Octaprimecoin Review – Frauds Employ Banned Financial Instruments
The moment we saw the octaprimecoin.com website we instantly knew that it’s not a legit cryptocurrency exchange. All the telltale signs of fraud are there. The site features a boring corporate design with ludicrous claims like “Diverse gameplay”, as if they were selling a video game and not cryptocurrencies.
But we have a lot of experience with scam companies. To the inexperienced eyes, the false claims seem like a great deal. Stay protected, read our Octaprimecoin Review.
|Is This Company Safe?||No, Octaprimecoin is an illicit business!|
|Have Warnings from:||N/A|
|Trading Platforms:||Web Trader|
|Minimum Deposit:||USDT 100|
|Trading Assets:||Cryptocurrency Pairs CFDs, Cryptocurrency Binary Options|
|Free Demo Account:||No|
|How to Withdraw from This Company?||Octaprimecoin is a cryptocurrency scam. For more information on how to recover your funds, contact your bank, regional financial regulator or our chargeback professionals.|
Anonymous And Unregulated
One of the first problems we need to tackle with this company is that the company website doesn’t contain a Terms and Conditions document. The lack of this all-important document has made our efforts in finding the Octaprimecoin corporate HQ, or their regulatory jurisdiction that much more difficult.
In recent years, the cryptocurrency market has become strictly regulated. Different constraints have been put into effect by financial regulators. Some of these include the maximum leverage, which is 1:2 in the EEA and 1:5 in the US and Canada.
When we checked the domain information of the octaprimecoin.com website, we found out that it was launched through an operator in Singapore. This was as good a starting point as any, so we searched through the MAS database for any info on Octaprimecoin, but we received zero results.
We have checked the registers of other regulators as well, including AMF, BaFIN, FINMA, FCA, CNMV, FMA, CBR, ASIC, NFA and New SRO, and none of them returned any company with the name of Octaprimecoin. This tells us that the company is a cryptocurrency exchange operating without any license, authorisation or regulatory supervision.
Where The Scammers Hunt
Octaprimecoin falsely claims to have been in business for over 8 years. While checking the domain info, we found out that the octaprimecoin.com scam was launched in 2022.
The website traffic indicates that most users come from these nations:
The way this fraudulent crypto exchange attracts new clients is through the use of Boiler Room Agents, like the Roldex Pro scam. While these Boiler Room Agents can contact you via phone or Whatsapp and pester you endlessly, you can’t contact Octaprimecoin.
These people may be professional fraudsters, but they don’t hold all the cards. For more information on how to recover your assets from Octaprimecoin, book a free consultation with our chargeback experts.
Traders Opinions On Octaprimecoin
There aren’t many people who openly discuss their experience with this broker. The ones that did muster the courage to speak up don’t have anything nice to say about the company.
Here are a few examples:
“ Scamming crypto company! no answers to the concerns of the clients! all the time is a bot answering! waste of time, and WASTE OF MONEY!!!!!!!! you will dream withdrawing the money from them!!!! […] “
“ crypto scam!!!!!!!!!!! you will deposit your money and they wont let you withdraw!!!! DO NOT TRUST THEM AT ALL!!!!!!! You will loose all your money invested and profits!!!!! “
Don’t be afraid to tell the world about your encounter with Octaprimecoin! With your help, we can bring these miscreants to justice! And remember, our team of professionals is here to lend a helping hand with your chargeback.
High Leverage, Insane Fees
Octaprimecoin says that they charge a transaction fee of ≤0.10%, but there is no way to verify this claim. In the Octaprimecoin trading software, we found out that each order is charged a 5% handling fee.
Many scammers exhibit the same informational opacity, and Limeberg is another example. Without clear pricing, the swindlers are free to charge any amount of fees they like.
Additionally, Octaprimecoin offers leverage as high as 1:100 to their clients, which constitutes a breach of regulation in many nations.
Coin Airdrops Lure Investors
Regulated cryptocurrency exchanges feature different promotions, or airdrops as they call them. Less known and less valuable coins are usually presented to the market in this way.
Octaprimecoin also advertises airdrops “from time to time”. This is another strategy to attract new victims, and airdrops are not available for those who didn’t deposit.
General Features And Conditions
Nothing you ever read on the octaprimecoin.com website stands to any scrutiny. One of the features they advertise is SSL security, which is obsolete and has been superseded by the modern TLS standard.
Another claimed feature is DDOS security, but this too is becoming the norm rather than an exception with modern websites. Things that are actually important for traders are never mentioned on the website.
Abysmal Trading Software
Octaprimecoin platform is the Web Trader, but not even a good one at that. The application is completely broken. You can access it without a valid Octaprimecoin login, and we even managed to glitch it out and place an order!
When you do wish to use an account and login, you will be redirected to the login page. After entering credentials, you will be connected back to the application, and logged out in the process. We did manage to make a “secure access” in the end after a number of failed attempts.
QR Code For A Nonexisting App
There are some allegations by the scammers that Octaprimecoin features a mobile app as well. There are no direct download links, or links toward Google Play or App Store, however.
The website does have a QR code that should, in theory, lead to the mobile app download page. The QR code in question doesn’t work, and trying to scan it with multiple programs didn’t yield results.
Banned Trading Assets
All the tradable assets on Octaprimecoin are in some way related to cryptocurrencies.
The company features leveraged trading of cryptocurrency derivatives, which is illegal in many nations. You can also find leveraged cryptocurrency binary options trading which is equally illicit.
Here is an overview:
- Cryptocurrency Pairs CFDs (BTC/USDT, ETH/USDT, XRP/USDT, DOGE/USDT)
- Cryptocurrency Binary Options (BTC/USDT, ETH/USDT, ADA/USDT, SOL/USDT)
Opaque Trading Account
The people that decide to create a trading account at Octaprimecoin can only expect one single account type. It’s not available as a demo, or as an Islamic account.
There is no information about how these accounts are charged, which minimum deposits are expected, or anything else. The only certainties are that it exists, and that occasionally they work with the web trader.
Problematic Financial Channels
The sole method of depositing with Octaprimecoin is through cryptocurrency transfers, with BTC, ETH and USDT as base currencies. Minimum amount for deposit is 100 of any coin, which means that the minimum deposit in Bitcoin would be worth around US$2 909 850.
The only way to find out about how Octaprimecoin withdrawal functions is that you first create an account and login to the client portal. There, you will find an option to withdraw, and you may do this only with USDT crypto coin transfer.
Contact our legal experts for help in recovering funds from the Octaprimecoin scam.
Nobody Answers The Help Chat
As we already mentioned, there is no way to contact the actual people behind Octaprimecoin fraud. You may try to use the live chat, but it will direct you to an external whatsapp chat.
There, you will be greeted with a chatbot which will never connect you to an actual person. There is no company phone number, or an email address on the website.
Our Conclusion On The Octaprimecoin Scam
Octaprimecoin is a completely anonymous and unregulated cryptocurrency exchange. Many people have complained about poor service quality, and more importantly, that the company doesn’t let them withdraw.
If you find yourself among the many people defrauded by Octaprimecoin scam, book a free consultation with our chargeback professionals via the live chat. We are available 24/7, and offer help with asset recovery from fraudulent companies like Octaprimecoin.
What is Octaprimecoin?
Octaprimecoin is a dangerous illicit cryptocurrency exchange. Investors are advised to avoid this company.
Is Octaprimecoin Legit?
Octaprimecoin is not a legitimate cryptocurrency exchange! If you have deposited assets with this unregulated firm, contact our legal experts for help in asset recovery.
What Are The Option Trade In Octaprimecoin?
Option Trade featured in Octaprimecoin is a banned type of leveraged cryptocurrency market speculation.