DragonRabit
Banned for uncivilized conduct
- Messages
- 5
I need to ask something from Octa Reps in here.
1. Are you really ECN?
There are 2 facts that makes me doubt that you are true ECN
A. https://www.forexpeacearmy.com/fore...ig-scam-held-all-my-profits-plus-deposit.html
"I am a news trader and I opened an account with octafx.com, I made sure I had confirmed with them they accept news traders and they said they do before i opened my account. I made a deposit of $100 and my profit over time trading various news release rose to $1,127. Soon as I made my very first withdrawal request, they canceled all the profitable trades I have ever made on my account which was a total of 22 trades and the reason they gave is "Latency Arbitrage" I emailed them and told them I do not trade in this manner and I was a news trader which I clearly confirmed with them it was acceptable before I opened my account. All they offered was to give me back my initial deposit which was meant to be $100, however all they refunded me was $50 and every other email I sent them was ignored! I called their so called office number and it sounded nothing like an office environment, rather it sounded like some man in his bedroom answering the phone call. My big question is, if they were very sure my trades where Arbitrage trades, why did they not tell me after my first, second, third or fourth trade. Rather they waited till after 22 trades had been made and immediately I make my very first withdrawal request on the account, that is the moment they realise its arbitrage trading."
True ECN will makes money from the mark up spread or from commission. You said you have 15 liquidity providers, when the client open position, the chance for closing position with the same liquidity provider is 1 in 15. Then, you have cancelled 22 trades of this poor trader, this trader should go to casino because he got the same liquidity provider in his 22 trades, he must be lucky bastard. Because the liquidity provider suffer big loss then cancelled all his trades. Are you kidding me? The only logic thinking in here is you are the liquidity provider, because you don't like to see the client profit from the latency arbitrage. Don't be shy to admitted that you have B book, you only move the client to your A book when the client too much profit. Broker promote them self as market maker is not a sin, have a look forex.com .
True ECN won't care how the client trade, as they only get their income from the mark up spread only.
B. It is common knowledge in the forex industry, the LP charge the broker commission $25 / $1 million contract per side for volume up to $100 million / month and can be less than that when the business growing. And most LP that I was dealing with only offer leverage 1:10-1:100.
One think, I don't get it is your business model that offering ECN account with swap free, no commission, very small deposit (you can start with $50), very high leverage (1:500), very low stop out and selling the raw spread.
All the features that I mentioned above is the features for market maker broker, not the ECN broker.
How do you really making money? Give more slippage to the client order or from the client loss?
2. If you are a good broker, why don't you apply license from FCA or ASIC instead of license from somewhere in tiny Island in
St. Vincent and the Grenadines ?
Before I forgot, don't you remember when you first started this company, your company phone number was +44 , uk country code, then all the sudden the virtual office in uk address and the phone number in uk vanish from your website
. Even now, I can't find physical address of your office instead of the address stated Cedar Hill Crest, Villa, Kingstown, St. Vincent and the Grenadines, VC0100 , this address is belong to Loyal Bank (https://www.loyalbank.com/eng/contact) .
If the broker can't afford to have physical address, don't registered to one of proper regulator, shy to admitted they are market maker. What else do you expect from this broker?
PS. 99.99% this broker is based in Malaysia, from Indonesia trader, if you want to support your neighbor country and get trick by this country, it is up to you.
To forexpeacearmy team, I know you want the advertisement money, but sometimes we also need to weight the moral value of this broker. their honesty as well.
I hope you can be more wisely and more neutral on this case.
I don't support Pupung, because he breaks the IB agreement rule.
Octa, I am waiting for your response.
1. Are you really ECN?
There are 2 facts that makes me doubt that you are true ECN
A. https://www.forexpeacearmy.com/fore...ig-scam-held-all-my-profits-plus-deposit.html
"I am a news trader and I opened an account with octafx.com, I made sure I had confirmed with them they accept news traders and they said they do before i opened my account. I made a deposit of $100 and my profit over time trading various news release rose to $1,127. Soon as I made my very first withdrawal request, they canceled all the profitable trades I have ever made on my account which was a total of 22 trades and the reason they gave is "Latency Arbitrage" I emailed them and told them I do not trade in this manner and I was a news trader which I clearly confirmed with them it was acceptable before I opened my account. All they offered was to give me back my initial deposit which was meant to be $100, however all they refunded me was $50 and every other email I sent them was ignored! I called their so called office number and it sounded nothing like an office environment, rather it sounded like some man in his bedroom answering the phone call. My big question is, if they were very sure my trades where Arbitrage trades, why did they not tell me after my first, second, third or fourth trade. Rather they waited till after 22 trades had been made and immediately I make my very first withdrawal request on the account, that is the moment they realise its arbitrage trading."
True ECN will makes money from the mark up spread or from commission. You said you have 15 liquidity providers, when the client open position, the chance for closing position with the same liquidity provider is 1 in 15. Then, you have cancelled 22 trades of this poor trader, this trader should go to casino because he got the same liquidity provider in his 22 trades, he must be lucky bastard. Because the liquidity provider suffer big loss then cancelled all his trades. Are you kidding me? The only logic thinking in here is you are the liquidity provider, because you don't like to see the client profit from the latency arbitrage. Don't be shy to admitted that you have B book, you only move the client to your A book when the client too much profit. Broker promote them self as market maker is not a sin, have a look forex.com .
True ECN won't care how the client trade, as they only get their income from the mark up spread only.
B. It is common knowledge in the forex industry, the LP charge the broker commission $25 / $1 million contract per side for volume up to $100 million / month and can be less than that when the business growing. And most LP that I was dealing with only offer leverage 1:10-1:100.
One think, I don't get it is your business model that offering ECN account with swap free, no commission, very small deposit (you can start with $50), very high leverage (1:500), very low stop out and selling the raw spread.
All the features that I mentioned above is the features for market maker broker, not the ECN broker.
How do you really making money? Give more slippage to the client order or from the client loss?
2. If you are a good broker, why don't you apply license from FCA or ASIC instead of license from somewhere in tiny Island in
St. Vincent and the Grenadines ?
Before I forgot, don't you remember when you first started this company, your company phone number was +44 , uk country code, then all the sudden the virtual office in uk address and the phone number in uk vanish from your website
. Even now, I can't find physical address of your office instead of the address stated Cedar Hill Crest, Villa, Kingstown, St. Vincent and the Grenadines, VC0100 , this address is belong to Loyal Bank (https://www.loyalbank.com/eng/contact) .If the broker can't afford to have physical address, don't registered to one of proper regulator, shy to admitted they are market maker. What else do you expect from this broker?
PS. 99.99% this broker is based in Malaysia, from Indonesia trader, if you want to support your neighbor country and get trick by this country, it is up to you.
To forexpeacearmy team, I know you want the advertisement money, but sometimes we also need to weight the moral value of this broker. their honesty as well.
I hope you can be more wisely and more neutral on this case.
I don't support Pupung, because he breaks the IB agreement rule.
Octa, I am waiting for your response.
