WikiFX Review: is OctaFx Mining a reliable broker?

OctaFx Mining is allegedly a purpose-driven company investing in Forex and CFD trading, Cryptocurrency, Real Estate, Renewable Energy, Stocks, and NFP to guarantee their clients substantial monthly profit. They also pretend to offer trading services, but WikiFX seriously doubts if these claims are true.

First things first. On the screenshot below you may check the warning against OctaFx Mining by the Portuguese financial regulator – CMVM:

CMVM warns that OctaFx Mining “is not authorized to carry out any type of financial intermediation activity in Portugal”, nor to “carry out advertising or prospecting for clients aimed at entering into financial intermediation contracts”.

The Italian regulator CONSOB also warned against the broker:

And OctaFx Mining is illegally using the name of one of the best known brokers in the forex industry, OctaFx, in an apparent attempt to mislead traders – a practice known as clone website scam.

According to its website, OctaFx Mining claims to support a professional trading platform, but in reality, what we were actually offered can hardly be described as a trading platform at all. Just take a look:

And bear in mind that all legit brokers support legit and professional platforms like the popular MetaTrader4 and MetaTrader5, and the absence of any proven and reliable trading software is yet another clear sign that you are dealing with a scam.

The single funding method is Bitcoin, which is a red flag in itself. It‘s always a warning sign if a broker refuses to accept Credit/Debit cards, as it’s considered the safest method of all due to the guaranteed chargeback rights. Quite the contrary, cryptocurrencies are arguably the least secure option as all transactions are final and non-refundable – once you send crypto to scam brokers, youll have absolutely no chance of recovering the losses!

Now let's search “OctaFx Mining” on WikiFX APP to find out more about this broker. WikiFX is an authoritative global inquiry platform providing basic information inquiry and regulatory license inquiry. WikiFX can evaluate the safety and reliability of more than 36,000 global forex brokers. WikiFX gives you a huge advantage while seeking the best forex brokers.

As you can see, based on information given on WikiFX, OctaFx Miningcurrently has no valid regulatory license and the score is rather negative - only 0.99/10! WikiFX gives brokers a score from 0 to 10. The higher the score is, the more reliable the broker is.

Investors are advised to search relevant information on WikiFX APP about the broker you are inclined to trade with before finally deciding whether to make investment or not. Compared with official financial regulators which might lag behind, WikiFX is better at monitoring risks related to certain brokers - the WikiFX compliance and audit team gives a quantitative assessment of the level of broker regulatory through regulatory grading standards, regulatory actual values, regulatory utility models, and regulatory abnormality prediction models. If investors use WikiFX APP before investing in any broker, you will be more likely to avoid unnecessary trouble and thus be prevented from losing money! The importance of being cautious and prudent can never be stressed enough.

In a nutshell, OctaFx Mining is NOT REGULATED, and it‘s not even a Forex broker – that’s just a fraudulent website created by scammers to steal money from unfortunate customers. The most important aspect of OctaFx Mining is the fact that it‘s an officially exposed scam as the Portuguese regulator CMVM blacklisted the so-called broker, confirming it’s fraudulent!

WikiFX keeps track of developments, providing instant updates on individual traders and helping investors avoid unscrupulous brokers. If you want to know whether a broker is safe or not, be sure to open WikiFXs official website (https://www.WikiFX.com/en) or download the WikiFX APP through this link (https://www.wikifx.com/en/download.html) to evaluate the safety and reliability of this broker!