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OctaFX official representative

  • #181
  • Feb 27, 2016 8:52am Feb 27, 2016 8:52am
Quoting OctaFX.Rep
Dear everyone, Please make sure to thoroughly read and understand the Customer Agreement prior to opening a real account at OctaFX, especially p. 3.10 "The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Client and the Client agrees that the Company will have no obligation to inform the Client of the reasons". Best regards, OctaFX Rep.
This is very welcoming! We want clients but be warned we wil close you sccounts and decide not to inform you why. Get your act together. Question to you js do you have interest in clients Trades?
  • #182
  • Feb 27, 2016 10:16am Feb 27, 2016 10:16am
Still watching
  • #183
  • Feb 27, 2016 2:04pm Feb 27, 2016 2:04pm
Can anyone give me a proper link to where I can know more about this? I have been working with Octafx for past 2-3 years, I have 2 accounts one for scalping and other for long term (swapfree), I don’t make massive profits, but at least it is something I can be happy about. Now I am often hearing these sort of stuff but honestly i rarely see the person providing full side, it seems to be in piece and unfortunately that’s from both sides, so finding reality from that is next to impossible, as in past we have heard Instaforex been accused of same stuff yet never proven, so really it is frustrating to read half stuff.
  • #184
  • Feb 28, 2016 4:32am Feb 28, 2016 4:32am
Quoting Fedricks
Can anyone give me a proper link to where I can know more about this? I have been working with Octafx for past 2-3 years, I have 2 accounts one for scalping and other for long term (swapfree), I dont make massive profits, but at least it is something I can be happy about. Now I am often hearing these sort of stuff but honestly i rarely see the person providing full side, it seems to be in piece and unfortunately thats from both sides, so finding reality from that is next to impossible, as in past we have heard Instaforex been accused of same stuff...
What do you mean by "full side"?? It is already given in the thread!

Next to the detailed description of the problem a full order report of the mentioned account is available: http://www.forexfactory.com/showthre...13#post8762413

What else do you need? Check for yourself. Regular account, however highly profitable. No excessive order opening/closing or anything comparable which could lead to a disporportional server usage. If you find anything suspicious, tell me. I am pretty sure u won't find anything - it is that easy, and scary as well.

And everybody is still waiting for a credible explanation from OctaFx...
  • #185
  • Feb 29, 2016 2:58am Feb 29, 2016 2:58am
Dear everyone,

Please, don't doubt the reliability of OctaFX, thousands of satisfied clients are happy with our services and stay with us for years and I assure you that we have all intentions to establish even more solid presence in the market. What we have here is misunderstanding the company's rule and, moreover, the rule which has and applies almost each and every regular company in the world. It's our right whether to provide our services to one or another client or not, and to inform him of the reason or not. When you register your account and agree that you've read and agree with the Customer Agreement, why do you start complaining after you've agreed with the fact that you might be refused to be provided with the company's services? That is unfair to argue the point you agreed with initially. It is unfortunate that you feel dissapointed with our services and rules, but it's only up to you to decide which broker you are going to trade with, and, please, be attentive that other brokers have the same common rules as we have.

Best regards,
OctaFX Rep.
  • #186
  • Feb 29, 2016 3:19am Feb 29, 2016 3:19am
Quoting Husker
Interesting reading here. I have been refining and testing my strategy with OCtA for over a year and recently went to fund my account and begin live trading. Imagine my surprise when I was told that Octa was not taking UK customers! Amazing when they are sponsoring a UK soccer team ! (AKA advertising to UK customers) I can see earlier in this thread somebody else encountered this issue back in September 2015 and to date this is still not resolved.
Dear Husker,

Yes, we do not accept UK clients, and we are still in the process of development. As it turned out, it is a very complex and long-term procedure and we feel deeply sorry that you have to wait so long. Nevertheless, we are working really hard on this issue in order to meet your expectations and to further improve our services making your forex trading even more convenient.

Best regards,
OctaFX Rep.
  • #187
  • Feb 29, 2016 3:58am Feb 29, 2016 3:58am
Quoting OctaFX.Rep
What we have here is misunderstanding the company's rule and, moreover, the rule which has and applies almost each and every regular company in the world.
Wrong! What we have here is the substantial uncovering of one of the biggest problems in the retail traider business - unreliable brokers. It is hard enough for each trader to persist in the rough and difficult markets without struggling. No need for additional irritating factors like scam brokers.
Every business between contractor and client is based on the advantage for BOTH sides. While you earn on the trading as one side, the other side earns on the reliable service you are providing.
In this particular case here, it is not about having the possibilty of closing accounts, it is about DOING SO. There's a lot of juridicial stuff in every customer agreement, but it is the way of (mis)using your possibilities you are going to be evaluated on.

In addition, by constantly missing the chance of giving honest answers to a suspicious situation you are facing this self-inflicted accusation by an increasing number of members here now - no misunderstanding. Funny that i have to remind you: it is YOU, who has to advertise on the trust of your clients.

The fact, that the mentioned strategy is still valid on numerous brokers proves the difference between you and other brokers in protecting their responsibilities to the customers: beeing reliable.

As you desperately mention your large amount of happy clients: they might simply don't know yet..
  • #188
  • Edited 1:46pm Feb 29, 2016 6:10am | Edited 1:46pm
Quoting OctaFX.Rep
It's our right whether to provide our services to one or another client or not, and to inform him of the reason or not.

https://www.fca.org.uk/about/operate/principles

1. Integrity A firm must conduct its business with integrity.

6. Customers' interests A firm must pay due regard to the interests of its customers and treat them fairly.

7. Communications with clients A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading.

In case of an Alternative Resolution Dispute with the Financial Ombusman you could not cite your unfair clause as an excuse, You will have to crawl and reveal all the possible details.
  • #189
  • Feb 29, 2016 9:26am Feb 29, 2016 9:26am
Quoting duxis
{quote} https://www.fca.org.uk/about/operate/principles 1. Integrity A firm must conduct its business with integrity. 6. Customers' interests A firm must pay due regard to the interests of its customers and treat them fairly. 7. Communications with clients A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. In case of an Alternative Resolution Dispute with the Financial Ombusman you could not cite this unfair clause, You will have to...
Very good point!
  • #190
  • Feb 29, 2016 4:04pm Feb 29, 2016 4:04pm
Quoting OctaFX.Rep
{quote} Dear Husker, Yes, we do not accept UK clients, and we are still in the process of development. As it turned out, it is a very complex and long-term procedure and we feel deeply sorry that you have to wait so long. Nevertheless, we are working really hard on this issue in order to meet your expectations and to further improve our services making your forex trading even more convenient. Best regards, OctaFX Rep.
And what about clients from USA, Russia, Palestina? Why OctaFx doesn't accept them?
  • #191
  • Mar 1, 2016 2:07am Mar 1, 2016 2:07am
I remember a similar story where a trader got all his amazing profits removed after several months of trading, reason was "suspected arbitrage trading", but he said he was using actual strategies.

The broker was Alpari UK, who later went bankrupt.
  • #192
  • Mar 1, 2016 2:39am Mar 1, 2016 2:39am
Quoting Dunno67
{quote} And what about clients from USA, Russia, Palestina? Why OctaFx doesn't accept them?
Hello Dunno67!

Thank you for the question!

OctaFX acts in full compliance with international legislation and due to the restrictions by the international law we are currently not allowed to open/provide/maintain any real accounts for clients from USA, Russia and Palestine. Thank you for understanding and we apologize for this inconvenience.

Best regards,
OctaFX Rep.
  • #193
  • Mar 4, 2016 5:01am Mar 4, 2016 5:01am
Round 37 of cTrader Weekly demo contest: winners revealed ​
Attached Image

​A new week means a new round of OctaFX cTrader Weekly demo contest that brings five more winners! This time, the prize fund of $400 is divided between the traders from all over the world. Here are the winners of Round 37 of cTrader Weekly demo contest:

 

  1. 1st place with the award of $150 goes to Mr. Mohamed Elhadi Sifi from Algeria.
  2. 2nd place with the award of $100 goes to Mr. Kirit Rupala from India.
  3. 3rd place with the award of $75 goes to Mr. Ha Thi Minh Tien from Vietnam.
  4. 4th place with the award of $50 goes to Mr. Atmo Diharjo from Indonesia.
  5. 5th place with the award of $25 goes to Mr. Sifa Mwenda from Kenya.


OctaFX cTrader Weekly demo contest is an exciting possibility for all traders who are ready to challenge their abilities and fight to win valuable prizes. The benefits of cTrader Weekly demo contest are:

  1. No risk. Open a demo account and dont risk your own funds.
  2. Real rewards.The first winner of the round gets as much as $150!
  3. Trade and learn. OctaFX cTrader Weekly demo contest is a great chance to test and improve your trading skills.

Register in the upcoming round of OctaFX cTrader Weekly demo contest to see what you are made of and be ready for success!



OctaFX cTrader Weekly demo contest: trade and win!

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  • #194
  • Mar 5, 2016 4:43am Mar 5, 2016 4:43am
It took me 10 minutes to gather the facts on OCTA FX "Broker", if one needs more to stay away from them, then be it:

There are tens (if not hundreds) of reviews on FPA and other sites where clearly this "broker" has shut down accounts of profitable traders, without mentioning reasons;
OctaFX is located in St Vincent & Grenadines, offshore location without reach of most legal bodies in EU or Asia, where bulk of their client base resides;
Despite marketing, there is no record of them being regulated by any financial authority within the EU;

Bottom line:

- Bucket shop MM offering own price feed to idiots not even sharp enough to check a FCA website for membership; they don't even need to take the other side of the trade, because they ARE the other side of the trade;
- NOT REGULATED BY ANY FINANCIAL AUTHORITY ANYWHERE;
- Closing accounts without notice - well documented online;
- Shop located on faraway ocean island outside of any jurisdiction;

For the noobs thinking "well look everyone, they sponsor Southampton soccer team, so they must be legit forex broker", it's like saying "this robber must be legit because he has a suit and tie". Southampton is a bankrupt cash-hungry EPL team which will accept sponsorship from El Chapo himself if it pays them some bills.

Don't fall for the marketing shills these companies employ to rob you of your cents.
Best regards, Zef
  • #195
  • Mar 5, 2016 2:42pm Mar 5, 2016 2:42pm
I read it somewhere on internet, is it true octafx withdrawal require to send physical document to vincent grenadine?
Risk comes from not knowing what you're doing.
  • #196
  • Mar 5, 2016 2:49pm Mar 5, 2016 2:49pm
guys please get a life.

this says it all. 50% deposit bonus.
  • #197
  • Mar 6, 2016 9:25am Mar 6, 2016 9:25am
Hi Guys!

Thought I give this thread a read seeing how things have developed. Meanwhile Octa was contacting me via pm (see attached screen shot) trying to calm me down using a more polite way than they used when reacting to my initial post in this thread.

I am happy that more of us did leave their comments here with some really good facts. Let me grab one of it as it fits my own attitude quite well. Trading forex as a retailer is more than hard enough. You can only win what someone else loses. The contest is hard due to this. In addition we don´t need institutions that make it even harder or impossible to gain a little edge. Keeping the unprofitable customers and kicking out the profitable ones makes sense if the broker takes the other side of a trade. As long as Octa is not telling the reason for quitting their service to customers who are running profitable systems it smells like this could be their practice to make money.

I am really happy to read more comments of us within the last days than commercials of Octa celebrating themselves for being the best broker in the universe.

If nobody complains nothing will change! So please Octa, you still owe us an answer. Simply come up with it. Even if you quit me because my gain was your loss and you would admit that now it would be ok for me. Why not simply confess and promise improvement? You would not have been the first broker that quit B booking…

Kind regards,
Jan
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File Type: zip PM.zip   28 KB | 366 downloads
  • #198
  • Mar 6, 2016 6:22pm Mar 6, 2016 6:22pm
Quoting Drolph
{quote} What do you mean by "full side"?? It is already given in the thread! Next to the detailed description of the problem a full order report of the mentioned account is available: http://www.forexfactory.com/showthre...13#post8762413 What else do you need? Check for yourself. Regular account, however highly profitable. No excessive order opening/closing or anything comparable which could lead to a disporportional server usage. If you find anything suspicious, tell me. I am pretty sure u won't find anything - it is that...
I am sorry if I am getting anything wrong since I really was not able to spot the exact thing here. I just understood this part that OctaFX has closed out account without mentioning the reason, BUT have not stolen (cheated) money instead have just not allowed one to trade with them, is this really the thing? If so then what’s big deal in that? I have seen several brokers with similar stuff. In past Instaforex also closed out many accounts without giving reason, I can’t find logic in why we want to argue? I mean it’s crystal clear in terms that they have the right to do so; I am at least not worried about myself. In fact, I am only more interested with OctaFX ever since they have launched Southampton Supreme contest, it has given me time pass sort of thing where I can win decent prizes plus get solid practice which of course is better than having to use dull demo, but again I am sorry if I have not clearly known the clear side, but again this is just my personal view, so don’t really want to comment on others view.
  • #199
  • Mar 7, 2016 5:08am Mar 7, 2016 5:08am
Without any doubt, everyone should have his own oppionion. All good and reputable. However i don't get the objective arguments of your point, Fedricks. I mean the topic/problem is well described meanwhile, i don't want to repeat it in detail again. But your personal decision to use their promotions for your benefit does not answer or disarm the problem discussed here.
Lets try to approach the problem from another side - if you think it is legit to close accounts without giving reasons, why does it only affect profitable ones!?
With all due respect, by reading your post it really sounds like the text of a fanboy, who don't want to allow any junk on the broker he his trading with. I can't help myself, sorry. No personal offense.

The best would be to quote the principles of the FCA at this point one more time:

Quoting duxis
{quote} https://www.fca.org.uk/about/operate/principles 1. Integrity A firm must conduct its business with integrity. 6. Customers' interests A firm must pay due regard to the interests of its customers and treat them fairly. 7. Communications with clients A firm must pay due regard to the information needs of its clients, and communicate information to them in a way which is clear, fair and not misleading. In case of an Alternative Resolution Dispute with the Financial Ombusman you could not cite your unfair clause as an excuse, You...
  • #200
  • Mar 7, 2016 7:20am Mar 7, 2016 7:20am
Look what happen to "Father of scammer" Reza Mokhtarian Capital Trust Market
http://www.cbc.ca/news/canada/toront...cted-1.3467416

The "Karma" just begun.
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