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Problem Octafx Not giving refund of $14140 and blocked my account without any reason

I am having an issue with a company
Dear Quratulain Amjad,

Please excuse us for not getting back to you earlier. Our investigation took slightly longer than we initially expected, but we're ready to present to you what happened.

First of all, we want to say that our company constitutes a certain set of trading conditions provided to our customers for their benefit. In cases when our customers violate these terms, as a company, we reserve the right to no longer provide our services to the person deemed in breach of these conditions.

After closely looking into your account, we've found that a specific abuse of our negative balance protection feature occurred. Specifically, some of your orders were opened simultaneously, hedging from two different trading accounts. The negative balance protection adjusted your balance in one account while you gained profit in another one. Doing that eliminates the risks and abuses the feature provided to our clients as a benefit. Since we cover such adjustments ourselves, we consider your actions an abuse.

That said, we want to refer to our Customer Agreement, clause 8.2, for reasons behind your account access restrictions and cancellations of the orders affected by the violations:

Any kind of abusing and/or taking unfair (direct or indirect) advantage of the Company'strading conditions may be a subject of investigation. Should facts of such abuses arise, the profit and/or loss gained with this advantage may be cancelled by the Company's decision. The Client fully acknowledges this.

We hope our reply clarifies everything for you, but if not, please leave your questions in the thread or email us at support@octafx.com.

Our team is always here for you and will be happy to address further questions.

Kind regards,
OctaFX Rep.
 
Dear Quratulain Amjad,

Please excuse us for not getting back to you earlier. Our investigation took slightly longer than we initially expected, but we're ready to present to you what happened.

First of all, we want to say that our company constitutes a certain set of trading conditions provided to our customers for their benefit. In cases when our customers violate these terms, as a company, we reserve the right to no longer provide our services to the person deemed in breach of these conditions.

After closely looking into your account, we've found that a specific abuse of our negative balance protection feature occurred. Specifically, some of your orders were opened simultaneously, hedging from two different trading accounts. The negative balance protection adjusted your balance in one account while you gained profit in another one. Doing that eliminates the risks and abuses the feature provided to our clients as a benefit. Since we cover such adjustments ourselves, we consider your actions an abuse.

That said, we want to refer to our Customer Agreement, clause 8.2, for reasons behind your account access restrictions and cancellations of the orders affected by the violations:

Any kind of abusing and/or taking unfair (direct or indirect) advantage of the Company'strading conditions may be a subject of investigation. Should facts of such abuses arise, the profit and/or loss gained with this advantage may be cancelled by the Company's decision. The Client fully acknowledges this.

We hope our reply clarifies everything for you, but if not, please leave your questions in the thread or email us at support@octafx.com.

Our team is always here for you and will be happy to address further questions.

Kind regards,
OctaFX Rep.
I have done news trading and hedging which is allowed and completely acceptable by your platform. There is nothing in your agreement which states that the hedging and news trading is not allowed. Kindly give my refund as I did nothing against the terms of your platform.
 
Dear Quratulain Amjad,

Please note that the trading strategies you mentioned, such as hedging and news trading, are allowed at OctaFX. However, we condemn the exploitation of the platform and the benefits that we provide, such as negative balance protection. Such actions may result in account suspension and refusal of the further provision of our services according to our Customer Agreement.

We're still looking into your case with our Monitoring team and would encourage you to address the exploit of our features in detail in this thread. Any extra information from your side could help our investigation and is highly appreciated.

Kind regards,
OctaFX Rep.
 
What a rubbish broker. Why do people open accounts at these places that are out to make money from their customers at their expense?
AVOID AVOID AVOID AVOID AVOID
 
What a rubbish broker. Why do people open accounts at these places that are out to make money from their customers at their expense?
AVOID AVOID AVOID AVOID AVOID

"You can lead the horses to the water, but you cannot make them drink it"
All FPA can do is continue to inform and educate the public on the dangers of brokers who use business models that effectively aim to capture the client's deposit.

If only victims could look past their own gambling impulses; they wouldn't be so quick to throw away their hard earned savings on false promises. There would be only a few problem reports per year.
 
What a rubbish broker. Why do people open accounts at these places that are out to make money from their customers at their expense?
AVOID AVOID AVOID AVOID AVOID
Dear IQ Trader,

We are disappointed to learn that you have an unfavourable opinion of us. We would like to make it clear that we are not the type of organisation or individual about whom you may have acquired a negative view. We appreciate openness and try to provide great service to all of our valued clients.

However, we truly apologise for any inconvenience this has caused you. We are truly interested in learning more about the problem you are experiencing so that we can provide a solution as soon as possible.

We hope you will contact us through our social media platforms so that we may address your concerns and endeavour to resolve the issue to your satisfaction. We look forward to hearing from you.

Kind regards,
OctaFX Rep.
 
"You can lead the horses to the water, but you cannot make them drink it"
All FPA can do is continue to inform and educate the public on the dangers of brokers who use business models that effectively aim to capture the client's deposit.

If only victims could look past their own gambling impulses; they wouldn't be so quick to throw away their hard earned savings on false promises. There would be only a few problem reports per year.

Dear 4evermaat,

We're deeply sorry to hear that. But we can certainly say that we're not what you called us. OctaFX is a trusted broker, we do care about the safety of our users funds. You can find more info about it on our website or contact our team at support@octafx.com. Please note that trading forex requires certain knowledge, you can learn more about trading strategies from our webinars on YouTube.

Kind Regards,
OctaFX Representatives.
 
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