ABANDONED - http://www.octafx.com/ Scam

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I remember some brokers force their clients have to withdraw their profit via another payment method if they deposit via CC such as wire transfer, Skrill,... This case I think OctaFX did right.
 
Can Octa's representative please clarify this:

If a trader deposits $1000 via credit card, makes $500 profit, and wants to withdraw the initial $1000, does Octa support returning that money to the credit card that was the initial source of the money?

From what I've read so far, it appears that the answer is No. If so, I find that to be very unusual. Sending money back to the exact same original source pretty much makes money laundering impossible. Most brokers do seem to return credit card deposits to the original card, which rules out long established Visa and MasterCard regulations.
Why, a refund can be done, otherwise it would be against visa/mc rules.
 
If so, then why not process the withdrawal (up to the amount of the deposit) back to his credit card?
It is only possible for us to refund exactly the same amount that was deposited. That is why it is called refund after all.
Our client, however, requested to withdraw less than the amount of his deposit.
 
Do not trust these morons!

As long as I just make a profit with them everything was OK.

I was even allowed to withdraw like $30 via Skrill.

Today I made withdrawal $100 via Skrill and it was rejected for no reason, twice.
I got reply I should use bank account for withdrawal, while I deposit via Skrill
And in their own email where they request me to withdraw via bank account there is a sentence:

Acknowledge: RE: OctaFX - withdrawal request no. W102097 declined (Ticket# LTK1215802373155X)
"Please note that you can only withdraw from your account by the same means that you used for depositing it"

And I did deposit via CC. Of course I do not have any bank account connected to OctaFX so I can't withdraw

So be aware of this scum.

So in one expression he says he used skrill, then comments on the use of cc.

Question 1 to Octafx; Did Octsfx rep actually look at the account to assess whether the trader deposited using a cc directly to them or a cc through skrill? Or did you just comment on the traders post?

Question 2 to trader; Did you use skrill to make a deposit to your account or straight thru to octafx via cc

Bank accounts are not usually linked to accounts. Traders need to provide wire transfer information to a dealer which is what they mean tho not always expressed that way.
 
Yes they seem to be a scam broker for sure. I opened new account no 235916 on 27th Jan 2015 and first deposit through skrill 100 usd and topped it within few minutes with another 350 usd. Within one hour my scalper EA installed on my friends private server made 160 usd profit and they stopped my account from trading. I got a mail which is reproduced as below.

Ian (OctaFX)
Jan 27, 14:01

Dear Sir,

We have received an information, that your account MIGHT have been involved into fraudulent activity or accessed by third parties intending to do so. We have grounds to believe the documents provided for this account as well as its identity do not belong to the actual account owner.
This is not a statement, but an assumption, which requires investigation in accordance with of our Security Dept. requirements and policies. There is nothing to worry about; it’s a regular check, intended for your funds security and transactions' transparency first of all.
This is to let you know that in accordance with p. 13.12 of the Customer Agreement, namely:
13.12. For security reasons upon withdrawal the Company reserves a right to demand Client’s complete identification data, such as ID copy, address proof copy, bank reference letter and other relevant documents, apostiled or certified by a notary.
In order to withdraw funds from account no. 235916, please follow these steps:
1. Please prepare the following documents:
a. Personal ID/passport copy (all the pages containing records);
b. An address proof, clearly showing residential address.
BOTH TRANSLATED INTO ENGLISH, NOTARIZED (OR CERTIFIED WITH AN APOSTILLE STAMP) BY A RESPONSIBLE GOVERNMENT AGENT.
2. Please send these documents (physically, by mail) to our HQ address at:
Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines.
3. After the documents are received, case investigated and verified, you will be able to withdraw the funds.
We apologize for any inconvenience caused.

Sincerely,
Ian

See now they nowhere have stated that trading has been disabled and on repeated chat request which they said on chat they have disabled my account from trading they did not send me official mail in spite of repeated requests. I discussed with this guy Ian that where I stay and work as an expatriate, Dubai, UAE documents like passport copy and utlity bills are not notarized and cannot do anything about it. He then said they will accept if my Indian government consulate attests it and utility bill provider stamps the bill. I got both of them done very next day on 28th Jan 2015 and sent them scanned copies to confirm if it is ok then waste my money to courier it to their HO. I got mail saying the documents are accepted by their security department in HO and I should courier to them the original documents. I couriered them through Aramex on same day and it reached them on 3rd Feb at 14 hrs and a guy with the name R Olliver had received it. I started chatting with them again and they stated they have not received. I sent them the aramex courier tracking weblink to show the confirmation. I seconded that by copy pasting the tracking status from Aramex and sent them mail. I have been sending them mails and chatting with them to know what now. Today is 4th day and still they claim it is under investigation. I do not understand as what sort of investigation is this as it is just 2 documents passport copy attested original one and utility bill stamped by the utility company which they have to see if it is in my name.

Yesterday night when I again chatted with one woman called Emma she told my account has been disabled as I broke some client agreement which she posted link. I said it has so many clauses so tell me which clause she says I indulged in arbitrage trading. So I said it is not arbitrage trading and it is a fast scalper custom made which me and my friend use it and as per their website scalping is allowed without any restrictions. I further stated prove to me that I did arbitrage trading she could not say anything further saying the same sentence we cannot do anything till our security department completes investigation. I have sent a mail to their ceo stating my case and the way their customer care is treating me as if i am a criminal.

In short they do not allow me to trade the account nor allow me to withdraw my money. Their intention is not to pay anyone who makes profits and they just want traders to lose and make money and I am sure they are not ECN brokers as if they are they would not mind me making money as they too get their commission in the spreads. I rate them as scam brokers only unless they remove the freeze on my trading and allow me to trade with my scalper or return back my total 610 usd and confirm that they cannot allow me to trade with a valid reason.

Balaji
 
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