Resolved: Octafx blocked my account and stole my funds amounting 9450$.

Saima Noreen

Recruit
Messages
8
Hi, my name is Saima Noreen. I've been trading with this broker octafx since last 6 7 months. Things were normal before but on 26 July they sent me this mail.(see screenshot 1). In this mail I was asked to provide my selfie while holding id card and a paper with octafx written on it with date. Also my account statement. meanwhile I was blocked from withdrawing funds.

On 02 Aug I provided them all required documents.
Screenshot 2 attached. At this time I had 9453$ in my account. check screenshot 3. I also have video recording of my personal area which shows date , balance and withdrawal restriction which I will provide if needed.

Next day they blocked my account instead of verifying it or any other response to my documents. Check screenshot 4.
Also I received these mails in which they gave the reference of customer agreement para 3.10 that company has the right to discontinue it's service to client. Which I get it but in mail he also said I'll quote "
As per check, the withdrawal amount exceeded the deposited amount. Thus, we cannot process any refund. "
Check screenshot 5.
I agree with para 3.10 company has the right to ditch clients. But it doesn't say company will also embazzl clients funds. I asked him give me a reference from agreement about not giving me refund. I replied to the mail like 4 times asked him to refund but instead they gave me same copy paste answer referring to 3.10 para but in those recent mails that above quoted sentence about refund wasn't mentioned. Check screenshot 6.

It was yesterday they blocked my account I have no access to my personal area. I am not receiving any update from their kyc Dept in recently . They can put me in ignore list. So I request FPA senior members respond to my thread also please invite octafx rep which I don't know how to do. I hope I will get justice. Waiting
 

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4evermaat

2nd Lieutenant
Messages
2,375
1) I assume you keep regular copies of your trading account statements? please upload a copy of your account statement here.

Follow this tutorial:

2) There is no reason to request bank statement with transactional data. What for? It's none of their business about your transactions which are private. @OctaFX Rep would you like to explain this?

3) How much total was you deposit? How much total have you withdrawn? [before the account freeze]

4) Did you study octafx business model before you deposit money with them?
 
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Saima Noreen

Recruit
Messages
8
I assume you keep regular copies of your trading account statements? please upload a copy of your account statement here.

Follow this tutorial:
No i don't have any. I have trading history of 02 Aug just before they blocked my account.
 

Saima Noreen

Recruit
Messages
8
I have deposited 4000+ in last one month and withdrew like 6500$. That wasn't all profit it included deposited funds. Usually i withdraw money before weekend market closure.
I read some reviews from trust pilot most them were okay,also they have been doing so much marketing and one of my friends recommended it, I think he met with the same fate as me.
 

4evermaat

2nd Lieutenant
Messages
2,375
No i don't have any. I have trading history of 02 Aug just before they blocked my account.
you can upload that.

But you should also have monthly statement in your email box. You can use the monthly statement there, and then the daily confirmation for August 01,02

I have deposited 4000+ in last one month and withdrew like 6500$. That wasn't all profit it included deposited funds. Usually i withdraw money before weekend market closure.

Listen to 2 minutes of this videos to see how many bucketshops who masquerade as brokers treat their clients:



and also 1 minute here


 
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Saima Noreen

Recruit
Messages
8
you can upload that.

But you should also have monthly statement in your email box. You can use the monthly statement there, and then the daily confirmation for August 01,02
No they never send monthly statements also daily statement. I just took a screenshot of 2 Aug trade history which is attached.
 

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Saima Noreen

Recruit
Messages
8
I received their response now they are blaming me for arbitrage trading. Screenshot attached. All I know about arbitrage trading that it uses three pairs GBPUSD, Eurusd and Eurgbp. Mostly I trade on eurusd, sometimes on other major pairs. Check my last days trade history I didn't trade on Gbpusd or Eurgbp.
Also in earlier mails they didn't even mentioned this clause 4.8. I replied them like 4 times asking for reason why no refund they just replied me with clause 3.10. Which proves they just made it up now.
In reply of this mail I asked him for my accounts statements all of them so that they can show me where I used arbitrage strategy. Also I asked him for my whole deposit withdrawal history.
 

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Naveed011

Recruit
Messages
1
Hi, my name is Saima Noreen. I've been trading with this broker octafx since last 6 7 months. Things were normal before but on 26 July they sent me this mail.(see screenshot 1). In this mail I was asked to provide my selfie while holding id card and a paper with octafx written on it with date. Also my account statement. meanwhile I was blocked from withdrawing funds.

On 02 Aug I provided them all required documents.
Screenshot 2 attached. At this time I had 9453$ in my account. check screenshot 3. I also have video recording of my personal area which shows date , balance and withdrawal restriction which I will provide if needed.

Next day they blocked my account instead of verifying it or any other response to my documents. Check screenshot 4.
Also I received these mails in which they gave the reference of customer agreement para 3.10 that company has the right to discontinue it's service to client. Which I get it but in mail he also said I'll quote "
As per check, the withdrawal amount exceeded the deposited amount. Thus, we cannot process any refund. "
Check screenshot 5.
I agree with para 3.10 company has the right to ditch clients. But it doesn't say company will also embazzl clients funds. I asked him give me a reference from agreement about not giving me refund. I replied to the mail like 4 times asked him to refund but instead they gave me same copy paste answer referring to 3.10 para but in those recent mails that above quoted sentence about refund wasn't mentioned. Check screenshot 6.

It was yesterday they blocked my account I have no access to my personal area. I am not receiving any update from their kyc Dept in recently . They can put me in ignore list. So I request FPA senior members respond to my thread also please invite octafx rep which I don't know how to do. I hope I will get justice. Waiting
Where is octafx representative?? we need your attention here on this issue
 

4evermaat

2nd Lieutenant
Messages
2,375
I have deposited 4000+ in last one month and withdrew like 6500$. That wasn't all profit it included deposited funds. Usually i withdraw money before weekend market closure.

This screenshot shows that you held onto the trade for well over an hour. How is this arbitrage @OctaFX Rep?

screenshot_20220805-120912-png.78797



Please pay your clients money that they have legitimately traded. If she had lost this trade, would you have still blocked the account for arbitrage?
 

RealNeed

Private, 1st Class
Messages
26
Omg it's very terrible. I hope you get the money and solve the case. You are a very good trader, so you made 6k profit at once, so I think they became very sensitive... In the fx industry, octafx is famous as a B-book broker. Also, I know that they always use B-book for dealing.
 
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