Resolved: Octafx charges me $3000.78 usd for a withdrawal

4evermaat

2nd Lieutenant
Messages
1,096
Correction. 27.5k+28k i got paid.
Still waiting for 4.5k
27.5k + 28k = 55.5k . So it appears that 4.5k remain to get to 60k total.

I don't understand, are you suggesting the broker should eat the $3000 fee?
There are other brokers who charge deposit/withdraw fees, and they are very clear about this at the time of deposit/withdrawal. Usually beyond just stating this on their website, the gross/net credit amounts are actually calculated in front of you in terms of the final amount you will receive right then. There are no surprises. Nor should there be any. It is simple math that can be calculated and displayed clearly at the time of the transaction. edit: here is a screenshot example from a different broker exactly how it would look to the client when they do a transaction.

octafx calculate fee amount at time of transaction example from another broker.png

Now OctaFx advertised boldly that they do both the withdrawal and the deposit for free (no additional charges). And judging the withdraw/deposit process previously, this was their common practice; @Rogerdelpk has proven this with screenshots.
  • Then when the client makes a withdrawal for majority of his funds, OctaFx suddenly reverse this policy on this special occasion AFTER the client makes withdraw request and make it retroactive for all of this client's deposits.
  • And OctaFx try to quote terms/conditions that claim this random (or targeted behavior) is acceptable.
  • And OctaFx held up his request (instead of sending him the remaining funds after deducting their "processing fee").
  • Client had to make second withdraw request for the reduced amount. And he got the payment processor involved (due to his Diamond VIP status, they actually listened to him quickly), so it looks like they paid the majority of it promptly.

This sequence of events is not a little bit suspicious to you? Do you suddenly feel overwhelmed with joy and trust to make a deposit with a broker that behaves like this?

I guess if the client was expected to lose their deposit via trading, it wouldn't matter anyway. Am I correct @FmrBrokerExecutive ?

------------------------------------------------------------------------

Now despite all of this perceived misbehavior, I will actually help out the company @OctaFX Rep a bit here. My understanding is that the Neteller merchant fees are about 3-3.5% of transaction. $60k x 3% = $1.8k (3.5% = $2.1k). Let's call it $2k.

@Rogerdelpk Do you accept this? Assuming they updated their website advertising. They would owe you $4.5k - 2k = $2.5k.

Or do you want to hold them to their original [pre-withdrawal request] behavior/advertising?

edit: I see the withdrawals and deposits have been done more than once. But there was trading done in between also. The whole situation was handled poorly IMO. But if OctaFx is struggling to pay the fee, maybe some compromise can be made if there were real fees involved.
 
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OctaFX Rep

octafx.com Representative
Messages
110
Dear Rogerdelpk,

Thank you for your patience. We saw your messages here and in OctaFX thread.

According to the company rules, we pay the commission for our clients on deposits and withdrawals. When a client starts to abuse it (e.g., constantly withdrawing significant amounts without trading) the company reserves the right to charge him with that commission due to p.13.18 of T&C:

13.18. The Company is entitled but not obliged to cover deposit and withdrawal fees applied by Skrill (Moneybookers), Neteller, FasaPay, PayOnline or any other payment processor. In cases the Company deems appropriate such fees can be charged from the client.

Unfortunately, in your case, we found out multiple misuses of that sort and had to implement p.13.18 of T&C.

Please, notice that we charged the commission on 1 withdrawal request only and returned it to your account by your special request later on. After that, we have no other choice but to implement p.3.10 of our T&C.:

3.10. The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Client and the Client agrees that the Company will have no obligation to inform the Client of the reasons.

We wish to apologize for any inconvenience. This situation is unfortunate for you and us both. If there is still anything we can help you with, please, let us know.

Kind regards,
OctaFX Rep.
 

Rogerdelpk

Private
Messages
16
I traded 12 lots....and you have to go very deep to find that clause where in the websitr there are 5 ads of free withdrawals and depositd.
 

FxMaster

Lt. Colonel
Messages
8,152
Dear Rogerdelpk,

Thank you for your patience. We saw your messages here and in OctaFX thread.

According to the company rules, we pay the commission for our clients on deposits and withdrawals. When a client starts to abuse it (e.g., constantly withdrawing significant amounts without trading) the company reserves the right to charge him with that commission due to p.13.18 of T&C:

13.18. The Company is entitled but not obliged to cover deposit and withdrawal fees applied by Skrill (Moneybookers), Neteller, FasaPay, PayOnline or any other payment processor. In cases the Company deems appropriate such fees can be charged from the client.

Unfortunately, in your case, we found out multiple misuses of that sort and had to implement p.13.18 of T&C.

Please, notice that we charged the commission on 1 withdrawal request only and returned it to your account by your special request later on. After that, we have no other choice but to implement p.3.10 of our T&C.:

3.10. The Company reserves the right, at its discretion, at any time to refuse to provide the Services to the Client and the Client agrees that the Company will have no obligation to inform the Client of the reasons.

We wish to apologize for any inconvenience. This situation is unfortunate for you and us both. If there is still anything we can help you with, please, let us know.

Kind regards,
OctaFX Rep.
So, this is all that he was able to get?
 

4evermaat

2nd Lieutenant
Messages
1,096
No compromise...after Neteller forced them to....they agree to give me my money back without the 3k fee...but i am still waiting for that withdrawal to be process
Can you confirm that you did receive the remaining 3-4.5k to your Neteller? I assume you got a screenshot of this final request?
 
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