Octafx eat my 22000$+ trading profits

4evermaat

2nd Lieutenant
Messages
1,808
According to my information on 8 may 2019 total effected accounts was more than 100 octafx account disable on same day and and all them compansated except Mohammad Siddique Abbasi
And you never had any problems withdrawing any of your affiliate commissions since 08 May 2019? Were any commissions missing or deleted?

When was your last withdrawal request with octafx (if you don't mind the question)?
 

OctaFX Rep

octafx.com Representative
Messages
154
Dear all,

Firstly to address the question of the community.
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.

To address Octafixmaster, we’d like to begin by stating that since all arbitrage orders were cancelled, they will not be reflected on the statement provided.
We carefully looked into your commissions and established that you did indeed receive a payment after an investigation into Real2 sever was complete. But, this doesn’t mean that it reflected Muhammad Siddique’s trades. This amount was paid for an extended period (meaning it wasn’t only for the time when the issue occurred), and the said commissions included only trades of copiers who were not aware of the arbitrage activity happening. Consequently, it wouldn’t be fair for us to hold copiers accountable.

That said, the only commission you received from Muhammad Siddique was 20 USD for properly executed orders. The screenshot you provided shows an incoming commission transaction but does not include any details nor statistics as to whose trades were reflected in it.
What follows is that Muhammad Siddique was not included in your commissions as we were already aware that he breached our customer agreement. Not to mention that it was established, the two of you were using the same IP address, as previously mentioned.

To address Masteribusgf, you received the commission for Muhammad’s arbitrage trades before these orders were cancelled.
Since we value our IBs and the commission has already been paid out, the company made a decision not to deduct this amount not to affect your activity with us. Therefore valid orders do not constitute an argument here. It was solely our company’s discretion to give you the money. Also, we wish to clarify that IB commissions are not in any way a % of clients’ earnings. Hence, while IB commissions are a reflection of his clients’ trades, they are paid out by our company and not the client.

Lastly, we would like to reinstate that all this occurred almost one year ago, and for all the reasons stated before, we cannot regard this case urgent nor valid for the lack of information, among other reasons. Another reason being, that all three participants are closely linked in this case. While Muhammad Siddique and Octafixmaster used the same IP address, we wish to attach proof regarding Mr. Siddique and Abbasi below. It is a screenshot from our helpdesk. It detects any change of identity coming from the same IP/user.

Kind regards,
OctaFX Rep.
 

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4evermaat

2nd Lieutenant
Messages
1,808
Firstly to address the question of the community.
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.
You still haven't provided for how do you (OctaFx) actually calculate arbitrage.

the affiliate screenshot showed that Masteribusgf earned commissions for 191 lots from Muhammad Siddique's trades, which would mean that his trades were held for at least 3 minutes (correct?) which is one of the requirements to earn commission. This is automated on the backend, isn't it? So if a trade was, say, 10 seconds, it would be automatically disqualified from his commissions. (correct?)

Siddique claims his average hold time was over 10 minutes, but we know the hold time had to at least be 3 minutes. How exactly is this arbitrage by your definition?

-----------------

Abbasi's trading record was brought forth to show us (and the FPA community) another person who was also accused of arbitrage trading on Real2 server approximately the same time. This is good because we can get a clearer picture as to what OctaFX considers arbitrage.

Could you pick any 3-5 trades from Abbasi's trading record (that lasted greater than 3 minutes) and demonstrate how those trades were arbitrage according to OctaFx?
 
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4evermaat

2nd Lieutenant
Messages
1,808
Since we value our IBs and the commission has already been paid out, the company made a decision not to deduct this amount not to affect your activity with us. Therefore valid orders do not constitute an argument here. It was solely our company’s discretion to give you the money. Also, we wish to clarify that IB commissions are not in any way a % of clients’ earnings. Hence, while IB commissions are a reflection of his clients’ trades, they are paid out by our company and not the client.
Without the trader making "valid trades", the IB cannot earn any commissions from those trades. So the IB coming forward with some evidence to show that trades were made and were valid suggests that Siddique did trade that day.

So while Siddique does not have his complete trade history record, and the broker conveniently deleted it based on some random calculation of arbitrage, we do have enough to show that he did trade that day, the trades were "valid" (lasting at least 3 minutes) and that he built up his account to over $20k.

We also see that other people who were deemed to trade with "OctaFx arbitrage" strategy that day were later paid in full. So why is Siddique's case so unique?

What is so hard about not trading against clients? Why is that so difficult for some brokerages?!?
 

OctaFX Rep

octafx.com Representative
Messages
154
Dear 4evermaat,

With all due respect but we addressed all of your questions above. To clarify, any order even if arbitrage strategy is used will be automatically regarded as a valid order by the system if the following conditions are met:

Valid Order is a trade compliant with all the following conditions:
1.8.1. the trade lasted for 180 seconds or more

1.8.2. the difference between Open Price and Close Price of the order equals or exceeds 30 points (3 pips in 4-digit precision terms)
1.8.3. the order was not opened or closed by means of Partial Close and/or Multiple Close by.

Consequently, the term “valid order” has nothing to do with whether Customer is cheating or not and, is only used to calculate IB commission.

Mr. Siddique violated several clauses in our Customer Agreement, all reasons can be found in our previous posts.

We understand that you’re trying to be supportive of traders who raise their complaints here and we always try to do the same. We support our traders, and wish for them to have the best experience while trading with us, but this case has no standing and we feel that we made our position very clear.

Kind regards,
OctaFX Rep.
 

4evermaat

2nd Lieutenant
Messages
1,808
@OctaFX Rep
So which trades in the posted track record fit OctaFx's definition of arbitrage?

Just pick 3-5 trades held for over 180 seconds. And show us how they fit your definition of arbitrage.
 

OctaFX Rep

octafx.com Representative
Messages
154
@OctaFX Rep
So which trades in the posted track record fit OctaFx's definition of arbitrage?

Just pick 3-5 trades held for over 180 seconds. And show us how they fit your definition of arbitrage.
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.
 
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