Scam OctaFX is scam broker.

Discussion in 'Scam brokers' started by Kirankumar Chitragar, 14 February 2024.

  1. Kirankumar Chitragar

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    OctaFx closed my trade without hitting SL. Below is chat with support. They didn't refunded my loss, when fault lies at their end. I have moved away from octafx.

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    Below is order list and EURNZD is in question.

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  2. kadal tengu

    kadal tengu Member

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    Dude, when liquidity is limited, the spread will be significantly higher, this is most likely causing your SL to be hit. You need to really understand how the forex trading works. To be clear, I am not in any way shape, or form affiliated with your Broker. And yes, there are many bad brokers but also good ones. Do your own due diligence to select a good broker.
     
  3. Naqh

    Naqh Active Member

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    I can't exactly see your orders SL price and your closed order price to determine the problem. But here is the basics, while market is volatile (High News Impact, etc) there will be an increase on broker slippage. Since you have SL or TP or Limit Order which is determined as Pending Order. Pending Order is playing with available price on the market that broker have (That's it what Limitied Liquidity is). This is not the broker fault, but this is how the forex market works. When you trade on average volatility you will not facing this issues, maybe your SL is really near to the recent price, that's why it close your SL even the price is not hit to the SL price that you want. If you still confuse about Limited Liquidity, here is the simple explanation "How the liquidity can limited ? The only cause is all volumes that previously available at certain price levels is already fullfilled by another traders, (Mostly comes from big players). When there is High News Impact price immediatly move significant to only one direction (That is the big volume, Big players buy or sell all the volume that available at that price levels or near price levels).

    Disclaimer, I am not affiliate to this broker but i have using Octafx for many years and there is no problem with the broker, if you want to know the broker advantage, this broker have the fastest withdrawl process than any well known brokers like "IC Markets, Pepperstone, etc.". But yes i can say it again, Octafx have some different standard on their minimum stop levels "This stops level will give an affects to setting the minimum of Stop Loss Levels in Points" for each pairs, different than other brokers that mostly have the same minimum stop levels for every pairs. You can find the best broker that match you, but i can say that Octafx is not a Scam Broker.
     
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