RESOLVED - Octafx blocked my account, and refused to refund my remaining deposit money

[jpbansal]

OCTAFX BLOCKED MY ACCOUNT, AND THEN REFUSED TO RETURN ME MY DEPOSIT ALSO,

MT4 ID (OctaFx trading account number) : 19437647
Broker Name : OctaFX
Server Name : OctaFx-Real7

I was trading with OctaFx for almost 1 year.
last week I was trading XNGUSD pair with OctaFx, and I made some profit of USD $ 3156..
However, they deducted it the next day (all 3156 dollars) and banned my account without an explanation on their end.

13/04 – I was trading XNGUSD . I had gained some 3156 dollars , next day they deductted all 3156 dollars and blocked my account , I had 2 accounts in mt4 , All my floating positions on XAGUSD, XTIUSD were forcefully closed by OctaFX.
and all the positions in my 2nd account (in which I didnt even trade that) was also closed.

I tried to contact their customers support, however they are unable to explain anything regarding this incident to me. first they diverted me to TCD team and suddenly blocked my account ,then They diverted me to send an email to their KYC Team as they are putting my account into Read-Only Status to investigate on my trades. Email was sent from my end to the KYC Team to understand more about why this is happening.

15/04 – KYC team reverted to me. They banned my account with clauses “Service denied in accordance with the p. 3.10 and p. 4.7 of the Customer Agreement”

"3.10. The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Client and the Client agrees that the Company will have no obligation to inform the Client of the reasons."

"4.7. Orders opened or closed by off-market quotes can be cancelled”

MT4 ID (OctaFx 2nd trading account number) : 26966040

Broker Name : OctaFX
Server Name : OctaFx-Real5

I am really disappointed because they blocked my 2nd mt4 account which had 8160 dollars as balance , and closed all the trades and positions automatically after blocking , and after that also I have a remaining deposit balance of 2101.69 dollars , but they didnt let me withdraw it as they blocked and when i asked them to give me refund they denied me refund , when all this happened because of a technical issue from octafx side on XNGUSD. they took all my money , I hadnt even earned profits yet , it was my deposited money , and I just want my money back which is 2101.69 dollars , I have attached the screenshot for proof.

i asked them a number of times but they are refusing to give me my money back , whereas I can see they have given people their profits refunded for the trading done on 13th april 2023 , but here I am asking my deposited money they are not refunding me which is in my 2nd mt4 trading account ,I just want my deposited money which they are refusing it and it was their technical fault in XNGUSD. they ae giving other people refunds for their profits earned on 13th april , I am not even asking profits which was 3156 dollars , I understand they were cancelled but after closing all the trades forcefully atleast they can give me what is remaining , I am helpless here , I never thought this would happen , please help . PLEASE GIVE ME BACK MY MONEY

So I request FPA senior members respond to my thread also please invite OctaFX rep which I don't know how to do. I hope I will get justice.

Thank you!

 

[FxMaster]

OCTAFX BLOCKED MY ACCOUNT, AND THEN REFUSED TO RETURN ME MY DEPOSIT ALSO,

MT4 ID (OctaFx trading account number) : 19437647
Broker Name : OctaFX
Server Name : OctaFx-Real7

I was trading with OctaFx for almost 1 year.
last week I was trading XNGUSD pair with OctaFx, and I made some profit of USD $ 3156..
However, they deducted it the next day (all 3156 dollars) and banned my account without an explanation on their end.

13/04 – I was trading XNGUSD . I had gained some 3156 dollars , next day they deductted all 3156 dollars and blocked my account , I had 2 accounts in mt4 , All my floating positions on XAGUSD, XTIUSD were forcefully closed by OctaFX.
and all the positions in my 2nd account (in which I didnt even trade that) was also closed.

I tried to contact their customers support, however they are unable to explain anything regarding this incident to me. first they diverted me to TCD team and suddenly blocked my account ,then They diverted me to send an email to their KYC Team as they are putting my account into Read-Only Status to investigate on my trades. Email was sent from my end to the KYC Team to understand more about why this is happening.

15/04 – KYC team reverted to me. They banned my account with clauses “Service denied in accordance with the p. 3.10 and p. 4.7 of the Customer Agreement”

"3.10. The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Client and the Client agrees that the Company will have no obligation to inform the Client of the reasons."

"4.7. Orders opened or closed by off-market quotes can be cancelled”

MT4 ID (OctaFx 2nd trading account number) : 26966040

Broker Name : OctaFX
Server Name : OctaFx-Real5

I am really disappointed because they blocked my 2nd mt4 account which had 8160 dollars as balance , and closed all the trades and positions automatically after blocking , and after that also I have a remaining deposit balance of 2101.69 dollars , but they didnt let me withdraw it as they blocked and when i asked them to give me refund they denied me refund , when all this happened because of a technical issue from octafx side on XNGUSD. they took all my money , I hadnt even earned profits yet , it was my deposited money , and I just want my money back which is 2101.69 dollars , I have attached the screenshot for proof.

i asked them a number of times but they are refusing to give me my money back , whereas I can see they have given people their profits refunded for the trading done on 13th april 2023 , but here I am asking my deposited money they are not refunding me which is in my 2nd mt4 trading account ,I just want my deposited money which they are refusing it and it was their technical fault in XNGUSD. they ae giving other people refunds for their profits earned on 13th april , I am not even asking profits which was 3156 dollars , I understand they were cancelled but after closing all the trades forcefully atleast they can give me what is remaining , I am helpless here , I never thought this would happen , please help . PLEASE GIVE ME BACK MY MONEY

So I request FPA senior members respond to my thread also please invite OctaFX rep which I don't know how to do. I hope I will get justice.

Thank you!

@OctaFX Rep, can we have your attention here, please?

 

[OctaFX Rep]

Dear Jpbansal,

We regret that we could not respond to you earlier. We apologize that you feel that way about us, however, it is not true. Thank you for sharing the responses you received which clearly mention the violations of the Customer Agreement. Kindly note that the amount of profit gained unfairly through the off-market quotes while trading, is greater than the remaining balance you have on the account. Unfortunately, due to these reasons, we can not consider a refund in the stated case.

Please note that the decision made is final and is not open for negotiation. If you need any further assistance, please contact us via live chats or via email.

Kind regards,
OctaFX Rep.

 

[Faisal003]

OCTAFX BLOCKED MY ACCOUNT, AND THEN REFUSED TO RETURN ME MY DEPOSIT ALSO,

MT4 ID (OctaFx trading account number) : 19437647
Broker Name : OctaFX
Server Name : OctaFx-Real7

I was trading with OctaFx for almost 1 year.
last week I was trading XNGUSD pair with OctaFx, and I made some profit of USD $ 3156..
However, they deducted it the next day (all 3156 dollars) and banned my account without an explanation on their end.

13/04 – I was trading XNGUSD . I had gained some 3156 dollars , next day they deductted all 3156 dollars and blocked my account , I had 2 accounts in mt4 , All my floating positions on XAGUSD, XTIUSD were forcefully closed by OctaFX.
and all the positions in my 2nd account (in which I didnt even trade that) was also closed.

I tried to contact their customers support, however they are unable to explain anything regarding this incident to me. first they diverted me to TCD team and suddenly blocked my account ,then They diverted me to send an email to their KYC Team as they are putting my account into Read-Only Status to investigate on my trades. Email was sent from my end to the KYC Team to understand more about why this is happening.

15/04 – KYC team reverted to me. They banned my account with clauses “Service denied in accordance with the p. 3.10 and p. 4.7 of the Customer Agreement”

"3.10. The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Client and the Client agrees that the Company will have no obligation to inform the Client of the reasons."

"4.7. Orders opened or closed by off-market quotes can be cancelled”

MT4 ID (OctaFx 2nd trading account number) : 26966040

Broker Name : OctaFX
Server Name : OctaFx-Real5

I am really disappointed because they blocked my 2nd mt4 account which had 8160 dollars as balance , and closed all the trades and positions automatically after blocking , and after that also I have a remaining deposit balance of 2101.69 dollars , but they didnt let me withdraw it as they blocked and when i asked them to give me refund they denied me refund , when all this happened because of a technical issue from octafx side on XNGUSD. they took all my money , I hadnt even earned profits yet , it was my deposited money , and I just want my money back which is 2101.69 dollars , I have attached the screenshot for proof.

i asked them a number of times but they are refusing to give me my money back , whereas I can see they have given people their profits refunded for the trading done on 13th april 2023 , but here I am asking my deposited money they are not refunding me which is in my 2nd mt4 trading account ,I just want my deposited money which they are refusing it and it was their technical fault in XNGUSD. they ae giving other people refunds for their profits earned on 13th april , I am not even asking profits which was 3156 dollars , I understand they were cancelled but after closing all the trades forcefully atleast they can give me what is remaining , I am helpless here , I never thought this would happen , please help . PLEASE GIVE ME BACK MY MONEY

So I request FPA senior members respond to my thread also please invite OctaFX rep which I don't know how to do. I hope I will get justice.

Thank you!

Your biggest mistake is that you made account with octafx.

 

[Faisal003]

Dear Jpbansal,

We regret that we could not respond to you earlier. We apologize that you feel that way about us, however, it is not true. Thank you for sharing the responses you received which clearly mention the violations of the Customer Agreement. Kindly note that the amount of profit gained unfairly through the off-market quotes while trading, is greater than the remaining balance you have on the account. Unfortunately, due to these reasons, we can not consider a refund in the stated case.

Please note that the decision made is final and is not open for negotiation. If you need any further assistance, please contact us via live chats or via email.

Kind regards,
OctaFX Rep.

I've some questions from you
1. Is off quotes technical issue is his fault ,?
2. Would you have cancelled his losses if he would ve lost his funds in these trades and refund the lost amount?
it's yours fault, if yiu are cancelling his profits then Atleast refund his deposit amount, then block his account I am sure he's better off without you guys

 

[jpbansal]

I've some questions from you
1. Is off quotes technical issue is his fault ,?
2. Would you have cancelled his losses if he would ve lost his funds in these trades and refund the lost amount?
it's yours fault, if yiu are cancelling his profits then Atleast refund his deposit amount, then block his account I am sure he's better off without you guys

octafx closed all my open trades , they sold all my trades , i lost near by 20000USD , a huge amount , and now i am helpless because they are not ready to give me single penny , very crucial time for me , for their technical mistake i am suffering , is this a justice ?

 

[Faisal003]

octafx closed all my open trades , they sold all my trades , i lost near by 20000USD , a huge amount , and now i am helpless because they are not ready to give me single penny , very crucial time for me , for their technical mistake i am suffering , is this a justice ?

I suggest put reviews on any traders forum you find online if they don't refund your balance.

 

[OctaFX Rep]

octafx closed all my open trades , they sold all my trades , i lost near by 20000USD , a huge amount , and now i am helpless because they are not ready to give me single penny , very crucial time for me , for their technical mistake i am suffering , is this a justice ?

Dear jpbansal,

We apologize for the issues that this has caused. We commenced the refund process for your cases on May 8, 2023, after consulting with the team. The team attests that the refund is for $2,101.69. We anticipate this to help us resolve your cases.

We apologize once more and promise to improve our services so that similar problems do not arise in the future.

Should you require further information about OctaFX, don't hesitate to contact us via social media. Our team is eager to assist you and will be glad to provide any assistance you may require.

Kind regards,
OctaFX Rep.

 

[4evermaat]

@jpbansal did you receive the $2100 they say they will refund you with? Does this resolve your issue?

 

[OctaFX Rep]

I've some questions from you
1. Is off quotes technical issue is his fault ,?
2. Would you have cancelled his losses if he would ve lost his funds in these trades and refund the lost amount?
it's yours fault, if yiu are cancelling his profits then Atleast refund his deposit amount, then block his account I am sure he's better off without you guys

Dear Faisal003,

We apologise for the delay in response and want to thank you for your concern regarding this. As a broker trusted by thousands of clients, we are committed to providing them with safe and secure services, including stable deposits and withdrawals that can be made via plenty of payment methods, including instant options, bank transfers and more.

Nothing changes even now: we keep fulfilling all the obligations we have towards our clientele providing stable and secure service both in trading and payments processing.
If you have any concerns or experienced any complications with payments on our services, please do not hesitate to let us know, and we’ll check on the matter at the earliest. You are most welcome to contact us via live chat or email (support@octafx.com).

Kind regards,
OctaFX Rep.