Problem Octafx blocked my account and stole my funds amounting 12908$.

[anitakarne885]

I am Anita Karne having OctaFX trading account no.- 19593147. I am contacting OctaFX requesting a refund for $12908.

I've been trading with this broker octafx since last 6-7 months. Things were normal before but on 13 April I received this mail( see screenshot 1). So I tried log in my account and it was blocked. So I contacted my IB he told me to provide my selfie while holding id card and a paper with date written on it. I provided them all required documents. Then my account was unblocked having $0. All the equity was collected by OctaFX. Also I received these mails in which they gave the reference of customer agreement para 3.10 that company has the right to discontinue it's service to client. "If the Client does not send advanced selfies and/or regular selfies with the requested documents within the mentioned fourteen-day time, the Client's account shall be blocked without the ability to be reactivated, and the Client’s personal funds excluding profits shall be refunded." In next mail, he said "As per check, the withdrawal amount exceeded the deposited amount. Thus, we cannot process any refund"( see screenshot 2).

I agree with para 3.10 company has the right to ditch clients. But it doesn't say company will also embazzl clients profit funds( see screenshot 3 ). I asked him give me a reference from agreement about not giving me refund. I replied to the mail like 4 times asked him to refund but instead they gave me same copy paste answer referring to 3.10 para but in those recent mails that above quoted sentence about refund wasn't mentioned.

I tried so many ways to contact OctaFX for refund but they denied without any proper explanation. 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. Waiting

 

[mnsr9494]

Wishing you best of luck in getting your money back.

 

[FxMaster]

I am Anita Karne having OctaFX trading account no.- 19593147. I am contacting OctaFX requesting a refund for $12908.

I've been trading with this broker octafx since last 6-7 months. Things were normal before but on 13 April I received this mail( see screenshot 1). So I tried log in my account and it was blocked. So I contacted my IB he told me to provide my selfie while holding id card and a paper with date written on it. I provided them all required documents. Then my account was unblocked having $0. All the equity was collected by OctaFX. Also I received these mails in which they gave the reference of customer agreement para 3.10 that company has the right to discontinue it's service to client. "If the Client does not send advanced selfies and/or regular selfies with the requested documents within the mentioned fourteen-day time, the Client's account shall be blocked without the ability to be reactivated, and the Client’s personal funds excluding profits shall be refunded." In next mail, he said "As per check, the withdrawal amount exceeded the deposited amount. Thus, we cannot process any refund"( see screenshot 2).

I agree with para 3.10 company has the right to ditch clients. But it doesn't say company will also embazzl clients profit funds( see screenshot 3 ). I asked him give me a reference from agreement about not giving me refund. I replied to the mail like 4 times asked him to refund but instead they gave me same copy paste answer referring to 3.10 para but in those recent mails that above quoted sentence about refund wasn't mentioned.

I tried so many ways to contact OctaFX for refund but they denied without any proper explanation. 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. Waiting

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

 

[OctaFX Rep]

I am Anita Karne having OctaFX trading account no.- 19593147. I am contacting OctaFX requesting a refund for $12908.

I've been trading with this broker octafx since last 6-7 months. Things were normal before but on 13 April I received this mail( see screenshot 1). So I tried log in my account and it was blocked. So I contacted my IB he told me to provide my selfie while holding id card and a paper with date written on it. I provided them all required documents. Then my account was unblocked having $0. All the equity was collected by OctaFX. Also I received these mails in which they gave the reference of customer agreement para 3.10 that company has the right to discontinue it's service to client. "If the Client does not send advanced selfies and/or regular selfies with the requested documents within the mentioned fourteen-day time, the Client's account shall be blocked without the ability to be reactivated, and the Client’s personal funds excluding profits shall be refunded." In next mail, he said "As per check, the withdrawal amount exceeded the deposited amount. Thus, we cannot process any refund"( see screenshot 2).

I agree with para 3.10 company has the right to ditch clients. But it doesn't say company will also embazzl clients profit funds( see screenshot 3 ). I asked him give me a reference from agreement about not giving me refund. I replied to the mail like 4 times asked him to refund but instead they gave me same copy paste answer referring to 3.10 para but in those recent mails that above quoted sentence about refund wasn't mentioned.

I tried so many ways to contact OctaFX for refund but they denied without any proper explanation. 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. Waiting

Dear anitakarne885!

Thank you for contacting us. We understand your concern. As stated in our Customer Agreement, we reserve the right to cancel orders opened or closed by off-market quotes. Off-market quotes are quotes that are not in line with the market's current price, which can result in unfair advantages or disadvantages for traders. Therefore, trading at off-market quotes is prohibited, and we must act in accordance with our agreement to maintain a fair trading environment for all of our clients.

We would like to highlight that you made the decision to trade under market conditions that were clearly abnormal. You should have been aware that any profits earned under such circumstances would not be considered fair. Essentially, by trading under these conditions, you violated the trading agreement. As a consequence of this violation, the profits you obtained must be canceled.

To put it differently, it's not possible to receive profits from trades made using non-valid quotes, especially when no market had such quotes or trading conditions at that time.

Only invalid orders were removed and we had to reduce your balance in accordance with the unfairly gained profit.

There is no ground for compensation in such a case.

If you have any further questions or concerns, please do not hesitate to contact our support team for assistance.



Kind regards,

OctaFX rep.

 

[OctaFX Rep]

I am Anita Karne having OctaFX trading account no.- 19593147. I am contacting OctaFX requesting a refund for $12908.

I've been trading with this broker octafx since last 6-7 months. Things were normal before but on 13 April I received this mail( see screenshot 1). So I tried log in my account and it was blocked. So I contacted my IB he told me to provide my selfie while holding id card and a paper with date written on it. I provided them all required documents. Then my account was unblocked having $0. All the equity was collected by OctaFX. Also I received these mails in which they gave the reference of customer agreement para 3.10 that company has the right to discontinue it's service to client. "If the Client does not send advanced selfies and/or regular selfies with the requested documents within the mentioned fourteen-day time, the Client's account shall be blocked without the ability to be reactivated, and the Client’s personal funds excluding profits shall be refunded." In next mail, he said "As per check, the withdrawal amount exceeded the deposited amount. Thus, we cannot process any refund"( see screenshot 2).

I agree with para 3.10 company has the right to ditch clients. But it doesn't say company will also embazzl clients profit funds( see screenshot 3 ). I asked him give me a reference from agreement about not giving me refund. I replied to the mail like 4 times asked him to refund but instead they gave me same copy paste answer referring to 3.10 para but in those recent mails that above quoted sentence about refund wasn't mentioned.

I tried so many ways to contact OctaFX for refund but they denied without any proper explanation. 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. Waiting

Dear anitakarne885!

Thank you for contacting us. We understand your concern. As stated in our Customer Agreement, we reserve the right to cancel orders opened or closed by off-market quotes. Off-market quotes are quotes that are not in line with the market's current price, which can result in unfair advantages or disadvantages for traders. Therefore, trading at off-market quotes is prohibited, and we must act in accordance with our agreement to maintain a fair trading environment for all of our clients.

We would like to highlight that you made the decision to trade under market conditions that were clearly abnormal. You should have been aware that any profits earned under such circumstances would not be considered fair. Essentially, by trading under these conditions, you violated the trading agreement. As a consequence of this violation, the profits you obtained must be canceled.

To put it differently, it's not possible to receive profits from trades made using non-valid quotes, especially when no market had such quotes or trading conditions at that time.

Only invalid orders were removed and we had to reduce your balance in accordance with the unfairly gained profit.

There is no ground for compensation in such a case.

If you have any further questions or concerns, please do not hesitate to contact our support team for assistance.



Kind regards,

OctaFX rep.

 

[anitakarne885]

As you stated, ''Off-market quotes are quotes that are not in line with the market's current price, which can result in unfair advantages or disadvantages for traders. It's not possible to receive profits from trades made using non-valid quotes.''
As my account was master account I had few copiers and that XNGUSD trade(see screenshot 1) is cancelled in my account and not cancelled in my copier account.(see screenshot 2) This is completely injustice.

 

[raikofer]

It would be interesting find people that have lost in that day with XNGUSD. I bet those orders havent be cancelled.

 

[anitakarne885]

Whenever I traded in commodity market trades with loss had never cancelled.(see screenshots)

 

[anitakarne885]

Despite the agreement rules after blocking my account, trades are closed at loss.(see screenshot 1) Collected my equity of $5872 without any reason.(see screenshot 2) I want to request refund of my all deposited investment and my previous profits(see screenshot 3) which I have gained by trades followed by agreement rules.(see screenshot 4,5,6)

 

[OctaFX Rep]

Dear anitakarne885,

We're sorry to hear about your experience trading with us. As you can see, our Trade and Compliance department has already resolved the problem via email on 6th May. We can see that you have already received the sum + $6,077.60 in your wallet as a balance correction. Please accept this as payment from our trading platform. We hope this does not influence your decision to trade with us in the future.

If you require any additional support, please do not hesitate to contact us through our social media channels. We will make certain that you are satisfied with our help.

Kind regards,
OctaFX Rep.