Forex trading is becoming popular in Malaysia, but there are several factors that new investors should be aware of. It’s important to stay safe when entering financial markets, and this can be achieved by choosing a trustworthy broker.
In this article, we will focus on an OctaFX review and look over its status as one of the most noteworthy Forex brokers in Malaysia. Let’s discover whether OctaFX is a scam or not.
What exactly is OctaFX?
OctaFX serves as an online Forex broker, granting access to financial markets worldwide since 2011. It currently operates in over 180 countries and delivers free educational and analytical content. This content ranges from beginner-level trading articles to in-depth research and analysis of popular financial instruments and markets.
The company supports charitable and humanitarian initiatives to enhance educational infrastructure and uplift local communities in Malaysia and beyond. Recently, OctaFX partnered with Ideas Academy, a Malaysian educational organisation, to digitalise multiple learning centres for refugees and underprivileged students.
The website front page of OctaFX
Is OctaFX authentic?
OctaFX is unquestionably a legitimate and long-standing international broker with more than 12 years of operation.
In 2022, OctaFX found itself included in both the Financial Consumer Alert List (FCA) of Bank Negara Malaysia (BNM) and the Investor Alert List of the Securities Commission Malaysia (SC), alongside several other Forex brokers. This raised concerns among investors, necessitating further clarification.
OctaFX listed on Bank Negara Malaysia’s FCA
Both authorities (BNM and SC) clarify that inclusion in the alert lists is primarily intended to raise awareness about entities lacking licences or regulations under their jurisdiction. It is essential to note that not all companies listed are fraudulent or involved in scams. In fact, many of them, including OctaFX, possess multiple international licences and incorporation documents that permit them to serve clients globally. The lists merely indicate that these entities are not licensed in Malaysia.
Does OctaFX pay out cash?
Yes, OctaFX facilitates efficient withdrawals in Malaysia through a diverse array of options, which include local banks, Mastercard, Visa, Skrill, Neteller, and various payment processors. Additionally, the broker supports a wide range of cryptocurrency methods to cater to different client preferences and needs.
Can OctaFX be trusted?
Yes, OctaFX is a trustworthy broker. The broker’s credibility has been consistently validated through industry awards, including recent recognitions such as the ‘Best Forex Broker Malaysia 2022’ award by Global Banking and Finance Review and the ‘Best Global Broker Asia 2022’ award by International Business Magazine.
OctaFX adheres to strict protocols, including segregated accounts and negative balance protection, in full compliance with international standards. To further enhance safety, the broker enforces identical payment details for deposits and withdrawals. This precautionary measure prevents unauthorised third parties from withdrawing funds, even if they manage to gain access to a user’s account. Additionally, OctaFX employs the 3D Secure technology for credit and debit card processing, providing heightened transparency and safety for all Visa transactions.