Octafx Call margin Scam & Making Account Zero

[JoJos]

Dear Inayetullah,
I'm sorry but I dont even trade with octafx. My broker is XXXX. If I try to persuade you to come from octafx to XXXX since they have better conditions, will you tell me that I'm advertising it?
There are always a lot of claims on fpa and I know it since Ive been watching and reading this forum for a long long time. If you think that you created a claim and its a lot, I'll have to disappoint you.
I'm supporting not the company, I'm supporting you: I told you about the same situation that I had. I lost quite a lot, that's why I came here to write a message. You are not the only one who had this margin call/stop out/bonus issue. I've been trading for some time now and I can tell you. Since then I don't take bonuses because I lost money in this promotional trap. I suggested a piece of advice for you (not to take the bonus). Instead of thanking me, you attack me as well. Why did you start this thread? A user who knwos what you're talking about came and you won't even listen. I'm sorry I dont want to take part in this thread anymore.

Forums Team Note: NEVER recommend a company in a Scam Alerts thread about another company. Doing this permanently ties the recommended company's name to the complaint. Doing this also puts you at risk of meeting Spam Cat.

You do not want to meet Spam Cat.

 

[Pharaoh]

Dear jojo;
I think You are a dummy trader added by Octafx.Firstly You join the FPA on the day when there is too much claim by other traders.
And Also from the start you are supporting the company.
there is much more evidence in my case for an open eye person.
so please dont get in this if you dont understand
y

Will you accuse everyone who thinks you may have given yourself a margin call of being a dummy trader added by OctaFx? How about me? I've been posting here longer than Octa's been in business.

Before you trade again with another broker, keep 2 things in mind.

1. Avoid bonuses. They always come with some sort of strings attached.

2. Risk Management can save your account. That whole leverage and available margin thing is confusing, so I wrote an article showing a much simpler way to view it. Read this:

https://www.forexpeacearmy.com/community/threads/how-to-manage-risk-while-forex-trading.2272/

Follow the advice I give there and you'll find it nearly impossible to get a margin call.

 

[Inayetullah]

JoJosRecruit
Sorry from My heart if you Feel bad for my comment but situation is that I had wrote it

 

[Inayetullah]

PharaohMajor,
Thank you for You reply I will Consider your advise from now
But now I am bothered about my Deposit return

 

[FraudKiller]

There's a simple solution to all this talk..... Do NOT deal with any broker until you have got on a plane and visited their head office and spoken to people in their local community i.e. local Chamber of Commerce and go into a bank and pretend to ask about opening an account because you want to do business with a local company, go to a reputable law firm and pretend you are thinking about starting a case against a local company (no names until the end of the conversation) blah blah. It's called DUE DILIGENCE.

It is shocking to me that anyone would go online and enter into a complex contract that secures all the rights for the broker and ZERO for the client.

I appreciate that everyone knows (or believes) they can make retirement money trading forex, but here are some statistics about of independent traders:-
92% lose money (mostly from lack of skill and discipline, greed and fear, etc)
5% break even
3% make money

How confident are you that you are one of the 3%?? So, you have 2 factors working against you:-
1. Quite possibly, you are NOT one of the 3%
2. You choose a broker about which you know nothing and the integrity and honour of the management of which you know nothing

After I got burnt from a very large top broker in the world (name withheld because case has started with regulatory authorities).I spent 2 months doing full time research and bear in mind that I know top people in the banking and forex and regulatory community and it still took me 2 months to educate myself and "connect the dots". Once forex executives knew that I knew the entire game, they started telling me the dark side of the industry.

Caveat Emptor. Stop complaining because you have only yourself to blame. Buy a book online from Amazon with confidence because their reputation is worth more than your tiny amount of dosh. Open an account with a serial criminal and you have no recourse.

 

[Pharaoh]

Interesting advice. As strongly as I believe in due diligence, one has to draw the line when the diligence could end up costing more than the planned deposit.

Even if the company is local and easily accessible., it could still fail in some cases. One of the more amusing Ponzi schemes I chased came complete with an invitation to meet with the "pillars of the community" in their fancy offices.

 

[Samantha Ruby]

Why is forex peace army promoting these brokers that are unregulated and not much different from the scam bucket shops in the binary options world? This is the second broker who's banner advertisements are shown with forex peace army. You guys promote these high bonus brokers that would never pass any regulations in a G-7 country. I think FPA should rethink their advertising partnerships, it can't be worth losing your reputation to promote these 1 step away from a scam brokers as they will only get you complaints in the future as you have seen in the past. You tell us not to go near binary options brokers then promote guys like this? Come on!

 

[FraudKiller]

If you cannot afford or cost-justify proper due diligence then do not complain if you lose your investment. Here's proof that you will almost certainly lose your money. If you stand on a street corner - say Speaker's Corner in London - and you give 100 people a one pound coin and they sign a paper to return the coin in 24 hours, how many people will return the coin? Maybe less than 5? Excuses would range from genuine to pathetic with the same end result that you don't get your money back. So, why would you think that forex brokers or your own government are made up of only the 5 or so people who returned your one pound coin? I see a lot of so-called "common sense" being left on your pillow. Most people steal money and everyone here already knows that. FPA has such a wealth of experience, while it is important to have a legitimate platform on which to voice complaints, it would be more helpful if FPC developed a ranking system that ranged from the Best to the Worst. I appreciate this is not as easy as it sounds, but the job should start now. Why? Because the brokers that decide to act with absolute integrity and honestly with a duty of care toward the client should be featured prominently and heavily promoted so they can earn more revenue so they can stay in business. I have an honest broker, but I do not intend to promote that broker here. I call them my Partner. From my rather comprehensive understanding of finance & banking, forex, human nature ana the rest, I would start with the Pareto Principal and say that no more than 20% of all brokers are honest.... and I would say it's more like 1%. So, FPA should identify the 1% and help them grow. Sadly, being honest today does NOT mean that broker will remain so, but identifying today's 1% should be a first priority for everyone.

 

[FraudKiller]

Commenting on Samantha Ruby's thoughts above,... There should NEVER be a case where ANY advertiser on FPA is later revealed to be anything less than a broker whose integrity sits at the apex of honesty and total duty-of-care to clients. If not,then PFA should reimburse clients. No one asked FPA to be a moral and ethical beacon of light in the very murky world of forex broker sp FPA cannot take money from any advertiser that is revealed to be a fraud.

If I examined just three transactions of complaint against a broker, I will know whether the intention of a broker is good or bad. And, before I even look at the three transactions, I can be pretty sure the broker is a fraud.

WHY? If I owned a brokerage then I can list right here on FPA exactly what practices and policies I would implement and I guarantee NO client would ever complain and my company would shot to to top of any league-tale for integrity. Not very difficult really. People know quality and integrity when they see it.

Hey! I've got it! FPA should setup a brokerage.... Hollywood address, lots of billionaires around, easy to get the money and to launch a new brokerage the sets the example for all brokers. Hmmm, I wonder why FPA have not done so?

 

[ruseneca]

I am just wondering why several people bump an old issue where the broker is not guilty and cannot be.
It is clear that the client had requested a bonus for his/her deposit. Terms are clear, too!
Brokers do offer bonuses because it is the way to attract clients. I am also trading with OctaFX sometimes and I apply for a bonus when I need to (usually when I face a greater risk ). It is my duty to read the full terms where it is stated what OctaFX representative had stated.

P.S. Dear all, do not think that regulated brokers are different from what we call a scam!