Is Octa Scam or Legit: Honest Review
So is Octa trading platform a scam? This is my honest review and my experience in using octa platform to trade. So I started trading forex way back in 2020 and I was in the trading group that I joined that was actually giving us some signals and it wasn't that bad until I pumped into some issues in here.
That is what I'm going to talk about in this blog. So I wanted to make money in forex in 2022, right? And I had a friend who was really making money, I mean a lot of money from trading. So I decided to also join him and start trading from the PACTA platform. So I started with $50. I mean I was so scared.
So I wanted to start from the lowest. Everything was cool. I was making like $20 to $30 a day as a beginner, right? I decided to take trailing seriously and put it in my own hands. after co that was around 2021. That is why I'm doing this blog to share my honest personal experience chilling on the octa platform and also highlight some of the common mistakes I made whilst I was trading on the octa platform.
So I'm going to show you how fast you can deposit on this platform and if they are really fast in your withdrawals. When you start to trade on platforms, you have to have an idea how fast can your door be given to you. That is what I'm going to do in this blog. I'm going to test how fast a deposit and redraw system pays. So, let's go straight into the guys board and show you how to deposit and do a withdrawal on the Octa platform.
So, this is my Octa dashboard. Uh you can use your phone to have the same feature. Um so, you can see $5,000 here. This is my demo account. Um I'll put it on my real account. I've already logged in. I'm going to click on deposit. So there are different um ways to deposit. We have Bitcoin, Ethereum, Tether on both uh TRC and ERC, Dodgecoin, Litecoin, Creo, and Nettella.
So I'll click on that then click on proceed. Okay. So so fast. I think the deposit has been has arrived. I think just about a minute or so. Yeah. So you can see I have 49.8 86 in here. So my deposit is successful and I can use this to trade and you can see here. So if I want to trade, I can actually do this straight from here.
Let's see how fast the withdrawal process is. Also, I mean I've been able to deposit. You can trade. Let me see how fast the deposit is going to be. I'll click on withdraw. So I'm going to use the same process I used to deposit to do. If I use krill, I'm going to use krill. So I'll paste paste in my address. Enter the amount.
Then I'll enter my Octa pin here. So the amount is going to be sent to my wallet. So I'll click on submit. So I think I'm done. I'll click on view operation history. So you can see I have an address in here 11:53. So I can confirm now just within 2 minutes. I just received the balance in here. So you can see the time here 11:53 over here.
11:54. I've received my withdrawal straight into my account. So this is how fast the deposit and withdrawal process can be so fast. I think within a minute 1 to 5 minutes or 1 to 10 minutes your uh money should be deposited and withdrawn so so fast. So after seeing how fast their deposit and withdrawal is, let's talk about some of the mistakes that I made when I was trading on the opto platform.
The first mistake was letting my emotions guide my decisions. This is usually due to you know when you get some excitement or fear or even greed. Emotional traders like me in the earlier on as a beginner I was so emotional whenever trading is going against me I tend to rush into it which will lead you to poor decisions that will sabotage your strategy.
When you have a strategy on your trading you have to use that strategy to benefit you on your trading. This is what causes a lot of beginners to fail when they are trading on any platform like Otter. For instance, when my trade starts to go against me, fear sets in and instead of me sticking on my plans strategy and my plan's stop-loss, I panic and close the trade any only to see the market reverse and hit my original profit target.
The next one is also trying to chase your losses. I mean, I was always trying to chase my losses. When I make some losses, I tend to put in more money to get my money back, right? I was repeatedly entering risky trades and in an attempt to make my money back quickly. This is one of the mistakes we all make when we are trading even to the professional traders.
The next mistake I was making was overleveraging. Leverage is really tempting because it magnifies your potential profit, but it also amplifies your potential loss. When you set big targets, you lose it, too. So, let's say you deposit $100 and use a marginal leverage like let's say $1 to $500 on order to control a $50,000 position.
Even a small price move against you can completely wipe your account away, leaving you with nothing in your account. Another mistake I was making was ignoring risk management. I mean many traders dive into forex without proper risk management. There were a lot of us. I lost a lot of money because my risk management was zero. Risk management involves strategies like stop-loss and take profit orders and also diversification.
Without these, your losses can quickly spiral out of control. Let's say you consistently place trades without setting a stop-loss hoping that the market will reverse in your favor and suddenly a market event occurs like an unexpected news release. Your accounts can suffer massive losses that could have easily been prevented.
Right? So these are some of the mistakes that you need to consider and as a beginner or even if you're a pro trader, you need to consider this and take solutions to all this before you trade on Octa or you might blow your account. This is my honest review on Opta trading platform. I mean you saw how the deposits and withdrawal processes and you also understood how you can deposit and withdraw your money when you trade on Octa.
You'd also need to consider some of these factors I mentioned. I mean the mistakes that can easily blow your account. I mean these are some of the mistakes you need to consider when you are trading. If you enjoyed this blog, make sure to like this blog and don't forget to follow me here because I bring you more of finance literacy on this channel. See you in my next blog