Bank Negara Malaysia added OctaFX to its Financial Consumer Alert List on 29 August 2022. The listing remains active and says the entity is not authorised by BNM to offer financial products or services regulated by the central bank.
Octa's Cyprus License
Octa is not unlicensed everywhere. Octa Markets Cyprus Ltd holds CySEC license 372/18. The Malaysian alert concerns authorisation in Malaysia and should not be misrepresented as a cancellation of the Cyprus license.
Recent Octa Complaints
WikiFX scores Octa 1.62 out of 10 and records 170 complaints in a recent three-month period. User allegations include blocked profits, withdrawals marked complete before receipt and account-security problems. They are complaints, not adjudicated findings.
BestForex.io View
An old warning can remain materially relevant
The age of the alert does not make it obsolete. Malaysian traders should verify local authorisation and the legal entity behind any account.
About Octa
Octa is an international forex and CFD broker with a Cyprus-regulated entity.
Frequently Asked Questions
Why is Octa on the BNM alert list?
BNM says the listed entity is not authorised to offer BNM-regulated services in Malaysia.