ABANDONED - Octafx's dirty tricks to keep your money.

Ppforextrader

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13
Account # : 46456602
Type : live MT5

On 13/06/2022 I created a request for withdrawal of 15$ , and thoroughly followed up on the request as I've had issues with the withdrawal process before. Initially they promised to process the request within 3 hours of creating it, so I followed up after 3 hours to see if their financial department had processed my request. This time they shifted the blame onto their "payment provider", since the payment provider has having issues they couldn't process my request within the said limit. They refused to give me the "queue number" of my request or any reference number through which I could follow up with my bank. Apparently, the CSRs have no access to such information .

I kept on contacting them for the next two days to know the status of my withdrawal, and each customer service live chat's Transcript was saved. Finally on 16/06/2022 ( when their supposed 3 business day time expires ) these guys played , what I call an underhanded dirty trick to keep me from getting my money. At 16/06/2022 6:53 pm my withdrawal request was rejected stating insufficient free funds as reason. I checked my account balance and it was 0 (as opposed to 42$). I contacted the customer service and they told me due to technical Maintenance on their "payment provider's " side they are refunding my deposit of 259$. This did not make any sense, so I played along. I investigated my mt5 account to see how are they refunding 259$ because I should only have 42$ left as balance ( although I had made the aforementioned deposit of 259$ on 4/05/2022).

Upon digging into details I found several interesting things
  • They had deposited 217.64$ into my account to create the withdrawal of 259$
  • This ticket was created by octafx unilaterally, I had no participation in it.
  • This ticket for withdrawal only shows up when you login through their website and not on their app.
  • The ticket for deposit refund was created on 16/06/2022 6:52pm. ( one minute before my withdrawal was rejected)
  • Usually when I withdraw through upi the details section has the following " UPI [MY UPI ID]". However in this case it was just "UPI unknown".

as the final result not only have i been denied my 15$ withdrawal, but my 42$ have been absorbed by them too. I decided to mail the regulators only to find out octafx.com is not regulated by anyone ( I have the transcript where a csr admits to this, and will provide it upon request ; only octafx.eu is regulated by CySEC not octafx.com ).
So now FPA is my last resort . I will be attaching all relevant screenshot, and if anything is missing please request it and I will happily provide for it.
 

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What was Octa's response when you brought this up with them?
When i enquired on the nature of the refund and the time of refund, all i got was same ambiguous and repeted replies stating the refund was due to technical maintenance on the "payment providers" side and I'd get the refund by 7 days. however, due to the above mentioned events i found this very peculiar and fishy. I am attaching here the chat transcripts.
 

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  • Gmail - Your chat transcript with Prashanth Veerakamakshi Shankar Prakash (17 Jun 2022, 03_32 ...pdf
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  • Gmail - Your chat transcript with Prashanth Veerakamakshi Shankar Prakash (17 Jun 2022, 02_08 ...pdf
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all i got was same ambiguous and repeted replies stating the refund was due to technical maintenance on the "payment providers" side and I'd get the refund by 7 days
This is about as much information as they are ever going to give you. It looks like they have a lot of problems with this UPI system.

I doubt they are trying to hold onto your money - there is nothing a broker can do with $15, so I would council some patience in this matter. It is clear it will take some time. They have said 7 days for the funds to come back to your account - let's see if that happens and then take it from there....
 
This is about as much information as they are ever going to give you. It looks like they have a lot of problems with this UPI system.

I doubt they are trying to hold onto your money - there is nothing a broker can do with $15, so I would council some patience in this matter. It is clear it will take some time. They have said 7 days for the funds to come back to your account - let's see if that happens and then take it from there....
I agree, but i have to point out it isnt 15$ but 42$. Nevertheless, it is true that in comparison this is a small amount, but them creating a refund in order to cancel my withdrawal was extremely alarming. i'll take your advice, 2 of the requested 7 business days have already passed.
 
@OctaFX Rep can we have your attention please?

I encourage the OP to just look at the majority of other posts about octafx. It says just about everything you need to know. The behavior pattern is consistent.

And it doesn't matter if the withdrawal was $10 or $10,000. in terms of the correctness of Octa's behavior. But in terms of risk, OP can at least walk away having learned something about choosing the correct brokerage from the start. Too bad many of us rush in with compulsive [gambling] tendencies before doing the research.
 
@OctaFX Rep can we have your attention please?

I encourage the OP to just look at the majority of other posts about octafx. It says just about everything you need to know. The behavior pattern is consistent.

And it doesn't matter if the withdrawal was $10 or $10,000. in terms of the correctness of Octa's behavior. But in terms of risk, OP can at least walk away having learned something about choosing the correct brokerage from the start. Too bad many of us rush in with compulsive [gambling] tendencies before doing the research.
I agree, I am at fault here too. I've known the importance of research before investing money into a particular instrument, however, I've learnt the hard way about the importance of researching one's broker too. I'm hoping to salvage what I can through this forum and will push on all fronts for that.

I'd like my Indian brothers and sisters to use this thread as a warning before trying to trade with them. I've already left a review and I believe it is in the 5 days of review stage, however I request to enlighten me about any more steps I can take.
 
I encourage the OP to just look at the majority of other posts about octafx. It says just about everything you need to know. The behavior pattern is consistent.

Just about all Octa threads here are started by one hit wonders that complain about a delay and then disappear. This place is littered with abandoned and resolved threads, and features hardly anything of substance.
 
Dear Ppforextrader,

We're very sorry your payment is taking longer than you expected.

Please note that we're currently on the case and are closely looking into what went wrong with our team. We'll be back with updates shortly, and meanwhile, we ask you to please bear with us.

Kind regards,
OctaFX Rep.
 
Dear Ppforextrader,

We're very sorry your payment is taking longer than you expected.

Please note that we're currently on the case and are closely looking into what went wrong with our team. We'll be back with updates shortly, and meanwhile, we ask you to please bear with us.

Kind regards,
OctaFX Rep.
Thanks for your kind and fast reply on the issue.

Both of you, when you have any conclusions or any difficulties, make sure to update us here.
 
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