Octa Markets Cyprus Ltd
Cyprus Securities and Exchange Commission (CySEC) · Reference 372/18 1
Authorised Verified on register, 5 Oct 2026
Octa
Octa, formerly OctaFX, is a forex and CFD brand. EU clients deal with Octa Markets Cyprus Ltd, licensed by CySEC, whose 95% owner Pavel Prozorov had his voting rights suspended by CySEC in 2025. The Mauritius and Comoros companies that served international clients under the Octa name became Elev8 in February 2026, and press reports say the Octa brand was then sold.
Research-based assessment This profile has not completed TTI’s on-site verification and 30-day platform review. How TTI verification works
Verified licences
| Regulator | Licence | Legal entity | Register status | Source |
|---|---|---|---|---|
| Cyprus Securities and Exchange Commission (CySEC) | 372/18 | Octa Markets Cyprus Ltd | Authorised Checked 5 Oct 2026 | Register entry for Octa Markets Cyprus Ltd (opens in a new tab) 1 |
Each licence was matched on the regulator’s own register on the date shown. Unverified claims are listed under Regulation and legal entities.
Assessment summary
Octa’s only licence we could confirm is the Cyprus company’s CySEC licence. In 2025 CySEC found that the influence of its 95% owner, Pavel Prozorov, was prejudicial to the firm’s sound and prudent management and suspended his voting rights, and India’s Directorate of Enforcement, which accuses OctaFX of defrauding Indian investors and laundering the proceeds, has attached assets worth more than INR 2,681 crore in an investigation that is still open. The international business is in flux: its former offshore companies now trade as Elev8 and the brand reportedly changed hands in 2026, and the international site we could read names no company or licence. EU clients have negative balance protection, the Investor Compensation Fund and a clear risk warning, but we could not read Octa’s client agreements, costs, leverage or complaint procedures. The brand is also on alert lists in India and Malaysia and was the subject of a 2017 Brazilian stop order.
Key positives
- Authorisations are current and unrestricted 15
The Cyprus licence is current; CySEC’s 2025 measures restrict the owner’s voting rights and role, not the licence itself.
- Retail clients have negative balance protection 6
The EU site offers negative balance protection, so clients cannot lose more than they deposited. We could not read the international terms.
- An address and working contact channels are published 17
The Cyprus company’s address and contacts match CySEC’s register. We could not see contact details for the international business.
Key concerns
- CySEC suspends the voting rights of Octa’s controlling shareholder and bars him from management 5
Reduced the enforcement dimension by 25 points (high severity, 1.1 years before the review).
- Brazil’s CVM orders Octa Markets Incorporated to stop offering services to Brazilian residents 13
Reduced the enforcement dimension by 2.5 points (moderate severity, 9 years before the review, counted at a quarter of its weight).
- Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 11
Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
- Listed on Bank Negara Malaysia’s Financial Consumer Alert List 10
Reduced the enforcement dimension by 1 points (low severity, 4.1 years before the review, counted at half weight).
- Listed on the Securities Commission Malaysia Investor Alert List 14
Reduced the enforcement dimension by 0.5 points (low severity, 6.8 years before the review, counted at a quarter of its weight).
Breakdown by dimension
Each dimension is scored from its criteria, then weighted. Dimensions without enough evidence are left out and the remaining weights are rescaled. Open a dimension to see every criterion, our rationale and the sources.
Regulatory status and licence verification 26% of score Whether the firm’s licences exist, are current and cover what it offers.
- Partly met
- Met
- Partly met
- Not determined
Regulatory claims on the website are accurate 2
The international site’s regulatory statements are not on the pages we could read.
- Partly met
Criteria and their weighting are explained in the methodology.
Corporate transparency and ownership 13% of score Whether you can find out who owns and runs the firm.
- Partly met
- Partly met
Ultimate ownership can be identified 45
CySEC identifies Pavel Prozorov as ultimate beneficial owner of 95% of the Cyprus company and has suspended his voting rights. Press reports say the international Octa brand was sold to Versustrategy Inc. in March 2026; we found no official record of who owns it.
- Not determined
- Not determined
Directors or senior managers are identified 2
We found no published management team for Octa.
- Not determined
Financial statements are available 6
We found no financial statements or prudential disclosures for the Octa companies on the pages we could read.
Criteria and their weighting are explained in the methodology.
Client fund protections and disclosed safeguards 13% of score What protects client money if something goes wrong.
- Not determined
- Met
Retail clients have negative balance protection 6
The EU site offers negative balance protection, so clients cannot lose more than they deposited. We could not read the international terms.
- Partly met
- Not determined
Banking and custody arrangements are disclosed 6
We found no statement of which banks hold client money.
- Partly met
Withdrawal terms are disclosed 6
The EU site says withdrawals carry no charge, but we found no processing times or methods.
Criteria and their weighting are explained in the methodology.
Enforcement and substantiated adverse findings 13% of score Regulator warnings, enforcement actions and final legal findings on record.
Starts at 100 and loses points for each substantiated adverse finding by severity and age. Allegations, complaints and clone warnings never count. Total deducted: 31 points.
- Met
- Enforcement action
CySEC suspends the voting rights of Octa’s controlling shareholder and bars him from management 5
25 Aug 2025. Reduced the enforcement dimension by 25 points (high severity, 1.1 years before the review).
- Enforcement action
India’s Directorate of Enforcement attaches assets in a money-laundering investigation into OctaFX 8
17 Oct 2025. Not counted: the matter is not concluded, or was removed or overturned.
- Enforcement action
Brazil’s CVM orders Octa Markets Incorporated to stop offering services to Brazilian residents 13
18 Sept 2017. Reduced the enforcement dimension by 2.5 points (moderate severity, 9 years before the review, counted at a quarter of its weight).
- Regulator warning
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 11
19 Nov 2025. Reduced the enforcement dimension by 2 points (low severity, 0.9 years before the review).
- Regulator warning
Listed on Bank Negara Malaysia’s Financial Consumer Alert List 10
29 Aug 2022. Reduced the enforcement dimension by 1 points (low severity, 4.1 years before the review, counted at half weight).
- Regulator warning
Listed on the Securities Commission Malaysia Investor Alert List 14
1 Jan 2020. Reduced the enforcement dimension by 0.5 points (low severity, 6.8 years before the review, counted at a quarter of its weight).
Criteria and their weighting are explained in the methodology.
Complaint handling and documented resolutions 8% of score How the firm handles complaints, and what independent records show.
- Not determined
A complaints procedure is published 6
We could not read Octa’s complaints procedures.
- Not determined
Independent dispute resolution is available 6
We could not read Octa’s complaints procedures to see which dispute bodies its clients can use.
- Not determined
Independent complaint outcomes show no adverse pattern 12
We found no published ombudsman decisions about Octa’s companies.
- Not met
Complaint data is disclosed 6
We found no complaint statistics published by Octa or by a regulator or ombudsman for its companies.
Criteria and their weighting are explained in the methodology.
Trading terms and operational transparency 8% of score Whether costs, execution and risks are disclosed before you sign up.
- Partly met
Costs are disclosed before account opening 6
The EU site says there are no trading commissions or withdrawal charges, but we did not find spreads, swaps or other fees.
- Not determined
An order execution policy is published 6
We could not read Octa’s execution policy.
- Not determined
- Not determined
Leverage and margin terms are disclosed 6
We did not find Octa’s leverage and margin terms.
- Met
Risk warnings are clear and current 6
The EU site warns that 71.36% of retail investor accounts lose money trading CFDs with this provider.
Criteria and their weighting are explained in the methodology.
Public disclosures and communication 4% of score Whether public claims hold up and the firm communicates openly.
- Partly met
Marketing claims are accurate and attributable 2
The international site claims more than 61 million traders and 100 global awards and lists award titles without naming who gave them.
- Met
- Not determined
Material changes are communicated 4
We found no notice from Octa to clients about the 2026 rebrand of its offshore companies or the sale of the brand, beyond press reports.
Criteria and their weighting are explained in the methodology.
On-site office verification 5% of score What our visit confirmed in person: a real, staffed office of the assessed entity, not a ghost address.
We have not checked this firm’s office in person, so this dimension scores zero. We check offices through our on-site verification programme.
- Not met
Real office at the stated address, not a ghost address
- Not met
Office of the assessed entity
- Not met
Staffed and operating
Criteria and their weighting are explained in the methodology.
On-site assessment and platform testing 10% of score What our on-site checks and 30-day platform testing found.
We have not completed an on-site assessment of this firm, so this dimension does not count and its weight is shared among the others.
- Not determined
Company identity
- Not determined
Regulatory claims
- Not determined
Office visit
- Not determined
Account opening
- Not determined
Platform usability
- Not determined
Costs and disclosures
- Not determined
Customer support
- Not determined
Deposits and withdrawals
- Not determined
Trading functions
- Not determined
Complaints process
Criteria and their weighting are explained in the methodology.
Regulation and legal entities
A brand can trade through several companies, each licensed in a different place with different protections. Check which entity your account would be with.
Dated findings
Warnings, enforcement actions, legal findings, allegations and complaint records are labelled separately. What each label means.
Regulator warning Active
Named on the Reserve Bank of India’s alert list of unauthorised forex platforms 11
The Reserve Bank of India’s Alert List, updated as on 19 November 2025, includes OctaFX (octaindia.net, hi.octafx.com and www.octafx.com) among entities that are neither authorised to deal in forex under the Foreign Exchange Management Act nor authorised to operate a forex trading platform in India.
Enforcement action Ongoing
India’s Directorate of Enforcement attaches assets in a money-laundering investigation into OctaFX 8
In a release of 17 October 2025 India’s Directorate of Enforcement said it had provisionally attached cryptocurrency worth about INR 2,385 crore, bringing attachments in the case above INR 2,681 crore, and that Pavel Prozorov had been arrested in Spain. It alleges that OctaFX operated in India without RBI permission, took about INR 1,875 crore from Indian investors between July 2022 and April 2023, manipulated trading with falsified charts and slippage, and moved money abroad through companies in several countries. The investigation is ongoing and the allegations have not been tested in court, so this finding does not affect the score.
Enforcement action Concluded
CySEC suspends the voting rights of Octa’s controlling shareholder and bars him from management 5
On 25 August 2025 CySEC decided that the influence of Pavel Prozorov, ultimate beneficial owner of Octa Markets Cyprus Ltd, was prejudicial to the sound and prudent management of the firm. With immediate effect it suspended the voting rights attached to his shares, 95% of the share capital, and prohibited him from exercising management duties on the board. CySEC announced the decision on 3 September 2025.
Regulator warning Active
Listed on Bank Negara Malaysia’s Financial Consumer Alert List 10
Bank Negara Malaysia’s Financial Consumer Alert List includes “OctaFX” and seven Malaysian companies named as its collecting agents, with www.octafx.com and OctaFX social media pages, added on 29 August 2022.
Regulator warning Active
Listed on the Securities Commission Malaysia Investor Alert List 14
The Securities Commission Malaysia’s Investor Alert List includes “OctaFX” (www.octafx.com and related domains) under 2020, for dealing in derivatives without a licence and operating a recognised market without authorisation. The list gives the year only; we use 1 January 2020. The entry was still on the list when we checked on 4 October 2026.
Enforcement action Concluded
Brazil’s CVM orders Octa Markets Incorporated to stop offering services to Brazilian residents 13
The CVM’s dataset records Ato Declaratório 15.887 of 18 September 2017 against Octa Markets Incorporated, a stop order on offering securities intermediation services in Brazil, published on 22 September 2017.
Company response
Firms can respond to their profile and to any finding. No response has been published for Octa. How firms can respond.
Assessment history
| Review date | Result | Methodology | Status |
|---|---|---|---|
| 5 Oct 2026 | Trust score 73 out of 100 Sound | 1.2 | Current |
Corrections and updates
No corrections have been made to this profile.
Sources
- 1 CySEC register: Octa Markets Cyprus Ltd (opens in a new tab)
Licence 372/18 granted on 10 December 2018, company registration 359992, address 1 Agias Zonis and Thessalonikis Corner, Nicolaou Pentadromos Center, Block B, Office 201, 3026 Limassol. Approved trade name Octa; approved domains include www.octaeu.com. Services: reception and transmission of orders, execution of orders and dealing on own account in transferable securities, derivatives and CFDs.
- 2 Octa international website (opens in a new tab)
Describes Octa as the leading broker for online trading with more than 61 million traders, 15 years on the market and more than 100 global awards, and lists awards such as “2025 Most Innovative Broker” without naming who gave them. The page we could read names no company or licence.
- 3 Elev8 website (opens in a new tab)
The site of Elev8, which says it trades under an investment dealer licence from the FSC Mauritius (GB21027161) and an international brokerage licence from the Comoros (Mwali) authority (T2023320). Its page text still refers to “Octa broker’s group of companies” and announces “From now on we Elev8” for February 2026.
- 4 Brokerage brand Octa changing ownership: main highlights (opens in a new tab)
Reports that Octa’s offshore companies, licensed in Mauritius and the Comoros, left the brand-sharing arrangement and became Elev8 in February 2026, and that Versustrategy Inc. completed its acquisition of the Octa brand, trademark and website in March 2026, operating under a Saint Lucia licence. The publisher says its content may be commercial.
- 5 CySEC board decision: influence exercised by Mr Pavel Prozorov over Octa Markets Cyprus Ltd (opens in a new tab)
Announced on 3 September 2025: on 25 August 2025 CySEC decided that the influence of Pavel Prozorov, the ultimate beneficial owner of Octa Markets Cyprus Ltd, is prejudicial to its sound and prudent management, and with immediate effect suspended the voting rights of his shares, 95% of the share capital, and prohibited him from exercising management duties on its board.
- 6 Octa EU website (opens in a new tab)
Operated by Octa Markets Cyprus Ltd (HE359992, CySEC 372/18). Warns that 71.36% of retail investor accounts lose money trading CFDs with this provider, offers negative balance protection so clients cannot lose more than they deposited, and advertises no trading commissions and zero withdrawal charges. Services are not offered to residents of Belgium, the US, Canada, Spain or the UK.
- 7 Octa Markets Cyprus Ltd risk disclosure statement (opens in a new tab)
Gives the registered office at Agias Zonis and Thessalonikis, Limassol, explains the risks of CFDs and FX contracts, and says the company participates in the Investor Compensation Fund for clients of Cyprus investment firms.
- 8 Directorate of Enforcement press release of 17 October 2025 on OctaFX (opens in a new tab)
The ED provisionally attached cryptocurrency worth about INR 2,385 crore in its money-laundering investigation into the unauthorised forex trading platform OctaFX, and said Pavel Prozorov had been arrested by the Spanish police. It alleges that OctaFX operated in India without RBI permission, took about INR 1,875 crore from Indian investors between July 2022 and April 2023, manipulated trading with falsified charts and deliberate slippage, and moved funds abroad through a network of companies in several jurisdictions. Total attachments in the case exceed INR 2,681 crore.
- 9 Investor Compensation Fund for IF clients: information (opens in a new tab)
Describes the Investor Compensation Fund for clients of Cyprus investment firms that are not credit institutions. Covered non-professional clients can claim the lower of 90% of their covered claims and EUR 20,000 if a member firm cannot meet its obligations.
- 10 Financial Consumer Alert List (opens in a new tab)
Lists companies and websites that are not authorised or approved under the laws Bank Negara Malaysia administers. Includes “OctaFX” and seven Malaysian companies named as its collecting agents, with www.octafx.com and OctaFX social media pages, added on 29 August 2022.
- 11 Alert List (updated as on 19 November 2025) (opens in a new tab)
Lists entities not authorised to deal in forex or operate forex trading platforms in India. Entry 27 is OctaFX, with octaindia.net, hi.octafx.com and www.octafx.com.
- 12 Searches of CySEC and CVM records, India’s Directorate of Enforcement and the Indian and Malaysian alert lists for Octa companies (opens in a new tab)
On 5 October 2026 we searched CySEC’s 1,173 board decisions, the FCA’s list, the CVM’s declaratory acts, KNF’s lists, the Indian, Securities Commission Malaysia and Bank Negara Malaysia alert lists and the Directorate of Enforcement’s releases, and ran web searches for other actions. The findings on this profile are what we found. A 2025 CySEC settlement with Broctagon Prime Ltd concerns a different firm.
- 13 CVM declaratory acts (stop orders) dataset (opens in a new tab)
Records Ato Declaratório 15.887 of 18 September 2017 against Octa Markets Incorporated, published in the official gazette on 22 September 2017.
- 14 Investor Alert List (opens in a new tab)
Includes an entry dated 2020 for “OctaFX” (www.octafx.com, www.octafx.com.my and other domains) for dealing in derivatives without a licence and operating a recognised market without authorisation. A 2026 entry for “Elev8 Markets” (www.elev8.com and the com.octainvest app) is for unlicensed dealing in securities. Other entries using the Octa name are potential clones.
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