Problem Octafx blocked 700$ and not giving refund

[Anilnayak]

Did you get any reply via official email?

No brother no response from @OctaFX Rep

 

[FxMaster]

No brother no response from @OctaFX Rep

@OctaFX Rep, can we have an update here, please?

 

[OctaFX Rep]

Dear Anilnayak,

We appreciate your patience while we were checking on your case.

Unfortunately, we've found that our Monitoring team investigated your trading activity and detected the use of arbitrage. We want to remind you and our community that arbitrage is one of those strategies that exploit the platform and is thus not allowed at OctaFX according to our Customer Agreement.

In your case, the following patterns of arbitrage were discovered:

• Systematic vulnerability abuse of our system and trading conditions (using leverage, deposit bonus, instant orders execution);
  
  
• Arbitrage on re-opening considers fixation of arbitrage profit by means of re-opening current trade in the same direction, volume and symbol in a short period at a more beneficial price in periods of high volatility. For more details, please see the attached picture;
  
  
• Arbitrage that implies the usage of the nest position, which decreases all the risks to zero and the non-randomness of opening high-frequency orders during strong market movements;

We want to emphasize that the presented data does not reflect all possible arbitrage cases but only refers to your particular case and the trading patterns deemed in breach of our terms and conditions. Following the information mentioned above, we want to cite the relevant clauses of our Customer Agreement:

4.8. The use of arbitrage strategies is prohibited. Arbitrage is a strategy aimed at profiting by exploiting the difference in prices of identical or similar financial instruments in different markets or in different forms, including but not limited to latency abuse, price manipulation, or time manipulation. If the Company reasonably suspects that the Client uses arbitrage in an explicit or hidden way, the Company reserves the right to do the following:

4.8.1. Cancel all orders of the Client;

4.8.2. Cancel the Client's profit associated with all closed orders;

4.8.3. Close all trading accounts of the Client and refuse further provision of the service to the Client.

Considering all this and that you managed to withdraw funds that exceeded your deposit and were obtained through the platform exploit, we have to conclude that there's no ground for a refund.

We genuinely hope that our reply makes it clear to you. If not, or if you have other questions, please leave them in the thread or email us at support@octafx.com. We'd be happy to look into this for you.

Kind regards,
OctaFX Rep.

 

[Anilnayak]

My account was blocked under clause 3.11 where it says you have right to block customer account returning the initial deposit amount but while blocking u didn't return any money whatever i withdraw is not consider as return so

There is nowhere mentioned in agreement that Client is not eligible for return of initial deposit if he withdraw more than deposited amount

You are going. Complete opposite to your trading agreement

Ser community how they manipulate the situation showing 1 clause from theri pool of t&c it's completely fraud return my initial deposit and close my account

All the trades take place through ecn server you don't have any right to keep my profit and deposit return it @OctaFX Rep

Community pls help me raise voice against this company

 

[Anilnayak]

@OctaFX Rep According to 3.11 of clause while blocking you must return intial deposit and it's no where mentioned that client will not be eligible for return if he withdrew more than deposit ur doing fraud give my money only deposit back

 

[HeavenLeighRob]

Did they ever give you this answer when you were initially trying to withdraw your money? Or did it take coming here to get them to respond to you with their reasoning? I see a lot of posts that claim the account was blocked after a withdrawal was requested and that no explanation was given. I can see how that would be frustrating...if only brokers could be more upfront without having to be called out for this.

 

[Anilnayak]

Yes they blocked my account when I was about to withdrawal

And they came up with their own clause and in 3.11 it's clearly say they must return deposit when they block account but I didn't get anything on that time they are frauding people

 

[OctaFX Rep]

Dear Anilnayak,

Please take everything from our previous reply into consideration, as your account was suspended due to the use of arbitrage. At OctaFX, we do allow the use of most trading strategies that don't exploit the system, but arbitrage is strictly forbidden. Our Customer Agreement clearly emphasizes that, and you can read it in full here: https://www.octafx.com/company/customer-agreement/.

Since you managed to withdraw more than you deposited via the means of the strategy that is not allowed at OctaFX, no refund or further services are deemed to be provided. Please refer to the clauses from our previous message above for specifications.

Let us know if you have other questions.

Kind regards,
OctaFX Rep.

 

[Anilnayak]

@OctaFX Rep how can u say that i earned all profit with that strategy however i didn't use any arbitrage strategy and i completly agree u have right to block my account

But as per agreement in ther is no mention of if the client withdraw more than the deposit he will not be eligible for refund

See the clause 3.11 it clearly mentiond while blocking account u must return here i hope you know meaning of return

I have not got any return from u see FPA how they manipulating traders when they start to withdraw more money octafx real face is revealed

@OctaFX Rep return my initial deposit and save you reputation

 

[Anilnayak]

@OctaFX reply