MarketsOcta is an online scheme trying to pass as a clone firm of a CySEC-regulated brokerage. While researching, we connected this brand to at least two more fraudulent firms. Read our review and find out all the information.
| Broker status: | Offshore Broker |
| Regulated by: | Unlicensed Scam Brokerage |
| Scammers Websites: | marketsocta.com |
| Blacklisted as a Scam by: | CySEC |
| Owned by: | Markets Octa Limited |
| Headquarters Country: | Saint Vincent and the Grenadines |
| Foundation year: | 2022 |
| Supported Platforms: | WebTrader, MT4 |
| Minimum Deposit: | 250 EUR |
| Cryptocurrencies: | Available |
| Types of Assets: | Forex, commodities, indices, shares, cryptocurrencies |
| Maximum Leverage: | 1:1000 |
| Free Demo Account: | No |
| Accepts US clients: | No |
What About MarketsOcta Regulation?
MarketsOcta claims to have a CySEC license number 372/18. And upon checking, we saw a resemblance. The license belongs to Octa Markets Cyprus Ltd, a legitimate firm with the domain octafx.eu and octamarkets.eu. Since MarketsOcta is a new domain registered in 2022, we assume every similarity is intentional to mislead customers.
Also, the Terms and Conditions imply that the brand is owned by Markets Octa Ltd, based in Saint Vincent and the Grenadines. However, upon checking the FSA, we figured that even the business name was false and not registered.
Why Is It Important For A Broker To Be Licensed?
Brokers covered by the Tier1 license, such as CySEC, ensure a high level of funds safety. Also, the ICF compensation fund covers the money, and the broker will be penalized if there’s an incident.
MarketsOcta is not actually regulated, so there’s no safety of funds.
Also, we want to invite you to read our recently updated reviews of fraudulent brokersAllCryptoMarkets,Battle TradeandCapartners LTD. Be careful with these brokers.
So Is MarketsOcta a Decent Broker or a Scam?
MarketsOcta is a fraudulent trading firm. The company claims to be regulated by CySEC, but it ended up on its blacklist. In fact, it’s an offshore scheme operating from Saint Vincent and the Grenadines.
MarketsOcta Warning From Financial Regulator CySEC
Once clients filed a complaint with CySEC about the MarketsOcta scam, the regulatory body figured that the brokerage was misusing their name and license. Thus, there’s an official warning against marketsocta.com as a fraudulent domain.
Traders Review of MarketsOcta
MarketsOcta is a fraudulent firm; anyone claiming differently is just a broker’s employee paid to write something good. Likewise, the website consumer index is one, and the firm is marked as untrustworthy.
And for good reason. Thus, starting from a false license number to a fake company owner, there’s nothing good you can get from investing with the broker MarketsOcta.
What Platforms Does MarketsOcta Offer? – Available Trade Software
MarketsOcta offers a WebTrader and MT4.
Usually, we would praise the firm for providing MetaTrader, but there is a significant issue here. The platform is owned by Levictus Ltd, a fraudulent company from the Marshall Islands, related to at least two other scheme firms – SwissFXM and Olimpuscoin, both allegedly based in the Netherlands but without any financial regulations.Thus, your funds are not safe as they’re exposed to a third party.
As a matter of fact, WebTrader itself is less secure and less reliable investment software.
All About MarketsOcta Accounts
You can choose among 5 MarketsOcta account types:
- Micro – 2,000 EUR
- Standard – 10,000 EUR
- Pro – 50,000 EUR
- Premium – 100,000 EUR
- VIP – 200,000 EUR
The initial deposit is 250 EUR and you get no perks. Also, If you upgrade to any of these account types, you’ll be entitled to lower commissions, more trading instruments, and different leverage.
MarketsOcta Broker – Countries Of Service
According to our research, MarketsOcta mainly targets European residents from:
- Greece
- Italy
- Albania
- Spain
- Germany
MarketsOcta Range of Trading Instruments & Markets
MarketsOcta provides investors with access to all 5 major markets, including:
- Currency pairs – EUR/USD, GBP/USD, USD/JPY
- Commodities – natural gas, crude oil, silver
- Indices – NASDAQ, FTSE100, DAX30
- Shares – Amazon, Google, Apple
- Cryptocurrencies – BTC, ETH, XRP
In the meantime, avoid scammers like WealthsailingForex, FavorTrades and Uni-Co. If possible, tell us about your scam experience.
Bonuses And Promotions – As A Method Of Fraud
The company offers a 50% welcome bonus, 3 EUR cash back per lot, and refer a friend bonus. All of these are later used to prevent you from withdrawals. While the employees will claim it’s because the firm is generous and wants to participate in the market with you, the truth lies in the malicious Bonus Policy.
According to it, you cannot request a withdrawal before reaching the minimum trading volume. In addition the minimum volume is equal to $4 million per every $100 you have received.
MarketsCore Minimum Deposit
The broker requests a typical initial deposit of 250 EUR. However, this deposit gives no perks. As you can see, the minimum account starts at 2,000 EUR, so you will quickly be prompted to upgrade or be left on your own. That is to say, there’s no reason to accept these terms. With regulated brokers, you will get education and support regardless of the initial deposit.
MarketsOcta Trading Conditions
The main issue is the lack of trading conditions. For instance, there’s nothing about the spread, nor can we figure it out without a Demo account.
High Leverage
On the other hand, leverage is listed and incredibly high. While CySEC-regulated firms can offer up to 1:30 for the Forex market, MarketsOcta enables leverage of up to 1:1000. And that’s another proof that this broker is illicit.
MarketsOcta Deposit, Withdrawal Methods, and Fees
The company accepts the following payment methods:
- Wire transfer
- Credit/debit card
- E-wallet
- Crypto
Also, e-wallets are not specified and we got no information upon choosing this payment method. However, the safest option is your credit card, as you’re entitled to a chargeback within 540 days.
Scammed by MarketsOcta Broker? – Let Us Hear Your Story
If you are scammed by MarketsOcta broker, let us know. Book a free consultation with our chargeback specialists, and let’s evaluate your case.
But What Is A Chargeback?
This is a way for your bank to recover stolen funds directly from the merchant. Contact us via online chat for more details about this investment firm and your refund options.