Resolved - OCTAFX - Maxi Fraud 105.000€

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Thanks for your reply.

If the client made a small deposit via bank wire, would OctaFx then be able to allow him to withdraw all of his money by bank wire?

If bank wire is not an option, does OctaFx have any other methods where the client could get all of his funds faster?

Dear AsstModerator,

Thank you for your reply.

We typically process all withdrawals in one request, but in this specific case we had to ask foixx to submit several withdrawal requests.

Regrettably, we do not offer any alternatives to e-wallet payment systems.

Kind regards,
OctaFX Rep.
 
Dear AsstModerator,

Thank you for your reply.

We typically process all withdrawals in one request, but in this specific case we had to ask foixx to submit several withdrawal requests.

Regrettably, we do not offer any alternatives to e-wallet payment systems.

Kind regards,
OctaFX Rep.


Really unbelievable! From the Broker answer seems that the problem is only the necessity to slip my big withdrawal request in several little requests.
I have already done it...from 1 September with Neteller and after with Skrill as well.
The real problem, that OctaFx seems to accurately avoid even only to nominee, is that he's paying me only a request a week, and he will need months to complete all them!
If the Broker would pay me a 5000€ request each day, there wouldn't be any problem !
Only yesterday, in fact, another little 5000€ weekly payment is arrived from the Broker.
Almost 3 months are already passed since my trading account forced closure and, with 85000€ still blocked, I will have to wait another 17 weeks in order to have all my withdrawal requests completed....another 4 months.....a total of more than 7 months of waiting !

Dear @OctaFX Rep....it's really very sad to see how you answer only if @AsstModerator makes you a question, while at the same time, you continue to ignore all my emails and all my questions in this thread as well.
This shows another time your total lack of consideration and attention towards your clients.

I want to try to make my previous question another time (and I think that, in case of your reiterated silence, I will try every week for the next 17 weeks, so my scam alert thread will be able to rest alive, maximizing the visualizations, in order to inform the greatest possible part of the other FPA forum members, about your regrettable behavior):

When I opened the account with you, I had to agree only with your Customer Agreement (You wrote in the open account page: "By clicking open account, you confirm that you have read and agree with our customer agreement").

But.....in your customer agreement point 13.5, you said :
"If the Client requests to withdraw funds from the Trading Account, the Company shall pay the specified amount within three (3) Business Days once the request has been accepted......."

No mention at all about your maximum 5000$€ amount that a winning client can withdraw every week (note that I say "winning client", because, as I proved in my previous posts, you had no problem at all to complete my several 15000€ withdrawal requests when I was loosing money......and then....where was your 5000€ weekly e-wallet limitation in these cases?)

Moreover in your web site FAQ section, you are even more specific:
13.7 What is the maximum amount for withdrawals/ deposits?OctaFX does not limit the amount you can withdraw or deposit into your account. The deposit amount is unlimited, and the withdrawal amount should not exceed free margin.

PLEASE....another time......may I know WHERE a potential client can be informed of these your withdrawal limitations, BEFORE the account opening, and not only AFTER.....WHERE is it indicated in your Customer Agreement or in your web site that if a client makes profit, he will be able to withdraw a maximum of 5000€ a week, and not more?
Do you think that it is lawful to change the rules to your advantage how and when you want?

And ...last question: for what reason you continue to think that your Customer Agreement must be valid and must be rigorously followed only by your traders, and you evoke it only for your convenience, while, at the same time, you can peacefully go in total breach of it and, with incredible arrogance, into thinking that you are always doing the right thing !

Your behavior is causing me a big financial damage....furthermore you are totally unregulated and you are not able to offer any kind of protection compensation fund for your clients, in case of your bankruptcy.
This fact will espose me for the next months to a big counter-party risk, with my money still retained with you....and this thinking is going to take my sleep!)

Since that by now, starts to be clear, from your totally insubstantial answers, that you have no intention at all to be collaborative, trying to reach a more favorable agreement with me....now I only hope that you can obtain, from this your unfair and unethical behavior, an equally big damage in terms of reputation and credibility, with an FPA Traders Court guilty verdict, that could remain in your review page for the next months, in order to inform of your abuses, and so dissuade, the bigger part of your new potential future clients.
I will post this story in other forex forums as well, in order to maximize these information.
No more anything else to hope for me !
 
Dear AsstModerator,

Thank you for your reply.

We typically process all withdrawals in one request, but in this specific case we had to ask foixx to submit several withdrawal requests.

Regrettably, we do not offer any alternatives to e-wallet payment systems.

Kind regards,
OctaFX Rep.

I'm confused. What makes Foixx's withdrawal atypical?

Can you please lay out a time table for Foixx to withdraw all of his money as quickly as possible? How many withdrawals for what amounts over what period of time?
 
I'm confused. What makes Foixx's withdrawal atypical?

Can you please lay out a time table for Foixx to withdraw all of his money as quickly as possible? How many withdrawals for what amounts over what period of time?

Dear AsstModerator,

To clarify we never considered foixx’s case atypical.

If you refer to our previous posts you’ll see that due to limitations on our payment systems we cannot process his withdrawal all at once.

It is not an uncommon practice to ask our clients to submit several withdrawal requests if it exceeds the limitation amount.

This is exactly what happened in foixx’s case, and we are continuously withdrawing his funds.

Once again, we understand the inconvenience as we keep note of all the posts that foixx is publishing in the thread and we wish to thank you for your involvement in it.

Please rest assured we are doing our best to withdraw his funds as soon as possible.

Thank you again for your understanding.

Kind regards,
OctaFX Rep.
 
It is not an uncommon practice to ask our clients to submit several withdrawal requests if it exceeds the limitation amount.

This is hypocricy. In your terms and conditions you state yourself that "OctaFX does not limit the amount you can withdraw" and "the Company shall pay the specified amount within three (3) Business Days". Yet you limit the withdrawal to 5000€ per week and instead of three (3) Business Days you keep him waiting for months now. This is ridiculous. What a joke of an offshore bucketshop Broker you are. You really deserve the SCAM label if you ask me.
 
This is hypocricy. In your terms and conditions you state yourself that "OctaFX does not limit the amount you can withdraw" and "the Company shall pay the specified amount within three (3) Business Days". Yet you limit the withdrawal to 5000€ per week and instead of three (3) Business Days you keep him waiting for months now. This is ridiculous. What a joke of an offshore bucketshop Broker you are. You really deserve the SCAM label if you ask me.

Nothing more to add !!!
 
............. due to limitations on our payment systems we cannot process his withdrawal all at once.

It is not an uncommon practice to ask our clients to submit several withdrawal requests if it exceeds the limitation amount.

This is exactly what happened in foixx’s case, and we are continuously withdrawing his funds.

@OctaFX Rep continues purposely to avoid to talk about the crucial point.
The problem is not to split my big withdrawal request and execute only 5000€ worth withdrawal requests at a time....the problem is that he's paying me only 5000€ a week .....avoiding to indicates where this 5000€ weekly limitation is specified in his Customer Agreement or web site, in order to inform his clients.
In my opinion.... at this point .....a similar vague answer sound only as a joke !
I hope that FPA will decide for proceeding as soon as possible with the public voting, faced to a similar shameless behavior.
 
We typically process all withdrawals in one request, but in this specific case we had to ask foixx to submit several withdrawal requests.

I believe this makes it very plain to everyone that Foixx's case is atypical.

Dear AsstModerator,

To clarify we never considered foixx’s case atypical.

If you refer to our previous posts you’ll see that due to limitations on our payment systems we cannot process his withdrawal all at once.

It is not an uncommon practice to ask our clients to submit several withdrawal requests if it exceeds the limitation amount.

This is exactly what happened in foixx’s case, and we are continuously withdrawing his funds.

Once again, we understand the inconvenience as we keep note of all the posts that foixx is publishing in the thread and we wish to thank you for your involvement in it.

Please rest assured we are doing our best to withdraw his funds as soon as possible.

Thank you again for your understanding.

Kind regards,
OctaFX Rep.

You failed to clearly the critical questions. Please allow me to repeat them...

Can you please lay out a time table for Foixx to withdraw all of his money as quickly as possible?
How many withdrawals for what amounts over what period of time?
 
Another little 5000€ weekly payment is arrived today from the Broker.
80.000€ still blocked in the account since 3 months.
Seems that I will have to suffer for another 16 weeks - 4 months !!!

Maybe that the Broker considers my condition atypical due to the high amount of my withdrawal request.
Maybe that OctaFx has only a very little brokerage business, so that he has only clients with little deposits and therefore he's used to handling only withdrawal requests with much smaller amount.
This can be OK...no problem... a lot of other Brokers are specialized only in low deposits and low trading volume clients.
BUT....if this is the case.....OctaFx MUST specify it in his Terms of Use or web site.

Why does he persist to promote in his web site: "Max deposit amount = Unlimited", "Maximum Trading Volume = Unlimited", and in his FAQ Section "OctaFX does not limit the amount you can withdraw", and in his Customer Agreement: "the Company shall pay the specified amount within three (3) Business Days"....avoiding to report any other limitation.

As my case has clearly showed these statements are totally false, and he continues to lies......purposely !
And surely this is not a behavior of...as he claim....a reputable and honest Broker.....this shows that he wants only deceive his clients.

If I'd had the possibility to know his absurd 5000€ withdrawal weekly limitation, before my account opening, surely I would have chosen another Broker....and no problems would come out for nobody !

Really difficult to understand how OctaFx doesn't realize that if he persist with this misleading behavior, his reputation will be destroyed in no time....and this will not be a big deal for him !
 
Maybe that the Broker considers my condition atypical due to the high amount of my withdrawal request.
It seems like this happens to everyone who wants to withdraw money from them. Especially profitable traders. It is like their business model isn't suitable for paying back.

Isn't there any court you can file a case against OctaFX? I mean this is obviously a fraud. Who knows why they can't pay you back at once. Maybe this is just a method to squeese any % of interest they can get from having so much money. Or they need to bring up that money every week? Maybe they are also doing money laundry?
 
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