WikiFX
Single Core
1G
40G
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Warning: Low score, please stay away!
6
Previous Detection :
2024-09-22
- It has been verified that this broker currently has no valid regulation. Please be aware of the risk!
- The CyprusCYSEC regulation (license number: 185/12) claimed by this broker is suspected to be clone. Please be aware of the risk!
WikiFX Verification
Note: Octavetrade's official website: https://www.octavetrade.com/ is currently inaccessible normally.
Octavetrade is a global forex broker registered in Cyprus with suspicious clone licenses. Please be aware of the risk.
Pros and Cons
| Pros | Cons |
| MT4/5 | Suspicious Clone Regulation |
| Comprehensive Customer Support Channels | Unavailable Website |
| Lack of Transparency |
Is Octavetrade Legit?
Octavetrade claims to possess four regulatory licenses, yet each one is a clone license.
Specifically, Octavetrade provides a so-called CySEC license, license number 185/12. However, CIF license number 185/12 is not held by Octavetrade Limited, but belongs to Forextime Ltd.
A similar situation arises with Octavetrade's so-called FCA license. Octavetrade claims to have obtained FCA with license number 777911, but once again proves that the license number belongs to Exinity UK Ltd, not Octavetrade.
Furthermore, the FCA license number 600475 belongs to Forextime Ltd, while FSCA's license number 46614 also belongs to Forextime Ltd.
In conclusion, these licenses are all fake and you'd better stay away from this broker.
| Regulatory Status | Suspicious Clone |
| Regulated by | Cyprus |
| Licensed Institution | Forextime Ltd |
| Licensed Type | Market Making(MM) |
| Licensed Number | 185/12 |
| Regulatory Status | Suspicious Clone |
| Regulated by | United Kingdom |
| Licensed Institution | Exinity UK Ltd |
| Licensed Type | Straight Through Processing(STP) |
| Licensed Number | 777911 |
| Regulatory Status | Suspicious Clone |
| Regulated by | United Kingdom |
| Licensed Institution | Forextime Ltd |
| Licensed Type | European Authorized Representative (EEA) |
| Licensed Number | 600475 |
| Regulatory Status | Suspicious Clone |
| Regulated by | South Africa |
| Licensed Institution | FOREXTIME LTD |
| Licensed Type | Financial Service Corporate |
| Licensed Number | 46614 |
Trading Platform
Octavetrade claims to support MT4 and MT5, which is the two most popular trading platforms in the industry.
However, we are unable to download MT4 or MT5 from the Octavetrade website. Please note that legitimate brokers typically support verified trading platforms, and the absence of such software may indicate that the broker is likely a scammer.
| Trading Platform | Supported | Available Devices |
| MT4 | ✔ | computer and mobile phone |
| MT5 | ✔ | computer and mobile phone |
Deposit and Withdrawal
Octavetrade supports deposit and withdrawal through credit and debit cards, wire transfers, Skrill, Neteller, FasaPay, WebMoney, PerfectMoney, QiWI, Konnexone, VLOAD and TC Payment.
There is no commission for deposits, but only partial withdrawals require a fee. For example, a wire transfer requires $30, Visa and MasterCard withdrawals of $2, PerfectMoney for 0.5%, QiWI of 1.5%, etc. However, it is said that these pieces of information were directly copied from the FXTM websites, so you'd better not take them at face value.
Customer Service
You can connect Octavetrade through email and social media such as Facebook, Twitter, etc. You can also reach them at physical addresses offline. But it is very likely to be fake addresses.
| Contact Options | Details |
| support@Octavetrade.net | |
| Social Media | Facebook: https://www.facebook.com/Octavetrade |
| Twitter: https://twitter.com/ltsOctavetrade | |
| Instagram: https://www.instagram.com/Octavetrade Octavetrade/ | |
| YouTube: https://www.youtube.com/user/ltsOctavetrade | |
| Linkedin: https://www.linkedin.com/company/Octavetrade-ltd-Octavetrade?trk=hb_tab_compyid_2234720 | |
| Supported Language | English |
| Website Language | English |
| Physical Address | Octavetrade247 Tower, 35 Lamprou Konstantara, Kato Polemidia, 4156, Limassol, Cyprus |
| 88 Wood Street, 9th Floor London EC2V 7QR United Kingdom |
The Bottom Line
Octavetrade's website is currently unavailable, therefore, you cannot obtain any information about trading instruments, commissions, spreads, etc. Additionally, all of its regulatory licenses are suspected to be clones. As a reault, you are advised to stay away from this broker.
FAQs
Is it safe to trade with Octavetrade?
It is unsafe to trade with Octavetrade as their regulatory license is a suspicious clone.
Which platforms does Octavetrade support for trading?
It supports MT4 and MT5, but can't be downloaded.
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