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OCTAFX - Maxi Fraud 105.000€

Discussion in 'Scam Alerts' started by foixx, Oct 1, 2017.

  1. foixx

    foixx Corporal

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    Good Afternoon,
    my name is Paolo F., I'm an Italian professional Forex Trader (sorry for my poor English).
    I want to report that OctaFx is a Scam Broker that forcibly closes the account to winning clients and after that, blocks clients profit withdrawal requests.
    For some months I have traded with no problems (only manual long term trading ... No Robots, No scalping, No News Trading, No Arbitrage ... never had any complaint or dispute from the Broker about my trading activity).
    In July my long term open positions went into very big profit and I started to withdraw all my initial deposit.
    But...when I started to submit requests to withdraw my profit, the Broker wrote me an email (email copy attached) and forcibly closed my account, blocking my trading activity, without give me any explanation.
    Furthermore he asked me to split my withdrawal requests in several little requests, each one for only 5000€ (consider that at that moment I still had more than 125.000€ in this account).
    He payed me only 2 withdrawal requests and after that he wrote me that for the future he would have payed me only one 5000€ withdrawal request a week (email copy attached), due to his daily limits problems with his e-wallet accounts (??? totally unrealistic justification !!!)
    I answered that this absurd time-frame (nearly 6 months for receiving all my money back, staying in the meanwhile with my trading account blocked) was unacceptable for me and I asked him the reason why he can't proceed to reimburse me all my money in only one solution, using a simple Bank transfer. (surely he isn't a real ECN/STP Broker, as he claims, but only a Market Maker with a B-Book on his MT4 Account, that keeps client trading in house and trades against his clients...and now he doesn't have the money deriving from my winning positions closing, from his liquidity providers)
    Unfortunately from that moment (4 August) the Broker avoids to answer all my emails, he continues to block my trading account and, from 8 September, 3 weeks ago, he has completely stopped any other 5000€ weekly payments, in spite of what he wrote to me in his last email (at the moment I still have 105.000€ totally blocked in my deactivated trading account).
    Faced of the big size of this Maxi Fraud, the Italian Association that follow me (Italian Association for International Financial Scam Victims), has filed a complaint to the "Guardia di Finanza", an Italian Military Corp specialized in financial crimes, that will start an international investigation in cooperation with all the other European and International Cyber Police Forces.
    At the same time he has been submitted a complaint to the Italian CONSOB and FCA, despite this Broker is totally unregulated and unlicensed (he's incorporated in St. Vincent and the Grenadines and he has a related UK company, but it was FCA Authorized in the past only for a little time, and now his authorization is expired and not renewed.
    It is possible to verify it directly in the FCA web site: https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000m5ZYKAA2
    ...probably because that's just a front, in fact this company has practically no business activity at the moment.
    Look at https://companycheck.co.uk/company/08849391/OCTAFX-UK-LIMITED/financials#key-financials)
    Obviously, in consideration of the size of the fraud (105.000€ virtually stolen), my intention is to get to the bottom of the story, with every possible means in my power.
    For this reason next days I will take advantage of the FPA Traders Court as well.
    I really hope to resolve this scam story, helping at the same time other FPA Community Traders to avoid this kind of terrible situations.
     

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  2. foixx

    foixx Corporal

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    Here is more information.
    Additionally I have attached, for a better your personal valuation, also the entire my statement report of all my trading activity with this Broker, since the beginning in January 2017.
    Please, help me, because it really looks like one of the biggest scams ever seen for a private trader, and for this reason I'm very worried that the Broker will be too much tempted to hold for himself all this money.
    Thank You.
    Regards.
     

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  3. foixx

    foixx Corporal

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    99% of the time, I use only 1 lot for a single trade, in order to have less slippage and a better execution quality.
    If I need a bigger position, I make multiple entries, but always with 1 lot for each trade.
    All the little volume trades that you can see in my statement, 0,01-0,02 lots, are only for execution test, are not part of my trading strategy.
    Why I need to test every time the execution quality?
    Because with this "pure ECN/STP" Broker, 90% of the time I had a terrible execution with 3-4 entire pips of automatic slippage in each trade, even in totally calm market condition, away from news or market open time and with very low volatility.
    In order to prove what I'm saying (I really think that a trader that make a complaint against a Broker, must always have hard evidence of it), I have realized a playlist with 10 little videos, that show some of these terrible "dealing desk automatic slippage execution" trades.
    This is the link: https://www.youtube.com/playlist?list=PLxiiS-lGtQcXB41IrCJVr77CJvbwiO1Bo
    Furthermore, sometime I had a totally crazy execution price with this Broker (look at the image attached).
    I have a question for all the Forum Members: basing on your trading experience, can a real ECN/STP Broker, as OctaFx claim, give to a trader an execution price of -37,45 ???!!!
    In my view the answer is obvious...this is only another fake ECN Broker that, at least for his MT4 account, act as Market Maker, trading against his clients...and with the virtual trading MT4 plug-in activated in his dealing desk (the only way to explain all the crazy execution price trades and automatic slippage, even in in low volatility and calm market condition)
    After some days from my complaint against these crazy execution price trades, a plausible execution price was designed to me....but always some pips worst compared to the right execution price of that moment (look at the image attached).

    Another clarification about my statement: all the little bonus credited initially in my statement will be 99% cancelled at the end, when the Broker closed forcibly my account, due to trading volume not reached to unlock all these little bonus (look at the end of the statement).
    Basing on my small global trading volume, I have received only about 200€ of bonus in 7 months of trading, compared with about 135.000€ profit...totally insignificant in percentage.
    I'm a professional trader and I'm not interested in this kind of bland trading advantages.
    If a bonus is offered by a Broker....Ok..no problem..I take it...does not cost me anything, but absolutely it's not an essential part of my trading strategy.
    I kindly ask to FPA moderators to invite an OctaFx representative to answer me in this thread (considering that the Broker doesn't answer to every my email since 4 August, totally ignoring every my requests, after his total payments stop since 8 September)...really curious if he will decide to intervene faced of these self-evident proofs of this maxi-fraud against me.
     

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  4. FxMaster

    FxMaster Lt. Colonel

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    Here is the link of OctaFX Rep, go ahead and invite him/her to this thread.
     
  5. foixx

    foixx Corporal

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    Done!
    Thank you for the opportunity.
     

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  6. danielsoy

    danielsoy Sergeant

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  7. foixx

    foixx Corporal

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    Looking for with the tag "Octafx" in all the FPA Forum, I have found a lot of Scam stories where other traders told how they had withdrawal requests blocked by the Broker also for months, with the excuse of an investigation in act.
    Regarding my case, I would like to underline in advance that, after the Broker last email - 4 August -, I didn't receive any investigation notice from him.....or rather....I didn't receive any more email answer from him.
    Furthermore in his last email (attached to my first post), submitted after my forced trading account deactivation, the Broker wrote me: "2 of your withdrawal requests have already been processed. As for the rest of them, they will be processed on 1 request/1 week basis. I apologize for the slow processing but unfortunately that's the only solution we can offer to you at the moment. I sincerely hope for your understanding".
    In fact, after that, effectively I have always received all these 5000 Eur weekly payments, despite my total disagreement for this "more than 6 months" refund plan (these payments can be verified at the end of my statement previously attached...5000€ payed 3 August, 5000€ payed 9 August, 10000€ payed 21 August - I suppose valid for 2 weeks, 5000€ payed 28 August and 5000€ payed 8 September, the last one....nothing for the successive 3 weeks! without any reason or explanation and without any more answers from the Broker!).
    And then.....what happened after 8 September, considering that my trading account was already forcibly deactivated since the begin of August and so no new elements to justify a possible new "investigation" starting.
    In fact, no further investigation was in the Broker intention, since in his last email he wrote me as well:
    "I would like to emphasize that it has never been our intention to stop paying your funds. We value our reputation and we have always paid funds to our clients. We are an ECN/STP broker, therefore we earn our commission no matter if our clients gain or lose. The thing is due to the fact that our client base is constantly expanding we have faced a situation when daily transaction limits set on our corporate e-wallet accounts are no longer enough to fulfill the existing demand".
    And after that no answer to my question: "why you can't use a simple Bank transfer to refund me if you have problems with your e-wallet accounts?"
    I invite again Octafx representatives to intervene in this thread to provide a plausible explanation of this totally fraudulent behavior.
     
  8. foixx

    foixx Corporal

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    No contact yet from the Broker and the payment block continue.
    I have invited him again also in his specific Broker thread here on FPA Forum: http://www.forexpeacearmy.com/community/threads/octafx-com.18981/
    I really think that, in any case, a similar behavior towards one of his client, it's a clear symptom of his fraudulent nature.
    How many false statements in his web site...look at the images attached.
    Next days I will file the case to the FPA Traders Court for publicly voting.
     

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  9. OctaFX Rep

    OctaFX Rep octafx.com Representative

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    Dear Foixx,


    We wish to respond to your claims regarding the situation in which you found yourself while trading with us.


    Regrettably, your account has been under investigation for over a month, as we had reasons to believe in possible abuse of OctaFX’s outstanding trading conditions, such as leverage and price manipulation.


    As we concluded our internal investigation, we found that your trading appears to be legitimate, despite indications of malpractice.


    We assure you, that your profit payouts are, and will continue to be conducted as scheduled. Unfortunately, in exceptional cases where our e-wallet limitations clash with the existing high demand, we kindly ask our traders to resubmit their withdrawal requests in smaller amounts.


    OctaFX is known for its impeccable reputation and transparency regarding the clients’ funds and payouts. Hence, we would like to thank the FPA community for their support and an opportunity to demonstrate it yet again.


    Kind regards,

    OctaFX Rep.
     
  10. foixx

    foixx Corporal

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    Dear OctaFx,
    I have found your justification really very little plausible.
    I would like to reiterate you these my remarks:
    1) You have forcibly closed my account at the end of July without give me any explanation
    2) You avoid to answer to every my emails since 4 August....more than 2 months ago
    3) You never notified me of an investigation in act, simply you have stopped any payments since 8 September
    4) On the contrary, in your last email - 4 August -, you wrote me: "I would like to emphasize that it has never been our intention to stop paying your funds"
    5) You pretend to impose me, despite my total disagreement... widely communicated to you, your absurd refund time-frame of only 5000€ a week
    6) With 100.000€ still in my deactivated account...you will take 20 weeks to refund me completely...about 5 months!!!.......(Yes FPA forum members ..100.000€ and not 105.000€, because subsequently this my thread and after about one month's "pause", OctaFx has started to pay me again.. 5 hour ago with another little 5000€)
    7) You have just admitted that my trading activity was regular (I really can't understand what "abuse in leverage and price manipulation" means, since I'm a long term trader !)...then please, can you explain ...to me and to all the other Forum Members, why I should accept this absurd scheduled - 5 months time-frame - withdrawal condition!
    8) In your Customer Agreement you claim:
    "13.8. In exceptional cases (such as Force Majeure circumstances, termination of payment system operation, etc) Company is entitled to decline Client’s funds withdrawal in this payment system. Such cases shall be considered on a case by case basis.
    13.9. To provide financial security for the Client in some cases the Company reserves a right to withdraw Client’s funds only to his/her bank account."

    ...then, can you explain me why you can't use a simple Bank transfer to refund me completely in only one solution, considering that you have so many problems with your e-wallet accounts (in one of my email - 16 August, attached to my first post, I have already provided you my Bank details.....but you never answered me)

    Ultimately, given that you have forcibly closed my account, if you want that I consider "Resolved" this Scam Alert, you have to refund me all 100.000€ still in the account (in few days, as you claim in your Customer Agreement....and not in 5 months!!!), so that I can use my money to continue my trading activity with another, and I hope more respectful, Broker.
    Please, let me know your intention.
    Regards.
     
    nijmano, Turffe and 4evermaat like this.

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