Discuss OctaFX.com

[foixx]

Yesterday another weekly payment is arrived from the Broker.
Evidently, as a result of the public clamor of my Scam Alert thread, OctaFx has been magically able to break his...so much emphasized.. 5000€ weekly payment limit.
In fact, look at the image attached....he has completed one of my very old withdrawal request 10000€ worth, dated 20 August....almost 2 months of waiting after the date submission !
Unfortunately I have still 90.000€ totally blocked with him, in my forcibly deactivated trading account, with a multitude of old withdrawal requests still pending, and ...obviously ....the Broker continues, without any hesitation, to avoid to contact me or to answer to every my email, despite his false availability public declarations.
He has never tried to reach any agreement with me....he has only communicated me the 5000€ weekly payment in his last email dated 4 August...and no more contact after that.....no way...deal or not deal...this was only an imposition for me !
I have tried to make a deal with him in several occasion, but after almost 3 months of total silence, now I'm only...totally disgusted by his behavior and by the non-existent attention demonstrated towards his clients.
I have only another question for you...OctaFx... Do you think that a Broker with your high standard....(as you said in your last reply: "we wish to emphasise our company's irreproachable reputation and transparency towards its traders"), could peacefully afford to complete his client withdrawal requests.....only when he wants....and only how he wants....closing accounts and stopping any contact with his clients...no matter their needs...... and despite what is specified in his own Customer Agreement?
Is this what you need, in your conviction, to be an honest and professional Broker with an...."irreproachable reputation and transparency"?
Three days ago I have filed the case to the FPA Traders Court.....now I'm only waiting for the next step.....surely I have no intention to do nothing just waiting for....every weeks with the hope that the Broker might be magnanimous with me, and may grant me one of my payments ....in all his benevolence !

 

[foixx]

Attached there is the Neteller confirmation about the last payment 10000€ worth, and I enclose again 2 OctaFx Client Area screenshots with all my other old withdrawal requests still pending, dated 1 September with every amount possible, submitted in order to facilitate Broker payments....and the other one, dated 8 October, containing only requests with 5000€ worth, following Broker indications: "Unfortunately, in exceptional cases where our e-wallet limitations clash with the existing high demand, we kindly ask our traders to resubmit their withdrawal requests in smaller amounts"
Same thing with Skrill requests (images attached).
In this way OctaFx has really no more reasons to avoid to pay me all my money back ....he can really do it in every possible way !

 

[foixx]

Would be very nice if OctaFx could explain me why he can't use a simple Bank transfer to refund me.

I attach again these my 2 email copies (I have already provided to the Broker my Bank details 2 months ago in one of these emails).
But these emails were written (5 and 16 August) after the last Broker email (4 August)....and after that no more answers from him.

In one of my previous reply in my Scam Alert thread, I wrote to the Broker:

In your Customer Agreement you claim:
"13.8. In exceptional cases (such as Force Majeure circumstances, termination of payment system operation, etc) Company is entitled to decline Client’s funds withdrawal in this payment system. Such cases shall be considered on a case by case basis.
13.9. To provide financial security for the Client in some cases the Company reserves a right to withdraw Client’s funds only to his/her bank account."
...then, can you explain me why you can't use a simple Bank transfer to refund me completely in only one solution, considering that you have so many problems with your e-wallet accounts (in one of my email - 16 August, attached to my first post, I have already provided you my Bank details.....but you never answered me)

But....in the second and last Broker reply, OctaFx answered me: "Unfortunately, we are bound by a limitation. And section 13.9 to which you’re referring to does not apply in your case, as we already began paying out your funds, and consequently, there is no reason to suspect your funds insecurity."

This means that he can use Bank transfer only in case of funds insecurity......but.... WHY he's unable to use it to pay me all my money back, since he claims his e-wallet limitations?
I don't know....OctaFx never answered me about it.......but I can imagine the reason !

 

[IrwanI]

Watching this thread

 

[foixx]

The Broker answer:

Dear AsstModerator,

Thank you for your involvement in this thread.

With all due respect to Foixx’s posts and reference to our customer agreement we are unable to withdraw his funds via bank wire.

As all the transactions between Foixx and OctaFX were conducted via Neteller/Skrill we must act in accordance with the AML provisions. Any violation of these provisions by our company would be unlawful.

We are fully aware of the inconvenience Foixx is addressing here on FPA, but having regard to all of the above we will continue withdrawing his funds via Neteller.

Thank you for your understanding.

Kind regards,
OctaFX Rep.

 

[foixx]

Oh sure....I have no problem to get payed with Neteller/Skrill.
The problem is that you want to impose me a 5 months waiting, to receive all my money back !
You said: "Any violation of these provisions by our company would be unlawful"
...but ...I would like to ask to all the FPA readers of this thread......in your opinion...is it lawful to block a client withdrawal requests for months?

You said: "....reference to our customer agreement we are unable to withdraw his funds via bank wire"
...but...why you want reference to your customer agreement only when it's convenient for you?

And your customer agreement point 13.5 :
"If the Client requests to withdraw funds from the Trading Account, the Company shall pay the specified amount within three (3) Business Days once the request has been accepted......."
and your web site FAQ section:
13.7 What is the maximum amount for withdrawals/ deposits?OctaFX does not limit the amount you can withdraw or deposit into your account. The deposit amount is unlimited, and the withdrawal amount should not exceed free margin.

PLEASE, May I know WHERE is it indicated in your Customer Agreement or in your web site that if a client make profit, he will be able to withdraw a maximum of 5000/10000€ a week, and not more, due to your e-wallet limitation?

If you have failed to indicate clearly these kind of conditions....this appears only as an abuse...there is nothing to add !
I was disposal in several occasions to reach an agreement with you, but your total silence until now with me, constitutes in my opinion, not only an abuse .....but a full-on fraud !

I look forward to have the Traders Court public voting, in order to know the opinion about it of all the other FPA members.

 

[foixx]

In his last reply the Broker wrote:
"As all the transactions between Foixx and OctaFX were conducted via Neteller/Skrill we must act in accordance with the AML provisions. Any violation of these provisions by our company would be unlawful"
....but his statement is purposely inaccurate.
I have deposited always using Neteller, I never used Skrill to deposit.
After my trading account forced closure, was the Broker to write me, asking if I could provide a Skrill account, in order to accelerate the processing of my withdrawal requests (Can I prove it? Yes...look at the 3 emails copy attached, dated 2 August...the day after the account closing...I attach again the closing communication email)
So...the Broker had no problems to execute my withdrawals using Skrill, despite I had deposited only with Neteller.
No violation of AML provisions in this case?......and then...why using a simply Bank transfer is in breach of them?

I really don't think that support this kind of justification can be plausible !

 

[foixx]

Moderator question:

If the client made a small deposit via bank wire, would OctaFx then be able to allow him to withdraw all of his money by bank wire?

If bank wire is not an option, does OctaFx have any other methods where the client could get all of his funds faster?

The Broker Answer:

Thank you for your reply.

We typically process all withdrawals in one request, but in this specific case we had to ask foixx to submit several withdrawal requests.

Regrettably, we do not offer any alternatives to e-wallet payment systems.

Kind regards,
OctaFX Rep.

 

[foixx]

Really unbelievable! From the Broker answer seems that the problem is only the necessity to slip my big withdrawal request in several little requests.
I have already done it...from 1 September with Neteller and after with Skrill as well.
The real problem, that OctaFx seems to accurately avoid even only to nominee, is that he's paying me only a request a week, and he will need months to complete all them!
If the Broker would pay me a 5000€ request each day, there wouldn't be any problem !
Only yesterday, in fact, another little 5000€ weekly payment is arrived from the Broker.
Almost 3 months are already passed since my trading account forced closure and, with 85000€ still blocked, I will have to wait another 17 weeks in order to have all my withdrawal requests completed....another 4 months.....a total of more than 7 months of waiting !

Dear @OctaFX Rep....it's really very sad to see how you answer only if @AsstModerator makes you a question, while at the same time, you continue to ignore all my emails and all my questions in this thread as well.
This shows another time your total lack of consideration and attention towards your clients.

I want to try to make my previous question another time (and I think that, in case of your reiterated silence, I will try every week for the next 17 weeks, so my scam alert thread will be able to rest alive, maximizing the visualizations, in order to inform the greatest possible part of the other FPA forum members, about your regrettable behavior):

When I opened the account with you, I had to agree only with your Customer Agreement (You wrote in the open account page: "By clicking open account, you confirm that you have read and agree with our customer agreement").
But.....in your customer agreement point 13.5, you said :
"If the Client requests to withdraw funds from the Trading Account, the Company shall pay the specified amount within three (3) Business Days once the request has been accepted......."
No mention at all about your maximum 5000$€ amount that a winning client can withdraw every week (note that I say "winning client", because, as I proved in my previous posts, you had no problem at all to complete my several 15000€ withdrawal requests when I was loosing money......and then....where was your 5000€ weekly e-wallet limitation in these cases?)

Moreover in your web site FAQ section, you are even more specific:
13.7 What is the maximum amount for withdrawals/ deposits?OctaFX does not limit the amount you can withdraw or deposit into your account. The deposit amount is unlimited, and the withdrawal amount should not exceed free margin.
PLEASE....another time......may I know WHERE a potential client can be informed of these your withdrawal limitations, BEFOREthe account opening, and not only AFTER.....WHERE is it indicated in your Customer Agreement or in your web site that if a client makes profit, he will be able to withdraw a maximum of 5000€ a week, and not more?
Do you think that it is lawful to change the rules to your advantage how and when you want?

And ...last question: for what reason you continue to think that your Customer Agreement must be valid and must be rigorously followed only by your traders, and you evoke it only for your convenience, while, at the same time, you can peacefully go in total breach of it and, with incredible arrogance, into thinking that you are always doing the right thing !

Your behavior is causing me a big financial damage....furthermore you are totally unregulated and you are not able to offer any kind of protection compensation fund for your clients, in case of your bankruptcy.
This fact will espose me for the next months to a big counter-party risk, with my money still retained with you....and this thinking is going to take my sleep!)

Since that by now, starts to be clear, from your totally insubstantial answers, that you have no intention at all to be collaborative, trying to reach a more favorable agreement with me....now I only hope that you can obtain, from this your unfair and unethical behavior, an equally big damage in terms of reputation and credibility, with an FPA Traders Court guilty verdict, that could remain in your review page for the next months, in order to inform of your abuses, and so dissuade, the bigger part of your new potential future clients.
I will post this story in other forex forums as well, in order to maximize these information.
No more anything else to hope for me !

 

[snapped2002]

I know that the AML rules are a real thing and lots of brokers work this way.
That's a tracking thing and standard.

Whats bugging me here is the $5000 limit, I went over the T.O.S with a fine tooth comb and never saw any mention of that.

I went so far as to copy/paste several sections of the T.O.S and my question regarding that term in an E-mail to them (they replied very fast) before I put any money into the broker.

Can you show where you specify the withdraw limit.
I still have the copy of the T.O.S that I took to inspect from your site this summer and can't find it.