OctaFX official representative

Dear participants,

Having reviewed the videos we would like to point out that due to how MetaTrader4 functions you only see the best price from the list of prices available. Therefore it is perfectly normal for the trades to slip from time to time, regardless of with whom you trade.
A couple trades video cannot serve as an objective description of execution quality, as it only covers a specific moment of time where the trader get slightly worse price due to multitude of reasons. For instance, potential lack of liquidity at the moment. For obvious reasons trades opened with no slippage and with positive slippage are not presented in the video.

We would also like to notice that two videos are from 2013, and even where all above applies it is important to mention that those customers were located quite far away from the trading servers. Since 5 years OctaFX has been doing everything to improve the quality of connection for its traders from all over the world, however it is possible that back in 2013 customers had delays when communicating their trades to the server.

In relation to the accusations that OctaFX is a Dealing Desk by virtue of a thread that appeared on Forex Peace Army concerning withdrawal issues encountered by our client, the case has been fully resolved. The client concerned has been paid in full and he acknowledged that we did our best to assist his case to our best ability.
On that point, as this case does not concern any of participants in this thread we will not acknowledge any comments that have been made against us in relation to this case.

For those who are concerned with our Customer Agreement, it has been submitted for review following the above mentioned FPA thread.

Lastly, in relation to withdrawals, OctaFX is one of very few brokers that actually processes all withdrawals in 1-3 hours. That means that when withdrawals are in high demand we need to manage them in such way that all clients are paid and satisfied with our service. Where a client is using a payment method which has limitations imposed by our payment processing companies, we reserve the right to ask the client to resubmit his request in several smaller requests, in his best interest. That way we ensure a smooth payouts process. Also, we would like to point out that we do not limit the way in which a client withdraws his funds, however we need to act in accordance with the AML provisions.

We hope that all above clarifies some of the concerns raised in this thread.

Thank you for your consideration.

Kind regards,
OctaFX.Rep

Did you get that trader paid in full (105 000 euros). Post here the actual proof that he got paid. Until then, not even sure why you are still allowed to post here.

Dear asgcorp,

If you'd like to see the end result of the case you're referring to please, visit the FPA forum.
Also, the client has been paid in full prior to our post here on Forex Factory.

Kind regards,
OctaFX Rep.

Just watched the following video -

One can see the client's 'Market Watch' timer at the time of entry at 08:51:11 and
once the order is filled it is at around 08:51:16
i.e. literally the next frame in the video has a gap of 4-5 seconds, indicating -
1) some latency from the client side MT4 terminal to the broker MT4 server
2) latency during the entry filling time with the LP and reporting back to the MT4 terminal.
Most likely a mixture all of the aforementioned reasons.

However,assuming that -
- there is no broker side foul play involved
- a real ECN-STP trading environment and as a result that there usually is no/minimal LP side latency (i.e. latency was predominantly contributed by MT4 reporting)

And when also taking into account the following assumptions -
1) the spread is less than 1 pip usually
2) the client was trading 1 lot on a major such as AUDUSD
3) clearly not at a news announcement time and in relative low volatility(compared to prior periods)

Considering the clear slippage experienced by the client (2.4 pips from the requested price) - that does show very low liquidity at the 'top of the book' or a thin market depth in general or severe 'last look' order rejections via the LP ( a lot of 'last look' rejections should cause LP side latency in terms of the time taken to fill an order)
Once again, to emphasise - it is 1 LOT on AUDUSD.
The date and time on the MT4 platform also shows March of 2017.

I am not a client at Octafx now but I was interested in the firm as the overall costs seemed very low compared to its peers. I genuinely do hope things improve or that this is some kind of rare anomaly. However, the number of videos posted showing similar events causes some concern.

Octafx was good for sometime specially in deposit and withdrawal but since the last one month they have started dirty tricks like delaying your order and also it reduces one or two pips in closing your trade costing you extra pips and reduces your profit or even sometime when you close your trade at a small profit you'll see your trade is closed in lose...when you complain they will give you false justifications and you HAVE TO ADMIT ...They have lost my trust

Dear Forex330,

We're sorry to hear about your experience with us. Could you please provide us with your trading account number? We'd like to understand what happened in your case and help you resolve any issues you've experienced while trading with us.
Thank you in advance.

Kind regards,
OctaFX.Rep

After almost 2 years with Octafx(cTrader Platform),i don't find any suspicious act from them,slippage,delaying order it happened sometime during the High impact news release but it's normal same as other broker even they claim have a very speed execution.

Mt4 swap free account have daily commision charge,not very suitable for Muslim trader.There is a lot of broker out there without any commision charge on swap free account.
Other than that,so far so good.
Withdraw to local bank(same method depositing) is very fast,less than one hour.

Dear Irwan1976,

Thank you for your feedback, we really appreciate it. We'd like to hear more from you. Could you please provide your account number and trades that were executed with slippage? We'd like to look into it. Also, what charge would you deem appropriate? Did you opt-in to our swap free account?

Looking forward to hearing from you.

Kind regards,
OctaFX.Rep

Thank for your respond,i like it very responsive.I don't have any problem with Octafx,just forget about the slippage is just a small one,no big deal to me.
Second withdraw success to local bank less than 1 hour.i like it.
About the swap free account,yes i used it for 1 or 2 week,no swap but daily commision charge,in my opinion it still the same (swap change to daily commision)
Now i'm using cTrade,close all my position before the weekend,so no swap and no commision.

So far so good.I don't have any problem with Octafx.It is indeed my pleasure to stay with Octafx as my broker and introduce to other trader.

Thank You

Dear Irwan1976,

Thank you very much for your kind feedback.
We're glad to hear that you're enjoying trading with us, and were able to find a suitable alternative for swap free account within our products.
If you ever have any questions please, feel free to contact us anytime.

Kind regards,
OctaFX.Rep

No problem,Thank You.

Hello OctaFX.. I would like to ask about your regulation.. Why I cannot see the FCA logo anymore. I just noticed recently when one of my clients asked me about where he can find the FCA regulation on your website. Could you please kindly give me an explanation about this? Any plan to get another regulation other than FCA soon?

Dear disaresta,

Thank you for reaching out to us. That is correct, you will not see any FCA related information on our website as we've decided not to continue with it due to Brexit. We apologize for any inconvenience caused. We're currently in the process of obtaining an alternative regulation and we'll update all our traders as soon as we have any more information.

Kind regards,
OctaFX.Rep

Thanks for your clear explanation..

Anytime!

Kind regards,
OctaFX.Rep

Dear OctaFX.Rep,

Stop hunt of 1,300 pips? Yes it's a possibility. Lost 1,142.56 "possibly" due to such move. I cannot find any other reason to explain this away.



I am the type of person who does not jump to conclusions quickly. I wanted to give OctaFX the benefit of the doubt and not accuse anyone of highly unethical forex broker behavior but since the loss was big enough potentially result in the wipe-out of my account that it warranted several avenues of complaint other than my private complaint via e-mail and chat support to the broker.

In short, I need to have some immediate resolution on this matter, which is why I am taking this public and posting this in FF. Time is of the essence because I still have existing positions and orders which could result in big losses due to the current level of my margin.

Here goes:

Over the weekend I had an existing long 0.08 lot position on GBPCHF. Earlier today (or yesterday depending on timezone) at around 9:06pm GMT, August 5th, 2018, GBPCHF dropped 1,300++ pips, then returned to normal price levels, all in a span of one minute.

https://mail.google.com/mail/u/1/?ui...e9ab&zw&atsh=1

Here is their mobile ctrader chart in comparison:

https://mail.google.com/mail/u/1/?ui...e9ab&zw&atsh=1

Every other forex chart I examined did not exhibit the same movement. Charts such as

ICMarket's (ctrader):

https://mail.google.com/mail/u/1/?ui...e9ab&zw&atsh=1

DailyFX's:

https://mail.google.com/mail/u/1/?ui...e9ab&zw&atsh=1

Investing.com's:

https://mail.google.com/mail/u/1/?ui...e9ab&zw&atsh=1

FXCM:

https://mail.google.com/mail/u/1/?ui...e9ab&zw&atsh=1

and the other numerous charts from other brokers did not show abnormal activity.

Even OctaFX's MT4 GBPCHF chart exhibited nothing out of the ordinary.

https://mail.google.com/mail/u/1/?ui...6632&zw&atsh=1

Also, it can be concluded that a movement of such magnitude, 1,300 pips in 1 minute in GBPCHF, should affect all GBP and CHF pairs, however no such movement was recorded in other GBP or CHF pairs in Octafx ctrader. Not sure? Check out your OctaFX GBPUSD, USDCHF, GBPJPY, GBPNZD, GBPAUD, CHFJPY, NZDCHF or AUDCHF charts.

Finally, nothing in the financial market news indicated an event that caused a drop in GBPCHF of such magnitude to occur. Check it out yourself, http://www.financialjuice.com, 9am to 10am GMT, no news pertaining to GBP nor CHF.

Even David of OctaFX, chat support representative of OctaFX agrees with me:




Seems that this BIG, ALMOST APOCALYPTIC MOVE was only confined to GBPCHF. For reference, the Swiss Franc devaluation produced a 3K pip movement, while Brexit produced somewhere between 1K to 2K I believe, and Brexit was was not unexpected news too.

The most coincidental thing about this is, the movement happened to coincide with the pip distance of my STOP LOSS, which was set at 1,300 pips. If you notice the second top-most screenshot above, my position was closed at the tailend of the candle's wick.



Happy coincidence? You decide.

To top it off, the move happened during a very odd time. Just 6 minutes after the markets opened today I believe. Right under everyone's noses.

Now imagine 2 scenarios:

1. What if that wasn't an 0.08 lot position? What if it was 0.16 and above? I would have awoken to a wiped out account.
2. Maybe if my SL was set at 3K pips, the move would have been 3K pips, not 1.3K, and people would wonder if SNB de-pegged their currency out of the blue, again.

Anyway, due to the unjustifiable and seemingly out-of-nowhere flash crash in GBPCHF, my margin level was reduced significantly, which put my current positions in danger of OctaFX's smart stop out, and I presently do not have enough margin to proceed with further trades to regain my "unnatural loss", and win further profits. As of now, my current positions are hanging by a thread just to survive. UPDATE: just now I deposited 400USD into my account (which I was hesitant to do because the playing field isn't fair on this one, but I was forced to because my margin levels were low enough).

Given the above circumstances, I demand a quick and immediate explanation and resolution to this matter for the reason that, if my current positions get stopped out or close out in a loss due to lack of margin, it will be conclusively OctaFX's fault and I will be entitled to not only a refund but lost trading opportunity income. Please act on this quick.

Also OctaFX claims to be an ECN account provider - they have charged me a total of 91USD for the past two weekends as a result of their weekly rollover ECN fee. Given this, I'm highly stumped as to how this could have happened and again, and I reiterate my demand for an immediate explanation.

I really hope there is a very good explanation, and this was just an honest but monumental mistake.

Kind regards,
Ryu

Dear RyuSSX,

We're sorry to hear about your experience with OctaFX. We are currently investigating your claim. Please rest assured that if your losses where a result of our system's malfunction your trades will be reimbursed.

Kind regards,
OctaFX.Rep

Thank you for your prompt action. I fell sick the past two days due to the stress caused by this incident but I guess all's well that ends well. I'll give a more detailed report of how OctaFX resolved the situation in a prompt manner and will give a positive review of this company in my next post.

To cut things Short, they ultimately determined that the incident was caused by a screw up on the liquidity provider's end and their explanation checked out.

What impressed me the most was the speed of their reaction and how they reacted. I guess I'm here to stay with this broker.

I would like to make this post in order to give closure to this incident. As mentioned, they ultimately resolved the situation and returned my loss:



Now, for me, it took some time, about 12 hours from the time I complained about this issue, for them to return the money. To their defense, their office opens at New York timezone I believe, and from that time, the return of the funds was immediate. I received the funds at about 9:22am NY Time, so their office just about opened. I would say objectively, that was very fast, but that time, it was long for me so I was impatient. I believe I did acknowledge my impatience in my first post above and that was because I was irrational and emotional that time. I mean, imagine waking up to a 1.1K USD loss which was unfairly sustained. Additionally, I happened to have a fever that time as well so it was a really, really terrible day for me. Here's a screenshot of my thermometer reading procured by my wife that day who was taking care of me:



It just sucked. It's as if the entire force of the universe was against me. How can I win against that? Furthermore, I had unrealized floating losses which I had to manage on significantly-reduced margin. Has the universe conspired against me?

Anyway, all throughout the ordeal, even though I kept bugging them thru e-mails about what the update is on my case, they kept responding to my e-mails. At that time, I thought they were just delaying me but on hindsight, they had a pretty reasonable response. They kept on telling me it will be resolved within the day and that they're investigating and reviewing the entire incident. Of course, when you are a big company, you don't just do impulsive actions, you review the incident first, then take action accordingly. I was unreasonably expecting them to return my money right this instant, but it has to go through the process. As mentioned, I was reasonably but irrationally impatient. In fact, I was so impatient, I decided to make a post against them here in forexfactory (my first post above) as my way of maybe forcing their hand? On hindsight, if I wasn't in such terrible condition, I would have waited a day before taking this public. But what's done is done and to be fair to them, I need to make amends which is why I'm writing this follow-up, closure post.

So yeah, they returned my money before they even explained what happened. Which I think is a huge gesture on their part. It appears that the spike occurred from the liquidity provider's side. Last word I had was that they have already contacted the said liquidity provider and they're currently looking into it. From my understanding, they have not yet had closure on this from the liquidity provider's end yet they already returned my money. I think that deserves praise, credit and appreciation.

Then yesterday, a representative from OctaFX called my mobile phone asking me how I was doing. While we did not have a lengthy conversation due to my terrible condition yesterday as well, I think it is a good, personal gesture on their part. I did relay a personal message to him via their e-mail support in order to make up for my unenthusiastic reaction to his call. They responded in this manner:



I tried withdrawing my funds from OctaFX and I thought because of my post here and bad review against them in their FB page, they would give me hard time. Instead, I was able to make a withdrawal fast. Really fast. 2 hours fast in fact. That was the fastest I was ever able to withdraw from any broker before and that means something. Of course they required a few verifications to confirm it was in fact, me, who made the withdrawal requests but this is a one-time thing and after the verification (which was done fast too) I was able to receive the funds almost instantaneously.

That's one of the most important things a broker can have to me - fast withdrawals.

In summary, I would like to say, I have been a trader for a long time and it is my conclusion that no broker is perfect, and that includes OctaFX. However, I think OctaFX just made a case for being one of the fastest responders to the scene. Eventually, things screw up and the speed at which we respond to these situations is what makes or breaks us. This incident "makes" OctaFX. I have no hesitations to put a huge chunk of my money back in OctaFX and will trade under their account for the foreseeable future. They have earned my trust and I'm grateful for having found a reliable and trustworthy forex broker.

I would personally like to thank the support team of OctaFX which includes Emma, Nathan, David and... I really can't remember his name - the guy who called me.