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

Saima Noreen

Recruit
Messages
8
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The OP has invited the company to this discussion on Aug 8, 2022 at 3:01 PM
 

OctaFX Rep

octafx.com Representative
Messages
203
Dear Saima Noreen,

We're sorry to read about your experience with our brokerage.

Indeed, what you described doesn't sound right, and we want to thank you for bringing this up and sharing the relevant information with us.

Please let us look closely into your case with our team and understand what exactly went wrong. Once we have a clear grasp of the matter, we'll post our reply here shortly.

Once again, we deeply regret the inconvenience and ask you to please bear with us.

Kind regards,
OctaFX Rep.
 

OctaFX Rep

octafx.com Representative
Messages
203
Dear Saima Noreen,

We apologize for the delayed response. Unfortunately, it took us extra time to closely investigate your case with our team and review all the complications.

Upon looking into it, we've found that your account was under investigation by our Monitoring team as they detected unusual activity deemed potentially in breach of our Customer Agreement. The results proved the use of arbitrage - the only trading strategy we don't allow at OctaFX. Our team has sent them in the form of evidence via email, and following a series of exchanges, we can see that you came to an agreement, the orders not affected by arbitrage were compensated, and the issue is resolved.

By taking this chance, we wish to remind you that we forbid specific trading strategies that exploit the market and arbitrage is considered one of those. There's no place for malpractices at OctaFX, and our Customer Agreement underlines that your account could be restricted for engaging in activity like this. You can read it in full here: https://www.octafx.com/company/customer-agreement/.

We genuinely hope our reply clarifies your questions, and if there's anything else you'd like to bring in, please leave a message in the thread or get back to us at support@octafx.com.

Our team is always here to help and would be happy to address any following concerns.

Kind regards,
OctaFX Rep.
 

Saima Noreen

Recruit
Messages
8
Dear Saima Noreen,

We apologize for the delayed response. Unfortunately, it took us extra time to closely investigate your case with our team and review all the complications.

Upon looking into it, we've found that your account was under investigation by our Monitoring team as they detected unusual activity deemed potentially in breach of our Customer Agreement. The results proved the use of arbitrage - the only trading strategy we don't allow at OctaFX. Our team has sent them in the form of evidence via email, and following a series of exchanges, we can see that you came to an agreement, the orders not affected by arbitrage were compensated, and the issue is resolved.

By taking this chance, we wish to remind you that we forbid specific trading strategies that exploit the market and arbitrage is considered one of those. There's no place for malpractices at OctaFX, and our Customer Agreement underlines that your account could be restricted for engaging in activity like this. You can read it in full here: https://www.octafx.com/company/customer-agreement/.

We genuinely hope our reply clarifies your questions, and if there's anything else you'd like to bring in, please leave a message in the thread or get back to us at support@octafx.com.

Our team is always here to help and would be happy to address any following concerns.

Kind regards,
OctaFX Rep.
Octafx team compensated some amount of an order not affected by arbitrage ( they call it arbitrage if you close a profitable order within 180 seconds) not all amount. But I agreed on that I'll call it resolved because I am keeping my word.
I am grateful to FPA community and members for having my back here thank you.
 

FxMaster

Colonel
Messages
11,426
Octafx team compensated some amount of an order not affected by arbitrage ( they call it arbitrage if you close a profitable order within 180 seconds) not all amount. But I agreed on that I'll call it resolved because I am keeping my word.
I am grateful to FPA community and members for having my back here thank you.
It`s always good to see resolved cases. Yo mods, can you please mark and move it to resolved folder??

Note: Don't forget to update* your review if you left any:)
* To update the review, you need to submit a review for the company with the same name as you used before on their review page.

And if you want to volunteer donation then here is the link to .
Note: Donation is not mandatory but if you think we helped you get your funds then you can say thanks to us by donation too :)
 
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