OCTA FX & Metatrader System Error

[kc1109]

On the 15th July 2024, AVGO.NAS did a 10-1 stock split. In all honestly, I feel stock split are so common and that OCTA and Metatrader should already have a system in place to navigate through this.

Unfortunately, imagine my horror when I open my account and saw 10 of my trades closed up for now reason! The contract size for AVGO.NAS was a 100 units. I have only did a trade of 2 of 0.02 AVGO.NAS Trade amounting to 40 units in total.

The trading deficit for such will only be $340 but guess what happen to OCTA it deducted $3088 from me instead.

Such an error is amateur for such a platform and the speed at which they are getting back to such error especially when I had spend $49000 on their platform already continues to puzzle me.

Wondering if anyone here ever encounter such an issue and what are the legal means I can use to sue them for this.

 

[FxMaster]

@OctaFX Rep, need your attention here, too.

 

[kc1109]

Dear FxMaster, Thank you for your prompt. I will be a responsible forum user and will update when they get back with a resolution.

 

[kc1109]

Dear All,

OCTA FX have wrote back to me with this email :

Hello! Thank you for contacting Octa. We regret to inform you that there was a technical issue with the symbol AVGO.NAS, which has impacted one of your trading accounts. Rest assured, we will restore your personal funds to their value prior to the incident within several days. Additionally, any bonuses cancelled due to this issue will be reinstated. As a token of our appreciation for your patience, we will also credit an extra $100 to your trading account. This amount is not a bonus and can be fully used for trading immediately upon crediting. We will reopen trading with AVGO.NAS as soon as the issue is resolved, which should not take more than a few days. We apologize for any inconvenience caused and thank you for your understanding. If you have any questions, please do not hesitate to contact us. _______________________________________________________________________________________________________________ In all honestly, $100 is little on the stress they have caused me during this period of time. And despite giving a resolution, I had 10 trades that were closed out. I had requested for them to restore all my trades back due to this error. I am awaiting their response.

 

[kc1109]

Dear All,

I am extremely disappointed with what OCTA FX did to my account. They did not return my trades. They hold my trades for days and in the end close it when my trades were in green.

Not only that I would have make a profit of about $3300 which they took from me. Not only did OCTA FX not pay for their mistake but in the end they took the profit from my trades.

It's very bad and I definitely do not recommend OCTA FX. This got me on tilt and I believe I would have lose all my money tonight.

 

[kc1109]

Dear All,

I wonder if you guys have any way where i can SUE OCTA FX for this. Or find out where their headquarters are.

These shady brokerage firms are really killing me.

 

[NatureGirl]

Dear All,

I am extremely disappointed with what OCTA FX did to my account. They did not return my trades. They hold my trades for days and in the end close it when my trades were in green.

Not only that I would have make a profit of about $3300 which they took from me. Not only did OCTA FX not pay for their mistake but in the end they took the profit from my trades.

It's very bad and I definitely do not recommend OCTA FX. This got me on tilt and I believe I would have lose all my money tonight.


View attachment 93797

they said U gotta wait a few days and theyll make up for what U lost. don freak out just chill. if U panic Ure just gonna lose the value of Ur complaint.

 

[kc1109]

They make a resolution to return the funds to where I was when I didn't make any trades. I started that day from $2200 USD. They return that amount and close out any trades I made on that day. Which is what I am disappointed about.

 

[NatureGirl]

U cant have Ur cake and eat it 2. U cant have it both ways.

 

[kc1109]

U cant have Ur cake and eat it 2. U cant have it both ways.

I do not get what you mean. I open a trade of AVGO at 0.02 for a 100 unit contract. This would mean I will own 2 shares of AVGO.

The reduction in price was 1722.94 - 1696.70. This is a reduction of $26.24 per AVGO share. Therefore I would have only lose $26.24 X 2 = $52.48. OCTA FX however, gave me a loss of $3106.54. Do you think this is right?

I did a similar trade today. This time a 0.05 for a 100 unit contract. This would mean I will owe 5 shares of AVGO.

Similarly AVGO drop from 160.29 - 158.21. This is a reduction of $2.08. As I have 5 shares of AVGO , I have a loss of $10.40.

What OCTAFX did wrong was because AVGO did a stock split, instead of using 1722.94 - 1696.70 as the initial calculation they use 1722.94 - 169.67. And they mark this down as my loss! On top of that they stop all my other trade saying my account had hit stop loss.

If not for this, my other trades will be moving.

This is not eating a cake and have it both ways.

It's an error from OCTA FX part. I have reach out to them immediately for them to rectify the error and at all times I mention that I need all my trades to retain even the AVGO loss. I want it to retain as I have did some hedging with a NASDAQ short.

They bill me for the loss and not count my winnings. Isn't this unfair for me. Especially when I have already make a loss of $49000 with them. I have been shorting NASDAQ since last year and chalk out a whole series of losses with them. And two days back my short in NASDAQ was extremely large and they close that out cause AVGO did a stock split.

How can I not be upset with them? All my funds were with them as well.