Resolved - OCTAFX - Maxi Fraud 105.000€

[foixx]

And...in addition...OK...you start investigation to verify if clients are in breach of your rules....but, in the same way, you should be even more so in compliance with your own rules as well...... rules clearly promoted in your Customer Agreement and in your web site (images attached).
Only paying maximum attention to them in every possible circumstances, you can confirm your, as you said..."impeccable reputation and transparency regarding the clients’ funds and payouts".....and, at the same time, you would be able to demonstrate that all your numerous awards won ...."Most Transparent FX Broker 2016" and all the others......are not only fake ones! (images attached).

 

[Scamdetector]

And...in addition...OK...you start investigation to verify if clients are in breach of your rules....but, in the same way, you should be even more so in compliance with your own rules as well...... rules clearly promoted in your Customer Agreement and in your web site (images attached).
Only paying maximum attention to them in every possible circumstances, you can confirm your, as you said..."impeccable reputation and transparency regarding the clients’ funds and payouts".....and, at the same time, you would be able to demonstrate that all your numerous awards won ...."Most Transparent FX Broker 2016" and all the others......are not only fake ones! (images attached).

This is clearly shown that OctaFX is not a good broker. You are profitable trader to them and they suffer losses. They did it to close your account by giving such term and condition they have such right to do so.

Well, after you submitted your issue here. They afraid of reputation and they resolved it here.

Otherwise, they won't resolve for you since no body knows.

 

[4evermaat]

I'm surprised at how many people are taken in by the flashy websites of these brokers. Any honest investigation into 90% of these brokers would reveal that they are not the type to deposit 6 figures into.

In Australia/UK/etc and europe, there are much better [professional] choices... LMAX, Global Prime Au, etc. What made you pick OctaFx specifically?

I do hope you get your money back btw.

 

[foixx]

Thank you for your interesting question: "What made you pick OctaFx specifically?"
I'm going to explain the reasons in a complete manner (as everyone can observe, until now I have detailed every single point of my scam story, attaching every kind of possible proofs.....I'm totally transparent with nothing to hide!)
First of all, I want to specify that I never deposited 6 figures into...in this account I had a maximum of 30.000€ personal money deposited...all the rest was profit.
I have won about 135.000€ with this Broker....all my personal deposits are already been withdrawn and also, until now, 35.000€ profit is already been withdrawn....100.000€ are still blocked since the begin of August, after my forcibly account closing.
As you can verify at the end of my statement, when I have closed the big part of my trades, after my account deactivation, you can confirm that I'm a long term trader. The bigger part of my profit trades go from April/May/June to August.
When you keep trades opened for months the big important trading cost it isn't the spread, commissions or slippage....it is the swap.
There may be thousands $ difference, is you chose a Broker with low swap, compared to another with an high one.
Some months ago I wanted to use a long term correlation strategy between AUDUSD and EURNZD, each one only for long position (as you can verify from my statement I have traded only these 2 pairs with this Broker, and only for long positions...if you see some sell, it's only because I have closed a long position hedging with a short one), and so I was searching a Broker with very good swap conditions, relatively only to these 2 pairs.
As you can see in the images attached OctaFx has very very good positive swap payed for AUDUSD long position and at the same time, very very low negative swap to be payed for EURNZD long position, compared to all the other Brokers that I have analyzed.
For this reason this Broker conditions was really the optimum solution for my needs and so I decided to give him a chance.
I have tested the Broker for months and only after my verification that all was ok....deposits/withdrawals, customer service, platform reliability, I have decided to increase my deposits and my trading volume.
Yes, I had a lot of concerns about him, considering that these good swap conditions are offered only in his MT4 Micro Account and not with MT5 or cTrader account.
But in his web sites I have noted that, also about his MT4 Micro account, the Broker shows for "Maximum Trade Volume: .....Unlimited" ...and no restriction for scalping and EAs, as well (image attached), and he assured me a lot of times that all his accounts was real ECN/STP, MT4 account as well (example in a Broker email copy attached).
That's all !
Yes...I was too much shallow and I have trusted all the false and incorrect information found on the web, (for example about his regulation, that in reality, nowadays doesn't exist!) without going deep.
But..now...what's done is done!...and rest assured that I will fight with all the means in my power to have all my profit been payed (and in the right time-frame, not surely in 5 months!), since, as the Broker himself has confirmed, my trading activity was 100% regular !

 

[Scamdetector]

That is how they can success in getting a lot of profits from traders who are in loss.

Scammed

 

[foixx]

I would like to inform all readers that I had asked to PaySafe (Skrill and Neteller payments, that are essential for the Broker to conduct his business, since he accepts only these electronic payments and plus credit cards) to intervene in this scam story, in order to enforce his own Neteller Terms of Use, that impede to Merchants to use his payments services to conduct fraudulent activities (look at 2 emails attached).
Now I have received his formal answer (pdf attached).
To simplifying...this can't be considered a fraud because, anyway, it's in the Broker intention to pay me, no matter the duration of the refund time-frame....so that this can be considered only a normal dispute between a client and a Neteller Merchant....and, accordingly to his Terms of Use, PaySafe has no responsibility and he can't interfere in case of dispute.
Have you understood FPA Forum Members....what's the trick?
Then, in this way, OctaFx could peacefully decide to pay me only 1€ a week for 100.000 weeks....and absolutely cannot be considered a fraud....because anyhow the Broker is paying me! Correct?
Pay attention dear private traders...because if you went scammed ...you are left totally alone to fight...all the rest it's only "in the name of the pure business"...and a Broker brings surely more money compared to you...little private trader!
Really incredible...in my view!
Anyway, if OctaFx continues to refuse to pay me my entire amount, in total breach of his own Customer Agreement rules (and considering that he has concluded his "investigation", legitimizing publicly all my trading activity, as regular), next days I will file the case to the FPA Traders Court for a publicly voting....and I really hope to have the solidarity of all the FPA Staff and Community, in order to achieve to be labeled as a Scam Broker....as he really is.

 

[foixx]

Another trader, friend of mine, said me: "but...if these 100.000€ are only profit...you can easily accept a refund time-frame of some months....where is the problem for you?"
Now I would like to explain....where is the problem !
It happens that I can use several correlation 2 pair strategies at the same time with different Brokers (I search for each pair traded, the Broker with the best trading conditions for my case...spread, commission, average slippage...but, as I said, first of all...good swap).
In July my AUDUSD/EURNZD correlation strategy with OctaFx went in very big profit, but at the same time I had another correlation AUDCHF/NZDCHF traded with another Broker that went in big loss.
But...while I had to pay the loss immediately (Imagine if I can lose 100.000€ and after that I can say to the Broker: "OK, I have lost but now I will refund you in little deposits in a 5 months time-frame...It's Ok for you?"....on the other winning part with OctaFx ...I started my "odyssey":

a) The Broker closed forcibly my trading account
b) He blocked my withdrawal requests
c) He avoided to answer to any my emails for 2 months
d) He started an investigation in order to discover by all means some trading rules violations..... to have an excuse to not pay me at all
e) Despite he has publicly admitted that all my trading activity was totally regular, he wants to impose me an absurd 5000€ a week for 5 months refund plan

Have you understand...where is the problem...my friend?
The problem is that...if a trader lose...he has to pay immediately, or rather, in advance, while if a trader wins, he has to fight with a multitude of bucketshops, that refuse to pay him.
.....and all of them absolutely safeguarded by all the other business entities involved in Forex...Financial Web Sites, Media and Press....Trading Platforms Software House....Trading Server Hosting....Electronic Payment System Services.....that...Yes, have an own Terms of Use/Acceptable Use Policy... and an internal complaint department, that should impede fraudulent activity from their authorized business client...but it's only a front without any substance....and a way to call a fraud as a normal client/merchant dispute ...there is always a way to found it !
And..what about ...how a totally unregulated, unlicensed, with owners identity, ceo identity, staff identity, real company location, bank details....all purposely hidden to the public...can be awarded as "The most transparent Fx Broker 2016".....explains so much about the entire forex environment honesty.

 

[foixx]

Stay away from Brokers incorporated in St. Vincent and Grenadines.

These Brokers are not regulated nor licensed at all!
In fact, the Company behind OctaFx (Octa Markets Incorporated) is only incorporated in St. Vincent and the Grenadines but the Financial Service Authority of St. Vincent and Grenadines (FSA) is not a "Regulating Authority" and he doesn't license the activity of Forex Brokers (OctaFx claims it falsely all around the web and there are a lot of misrepresentations about it in a lot of web sites, that evidently trust blindly in his claims without adopt any kind of verification. For example: fxdailyinfo.com/forex-broker-comparison/octafx or bestforexclub24.com/2017/04/octafx-2017.html).

But... in this FSA web site page, http://svgfsa.com/warn.html , you can clearly verify that...:

“The Financial Services Authority (the “Authority”) wishes to advise that it does not ‘Regulate, Monitor or Supervise” International Business Companies (IBCs) which engage in FOREX Trading or Brokerage. Statements of this nature are a misrepresentation of the Authority’s supervisory powers with respect to IBCs.
The Authority does not approve or sanction the business activities of IBCs upon their incorporation. The extent of supervision of IBCs goes no further than to ensure that IBCs comply with their obligations under the International Business Companies Act. The Authority also does not license the activity of FOREX Trading or Brokerage and any IBC purporting to be licensed by the Authority to conduct this business activity is making a false statement"

Moreover in St. Vincent and the Grenadines there isn't yet even an Ombudsman to protect private investors, you can find out it in this page:
http://issat.dcaf.ch/Learn/Resource-Library/Country-Profiles/Saint-Vincent-and-the-Grenadines-Country-Profile
"The 2009 constitution mandated the creation of an Ombudsman, a position that still does not exist in the country."

No Regulating Authority, No brokerage license and No Ombudsman....this is really the "Paradise" for a dishonest Forex Broker, that can really do whatever he wants, without any control !

In some web sites, like this forexbrokerz.com/brokers/octa-fx-uk-review or this fxempire.com/brokers/octafx/review, also seems as FCA regulated as well, but.....if you don't trust of web information and make your own research, you can discover that it's a false information nowadays, because his related UK company was FCA Authorized for little time only in the past, and now his authorization is expired and not renewed.
You can verify it directly in the FCA web site:
https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000m5ZYKAA2
but this related UK company it's just a front, in fact it has practically no business activity at the moment. Look at
https://companycheck.co.uk/company/08849391/octafx-UK-LIMITED/financials#key-financials
The lesson is...never trust only in information that you can find on the web about a Broker...because the bigger part of these information are always false, old and expired or at least incorrect.....and now I'm paying heavy this my inaccuracy !

 

[4evermaat]

@foixx scam brokers can advertise a good rate because they do not intend to pay back deposit anyway. Legitimate brokers give you the actual swap rate [+ markup if applicable]. They would process your withdrawal within 1 business day and especially with real a-book broker they can provide a trade receipt that shows how the trade was processed from start to finish, including who took the other side of the trade.

The point is that the con artists can make unrealistic claims....because they don't have to make good on them

I do hope you file a trader's court case soon; do not delay.

 

[foixx]

Another point that my this horrible experience has taught me is that.... a real transparent Broker should always show in his web site his real headquarter office address and not only his incorporation company address.

Regarding my case, in fact, the real OctaFx Headquarter and Office Locations is purposely hidden to the public.
Same thing for real owners, management team, ceo, bank details....practically all is purposely hidden to the public !
The address showed in his web site is only the address of his Registered Agent (an institution that permit to other Companies to be incorporated in an off-shore country, using trustee figurehead in order to maintain the anonymity of the real owners)
Obviously I can provide proofs for what I'm saying !
The address showed in his web site https://www.octafx.com/company/about/ ..... "Cedar Hill Crest, P.O. Box 1825,Villa, Kingstown" is only a P.O. Box of his Registered Agent, named "Loyal Agency and Trust Corp" http://www.latc-svg.com/en/home/about-us
You can note here the same P.O. Box number http://www.latc-svg.com/en/contact-us "Cedar Hill Crest, P.O. Box 1825,Villa, Kingstown".
You can find this Registered Agent in the FSA Web Site (Financial Services Authority of St. Vincent and the Grenadines), at the fourth row http://svgfsa.com/service_prov.html
In this way, it's almost impossible to know their real identity and their real headquarter location, because the company is incorporated using dummy trustees and all his servers are hosted anonymously in the cloud, without any possibility to track down the real owners.

Obviously also the Management Team and the CEO haven't a name...his email address is a generic ceo@octafx.com and he doesn't answer personally to any email.
All the customer service personnel hasn't a name as well...you can find in his reply emails only fake photo with fake first name, Ian, Sam, Liz...with absolutely No Surname reported or any personal code for verification. If you ask them something about the Company, they answer that haven't the permission to provide information about owners, CEO name, Bank used and their real offices location.

This Broker accepts only e-money (Skrill or Neteller) or credit card, for deposits and withdrawals. Not possible to deposit/withdraw using a Bank transfer or to know his Bank details, probably because knowing Bank details could means have some more indication about the company.

Ultimately...everything in this company clearly indicates his nontransparent and ambiguous nature !

My heartfelt congratulations to myself for my choice......and to europeanceo.com for his "Most Transparent Fx Broker" award.....assigned to OctaFx !!!...that unfortunately had influenced me for this choice.