I used to trade with Octafx.com while ago. I deposited 5000 EUR between October and December 2016, had some good profits during a few months (1451 EUR), and then decided to withdraw all the funds (6451 EUR) between June and September 2017. So far so good, never had an issue with the trades, nor with the withdrawals.
I then decided to trade again with them; unfortunately I did not read all the scam warnings that had been lately posted here.This time I deposited 2985 EUR on May 13, 2020. Started trading with my own expert advisor, which gave me 1208 EUR profits by May 25.I got an email from them on May 29 stating that my account was under investigation because of "suspicious trading activity which consisted of high-frequency orders in a short period of time with big price differences". They made me questions about my trading style, asking things that I am not obliged to disclose. After my reply, yesterday they blocked my account claiming I was using arbitrage. They did not provide direct evidence about any single specific trade I made, but only gave me an explanation of what they intend with arbitrage with a funny meaningless image, and providing just a statistics of order duration and tick difference. Funny thing, this is EXACTLY A COPY-PASTE of a standard reply given to other traders which are complaining on this forum (including images), so it really stinks as they are just trying to steal money from winning traders.
But the most shameful thing is that THEY CANCELED ALL MY PROFITS DATING BACK FROM THE 2016-2017 PERIOD AS WELL! They zeroed my account balance and transferred back to me 1534 EUR, which is the difference between all my deposits and withdraws from 2016 until now, meaning that they canceled 1208 EUR profits from last weeks, and 1451 EUR profits that I made back then. So they claim NOW that they detected suspicious trading in 2016-2017? Do they have any dignity? This is pure theft. I request to have my 2016-2017 profits given back to me immediately. I would strongly like to see a serious analysis of my present trades as well, but it looks like many other traders are being scammed the same way so hopes are not very high.
On the funny side, they conclude telling me "we strongly recommend you to refrain from opening new accounts with the Company". Not only I will never dream of having anything to do with them any more, but I recommend all other traders to close their OctaFX accounts and secure their funds ASAP before they will get robbed.
Your account was under investigation by our Monitoring Team as they detected suspicious trading activity on your trading account. This investigation demonstrated the use of arbitrage.
While our traders are free to use any trading strategy, we strictly forbid the use of the arbitrage. And our Customer Agreement does state it very clearly. Moreover, especially while using an EA is where a trader should make sure that their robot doesn't perform arbitrage trading.
The evidence that was provided to you in an email is a new format of statements we send out to traders whose accounts have been detected with the use of arbitrage and it demonstrates how exactly arbitrage was reflected in your trading activity.
You withdrew your profits back in 2017, and since you've used arbitrage in your recent trades, we're following our Customer Agreement by withdrawing you the difference that amounts the total of your initial deposit, i.e. the sum of funds you've deposited with OctaFX.