Abandoned - OCTAFX WITHDRAWAL ISSUE

[old_long_johnson]

Dear DJJJJ,

Thank you for bringing this issue to our attention. We're very sorry your payment took longer than you expected.

After reviewing your complaint, we've found that you placed a withdrawal request on February 4. Since you hadn't performed sufficient trading, our team informed you about the conditions on which you could proceed and tried to confirm it with you. You agreed on the payment fee on February 7, and our team attempted to process this payment on the same day, but the system declined it due to exceeding the card limit. You created the following withdrawal request via another payment method, and our Financial Department completed it on February 8.

Once again, we regret that overall it took longer than you expected. However, please note that the processing time didn't exceed 24 hours. Also, we wish to mention that we have to follow specific procedures when our traders attempt to withdraw funds quickly without trading sufficiently. Regularly we don't charge any payment fees as we cover them themselves, but on such occasions, we reserve the right to pass these fees on to the traders.

That said, we genuinely hope that our reply gives you a bit more clarity about what happened and your funds have reached you by now.

Please reach out to us at support@octafx.com anytime if you need further assistance. We're always here to help.

Kind regards,
OctaFX Rep.

why does it matter if your client trades or not? that is their business

it looks like you are pressuring people to trade if they don't want to or don't have to

i would find a better broker

 

[OctaFX Rep]

@OctaFX Rep So did you pay him or not? And if so, what date and time did you pay him? And what method did you pay him with?

All that other talk was superfluous.

Dear FPA community,

As we mentioned in our post to @DJJJJ, we paid his withdrawal on February 8. It was successfully completed and sent from our end on that day, and the funds should be in the trader's bank account as of now.

Kind regards,
OctaFX Rep.

 

[OctaFX Rep]

why does it matter if your client trades or not? that is their business

it looks like you are pressuring people to trade if they don't want to or don't have to

i would find a better broker

Dear FPA community,

Please note that at OctaFX, we don't force anyone to trade.

We wish to inform you that OctaFX is an ECN Forex broker, and as we receive our commission for trading from our liquidity providers, we don't charge any fees on deposits and withdrawals. Usually, we're able to cover them themselves. However, when our customers make large deposits followed by withdrawal requests without performing sufficient trading, we reserve the right to pass the said payment fees onto them.

We hope this information clarifies your inquiry a little bit.

Kind regards,
OctaFX Rep.

 

[Trader09]

Dear FPA community,

Please note that at OctaFX, we don't force anyone to trade.

We wish to inform you that OctaFX is an ECN Forex broker, and as we receive our commission for trading from our liquidity providers, we don't charge any fees on deposits and withdrawals. Usually, we're able to cover them themselves. However, when our customers make large deposits followed by withdrawal requests without performing sufficient trading, we reserve the right to pass the said payment fees onto them.

We hope this information clarifies your inquiry a little bit.

Kind regards,
OctaFX Rep.

So they have to trade certain lots before they can withdraw, in order for OctaFX to get enough commission from their trading activities to cover the withdrawal fee, right?
That seems fair!

Good knowledge! Thanks for sharing!

 

[FPA Forums Team]

The FPA invited the Original Poster to update this discussion on Feb 18, 2022 at 10:36 PM

 

[old_long_johnson]

However, when our customers make large deposits followed by withdrawal requests without performing sufficient trading, we reserve the right to pass the said payment fees onto them.

What you define as "sufficient trading" can translate to "gambling" or "over-trading" where the client is more likely to lose their deposit quickly.

I have traded Forex for a long time and noticed that only good brokers won't recommend for their customer to "sufficiently trade." A market maker would want their client to trade more frequently and lose quickly. Also, a "real ECN" broker is not a market maker.

Bad brokers also recommend strategies, indicators, and robots, because none of those "incentives" work. They also provide big bonuses that don't make sense since bonuses encourage gambling.

 

[HeavenLeighRob]

Good to see that there was a resolution here, but I also feel that claiming he didn't perform sufficient trading is a little sketchy. I wonder how obvious this policy is or if the broker claims to offer free withdrawals without mentioning this detail.

 

[arpansoni0007]

Hello , I am from india and was doing copy trading with octafx copy trade app. I requested a withdrawal of 250$ and it has not been received to bank account , withdrawal done on 24 February 2022, already contacted through live chat and email with bank statement , till today haven't received my amount in Bank account , i also transferred a small account from my bank account to another and it transferred within 10 sec , so no problem from bank side , when i chat with them everytime they say we are looking into this , till today i havn't recieved my amount in bank account. why you guys are not releasing my amount , why you guys are not releasing my amount Withdrawl no - W5518812 Request no - 7814715

 

[OctaFX Rep]

Dear arpansoni0007,

We're very sorry that it took longer than expected to receive your funds.

After looking into your case, we've found that the payment you're referring to was sent to you on February 24 but bounced back, unfortunately. Our Financial Department initiated another transaction on March 2, and as you haven't contacted us since then, we can assume that your funds have reached you by now.

If you have questions, please get in touch with our team at support@octafx.com. They'll be happy to help.

Kind regards,
OctaFX Rep.