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Problem Octafx blocked my account for no reason and not giving me my funds 23132$.

I am having an issue with a company

Hamid Ali

Private
Messages
20
Why would you need to fight with them for that. Their FPA review page lists 2 regulators. From your house or office, visit their home page, check the footers, and see what regulators they claim.
I've checked it , Octafx claims to be regulated by The Authorities of Saint Vincent and grenadine but I found it a little strange as SVGFSA says they don't regulate any forex or binary brokers , you can check it on their website https://svgfsa.com/, and also on fpa octafx review page when you click svgfsa in regulator list.
 

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Hamid Ali

Private
Messages
20
Do I have to invite broker again I am trying to get their attention in mail as well but they aren't responding.
 

Hamid Ali

Private
Messages
20
On first day I reviewed on octafx related to this problem but that never appeared, 2 days ago I again reviewed, this wasn't not approved too.
This was the content please check If there's any mistake

""Octafx is a scam broker. When you profit trading with octafx they will not let you withdraw your profit. I've traded with them like 3 months, I was in profit, on 11 nov 2022 when I requested a withdrawal they declined my withdrawal request giving reason your account is under investigation. I contacted them they said it'll be done by 24 hours you should wait then we'll process. After 20 hours i received mail that my account is blocked and it won't be restored. I had most of my funds in octafx amounting 23000$. I asked them to refund my amount but they refused giving reason that you've already withdrawn more amount than deposit. Also gave references to their agreement para 3.10 which says.
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."

From that day i am trying to get my money back , until 13 November they replied my mails but now today 27 nov in 14 days i received only one reply from them that same 3.10 service denied mail. This behavior from a broker shows their disgusting policy of embazzling their clients funds.
If a broker cannot let their customers withdraw their profit then who'll trade with such trash broker. I've opened thread on Forex peace army about this problem also there are similar cases against octafx please support me there too . Andd stay away from this scam broker.
They don't reply because they don't have a valid reason, their FPA repsentative haven't replied on my thread despite my invitation also no reply on mail.
My advice to traders considering octafx as a broker please ignore their 4.5* trust Score on trustpilot it's fake because most of reviews are invited by broker. Please if you want to profit in forex leave this trash broker alone and find some excellent broker out there.
Octafx if you want reply me here or on FPA my account no is 23200345. Investigate for sure but return my funds if there's any grace left in you guys. Otherwise keep my money I'll not stop reviewing just here."""
 

4evermaat

2nd Lieutenant
Messages
2,402
I've checked it , Octafx claims to be regulated by The Authorities of Saint Vincent and grenadine but I found it a little strange as SVGFSA says they don't regulate any forex or binary brokers , you can check it on their website https://svgfsa.com/, and also on fpa octafx review page when you click svgfsa in regulator list.
Or you could have checked this article: https://www.forexpeacearmy.com/r/ge...egulate-forex-binary-options-cryptocurrencies

Did you ever upload your complete account history statement in mt4/mt5?

 

OctaFX Rep

octafx.com Representative
Messages
217
Dear Hamid Ali,

Please excuse us for the delayed response. Unfortunately, we've been having a high number of incoming inquiries lately, and sometimes it takes a little longer to reply.

We're very sorry to read about what happened, and you can rest assured that we'll start looking into your case immediately. Once we have all information from the relevant teams, we'll post the investigation results in this thread shortly.

In the meantime, we ask you to bear with us and allow us a little extra time.

We appreciate your patience and thank you for staying with us.

Kind regards,
OctaFX Rep.
 

Hamid Ali

Private
Messages
20
Dear Hamid Ali,

Please excuse us for the delayed response. Unfortunately, we've been having a high number of incoming inquiries lately, and sometimes it takes a little longer to reply.

We're very sorry to read about what happened, and you can rest assured that we'll start looking into your case immediately. Once we have all information from the relevant teams, we'll post the investigation results in this thread shortly.

In the meantime, we ask you to bear with us and allow us a little extra time.

We appreciate your patience and thank you for staying with us.

Kind regards,
OctaFX Rep
Thank you, looking forward to a positive response.
 

OctaFX Rep

octafx.com Representative
Messages
217
Dear Hamid Ali,

FPA Forums Team Note: OctaFx tells us that the information in this post referred to a different person's account. Per OctaFx's request, we've removed the text and attachment to protect that person's privacy.
 

Hamid Ali

Private
Messages
20
Dear Hamid Ali,
First of all Please explain me this arbitrage, I think octafx has its own defination of arbitrage and they use it whenever they want. I've been reading other threads too In which you guys said closing profitable order under 180 seconds is arbitrage, which I guess is not mentioned in my case. Coming to your points
About systematic vulnerability I really don't understand what you are trying to say ? Leverage deposit bonus you guys provide to clients for their benefit in trading right? You guys advertise for it so if a client is making profit with help of those facilities, you guys don't get to call it ARBITRAGE... instant order execution is clients right. Of course client is paying a spread for all this trading what's that for?
About arbitrage on re opening orders, again what are you trying to say? if I sell eurusd at 1.0500 it goes bullish ,I decide to close that order on 1.0510 on 10 pip loss. Then on 1.0600 i decide to take another sell because there is resistance I expect bearish market from there and I close my trade at 1.0500 in 100 pip profit, what's wrong with it.???? Even I am paying spread on each order. I think clients has this right to open trade in market wherever he find beneficial for himself nobody wants to loose money right.?
Coming to 3rd point, , if I sell eurusd 10 lot at 1.0600 and open another trade of 10 lot eurusd at 1.0580 in same direction ( I dont even hedged) , in this scenario what is wrong I am doing??? I am paying a considerable amount of spread on both orders again tell me where I am wrong?

To senior traders here please tell me if I've done anything wrong in these scenarios. Which I don't think I've. I have just took trades where i found it suitable to trade.

@OctaFX Rep please explain or ask your management to refund my remaining balance which is still in my trading accounts. If they can refund 15000$ a partial refund still I can call it off, will call it resolved, that's the most I can do. And please i think investigation is already done so it won't take that long again for you to reply. Thanks
 
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