OctaFX is an international Forex broker that has become increasingly popular in Malaysia. Learn whether OctaFX is a scam broker and if you can trust it from this article.
Forex trading has become increasingly popular in Malaysia. However, there are several factors that new investors want to be sure of when entering the financial markets, and one of them is the trustworthy broker.
In this article, we will focus on OctaFX as one of the most prominent Forex brokers in Malaysia. Let’s discover whether you can trust this broker or if Octa FX is a scam.
What is OctaFX?
OctaFX is an online Forex broker that has been providing access to financial markets worldwide since 2011. Its services are now used in more than 180 countries. The broker also publishes free educational and analytical content, ranging from entry-level articles on trading to in-depth research and analysis of popular financial instruments and markets.
The company sponsors charitable and humanitarian initiatives that aim to improve educational infrastructure and support local communities in Malaysia and worldwide. Not long ago, OctaFX partnered with Malaysian educational organisation Ideas Academy to digitalise multiple learning centres for refugees and underprivileged students.
Is OctaFX real or fake?
OctaFX is obviously a real and well-established international broker which has been working for more than 11 years.
In 2022, OctaFX was included in the Financial Consumer Alert List (FCA) of Bank Negara Malaysia (BNM) and the Investor Alert List of the Securities Commission Malaysia (SC), together with many other Forex brokers. This aroused certain suspicions among investors. However, these events require clarification.
Both authorities (BNM and SC) indicate that inclusion in the alert lists is only meant to increase awareness of entities not licenced or regulated by them. This, however, doesn’t mean that all the companies on the lists are frauds or scams. Moreover, many of them—like OctaFX—have multiple international licences and incorporation documents that allow them to accept clients from all over the world. The lists simply state that those entities are not licenced in Malaysia.
Can OctaFX be trusted?
Yes, OctaFX can be trusted. Over 11 years, it has gained the trust of millions of clients from more than 180 countries. The broker has repeatedly proven its credibility, including with dozens of industry awards, such as the recent ‘Best Forex Broker Malaysia 2022’ award from Global Banking and Finance Review and the ‘Best Global Broker Asia 2022’ from International Business Magazine.
Additionally, OctaFX adheres to rigorous security protocols, which include segregated accounts and negative balance protection, ensuring compliance with international standards. To enhance safety, the broker requires identical payment details for both deposits and withdrawals. This precautionary measure prevents unauthorised third parties from withdrawing funds, even if they gain access to a user’s account. Furthermore, OctaFX employs 3D secure technology for credit and debit card processing, which guarantees the transparency and safety of all Visa transactions.
Does OctaFX pay money?
Yes, OctaFX effectively processes withdrawals in Malaysia through a variety of ways, including local banks, MasterCard, Visa, Skrill, Neteller, and payment processors, as well as a wide range of cryptocurrency methods.