Octafx is putting misleading info at site and eating trader money

[OctaFX Rep]

@OctaFX Rep .i get a mail and they short of refuse to give money back. Do you want to say anything about it or post it as officially statement from ur side.

Dear Hemant123,

Bonuses increase free margin meaning, more volume to trade.

We understand that you're not happy with one sentence appearing in your Personal Area cabinet, but we already addressed your concerns before, as well as now.

The terms and conditions of this promotion are clearly outlined on our website. It's up to you as a trader to familiarise yourself with T&Cs before you claim a bonus. And we assume that everyone who claims a bonus, actually read the promotion rules.

We also wish to add that for many traders, deposit bonuses are of great value. Hence, after completing the volume requirements, the bonus is added to the balance, meaning you can withdraw it. The only time it would be cancelled is if you don't have any of your funds left in the account (during trading, or withdrawing). And in fact, this is the only limitation of this promotion. Bonuses are not designed to be merely free money for trading. Instead, as we said above, this promotion is to help you open bigger trades, profit, and eventually withdraw it along with the profit.

We wish to outline that there are no limitations on:
- withdrawing from the account with a bonus
- withdrawing profit from an account with an active bonus
- withdrawal of your initial deposit
- time to claim the bonus
- time to complete the bonus requirements
Among others.

Having all this in mind, we regret to say that your bonus was cancelled during trading because you didn't have any funds in your account to support it. Many traders who wish to avoid bonus cancellation make a new deposit or transfer funds from another account.

And lastly, we'd like to outline that without a bonus, your orders would have been stopped out earlier. Hence bonuses help you sustain the margin a little bit longer.

Kind regards,
OctaFX Rep.

 

[Hemant123]

@4evermaat now what to do? Will u put them under scam or fraud

 

[4evermaat]

@4evermaat now what to do? Will u put them under scam or fraud

@AsstModerator @Pharaoh what do you think of this?

 

[Hemant123]

@4evermaat Its been months but nothing done by fpa why so?

 

[AsstModerator]

@4evermaat Its been months but nothing done by fpa why so?

Bonus issues are usually avoided by the FPA Traders Court. If it was up to me, I would ban all bonuses, since they inevitably lead to disputes from both brokers and clients.

 

[marco_mmbiz]

@4evermaat now what to do? Will u put them under scam or fraud

No broker gives out payable bonuses, only if you can trade them in again. A margin-call of your own equity is a margin-call. Non-payable bonuses are never counted into your own equity, only if it was a payable bonus.
Also: if your account size was 150$ and your equity only 80$ by that time then your drawdown would already be at nearly 50%. Most pro-traders are aiming for a maximum account drawdown of 10-20%; with a small account you can also be at 30% very fast, but 50%... and without the bonus it was at 100%, so you crashed the account. Just think about it. People should just read the T&C's of a broker bonus before they use them. Also people should learn how to trade on retail brokers, before starting anything.
Lesson learned I guess.
It's not a scam btw., it's called marketing.

 

[4evermaat]

@4evermaat Its been months but nothing done by fpa why so?

Can you summarize how much you have deposited (actual money)?, and how much total you have withdrawn successfully?

 

[zodiactorzan]

Who is the owner octafx company? May I know

 

[OctaFX Rep]

Who is the owner octafx company? May I know

Dear zodiactorzan,

The company has a board of directors. Please note that octafx.com belongs to a group of companies called Octa Markets Incorporated.

If there's anything else you'd like to know about our brokerage and services please, don't hesitate to get in touch with us.

We'd be more than happy to chat.

Kind regards,
OctaFX Rep.