Problem Octafx blocked my account with 7600$+ balance and not refunding my funds

[Faisal003]

On 14 Dec octafx blocked my profile. I had a total balance of more than 7600$ don't remember the exact figure. 1967$ were in my trading account no 23278646 and 4600$+ was in my personal area wallet at that time.
I received a mail after my profile was blocked that give us your bank details so that we can proceed with your refund. I gave them requested details and they asked me to wait as this process can take upto 3 to 5 working days. I've attached screenshot of mails i received.
On 21 dec i received a mail that says "

Rachel (OctaFX)

Dec 21, 2022, 16:50 GMT+3

Hello!
Thank you for contacting OctaFX.

This message is to inform you that the refund request for the amount of $607 has been processed by our Finance Department and funds were sent according to the information provided.
The refund should reflect in your Skrill account within a few working hours.

Meanwhile, feel free to contact us if you have any other questions.
Best regards,
Rachel
Support team OctaFX"""

I was not expecting such heist from broker and i was shocked at the moment. I received less than 10% of my funds. I checked my trading account which i was still able to login 1967$ balance was gone showing date of 21 dec . Screenshots are attached. I asked them to refund other remaining funds and they refused to do so saying,
"""Inbox
OctaFX: Re: Service denied
O
OctaFX Support
to me
9 hours agoDetails

The request (number 11265881) has been updated.
To add your comments, reply to this email.


Qaseem (OctaFX)

Dec 22, 2022, 01:09 GMT+3

Dear Customer,

Thank you for your reply.

I fully understand your concerns and sincerely apologize for the caused inconvenience.

Before registrating on our platform each client accepts and agrees with our Customer agreement.

In accordance with p. 4.8 of our Customer agreement:
The Company reserves the right to do the following:
4.8.2. Cancel the Client’s profit associated with all closed orders
4.8.3. Close all trading accounts of the Client and refuse further provision of the service to the Client

Taking into consideration all mentioned above, we are unable to refund the remaining amount of your personal funds.

Your Personal area has been locked in accordance with p. 3.10 of our Customer agreement.

It means that the Company takes its right to discontinue services provided to you.
Access to your Personal Area at our website will be blocked and won't be restored.

Thank you for your understanding."

I asked them like 3 times to have a 2nd look at the case amd refund my remaining balance but they said we can't process remaining balance.
I am attaching screenshots if what I have please help me. Also i am seeing almost similar cases here against octafx. I hope broker can see my review please don't take funds of traders, traders trust a broker while depositing their hard earned money so don't do these things. These are not practices of a reputable broker. I hope octafx will make this right.

 

[FxMaster]

@OctaFX Rep, need your attention here mate.

On 14 Dec octafx blocked my profile. I had a total balance of more than 7600$ don't remember the exact figure. 1967$ were in my trading account no 23278646 and 4600$+ was in my personal area wallet at that time.
I received a mail after my profile was blocked that give us your bank details so that we can proceed with your refund. I gave them requested details and they asked me to wait as this process can take upto 3 to 5 working days. I've attached screenshot of mails i received.
On 21 dec i received a mail that says "

Rachel (OctaFX)

Dec 21, 2022, 16:50 GMT+3

Hello!
Thank you for contacting OctaFX.

This message is to inform you that the refund request for the amount of $607 has been processed by our Finance Department and funds were sent according to the information provided.
The refund should reflect in your Skrill account within a few working hours.

Meanwhile, feel free to contact us if you have any other questions.
Best regards,
Rachel
Support team OctaFX"""

I was not expecting such heist from broker and i was shocked at the moment. I received less than 10% of my funds. I checked my trading account which i was still able to login 1967$ balance was gone showing date of 21 dec . Screenshots are attached. I asked them to refund other remaining funds and they refused to do so saying,
"""Inbox
OctaFX: Re: Service denied
O
OctaFX Support
to me
9 hours agoDetails

The request (number 11265881) has been updated.
To add your comments, reply to this email.


Qaseem (OctaFX)

Dec 22, 2022, 01:09 GMT+3

Dear Customer,

Thank you for your reply.

I fully understand your concerns and sincerely apologize for the caused inconvenience.

Before registrating on our platform each client accepts and agrees with our Customer agreement.

In accordance with p. 4.8 of our Customer agreement:
The Company reserves the right to do the following:
4.8.2. Cancel the Client’s profit associated with all closed orders
4.8.3. Close all trading accounts of the Client and refuse further provision of the service to the Client

Taking into consideration all mentioned above, we are unable to refund the remaining amount of your personal funds.

Your Personal area has been locked in accordance with p. 3.10 of our Customer agreement.

It means that the Company takes its right to discontinue services provided to you.
Access to your Personal Area at our website will be blocked and won't be restored.

Thank you for your understanding."

I asked them like 3 times to have a 2nd look at the case amd refund my remaining balance but they said we can't process remaining balance.
I am attaching screenshots if what I have please help me. Also i am seeing almost similar cases here against octafx. I hope broker can see my review please don't take funds of traders, traders trust a broker while depositing their hard earned money so don't do these things. These are not practices of a reputable broker. I hope octafx will make this right.

 

[OctaFX Rep]

Dear Faisal003,

Thank you for taking the time to bring this issue to our attention.

We're sorry to read about your experience, and we want to reassure you that we'll start looking into what happened immediately. Once we acquire more information from our Monitoring team and understand your case in greater detail, we'll update you here in this thread.

We greatly appreciate your patience and thank you for bearing with us.

Kind regards,
OctaFX Rep.

 

[FxMaster]

Dear Faisal003,

Thank you for taking the time to bring this issue to our attention.

We're sorry to read about your experience, and we want to reassure you that we'll start looking into what happened immediately. Once we acquire more information from our Monitoring team and understand your case in greater detail, we'll update you here in this thread.

We greatly appreciate your patience and thank you for bearing with us.

Kind regards,
OctaFX Rep.

@Faisal003, here is the reply from the rep and make sure to keep us updated

 

[HeavenLeighRob]

Let us know if you receive your money please. I'll be hoping for a positive update!

 

[Faisal003]

No they are refusing refund now

 

[OctaFX Rep]

Dear Faisal003,

Thank you for sticking with us and for your patience.

Upon further investigation, we've found a specific abuse of our negative balance protection feature in your account. Notably, some of your orders were opened at once, hedging from two trading accounts. The negative balance protection adjusted your balance in one account while you gained profit in another. Doing that eliminates the risks and exploits the feature provided to our clients as a benefit, and since we cover these adjustments ourselves, we consider such actions an abuse.

Specifically, the Buy order 94040538 from your trading account 38085236 and Sell order 217647094 from your trading account 23287694 are good examples. You opened these orders simultaneously before the news, and while one went into a strong plus, another got into a deep minus. When our negative balance feature adjusted your balance by recovering everything below zero, you earned on the difference. The same pattern was discovered in every profitable order in your trading area.

That being said, we want to refer to our Customer Agreement, clause 8.2, for the reasons behind your account access restriction and cancellations of the orders affected by the violations:

Any kind of abusing and/or taking unfair (direct or indirect) advantage of the Company'strading conditions may be a subject of investigation. Should facts of such abuses arise, the profit and/or loss gained with this advantage may be cancelled by the Company's decision. The Client fully acknowledges this.

In conclusion, we want to emphasize that according to what was said, the cancellation of the profit made via the platform abuse and the rejection of our services' further provision to you is clearly explained and justified from our end. Any compensation besides mentioned refund will not be provided.

We hope this makes it clear, but if not, please leave your questions in the thread or email us at support@octafx.com. Our team will be happy to answer them all.

Kind regards,
OctaFX Rep.