Scam Alert : OCTAFX BROKER

[stevesmain]

As you described, they are not honest, however you can not even find a broker without slippage, is that so?

While there may be a market maker were one might not experience slippage, that changed some time ago & is common among most broker/dealers.
When the market is quiet it is unlikely to get slipped, at news times it i unlikely to not get slipped.

Anyone who has been around this market for any amount of time would already know the story about slippage!

 

[lukasz511]

Confirm minipulated Octafx

I was in octafx account. I confirm when you start evrything is great. 3 or 4 days and you have 2 pips slipidge and long egzekution. It's standard. The best is support " problem is in your site, you must off fire wall your antivirus!!!" But erly works ok with ON firewall and antivirus. Our servers is ok. We cant help you.
When you open a new account you again the best slipidge and egzekution.

 

[octafxtrader]

I still have about 240 euros on this broker i cant withdraw and FPA still not help me since about 6 monthes now.
FPA has to make this broker scam alert !!! now it is true that i am not the only please investigate and help me to get back my money !

 

[HardKore]

im with octa fx seems okay so far need to be after caesertrades scammed me big time

 

[TraderDirk]

Slippage Problems

Hello all traders Octa FX is a big scam be careful and let me explain you :

When you open a new fresh account with a small deposit, a new name and email all is good : good spreads without commission, no slippage, good execution time. You trades like if you were in demo it is awesome on the beginning !

After some days or when you start to win a lot or want to deposit more or want to withdraw they start to apply to all your wining trades about 2 pips slippage. Before 99% of orders are closed without any slippage. I think they are using any kind of MT4 plugin to add slippage to all your orders except the losing one of course.

Example : if you set your tp TO 3 pips they will close it to +1pips only
If your Stop is set to -2 pips they will close it to -2 pips (so no slippage)
if you have a trailing stop and that your stop is set at +3 pips they will stop you at +1 pips
You understand?
When you ask them they just say that it is the market and that you accept slippage in the Customer agremeent on their website !

I have proofs of that on many verified accounts. I can gi investor access to FPA.

So the solution for me was to ask my brother, girl friend etc... to open a new account on their name to get back good trading conditions without slippage : and it worked they got no slippage on their account for 1/2 weeks !

But when they wanted to withdraw octafx said that they might be a scammer using many fraud accounts !

They were not scammers i just opened new accounts for my girl friend and her sister and his boyfriend !

They say i have to send translated in English documents with apostille to get my money. The cost of it is about 200/300 euros to get back only 170 euros on my account so it is worhtless !!!

Yesterday i opened a new account for my brother.

It was his first account he was not a new Customer and they just disabled my account (trade is disabled in MT4 expert tab and impossible to log in OctaFX Customer Area : account is blocked) before he could open even one trade on it !

They said to my brother that is was because of the article 3.2 of the Customer agrement : they have the right to stop the service to any Customer at any time ! It is really a scam my brother did not even open any trade and the account was fully verified and funded before !
They hopefully said that he would get back his deposit but they did not say why my brother could not trade and why his account was blocked !

Be carefull because if you are successfull OCTAFX will eat your profits and deposits or will not accept to verify your account or will not accept you to withdraw !

It is a very big scam and hard to fight because they say everytime that it is in their custmer agrement and that you have accepted it on the signing up !

Here is what i want :
My brother want to get back his deposit
The sister of my girlfriend want to get back her 140 euros back without paying for apostille and translation in English of her documents that octafx fully verified and accepted before
I want to get back the right to open a new account and to get the good trading commission without the slippage after some days and profits !

Best regards

I can only agree to what was written by you. I deposited 100 USD to try them out with my scalping ea. Everything worked fine for a about 8-10 days. I placed over 800 trades and only about 5 % of those were executed with slippage. My account went up to 265 USD. Then all of a sudden 35 trades in a row were executed with slippage up to 5 pips bringing my account back to 100 USD. When I contacted their support they of course responded to me that slippage is a normal part of the game. Of course it is, but when your broker executes 800 trades almost without slippage (some of those beeing placed in a high volatile environment) and then all of a sudden starts to charge slippage on 35 trades in a row (in a low volatile market situation) something wrong is going on. The discussion with the head of their customer care lead nowhere...I asked very specific questions about why suddenly in a low volatile market such high slippage would occur, but they just gave the general or no answers.
The good thing is that I am working as a fx options dealer for a big financial institution and naturally have a lot of contacts to other banks and institutions. So I started asking around if any bank or other broker had slippage problems at that time of the day. Nobody else had, only octafx. I investigated further and wanted to find out which banks and/or institutions are acutally the liquidity providers for octafx's ECN accounts...I didn't find anyone! I asked the head of customer care of octafx to provide me with this information but he didn't care to answer that question.

I can only advise everybody to not engage in business with this broker. Once you start making money they will use slippage to destroy your profits. Furthermore I think that they are not a true ECN broker since no one seems to be their liquidity provider. To me it seems like they take the opposite position of their customers position and thus do not want their customers to earn money.
Their customer care is quick in answering but will not really provide you with any useful information.

I have copies of my conversation with their customer desk and head of customer care and printed out copies of all my trades that proove that this really happened to me.

 

[smaret13]

Please FPA can you help these traders? it is more than 1 year still nothing resolved ! it is obvious that OCTAFX use virtual dealer plugin or other same plugin !Why not saying it is SCAM on your website? Or helping the author of the thread to get back his money without sending expensive documents?

 

[Pharaoh]

There seem to have been issues with 3rd party deposits in at least one account. A broker does have the right to demand verified IDs for accounts that looks suspicious. Multiple accounts trading from the same IP is a valid reason for such a suspicion.

If and when there are enough Traders Court cases with guilty verdicts, then OctaFx would get a scam finding. Until then, an issue as blurred as yours isn't going to be enough.

I suggest treating all brokers cautiously and only opening one account at a time. If accounts will be centrally managed, discuss it with the broker in advance.

As for slippage, there is one thing I've never seen anyone consider. Everyone believes that brokers induce slippage against successful traders. Some do. On other cases, a broker may keep all new accounts "in-house", offering virtually no slippage - since most traders lose, why share that money with the LPs? The accounts that begin to show profit are later moved to a true ECN environment where real slippage can occur.

 

[HardKore]

I am a full time forex trader ib and affiliate and a small dot com business owner and we at WEBSITE URL REMOVED Know for a fact "OCTAFX IS A GOOD BROKER" I will defend this broker because I am affiliate of octafx maybe u did not read your agreement like 90% of New Traders


MODERATION TEAM NOTE: Posting a link this way puts you at risk of being invited to Spam Cat's dinner table.

 

[IrwanI]

Very Hot case!,i found the slippage video on you tube
www.youtube.com/watch?v=t3GRgkTq-OQ take a look of it,very strange slippage.

 

[stevesmain]

hey guys they sponsor a British football team ... doesn't that make them reputable?

go for were it will hurt ... bombard that football team with complaints!! they will not likely want to be associated with a untrustworthy company!