Problem Octafx eat my 22000$+ trading profits

[ajhoge3]

At least OctaFX responded, doesn't like other brokers like IQoption remains silent. The more u remains silent, the more traders don't trust u.

 

[4evermaat]

Dear 4evermaat,

We're starting to wonder if you have read our responses at all, or just posting new comments for the fun of it.

We'd like to invite you to review our previous posts to understand why we cannot address your questions.

Kind regards,
OctaFX Rep.

Hmmm, let's see. Maybe you are correct in that I missed something.

--> He (@Octafixmaster / tayyab Iqbal) posted his trading track record from your brokerage of his own free will.

--> The track record shows the majority of trades are held for 10+ minutes, and I would say at least 25% were held for over 1 hour.​

--> You made the claim that arbitrage took place on his and several other accounts on real2 server for several days beginning at the end of April and expired 09 May 2019. This includes the track records both @Octafixmaster and @Muhammad siddique.

--> you have claimed that trades could be valid for affiliate/IB purposes, but still considered to fit OctaFx's definition of arbitrage and therefore can be invalidated from a trader's trading record.

--> I asked you to choose any 3-5 trades from @Octafixmaster's record over 180 seconds (3 min) and show how these trades fit OctaFx's definition of arbitrage. This would give the FPA community a better idea of how OctaFx determine arbitrage condition.

There are other points worth mentioning, but it is important to let's just clear the arbitrage calculation thing first. If not for @Muhammad siddique , then for other FPA users. Particularly those who would would consider opening a trading account and want to be assured that they will be treated fairly.

I certainly do NOT do this for fun, and I don't think any existing or new OctaFx client would find it funny to have to worry about their trades (especially profitable trades) are suddenly made invalid "arbitrarily".

 

[4evermaat]

At least OctaFX responded, doesn't like other brokers like IQoption remains silent. The more u remains silent, the more traders don't trust u.

I do agree it is good that @OctaFX Rep responds to threads. But the cases that have come forward (past and present) are quite interesting to say the least.

 

[OctaFX Rep]

Dear 4evermaat,

Allow us to quote some of our previous posts.

"First of all, your account was not simply disabled. As you are fully aware, server Real 2 was newly released at the time of your trades. When an error occurred, you took advantage of it and used a delay in quotes updates to abuse it, which is strictly forbidden by our Customer Agreement.

8.2. Any kind of abusing and/or taking unfair (direct or indirect) advantage of the company's trading conditions may be a subject of investigation. Should facts of such abuses arise, the profit and/or loss gained with this advantage may be canceled by the company's sole decision. The Client fully acknowledges this.

Moreover, you used arbitrage trading, which is also prohibited under our Customer Agreement.

4.8. Using arbitrage strategies on linked markets (e.g. currency futures and spot currencies) is prohibited. In case the Client uses arbitrage in either clear or hidden way, the company reserves a right to cancel such orders.



What follows is that since your account has been deleted almost one year ago we do not have your account information anymore, and you should have contacted us then not now. We simply do not store it for this long after the case is resolved."

"Arbitrage is a trading strategy where a trader attempts to make a profit by exploiting the inefficiency of pricing.
The strategy involves reacting quickly to opportunities and consists of locating an incorrectly priced asset and simultaneously buying or selling it against another asset to take advantage of the price discrepancies, hence earning a profit. It is usually accomplished using automated trading."

Additionally,

"Our Privacy Policy is available on our website and it clearly states that for the user to be able to exercise his rights he must do so within a month, not almost 1 year.

"Any requests to exercise User rights can be directed to the Owner through the contact details provided in this document. These requests can be exercised free of charge and will be addressed by the Owner as early as possible and always within one month.""

Kind regards,
OctaFX Rep.

 

[4evermaat]

"First of all, your account was not simply disabled. As you are fully aware, server Real 2 was newly released at the time of your trades. When an error occurred, you took advantage of it and used a delay in quotes updates to abuse it, which is strictly forbidden by our Customer Agreement.

The details are still very vague.

When exactly was Real2 server released?

And can you elaborate on this delay of quotes updates? (how long was the alleged delay of quote updates)?

 

[4evermaat]

Moreover, you used arbitrage trading, which is also prohibited under our Customer Agreement.

4.8. Using arbitrage strategies on linked markets (e.g. currency futures and spot currencies) is prohibited. In case the Client uses arbitrage in either clear or hidden way, the company reserves a right to cancel such orders.



So again I must ask, how do you determine this arbitrage? You are the one making the claim of arbitrage. So you need to bring forward the proof. If not on @Muhammad siddique 's account, then let's use an account where we do have a historical trade record from the same time period that was also accused of OctaFx's definition of arbitrage.

What follows is that since your account has been deleted almost one year ago we do not have your account information anymore, and you should have contacted us then not now. We simply do not store it for this long after the case is resolved."

according to @Muhammad siddique , he never agreed that his trading was arbitrage. He claims his trades were held for at least 10 minutes (but we know the trades were held for at least 3 minutes). The case was never resolved. But instead you ignored several of his contact requests. And then several months later (nearly a year) he is in contact with some other traders from the same time period that also traded with OctaFx and he found out that they were also accused with similar allegations of arbitrage. BUT with one major difference: they were later paid all of their profits. This includes the IBs who introduced the traders; they were paid all of their per-trade referral commissions.

If @Muhammad siddique agrees, you can show this email or chat where he agrees with the arbitrage decision that you made, this would help.

I do agree with OctaFx that siddique should have brought the case to FPA sooner. Or also he could have complained to his IB. I'm fascinated in the arbitrage claim more than anything else. The math isn't adding up.

 

[AsstModerator]

This discussion is interesting. I hate to interrupt it, but something has come up.

Multiple accounts from one person are forbidden without my specific permission. I haven't received requests from anyone involved in this discussion.

I'm not done checking yet, but I can say that at least 2 people in this thread need to explain an unusual overlap between their accounts. If there is no explanation offered, I'll have no choice but to assume they are multies.

 

[Muhammad siddique]

Sam (OctaFX)

May 21, 17:50 EEST

Dear Tayyab Iqbal,

I hope you understand since you were explained multiple times already that you have used arbitrage strategy, which is strictly prohibited at OctaFX.

As per our Customer Agreement:

"4.8. Using arbitrage strategies on linked markets (e.g. currency futures and spot currencies) is prohibited. In case the Client uses arbitrage in either clear or hidden way, the Company reserves a right to cancel such orders."

Dear forexpeacearmy member plzz focus on this point Octafx clear said to Mr tayyab Iqbal he use aribetrage . And Octafx said same to me same alligations aribetrage, but Octafx allow tayyab iqbal to withdraw all his trading profit earn during server issue . But same time same alligations same servers issue they eat my 22000$+ trading profit . Octafx rules will b same for everyone .

One side they allow rich person to withdraw aribetrage alligations profit and other side they eat poor man whole life hard work profit. I attach proof where Octafx manager accepted that tayyab Iqbal use aribetrage strategy to gaining whole profit but we give all withdraw as a good will . And goodwill implement all smiler cases not only for few people see Octafx double standard.

Tayyab Iqbal trading account number 4000070 he earn profit 3797$ through aribetrage strategy according to octafx but they allow and me my account number 4000888 I earn 22000$+ trading profit with experience they eat my 22000$+ plzz respectable forexpeacearmy plzz help me I am poor man and Octafx is more powerful than me so that y Octafx eat my 22000$ I hopefully in this world justice still there and you people talk about justice and help me .

All Truth clear in front of respectable forexpeacearmy Octafx eat my 22000$+ now I face corona attack kindly help me to fight with corona and for my child rights kindly help me plzz I need justice.

 

[OctaFX Rep]

Dear forexpeacearmy member plzz focus on this point Octafx clear said to Mr tayyab Iqbal he use aribetrage . And Octafx said same to me same alligations aribetrage, but Octafx allow tayyab iqbal to withdraw all his trading profit earn during server issue . But same time same alligations same servers issue they eat my 22000$+ trading profit . Octafx rules will b same for everyone .

One side they allow rich person to withdraw aribetrage alligations profit and other side they eat poor man whole life hard work profit. I attach proof where Octafx manager accepted that tayyab Iqbal use aribetrage strategy to gaining whole profit but we give all withdraw as a good will . And goodwill implement all smiler cases not only for few people see Octafx double standard.

Tayyab Iqbal trading account number 4000070 he earn profit 3797$ through aribetrage strategy according to octafx but they allow and me my account number 4000888 I earn 22000$+ trading profit with experience they eat my 22000$+ plzz respectable forexpeacearmy plzz help me I am poor man and Octafx is more powerful than me so that y Octafx eat my 22000$ I hopefully in this world justice still there and you people talk about justice and help me .

All Truth clear in front of respectable forexpeacearmy Octafx eat my 22000$+ now I face corona attack kindly help me to fight with corona and for my child rights kindly help me plzz I need justice.

Dear Muhammad Siddique,

With all due respect, we feel like everyday we are forced to repeat ourselves.

The case is very clear. He received commissions from copiers that weren't involved in arbitrage trading, simply because it would be unjust for us to hold them accountable for something they were unaware of. And this does not concern you because Mr Iqbal only received 20 USD in commissions from your account. And that is only for trades that were executed properly on your end. Meaning, for those that weren't arbitrage trades.

Here we would like to remind you that your initial deposit was paid to you in full.

Moreover, with arbitrage trading issue aside, you breached our Customer Agreement as per p. 4.6:

"The use of the same IP address by different clients can be a reason to consider all the orders in all the accounts, performed from this IP address, as those performed by the same Client."

Our team not only detected that you were using the same IP address but also the same device.

Allow us to end this exchange by informing you once again, that you had the right to complain and you didn't use it. Technically speaking we are not even obliged to respond to this thread, and it is only out of respect for you that we still do so. We need to reinstate that when you joined our brokerage you accepted our Customer Agreement along with other terms and conditions, like Privacy Policy for example.

Hence, the clause below:

"Any requests to exercise User rights can be directed to the Owner through the contact details provided in this document. These requests can be exercised free of charge and will be addressed by the Owner as early as possible and always within one month."

With regards to your case, as with any other, our company follows procedures as per OctaFX's Customer Agreement and we expect our traders to do the same.

Kind regards,
OctaFX Rep.

 

[Muhammad siddique]

The case is very clear. He received commissions from copiers that weren't involved in arbitrage trading, simply because it would be unjust for us to hold them accountable for something they were unaware of. And this does not concern you because Mr Iqbal only received 20 USD in commissions from your account. And that is only for trades that were executed properly on your end. Meaning, for those that weren't arbitrage trades

Dear Octafx


Your kind information tayyab Iqbal account number 4000070 deposited 5$ and grow 3797$ and tayyab Iqbal 3797$ is his trading profit ok and ur manger and ur trade complain team accepted that tayyab Iqbal trading profit is aribetrage and I not give him trading profit According to octafx Sam email and manager in Dillion also talk same tayyab Iqbal trading profit aribetrage but u people allow tayyab Iqbal to withdraw 3797$ trading profit.

If tayyab Iqbal not doing aribetrage trading than why you people still disabled his 4000070 trading account if he don't do bad than why u not open his trading account. U people already accepted tayyab Iqbal involved in aribetrage and u people allow him to withdraw as a good will my trading profit also same case and u people eat my child profit . U have to return my child profit to my mt4 account i can start trade again for my child