Octofinance.io is a new MT4 Forex broker that provides trading in a wide range of instruments, 4 types of trade executions as well as improved transparency with tier II pricing.
Those who would wish to trade but have no sufficient experience can utilize this MQL copy trading service for FX and Cryptocurrencies.
Meanwhile, Octo Finance claims to have 1,250 new clients, 95% positive feedback and 10 years of experience in the brokerage industry.
These numbers cannot be verified yet, and also keep in mind that the domain where the broker is operating from is very new.
The broker is based in an offshore region and operated by SeaBreeze Partners Ltd.
Octofinance.io provides 3 account types for trading where they claim to provide deposit bonuses while insuring their traders as well.
Today, our Octofinance.io review will let you know whether or not trading with this broker is a viable solution to investing in the financial markets.
We start with details of their account types because discussing trading conditions is the most important part of our review.
In addition to the information above, we realize that Octo Finance is charging commissions in their Mini account.
Obviously trading conditions are not favorable in this account since well-established Forex brokers charge way less even with their basic account types.
For a deposit of $250, you should get a broker that has reasonable trading conditions.
It shouldn’t be the other way round…. that the more you deposit more money, the more you get good trading conditions.
Apart from this, the broker is obviously offering bonuses and insurance.
Insurance percentage varies from 15% to 75%. We do not know under what terms this insurance is offered and for what reason.
Regular Forex brokers don’t offer any insurance but may offer bonuses from time to time.
These bonuses come with specific terms and conditions but should not prevent you from making a withdrawal any time you want.
This is only applicable when you trade with a well-regulated Forex broker, not an offshore and unregulated broker.
Is Octofinance.io regulated?
The company that runs Octofinance.io (Seabreeze Partners Ltd) is associated with other doggy financial service ventures.
They claim that this company is operating from the Dominican republic.
The truth is this region is often associated with bad brokers because regulations are week.
Shady Forex brokers love to setup shop in this offshore region because they are aware of the fact that they will escape tax and will not comply with acceptable standards of Forex brokers worldwide.
In short, your money is not safe in the hands of Octofinance.io.
They claim that all their clients’ funds are held in a segregated account.
Segregated accounts enable funds to be banked in a separate account from that of the company.
This ensures that the company will not use those funds for its daily operations.
However, this is a requirement only if the broker is regulated by a strong financial watchdog like the FCA or CYSEC.
If a broker is based in an offshore location, segregated accounts will not be in the picture.
Octofinance.io runs the good old MT4 trading platform.
This platform has a wide range of charting features too.
It comes with superb back-testing capabilities, technical analysis and the ability to integrate with automated trading software.
They’ve not disclosed the cost of trading with their Mini account in terms of commission which they charge.
Furthermore, we feel that floating spreads of up to 3.0 pips is way expensive.
We would like them to include their commission rates per lot for maximum transparency.
Deposits and withdrawals
Octofinance.io provides a wide range of deposit and withdrawal methods to encourage clients to transact with them.
These include MasterCard, Visa and WireTransfer.
We did not see an option to deposit with Skrill, Neteller, Payeer etc.
Other brokers are now supporting Crypto deposits for more convenience. Keep this in mind.
After all has been said and done, we arrive to the verdict that OctoFinance.io is an offshore broker.
That being the case, safety of funds will not be guaranteed. Generally we want to trade with brokers who are trusted and well-regulated, not vice versa.
Apart from this, we should keep in mind that this is a new broker that has not received any feedback from the public just yet.
In conclusion, we feel that it is unsafe to trade with Octofinance.io.