The Securities and Exchange Commission (SEC) has flagged the local investor solicitation of online trading platform OctaFx/Octra Trading.
The SEC said the platform which claims to offer the trading of over 300 financial instruments from a wide range of asset classes — company shares (foreign), indices (index funds), commodity derivatives and foreign currency pairs — in its website is not registered to have a local operation.
Neither does it have any license to sell or offer any securities as provided under Republic Act (RA) 8799 or the Securities Regulation Code of the Philippines.
OctaFx offers trading opportunities to its customers for a maximum leverage of 1:500, where one can buy or sell at 1/500th of the value of the actual security.
“In view thereof, the public is hereby advised to exercise caution before investing in these kinds of unregistered online investment platforms and their representatives,” the SEC said. –Ruelle Castro
