Problem OCTA FX blocked my account and not return any of my profit

[Thanarat]

Subject: Urgent Request - Account Restriction and Withholding of Profits (Account Number: 44610046)

Dear FPA Senior Members and @OctaFX Rep,

My name is Thanarat, and I am writing to you from Thailand.

On July 3, 2024, I deposited THB 200,000 (USD 5409.85) into my MT5 account (number: 44610046). I subsequently opened a sell position on USDJPY for five standard lots (1 lot x 5) at 161.60. This transaction was intended to hedge against an import merchandise order from Japan.

I established a take-profit order at 156.72, and the entire position closed on July 17, 2024, resulting in a profit of USD 15,615.76. Following the closure of the position, my account equity stands at USD 21,025.61. It is important to note that these transactions were straightforward, without any utilization of bonuses or arbitrage strategies.

On July 18, 2024, I received a request from the OctaFX KYC team to submit a selfie with my ID card. I promptly complied with this request on the same date. However, later that day, I received an email informing me that my account had been blocked due to an alleged violation of your agreement clause 3.10. The email further stated that only my initial deposit would be returned, and my profits of USD 15,615.76 would be withheld.

Despite repeated requests for clarification regarding the specific violation, I have not received a satisfactory explanation from OctaFX. This lack of transparency, coupled with delays in responding to my inquiries, has caused me significant concern. The withholding of my profits has also placed a financial strain on my business operations.

Therefore, I kindly request the following:

• A response from FPA senior members regarding this matter.
• The participation of an @OctaFX Rep in this discussion to address my concerns.
• A clear explanation of the alleged violation and the rationale behind blocking my account and withholding my profits.

I sincerely hope that this issue can be resolved amicably. However, if a satisfactory resolution is not reached within a reasonable timeframe, I may be forced to request contact information for your legal representatives in Thailand to pursue legal action.

Thank you for your time and attention to this urgent matter.

Sincerely,

Thanarat

 

[FxMaster]

Subject: Urgent Request - Account Restriction and Withholding of Profits (Account Number: 44610046)

Dear FPA Senior Members and @OctaFX Rep,

My name is Thanarat, and I am writing to you from Thailand.

On July 3, 2024, I deposited THB 200,000 (USD 5409.85) into my MT5 account (number: 44610046). I subsequently opened a sell position on USDJPY for five standard lots (1 lot x 5) at 161.60. This transaction was intended to hedge against an import merchandise order from Japan.

I established a take-profit order at 156.72, and the entire position closed on July 17, 2024, resulting in a profit of USD 15,615.76. Following the closure of the position, my account equity stands at USD 21,025.61. It is important to note that these transactions were straightforward, without any utilization of bonuses or arbitrage strategies.

On July 18, 2024, I received a request from the OctaFX KYC team to submit a selfie with my ID card. I promptly complied with this request on the same date. However, later that day, I received an email informing me that my account had been blocked due to an alleged violation of your agreement clause 3.10. The email further stated that only my initial deposit would be returned, and my profits of USD 15,615.76 would be withheld.

Despite repeated requests for clarification regarding the specific violation, I have not received a satisfactory explanation from OctaFX. This lack of transparency, coupled with delays in responding to my inquiries, has caused me significant concern. The withholding of my profits has also placed a financial strain on my business operations.

Therefore, I kindly request the following:

• A response from FPA senior members regarding this matter.
• The participation of an @OctaFX Rep in this discussion to address my concerns.
• A clear explanation of the alleged violation and the rationale behind blocking my account and withholding my profits.

I sincerely hope that this issue can be resolved amicably. However, if a satisfactory resolution is not reached within a reasonable timeframe, I may be forced to request contact information for your legal representatives in Thailand to pursue legal action.

Thank you for your time and attention to this urgent matter.

Sincerely,

Thanarat

@OctaFX Rep, Can we have an explanation here, please?

 

[Thanarat]

Upon inquiry regarding the reason for the funds being withheld, OctaFX attributed the action to an alleged misuse of the platform’s swap-free feature.
Regarding the alleged misuse of the swap-free feature, I possess evidence that contradicts this claim.

1. OctaFX actively promotes its swap-free feature, assuring clients of no unexpected charges. Given this, it is reasonable to expect that clients can utilize this feature without restriction. Furthermore, OctaFX cannot arbitrarily justify any actions taken against clients who employ the swap-free service. Supporting evidence, including screenshots from various online sources, corroborates this claim. It is essential that clients be afforded the opportunity to trade swap-free without conditions imposed unilaterally. Any modifications to these terms should be preceded by explicit notification to clients. (Even though I do not wish to take advantage of the swap-free feature in any way)
2. OctaFX has accused me of breaching the customer agreement. Upon careful review of the provided documentation and the agreement accessible on the company's website, I have found no reference to the term 'swap' or any related provisions. Therefore, I am confident that no contractual violations have occurred. Please check in PDF files I attached below or https://www.octafx.com/company/cust...21306059-d958c21e-0c88-47ee-b27c-a65e302ee272
3. All trading activities were executed as straightforward open and close positions. No bonuses, automated trading systems, or arbitrage strategies were employed. All the positions were opened for only 14 days. There is no way the swap fee could reach USD 15,615.
   
   I am entirely confident in my innocence and am determined to vigorously defend my rights. Furthermore, I formally request that OctaFX provide legal counsel based in Thailand, as I believe this matter should be adjudicated within the Thai legal system. Despite repeated requests, OctaFX has thus far refused to comply with this request.
   
   In the event of a financial penalty, I contend that the swap charge should be assessed reasonably rather than constituting the entirety of my profit 15,615.76 USD.