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UNCONFIRMED Octafx problem

Discussion in 'Resolved Issues' started by rangarajan, Feb 25, 2014.

  1. rangarajan

    rangarajan Recruit

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    AsstModerator Note: rangarajan was asked by OctaFx's representative for his account number so that his issue could be examined. He ignored that request. The FPA emailed him and asked him to contact OctaFx with this information or come back and post it in this thread. He didn't. Based on this, the subject line of this thread has been changed.

    Unless rangarajan returns with more information, I can place no trust in what he says.



    Octafx is a big scammer. They want earn money only from the traders. They are not also ECN. Big Scam Market Maker. Especially, their SWAP FREE accounts, ib the SWAP FREE accounts the swaps are added in the name of commission on daily basis. The only difference between Swap free accounts and ordinary account is the swaps are invisible in the name of commission. Another thing is their ib. The spreads are some pairs lower than one pip . ie. Their profit is 10$ per lot. But they give $15 for ib commission for the ibs having more than 100 clients. How it is possible?. Also the change their rules after trader earned money. They can’t said their trading terms before trading, they also tell about their trading terms after earned some money and can’t give the profit.
    FPA moderation team, please confirm all the reviews supporting to Octafx. Because all the reviews will be write for the Octafx word it out review contest. Also give a scam alert to Octafx, because thay change their rules simultaneously against traders after they earned profit.
    All the traders please stay away from Octafx. Because they change their rules after you get profit with hard mental torcher and they cant't give your profit by changing their rules against you.
     
    #1 rangarajan, Feb 25, 2014
    Lasted edited by : Mar 21, 2014
  2. LoRio

    LoRio Sergeant

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    How much did you lose?
     
  3. rangarajan

    rangarajan Recruit

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    More than $300. Amount is not a problem. But they will said about their trading terms before. If they said before trading, traders will trade with the rules. But after earned money, traders money will not be given by updating their rules, what is mental condition of trader. If it is small amount no problem. But if it is big amount, the trader will be mentally dis-ordered. If after they give money, they update their rules, they are truely genuine. This is only posted for giving alerts to traders only.
     
  4. Pharaoh

    Pharaoh Colonel

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    Can you please give some details about exactly what happened to you?
     
  5. rangarajan

    rangarajan Recruit

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    Dear Pharaoh,
    First their SWAP FREE Accounts,
    I was opened a swap free account in Octafx and trade with them. In SWAP FREE accounts swaps will not be added. But after few days, I closed my orders they were added commission. The commission is same as swap. But it is invisible in MT4 untill, I close my orders. I ask them why swaps are added in the name of commission in swap free accounts. They replied cool, swap free accounts made for Muslim religious and their is no difference between swap free accounts and other accounts. This is first cheating. They advertise swap free accounts available in Octafx is only attract the clients. The SWAP FREE accounts are fake.

    Second thing their re-quotes.
    They are said the accounts are not re-quotes. But, the pending orders opened with re-quotes in the name of started/gap. ie. the buy stop orders were opened with higher price and sell stop orders quoted opened with lower price from the quoted price. Also sell limit orders opened with lower price and buy limit orders were opened in higher price. It causing the profit and give loss to the traders. This is one type of cheating with re-quotes.

    The third big scam.
    Their ib programs. The ib rates are vary with the no. of clients. also they give $15. for the ibs those who have more than 100 clients. All the brokers are earning money in the pip difference only and they give IB commission less than the pip difference. ie. the broker earn 10$ for one lot with one pip difference pair.(This is average). In the 10 $ they will give 5 $. It is possible to give. But in Octafx many pairs having less than one. So they will earn less than 10$ per lot. But they give 15$ IB commission, for the IBs those having morethan 100 clients. In this condition, the excess amount to give IB commission will be coming from where?. This shows they will attract more clients with attractive announcements and close the website after getting t a big money from them.

    But, I don't think about the above conditions, I was trading with Octafx for past 3 months with an IB. The IB transfer the IB commission on every monday. Until last week (ie.16.02.2014) i got the IB revenue from that IB. So, I traded more lots in last week with high tension of mind same as previous trading and expect to receive my IB commission on Monday. But on Monday (ie.24.02.2014) I can't get my IB commission. I contact my IB, why I am not received my IB commission. The IB told Octafx remove your account from my IB due to hedged trading, so I am not unable to transfer money to your account. What a big scam, I traded last week as well as my previous trading. They gave IB commission until last week. But this week they are updating their rules for IB commission ie. hedged trading will not eligible for IB commission. I accept their update, but they can't give information about that update. If they are genuine they gave the earned money and giving a information about the trading strategy will not accept for IB commission in future. How we believe this type of cheaters. If after earning more money they with hold the profit, by updating their rules against trader, what can we do?.
     
  6. Pharaoh

    Pharaoh Colonel

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    If those "commissions" are really exactly equal to swaps, that would strike me as a slap in the face to call them swap free. I have seen some broker that have "storage charges" instead of swaps - also cheating, but usually clearly disclosed.

    For #2, I think you are mixing slippage with requotes. A requote says price has changed and asks you if you are willing to accept a new price. Slippage is when the order executes at a different price than what was displayed when you pressed the button.

    For #3, there are many ways to make that work. Setting wider spread or enhancing slippage on those accounts via the Virtual Dealer Plugin could keep those accounts profitable. Naturally, this isn't good from the client's perspective.
     
  7. Master Yoda

    Master Yoda Captain

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    OctaFX has a rep here, I hope he will pop to clear this issue

    You should invite him
     
  8. rangarajan

    rangarajan Recruit

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    dear Pharaoh.
    Thanks for your reply. please read my post once again. I am trading for past 2 years with many brokers. I know the difference between, the commission and swap. Commission would be one time charges or adding after some days for storage charges and also it is visible. But in Octafx, the commission in swapfree accounts added daily as like as swaps(ie. the commission is equal to swap. There is no cost difference between swap and commission) and it it invisible, trader can't see the commission amount until they close the order. This is cheating or not.

    another one is the difference between slippage and re-quotes. Their re-quotes are not slippage. the buy stop orders were opened with higher price and sell stop orders quoted opened with lower price from the quoted price. Also sell limit orders opened with lower price and buy limit orders were opened in higher price. This is not slippage they re-quoted our price to increase the traders loss.
     
  9. OctaFX

    OctaFX OctaFx Representative

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    Dear Sir,
    If you could introduce yourself or at least provide me with your account number it would be much easier to understand what your problem is. You seem to be confused and I’d be pleased to clear your doubts.
    1. The fact that we apply commission to swap free accounts is written at the account creation page (https://my.octafx.com/open-account/real/) purposely to avoid any controversy. In our Customer Agreement we also state this fact and even provide a calculation. Anyway, whenever you feel disoriented you are welcome consult with our customer service.
    2. As Pharaoh already mentioned here, you are mixing requotes with a completely different thing. Since you mentioned 'started/gap' comment, it is obvious to me that this is just a matter of pending orders execution. Pending orders during the price gaps execution policy, it is available in our Customer Agreement (item 11.2)
    http://www.octafx.com/files/pdf/OctaFX_Customer_Agreement.pdf
    3. Let’s not go over the top, shall we? Especially this “website closure” thing. OctaFX has been growing rapidly since 2011. We have thousands of clients who trust us and I assure you that we have all intentions to establish even more solid presence in the market. As a part of it we are interesting in acquiring good IB’s and are ready to give them an extra coin. However, since you are not our partner, I can’t imagine what can be your concern here.
    4. As for the rest, let’s not mix things again. IB commission is what we pay to our partners. We do not pay any commission to traders. Seems like you are talking about rebate – a service some IB’s provide to their clients. I missed the part where you explain how your relationship with your IB is relevant to the services we provide to you as a broker. Would you please enlighten me here? I strongly believe that we never failed to give you any profit on any trades you performed.

    Cheers, everyone!
     
  10. rangarajan

    rangarajan Recruit

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    Dear Octafx representative,
    I am one of your client. I also here for all the clients those who were affected by suddenly changing Octafx IB terms on 24.02.2014. Also I tried to withdraw money by contacting octafx support team by email. But their response is not a solution for me to withdraw my IB commssion. Also they are always cool and without worry about yraders mentality and money. I told them, Please allow me to withdraw my money after i run away from octafx. But they can't consider my request. Also I have all eviidences for the above incidents as I said. Also I need my money. The only solution is please allow your IBs to transfer money to the traders account as like as last week. After you do anything. No body will not worry about. I want my money which has earned with high pressure of mind. Otherwise, I will file a case against Octafx in FPA court. Also, now your concern is not regulated. After your company regulated, I will give a complaint with evidence to the regulated authority. So, the only solution please allow all the IBs will be allow to transfer the IB commission as like as 16.02.2014.

    Also your firm has a mentality, we change our terms when ever we need, traders are unable to do anything. But FPA help traders from this type of mentality. Also, you told your support team, think about traders mentality and money before changing any terms.

    I hope you will help me to withdraw my IB commission by solving the problem soon.

    Thank you.
     

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