DISMISSED OctaFX Is Group Of Scammers

[majid92]

May 12, 2022. Due to Majid92's uncivilized behavior in another Scam Alerts thread, all of his other complaint threads are dismissed.

hello,

trader,s stay away from octafx....
mostly news time trader........
i trade with octafx from last 3 months there execution is fast but on news time they are working like market maker,s.........
they are doing scam 3 times but i am not take any action.......
but on BoE interest rate decision my account washed due to slipage and trailing stop not active........
but when i contact with them they give just one reason that market goes in gap........
but when i say that this is happening due to slipage and trailing stop was not active..
they are not come on this point......
i nothing put a stop loss more than 220 points(22pips) on both oreders..... but one order give me 29pips lose and one give me 40pips loss
now what i am doing with them?

due to this reason i loss 144$
plz do justice with me and refund my money
my account number with octafx:316007
my trade number,s: 66610097 and 66610475
Kind Regards:Majid Ali

 

[OctaFX Rep]

Dear Majid Ali,

Thank you for your review. However, there are a few things we find confusing in your complaint.

First let’s take a look at your order 66610097: open price 1.32679 (as requested), close price 1.32973, stop loss set by you 1.32973.

As you can see, your order was opened by the requested price with no slippage, closed exactly as per your stop loss instruction, with no slippage. Considering that you were trading upon the BoE Interest Rate Decision release this is quite an amazing result. We are not sure that you will easily find another broker with such execution. Now you might see our uncertainty regarding your complaint: everything was executed exactly as you wanted it to be.

Let’s check the second order as well: open price 1.32398 (as requested), close price 1.32801, stop loss set by you 1.32620.

So here we have an 18.1 pips discrepancy between your sl and the close price. This is something that we tried to explain to you several times, and even before this news release. We apply a special set of rules on pending orders execution during a price gap. Specifically, if the stop loss level falls into the gap, the order will be executed at first market quote after the gap. So this order was closed by the first quote, just as we say in the Customer Agreement.

Any news release, major or not, almost always causes spread widening and price gaps. That is why it is not recommended to trade upon news releases unless you understand the risks. However, you mention that you are mostly a news trader, so you should have taken the risks into consideration.

There’s also another side of the story. Profit for order 66610097 is -29.40 USD, profit for order 66610475 is -40.30 USD. It doesn’t seem feasible to get -144 USD out of these.

All in all, we hope that you will consider this issue resolved. We are proud to offer the best execution to our clients and we always stay at our customers’ service.

Best regards,
OctaFX Rep.

 

[majid92]

dear you are right that with 29+40 loss is not equal to 144$ but check my account that i have 108$ credit and also two running trades which i thought to close after Nfp decision but due to this problem both orders closed...........
if you really want to do justice with us give us same account which is before news..............
and fast execution is not everything.........

 

[OctaFX Rep]

Dear Majid Ali,

We've already commented your complaint, but if you have any further questions concerning NFP, we are ready to help if you provide us with the numbers.

Best regards,
OctaFX Rep.

 

[majid92]

where are you admin of FPA..............
why they are not come on the point of trailing stop???

 

[Pharaoh]

During NFP, markets can gap. This means your trailing stop could end up in the middle of a zone with nothing available at that price. Add in the widened spreads and the price you get may not be that close to the price you ask for.

I personally use (and LOVE!) trailing stops, but I don't count on them being perfectly executed during a big NFP move.

 

[Martin_Gale]

@majid92 You must understand that Stop Loss Orders and Trailing Stop Orders are "Market Orders". This means they get executed at the next available Market price, which might differ from your desired price, especially on volatile news events.

 

[rainchong7401]

At the end of this topic does OctaFX trustable or just @majid92 is a stupid guy that he doesn't know how to stop loss?