BEWARE! OctaFX Has Been Added To Financial Consumer Alert List By BNM

Bank Negara Malaysia (BNM) has included the foreign exchange (forex) trading platform OctaFX to its list of Financial Consumer Alerts. The central bank has so stated that the platform is not permitted nor allowed under BNM rules.

BNM said in its statement that OctaFX's website and official social media profiles have all been put to the Financial Consumer Alert list. These include the platform's accounts on Facebook, Twitter, Instagram, YouTube, and LinkedIn.

BNM also said that the Financial Consumer Alert list serves as a reference for investors, informing them of businesses and schemes that “may have been incorrectly perceived or represented as licensed or regulated by BNM.” Furthermore, the list is updated depending on information supplied by members of the public, with evaluations made on the reported businesses and schemes as needed.

Aside from BNM, OctaFX was previously listed to the Securities Commission Malaysia's (SC) Investor Alert List. It was listed on the grounds that the platform had engaged in capital market operations such as trading in derivatives without a license and running a recognized market without SC authorisation.

Meanwhile, OctaFX is a worldwide forex broker with a presence in over 100 countries. It has steadily gained attention and momentum among investors in Malaysia as a result of its massive advertising efforts, with celebrities such as Fizo Omar and Wak Doyok appearing as “ambassadors.” At the time of writing, OctaFX's website and social media profiles were still operational (such as Facebook).

OctaFX Regulation

OctaFX is not regulated based on an inquiry of their address. Their office is in Griffith Corporate Centre, Suite 305, Beachmont, Kingstown, St. Vincent and the Grenadines. There were no hits when I searched their name on SVG FCA.

OctaFX's on the WikiFX App

The WikiFX forex trading search engine software has been watching OctaFX's operations owing to a large number of complaints filed to the WikiFX team by its traders all around the world, most of which were “Unable to Withdraw.”

Here are some latest complaints WikiFX has received.

The complaints may be seen at https://www.wikifx.com/en/exposure/exposure/1941447945.html.

Scammers, in general, dress to seem legitimate. A phony broker may supply false information about the company's registration, license, and location. As a consequence, stay alert and do comprehensive research to discover if there are any red flags or warnings about the broker, such as OctaFX. Furthermore, remember to cross-check and verify company data in forex regulators' registries before joining, and to join a licensed and well-known organization.

If you are a trader who has engaged in illegal activities with your broker. Go to the WikiFX official website, www.wikifx.com, and go to the Exposure page.

You may also contact WikiFX Customer Support.

Keep an eye out for further broker news.

WikiFX App may be downloaded through the App Store or the Google Play Store.