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Octafx is a big scam!! Held all my profits plus deposit!!

Discussion in 'Scam Alerts' started by oikedianya1984, Jan 21, 2013.

  1. oikedianya1984

    oikedianya1984 Recruit

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    I am a news trader and I opened an account with octafx.com, I made sure I had confirmed with them they accept news traders and they said they do before i opened my account. I made a deposit of $100 and my profit over time trading various news release rose to $1,127. Soon as I made my very first withdrawal request, they canceled all the profitable trades I have ever made on my account which was a total of 22 trades and the reason they gave is "Latency Arbitrage" I emailed them and told them I do not trade in this manner and I was a news trader which I clearly confirmed with them it was acceptable before I opened my account. All they offered was to give me back my initial deposit which was meant to be $100, however all they refunded me was $50 and every other email I sent them was ignored! I called their so called office number and it sounded nothing like an office environment, rather it sounded like some man in his bedroom answering the phone call. My big question is, if they were very sure my trades where Arbitrage trades, why did they not tell me after my first, second, third or fourth trade. Rather they waited till after 22 trades had been made and immediately I make my very first withdrawal request on the account, that is the moment they realise its arbitrage trading.

    OCTAFX.COM IS A BIG SCAM! SCAM!! SCAM!!!

    Please Stay away from this broker!!
     
    john_marquisFX likes this.
  2. jtcash

    jtcash Private

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    Same thing happened to me with FxOpen.

    It looks like this is a normal practice.

    News traders: be careful!!!
     
    john_marquisFX likes this.
  3. Pharaoh

    Pharaoh Colonel

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    Sounds like the dreaded "Compliance Audit" has returned.

    Funny how those can cancel dozens of profitable trades, but almost never cancel an unprofitable one.
     
  4. hitcola

    hitcola Private

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    OctFX is registered in a faraway island on the Atlantic ocean called (ST. Vincent) it seams that this broker in not a decent one.
     
  5. Akintinoyea

    Akintinoyea Recruit

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    same tin hapened to mee too they are the best scam broker
     
  6. Pharaoh

    Pharaoh Colonel

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    If so, make sure to leave them a nice, shiny One Star review.
     
  7. OctaFX

    OctaFX OctaFx Representative

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    Everything you keep saying is just plain lie. Your case is not global and thousands of satisfied clients are happy with our services and stay with us for years. You run a group of organized scammers. And in full compliance with the Customer Agreement we are preventing you from cheating on us. You are not welcome at OctaFX. Noteworthy that we never had to deal with similar problems since we banned Nigeria.
     
  8. ruseneca

    ruseneca Master Sergeant

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    I can say that I am using OctaFX services from the very beginning. I am satisfied at 80% 'cause their stop/limit level and trailing stop function are all set to 20 points ( instead of default 15 points ). Additionally, they didn't informed me about Silver trading hours before Easter celebrations. I opened an order on Silver and in the other day, a broker in Bulgaria quoted me with almost $300 in profit when OctaFX's prices remained the same. On Monday, it was too late because my account reached stop out and..boooom! I contacted them regarding this matter. All I received was "We will pass it to the appropriate department". They still pass it! Later on, I had another problem with them! Their servers crashed in the middle of the night when I was about to set my SL and TP and go to bed. Perhaps luck was not with me because I reached the stop out again!
    As a whole, I am a loosing trader there but when I request a withdrawal, it always come within 1 business day!
    As execution, the platform works fine, I don't have any remarks.

    I hope that they process deposits higher than $5,000 as quickly as the minor ones.
     
  9. OctaFX

    OctaFX OctaFx Representative

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    Dear Ruseneca,
    First and foremost, I'd like to thank you for being with OctaFX from the very beginning. We appreciate your being with us through all of the years! However, it makes me feel sad to know that you are only 80% satisfied with our services when we are ready to give you all 100%. We did have technical issues with servers in the past, but we always restored any clients’ trades affected by the crashes. I understand that inability to implement your trading strategy due to the technical malfunction can be harsh and that is why I urge you to contact our support team regarding this matter. Please mail all the details of the mentioned trade to support@octafx.com and we will check it. It would be also helpful if you could attach a description of your XAGUSD trade, as our technical team does not have such inquiry.
    We hope that your experience with OctaFX will be as positive as possible!
     
  10. shafibd

    shafibd Recruit

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    OCTAFX cheated my $3356.51. My account hacked on 10th November by hacker and I communicate with them but they never help. I can't recover my account due to their no cooperation. I informed one of the support staff named Ian for locked my account but the support staff always cooperate hacker for big commission. Please help me for recover my loss.
     
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