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Problem Octafx blocked my account for no reason and not giving me my funds 23132$.
- Thread starter Hamid Ali
- Start date
-
- Tags
- octa fx octafx octafx.com
I am having an issue with a company
First of all Please explain me this arbitrage, I think octafx has its own defination of arbitrage and they use it whenever they want. I've been reading other threads too In which you guys said closing profitable order under 180 seconds is arbitrage, which I guess is not mentioned in my case. Coming to your points
About systematic vulnerability I really don't understand what you are trying to say ? Leverage deposit bonus you guys provide to clients for their benefit in trading right? You guys advertise for it so if a client is making profit with help of those facilities, you guys don't get to call it ARBITRAGE... instant order execution is clients right. Of course client is paying a spread for all this trading what's that for?
About arbitrage on re opening orders, again what are you trying to say? if I sell eurusd at 1.0500 it goes bullish ,I decide to close that order on 1.0510 on 10 pip loss. Then on 1.0600 i decide to take another sell because there is resistance I expect bearish market from there and I close my trade at 1.0500 in 100 pip profit, what's wrong with it.???? Even I am paying spread on each order. I think clients has this right to open trade in market wherever he find beneficial for himself nobody wants to loose money right.?
Coming to 3rd point, , if I sell eurusd 10 lot at 1.0600 and open another trade of 10 lot eurusd at 1.0580 in same direction ( I dont even hedged) , in this scenario what is wrong I am doing??? I am paying a considerable amount of spread on both orders again tell me where I am wrong?
To senior traders here please tell me if I've done anything wrong in these scenarios. Which I don't think I've. I have just took trades where i found it suitable to trade.
@OctaFX Rep please explain or ask your management to refund my remaining balance which is still in my trading accounts. If they can refund 15000$ a partial refund still I can call it off, will call it resolved, that's the most I can do. And please i think investigation is already done so it won't take that long again for you to reply. Thanks
About systematic vulnerability I really don't understand what you are trying to say ? Leverage deposit bonus you guys provide to clients for their benefit in trading right? You guys advertise for it so if a client is making profit with help of those facilities, you guys don't get to call it ARBITRAGE... instant order execution is clients right. Of course client is paying a spread for all this trading what's that for?
About arbitrage on re opening orders, again what are you trying to say? if I sell eurusd at 1.0500 it goes bullish ,I decide to close that order on 1.0510 on 10 pip loss. Then on 1.0600 i decide to take another sell because there is resistance I expect bearish market from there and I close my trade at 1.0500 in 100 pip profit, what's wrong with it.???? Even I am paying spread on each order. I think clients has this right to open trade in market wherever he find beneficial for himself nobody wants to loose money right.?
Coming to 3rd point, , if I sell eurusd 10 lot at 1.0600 and open another trade of 10 lot eurusd at 1.0580 in same direction ( I dont even hedged) , in this scenario what is wrong I am doing??? I am paying a considerable amount of spread on both orders again tell me where I am wrong?
To senior traders here please tell me if I've done anything wrong in these scenarios. Which I don't think I've. I have just took trades where i found it suitable to trade.
@OctaFX Rep please explain or ask your management to refund my remaining balance which is still in my trading accounts. If they can refund 15000$ a partial refund still I can call it off, will call it resolved, that's the most I can do. And please i think investigation is already done so it won't take that long again for you to reply. Thanks
compu-forex
Master Sergeant
- Messages
- 253
Right there is where they are saying they have reserved the right to steal your profits. They don't have to prove anything. They simply "don't have to like"what you are doing and they can seize your profits.
They will say they have evidence, yet they never actually produce said evidence. It's theft, pure and simple.
OctaFX Rep
Octa Representative
- Messages
- 242
Dear Hamid Ali,
We genuinely apologize for our previous reply. Unfortunately, we sent you the results of the wrong investigation due to a similarity of the cases we were looking into simultaneously. We can assure you that this will never happen again, and now we're delivering the correct results for your case.
Please note that our company constitutes a specific set of trading conditions for our customers' benefit. In cases when our customers violate these terms, as a company, we reserve the right to no longer provide our services to the person deemed in breach of these conditions.
Upon further investigation, we've found a specific abuse of our negative balance protection feature in your account. Notably, some of your orders were opened at once, hedging from two trading accounts. The negative balance protection adjusted your balance in one account while you gained profit in another. Doing that eliminates the risks and abuses the feature provided to our clients as a benefit, and since we cover these adjustments ourselves, we consider such actions an abuse.
That being said, we want to refer to our Customer Agreement, clause 8.2, for the reasons behind your account access restriction and cancellations of the orders affected by the violations:
Any kind of abusing and/or taking unfair (direct or indirect) advantage of the Company'strading conditions may be a subject of investigation. Should facts of such abuses arise, the profit and/or loss gained with this advantage may be cancelled by the Company's decision. The Client fully acknowledges this.
In conclusion, we want to emphasize that following everything that was mentioned, the cancellation of the profit made through the platform abuse and the rejection of providing our services further to you is clearly explained and justified from our end, and we can't proceed with a refund.
Once again, we're very sorry for our previous reply and hope this makes it clear, but if not, please leave your questions in the thread or email us at support@octafx.com.
Kind regards,
OctaFX Rep.
We genuinely apologize for our previous reply. Unfortunately, we sent you the results of the wrong investigation due to a similarity of the cases we were looking into simultaneously. We can assure you that this will never happen again, and now we're delivering the correct results for your case.
Please note that our company constitutes a specific set of trading conditions for our customers' benefit. In cases when our customers violate these terms, as a company, we reserve the right to no longer provide our services to the person deemed in breach of these conditions.
Upon further investigation, we've found a specific abuse of our negative balance protection feature in your account. Notably, some of your orders were opened at once, hedging from two trading accounts. The negative balance protection adjusted your balance in one account while you gained profit in another. Doing that eliminates the risks and abuses the feature provided to our clients as a benefit, and since we cover these adjustments ourselves, we consider such actions an abuse.
That being said, we want to refer to our Customer Agreement, clause 8.2, for the reasons behind your account access restriction and cancellations of the orders affected by the violations:
Any kind of abusing and/or taking unfair (direct or indirect) advantage of the Company'strading conditions may be a subject of investigation. Should facts of such abuses arise, the profit and/or loss gained with this advantage may be cancelled by the Company's decision. The Client fully acknowledges this.
In conclusion, we want to emphasize that following everything that was mentioned, the cancellation of the profit made through the platform abuse and the rejection of providing our services further to you is clearly explained and justified from our end, and we can't proceed with a refund.
Once again, we're very sorry for our previous reply and hope this makes it clear, but if not, please leave your questions in the thread or email us at support@octafx.com.
Kind regards,
OctaFX Rep.
compu-forex
Master Sergeant
- Messages
- 253
Oh boy - I rest my case
At some point I understand the problem but considering octafx allows news trading and hedging this should not be the problem.
About negative balance protection it happened because of massive move of cpi which was more than normal event, due to that gap in price it happened but as you guys are providing negative balance protection you should know it can happen in such movement.
If you guys thought it was a violation you could've at least warned me about it once but you guys just blocked my account and stole my funds. So I need you to refund my balance, you guys don't want to provide services to me no problem but provide me my refund that will be appreciated.
Also please State these problems clearly in customer agreement so a misunderstanding like this don't happen again. Thank you waiting for a positive response
HeavenLeighRob
Master Sergeant
- Messages
- 346
Honestly, the customer service here is lacking horribly. I've seen report after report about OctaFX over the internet, and while they usually reply with a response in some cases, they just don't seem to have a good reputation and obviously the customer service isn't great. I wouldn't personally open an account with them.
@OctaFX Rep please respond
OctaFX Rep
Octa Representative
- Messages
- 242
Dear Hamid Ali,
Please note that we do allow such trading strategies as hedging and news trading. However, as we mentioned in our previous reply, we don't tolerate any abuse of the platform or features we offer as a benefit to our customers. Whenever our team identifies a specific violation, we should strictly follow our Customer Agreement, investigate the case and take further action.
In your case, our team discovered the exploit of negative balance protection and, following clause 8.2 of our Customer Agreement, the profit gained through the used advantage was cancelled, and further provision of our services was halted. We understand that you may not have been very aware of that at the time, but we abide by our terms and conditions about such cases, which you agreed to while registering at OctaFX.
With that being said, we want to emphasize that there are no grounds for a refund, and we hope that our explanation gives you a better perspective on what happened.
You can send us further questions if you have any. We'd be happy to answer.
Kind regards,
OctaFX Rep.
Please note that we do allow such trading strategies as hedging and news trading. However, as we mentioned in our previous reply, we don't tolerate any abuse of the platform or features we offer as a benefit to our customers. Whenever our team identifies a specific violation, we should strictly follow our Customer Agreement, investigate the case and take further action.
In your case, our team discovered the exploit of negative balance protection and, following clause 8.2 of our Customer Agreement, the profit gained through the used advantage was cancelled, and further provision of our services was halted. We understand that you may not have been very aware of that at the time, but we abide by our terms and conditions about such cases, which you agreed to while registering at OctaFX.
With that being said, we want to emphasize that there are no grounds for a refund, and we hope that our explanation gives you a better perspective on what happened.
You can send us further questions if you have any. We'd be happy to answer.
Kind regards,
OctaFX Rep.
I was doing everything which was allowed I wasn't violating anything. Octafx allows hedging and news trading that's what I was doing. If that abuses the platform please don't allow these things. State clear in customer agreement no hedging and news trading allowed.
About negative balance protection i had no idea price will open with that massive gap that made balance negative. Because usually trade closes as soon equity goes zero.
I suggest you put my trading history for that specific date (10th November 2022) from all my trading accounts here or highlight orders where you think problem occurred, then we deduct all negative balance loss from profitable orders, you guys refund my remaining balance after loss deduction and we resolve this issue. I guess everyone here wants this issue to be resolved so let me know what do you think about this solution. ?
