Discuss OctaFX.com

[OctaFX Rep]

Good to see the octafx rep being so active on here

Dear sebking198,

Glad you think so. And pleased to see someone like you commenting about it. Thank you!

Kind regards,
OctaFX Rep.

 

[OctaFX Rep]

My account 12028788

Dear Faz5555,

We believe you received a detailed account of what happened with your account from our team. However, we want our FPA community to understand what happened too. Hence, we wish to clarify that your stop loss order was triggered during a price gap and was executed by the first price after the price gap, as per our Customer Agreement which applies a special set of rules to pending orders executed during price gaps. Keep in mind that gaps often occur during major news releases when the market tends to be more volatile and on the start of a new trading day.

Also, please note that the time during which your pending order was triggered was 01:00 (server time) which is, in fact, a beginning of the new trading day that usually affects the market.

Between Friday and Monday, there is always a weekend break for symbols that creates a gap in the market. That's why you experienced this gap, and your stop loss was executed at the first available price after a gap - 1.12811. Moreover, stop loss could not be executed before the price gap because the market price has not reached its price at that moment. And after the gap, the first available price has already passed by the stop loss price, which means that its price was within the gap and we had to execute the order at the first available price after a gap. There is no way to predict whether the pending order's price will be within the price gap or not, and that's why it's impossible to close an order before the gap.

We hope this clarifies everything. Should you have any further questions, please don't hesitate to get in touch with our team.

Kind regards,
OctaFX Rep.

 

[OctaFX Rep]

Dear FPA Community,

In the light of recent events and multiple complaints that appeared here, we've decided to review our approach towards handling complaints, and in particular, arbitrage trading cases.

Due to recent market instability caused by Covid-19, we faced a significant number in negative feedback from our traders' side. Traders brought many aspects to our attention, yet we noticed that arbitrage trading was the most prevalent. While we try to assist our traders the best we can, we know that this feedback has taken a toll on our FPA community, and we wish you to know that we're not oblivious to that.

As most of you know from our previous exchanges with FPA participants, we do not keep data from arbitrage trades on our system, as accounts involved in arbitrage trading are closed per our Customer Agreement. The said document states very clearly that arbitrage trading is strictly prohibited at our brokerage.

That said, we do believe in transparency in such situations. Consequently, from now on, we will make the necessary changes to deal with such cases. And, before arbitrage orders are removed from our servers, we will provide a clearly outlined evidence for such activity, should similar issues arise again.

Moreover, we will try to make sure that specific provisions within our Customer Agreement are updated to reflect these changes and provide users with a clear understanding of the practices that OctaFX follows.

Disclaimer: These changes will not have a retrospective effect. Moreover, please note that every statement will be solely personal meaning; it will not reflect any possible cases of arbitrage.

Kind regards,
OctaFX Rep.

 

[ycteow]

Ok guys, OctaFx is a true forex scammers, why? At 8/2/2020 4:30am, which is Monday, while non of the order is allowed at the time. This is the moment OctaFx takes your money, they take a buy position on XAU/USD at 1817 at the highest peak without my permission. Now my account was blown up by them. I need a valid reason whyOctaFx is allowed to access and manipulate client orders.

 

[OctaFX Rep]

Dear ycteow,

Our sincere apologies for the delayed response. It took some time to find reports for the last year, and your message got lost in the shuffle for a while.

After reviewing your case with our team, we've found that your deposit bonus was cancelled due to a stop out and your order was closed automatically. Please note that if your equity becomes less than the bonus amount, your bonus will get cancelled. The same happened in your case, and the order was closed due to insufficient equity. Our team tried to arrange a callback for you right after, but unfortunately, it couldn't get through. And as you haven't contacted us since then, we can assume that you don't have any questions, but please message us support@octafx.com or on social media if you do.

Also, we wish to remind you that OctaFX is an ECN brokerage and not a Market Maker.
Meaning we receive all the quotes from our liquidity providers and pass your orders directly to them instead of executing them on our end. This is outlined in our Customer Agreement which you’re welcome to read on our website here: https://www.octafx.com/company/customer-agreement/.

We hope this incident will not overshadow your overall experience with OctaFX and you will continue to enjoy trading with us.

If there's anything else we can do for you, please get in touch with us anytime.

Kind regards,
OctaFX Rep.

 

[IrwanI]

Hi everybody..is been a while this forum quiet.
Hopefully all of you is still in good health.
Is everybody ok?

 

[Zayda]

Is Octafx the same as octafxcoytrading?