Abandoned - OctaFX does not let me withdraw my profits!

[Jychris98]

MT4 ID (OctaFx trading account number) : 22205704

Broker Name : OctaFX

Server Name : OctaFx-Real9


OCTAFX BANNED MY ACCOUNT RIGHT AFTER I MADE PROFITS!

I was trading with OctaFx for almost 2 years. I last week I was trading XNGUSD pair with OctaFx, and I made some profit of USD $ 28080.31. However, I am unable to withdraw my money (OctaFX declined my withdrawal request) and banned my account without an explanation on their end.

13/04 – I was trading XNGUSD on 11PM (GMT + 8) and I closed my positions at 2.00AM. During this period, approximately 79 trades was executed and all positions were closed, after deducting the trade losses, I have gained USD $28080.31 in net profit. I have tried to withdraw some of my profits however all my withdrawal has been rejected by OctaFX.

ALL TRADE ID AND PROOF OF RECORDS HAS BEEN SCREENSHOTTED AND VIDEO RECORDED.

14/04 – My account has been blocked by OctaFX. All my floating positions on XAUUSD, XTIUSD were forcefully closed by OctaFX.

I tried to contact their customers support, however they are unable to explain anything regarding this incident to me. They diverted me to send an email to their KYC Team as they are putting my account into Read-Only Status to investigate on my trades. Email was sent from my end to the KYC Team to understand more about why this is happening.

15/04 – KYC team reverted to me. They banned my account with clauses “Service denied in accordance with the p. 3.10 and p. 4.7 of the Customer Agreement”

"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."

"4.7. Orders opened or closed by off-market quotes can be cancelled”

NONE OF THESE CLAUSES EXPLAIN TO ALL THE REASON OF WHY UNABLE TO WITHDRAW PROFITS, POSITIONS FORCEFULLY CLOSED, OCTAFX ACCOUNT BLOCKED.

I am disappointed with the answer because it simply means that OctaFX tries to deny any investment profits from users without any appropriate reason, and you will not be able get your money back. OctaFX earns from all the trading spreads. When you made losses that’s it, but when you made profit you can’t withdraw!?

In the email, OctaFX promised to refund but no exact amount is being mentioned. I was asked to provide my bank details for the refund. However, how can ensure that OctaFX refund me the full amount of USD $28080.31. They could have just refund me any amount like USD $100.00 which is lesser than the amount I have deposited and available in my account throughout the year.

I’m writing this review expecting OctaFX can investigate and come up with a solid resolution to this situation. I have never wanted any compensation, I just wanted to get my money that I’m supposed to get USD $28080.31.

So I request FPA senior members respond to my thread also please invite OctaFX rep which I don't know how to do. I hope I will get justice. Thank you!

Attached screenshots for my proof of trading, however provided google drive link below for easy access.

OCTA - Google Drive

drive.google.com

ALL THAT IS DESCRIBED ABOVE ARE REAL INCIDENT AND I HAD ALL THE NECESSARY PROOF RECORDED.

 

[FxMaster]

MT4 ID (OctaFx trading account number) : 22205704

Broker Name : OctaFX

Server Name : OctaFx-Real9


OCTAFX BANNED MY ACCOUNT RIGHT AFTER I MADE PROFITS!

I was trading with OctaFx for almost 2 years. I last week I was trading XNGUSD pair with OctaFx, and I made some profit of USD $ 28080.31. However, I am unable to withdraw my money (OctaFX declined my withdrawal request) and banned my account without an explanation on their end.

13/04 – I was trading XNGUSD on 11PM (GMT + 8) and I closed my positions at 2.00AM. During this period, approximately 79 trades was executed and all positions were closed, after deducting the trade losses, I have gained USD $28080.31 in net profit. I have tried to withdraw some of my profits however all my withdrawal has been rejected by OctaFX.

ALL TRADE ID AND PROOF OF RECORDS HAS BEEN SCREENSHOTTED AND VIDEO RECORDED.

14/04 – My account has been blocked by OctaFX. All my floating positions on XAUUSD, XTIUSD were forcefully closed by OctaFX.

I tried to contact their customers support, however they are unable to explain anything regarding this incident to me. They diverted me to send an email to their KYC Team as they are putting my account into Read-Only Status to investigate on my trades. Email was sent from my end to the KYC Team to understand more about why this is happening.

15/04 – KYC team reverted to me. They banned my account with clauses “Service denied in accordance with the p. 3.10 and p. 4.7 of the Customer Agreement”

"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."

"4.7. Orders opened or closed by off-market quotes can be cancelled”

NONE OF THESE CLAUSES EXPLAIN TO ALL THE REASON OF WHY UNABLE TO WITHDRAW PROFITS, POSITIONS FORCEFULLY CLOSED, OCTAFX ACCOUNT BLOCKED.

I am disappointed with the answer because it simply means that OctaFX tries to deny any investment profits from users without any appropriate reason, and you will not be able get your money back. OctaFX earns from all the trading spreads. When you made losses that’s it, but when you made profit you can’t withdraw!?

In the email, OctaFX promised to refund but no exact amount is being mentioned. I was asked to provide my bank details for the refund. However, how can ensure that OctaFX refund me the full amount of USD $28080.31. They could have just refund me any amount like USD $100.00 which is lesser than the amount I have deposited and available in my account throughout the year.

I’m writing this review expecting OctaFX can investigate and come up with a solid resolution to this situation. I have never wanted any compensation, I just wanted to get my money that I’m supposed to get USD $28080.31.

So I request FPA senior members respond to my thread also please invite OctaFX rep which I don't know how to do. I hope I will get justice. Thank you!

Attached screenshots for my proof of trading, however provided google drive link below for easy access.

OCTA - Google Drive

drive.google.com

ALL THAT IS DESCRIBED ABOVE ARE REAL INCIDENT AND I HAD ALL THE NECESSARY PROOF RECORDED.

@OctaFX Rep, can we have your kind attention here, please?

 

[tjch82]

This is exactly same with me. After i trade XNGUSD they immediately block my account. The bad thing for me is i never earn any profit. However, u have made handsome profit. Now i jz waiting them to refund back to me. I've USD3+k inside there. They just hold my money and told me that will refund back to me in30days but they do not want to declare how much money will i get.

Is totally out of our control. Is under their discretion. We hope @OctaFX Rep can update us on this.

 

[FxMaster]

This is exactly same with me. After i trade XNGUSD they immediately block my account. The bad thing for me is i never earn any profit. However, u have made handsome profit. Now i jz waiting them to refund back to me. I've USD3+k inside there. They just hold my money and told me that will refund back to me in30days but they do not want to declare how much money will i get.

Is totally out of our control. Is under their discretion. We hope @OctaFX Rep can update us on this.

If you are having a severe problem with a company, you should open your own thread in Financial Company Comparisons and Discussions
and give details (make sure to choose "prefix" as a problem).

Why your own thread?

1. If the person who started this thread has their issue resolved, it will be marked as resolved.

2. Your thread can have a link from your review. This makes your issue more visible.

3. Issues can be different. Having your own thread makes getting advice specific to resolving your issue easier.

 

[tjch82]

Yes. Agreed. I've opened my own thread. You also reply to me. Now is waiting their refund only. I jz saw a similar things happened to me. Jz share my thoughts.

 

[Jychris98]

@OctaFX Rep any update regarding this?
Many people are following this thread and hope that it can resolve with a good outcome, hope I get justice.

 

[OctaFX Rep]

MT4 ID (OctaFx trading account number) : 22205704

Broker Name : OctaFX

Server Name : OctaFx-Real9


OCTAFX BANNED MY ACCOUNT RIGHT AFTER I MADE PROFITS!

I was trading with OctaFx for almost 2 years. I last week I was trading XNGUSD pair with OctaFx, and I made some profit of USD $ 28080.31. However, I am unable to withdraw my money (OctaFX declined my withdrawal request) and banned my account without an explanation on their end.

13/04 – I was trading XNGUSD on 11PM (GMT + 8) and I closed my positions at 2.00AM. During this period, approximately 79 trades was executed and all positions were closed, after deducting the trade losses, I have gained USD $28080.31 in net profit. I have tried to withdraw some of my profits however all my withdrawal has been rejected by OctaFX.

ALL TRADE ID AND PROOF OF RECORDS HAS BEEN SCREENSHOTTED AND VIDEO RECORDED.

14/04 – My account has been blocked by OctaFX. All my floating positions on XAUUSD, XTIUSD were forcefully closed by OctaFX.

I tried to contact their customers support, however they are unable to explain anything regarding this incident to me. They diverted me to send an email to their KYC Team as they are putting my account into Read-Only Status to investigate on my trades. Email was sent from my end to the KYC Team to understand more about why this is happening.

15/04 – KYC team reverted to me. They banned my account with clauses “Service denied in accordance with the p. 3.10 and p. 4.7 of the Customer Agreement”

"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."

"4.7. Orders opened or closed by off-market quotes can be cancelled”

NONE OF THESE CLAUSES EXPLAIN TO ALL THE REASON OF WHY UNABLE TO WITHDRAW PROFITS, POSITIONS FORCEFULLY CLOSED, OCTAFX ACCOUNT BLOCKED.

I am disappointed with the answer because it simply means that OctaFX tries to deny any investment profits from users without any appropriate reason, and you will not be able get your money back. OctaFX earns from all the trading spreads. When you made losses that’s it, but when you made profit you can’t withdraw!?

In the email, OctaFX promised to refund but no exact amount is being mentioned. I was asked to provide my bank details for the refund. However, how can ensure that OctaFX refund me the full amount of USD $28080.31. They could have just refund me any amount like USD $100.00 which is lesser than the amount I have deposited and available in my account throughout the year.

I’m writing this review expecting OctaFX can investigate and come up with a solid resolution to this situation. I have never wanted any compensation, I just wanted to get my money that I’m supposed to get USD $28080.31.

So I request FPA senior members respond to my thread also please invite OctaFX rep which I don't know how to do. I hope I will get justice. Thank you!

Attached screenshots for my proof of trading, however provided google drive link below for easy access.

OCTA - Google Drive

drive.google.com

ALL THAT IS DESCRIBED ABOVE ARE REAL INCIDENT AND I HAD ALL THE NECESSARY PROOF RECORDED.

Dear Jychris98,

Thank you for sharing your feedback with us. We apologize for any inconvenience caused and would like to address your concerns. Upon review, it appears that the issue you experienced is in line with our Customer Agreement, specifically clauses 3.10 and 4.7.

Clause 3.10 grants us the right to refuse service to clients at any time without providing a reason. This means that we may choose not to provide our services without explanation.

Clause 4.7 pertains to orders opened or closed by off-market quotes, which are quotes that do not reflect prevailing market prices. If an order is opened or closed based on an off-market quote, we reserve the right to cancel it.

We understand that this situation may have caused disappointment, especially since it was beyond your control. We sympathize with your situation and would like to make things right. To show our commitment to customer satisfaction, we are pleased to offer you a refund of $1,011.09.

Please provide us with the necessary details to process the refund, including your
- bank name
- account holder name
- account number.

We value your trust in our services and are dedicated to resolving this matter in a fair and timely manner. If you have any further questions or concerns, please do not hesitate to reach out to us. We appreciate your patience and understanding as we work toward a resolution.

Kind regards,
OctaFX Rep.

 

[4evermaat]

Yes. Agreed. I've opened my own thread. You also reply to me. Now is waiting their refund only. I jz saw a similar things happened to me. Jz share my thoughts.

Your account reveals that you only have 2 posts; no independent thread of your own. please create one now:

OR provide url link to the existing FPA thread you already made.

OCTAFX BANNED MY ACCOUNT RIGHT AFTER I MADE PROFITS!

I was trading with OctaFx for almost 2 years. I last week I was trading XNGUSD pair with OctaFx, and I made some profit of USD $ 28080.31. However, I am unable to withdraw my money (OctaFX declined my withdrawal request) and banned my account without an explanation on their end.

If you lay down with dogs, you cannot be upset when you catch fleas. Please review a broker's business model before putting any significant cash with them:

Is it really Prime of Prime? The Keys to Understanding

[Originally written by Anya Aratovskaya for Advanced Markets Fx Blog; 2015.09.15] Is it really Prime of Prime? Keys to Understanding As a VP of sales, I have noticed that during many of my conversations lately I am helping brokers and fund managers identify the most appropriate trading venue...

www.forexpeacearmy.com

There's another old saying that there is no honor amongst thieves.

---------------------------------------------------------------

Clause 4.7 pertains to orders opened or closed by off-market quotes, which are quotes that do not reflect prevailing market prices. If an order is opened or closed based on an off-market quote, we reserve the right to cancel it.

-> Why would the prices presented to the client be "off-quotes"?
-> And even if the entry price was off-quotes, why does that negate the whole trade? Instead of adjusting the entry price to whatever the LP could prove was the correct price at the time.

We value your trust in our services and are dedicated to resolving this matter in a fair and timely manner. If you have any further questions or concerns, please do not hesitate to reach out to us. We appreciate your patience and understanding as we work toward a resolution.

-> Can you show on a 1 min or 5 min chart around that time of the order entries what the client's entry price was, and what was the corrected price from the LP?
This would help us get a better understanding of how far off-quotes the price was allegedly.

 

[OctaFX Rep]

This is exactly same with me. After i trade XNGUSD they immediately block my account. The bad thing for me is i never earn any profit. However, u have made handsome profit. Now i jz waiting them to refund back to me. I've USD3+k inside there. They just hold my money and told me that will refund back to me in30days but they do not want to declare how much money will i get.

Is totally out of our control. Is under their discretion. We hope @OctaFX Rep can update us on this.

This is exactly same with me. After i trade XNGUSD they immediately block my account. The bad thing for me is i never earn any profit. However, u have made handsome profit. Now i jz waiting them to refund back to me. I've USD3+k inside there. They just hold my money and told me that will refund back to me in30days but they do not want to declare how much money will i get.

Is totally out of our control. Is under their discretion. We hope @OctaFX Rep can update us on this.

Dear Tjch82!

We understand your concern, but due to the Privacy Policy, we cannot disclose any private information about our customers' accounts or funds on public forums.

We would like to inform you that the finance team has sent you an email about the refund amount. We request you please check your email. If you have any further questions, please don't hesitate to reach out to us. We are always happy to assist you in any way we can. Thank you for your time, and we look forward to hearing from you soon.

Best regards,
OctaFX Rep

 

[st009]

Hi did you manage to resolve your issue?