Resolved - OCTAFX - Maxi Fraud 105.000€
- Thread starter foixx
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4evermaat
2nd Lieutenant
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You dont let a thief off scott-free just because they give back the stolen item. You are still guilty of theft.
You would never tolerate this bank from your bank when you go to make a withdrawal....so why would you tolerate it from your broker? What amazes me is that some of the retail community actually defend such actions; usually from ignorance or just being "nice".
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AsstModerator
FPA Forums and Reviews Admin
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Hello OctaFx Representative,
You ignored my question.
I have a simple question which I would like a simple answer to.
If tomorrow another client tried to withdraw €40,000 all at once, would that client be paid in installments or would the entire amount be processed and sent as a single payment? If there are circumstances which could lead to either answer being possible, please explain.
If I don't get an answer by Monday, I will have no choice but to assume that OctaFx can only provide €5000-10,000 in withdrawals for all clients per week. If this is the case and I don't see anything added to OctaFx's TOS warning clients, I will have to place a warning on the company's review page to let clients know they may not have access to all of their funds.
You ignored my question.
I have a simple question which I would like a simple answer to.
If tomorrow another client tried to withdraw €40,000 all at once, would that client be paid in installments or would the entire amount be processed and sent as a single payment? If there are circumstances which could lead to either answer being possible, please explain.
If I don't get an answer by Monday, I will have no choice but to assume that OctaFx can only provide €5000-10,000 in withdrawals for all clients per week. If this is the case and I don't see anything added to OctaFx's TOS warning clients, I will have to place a warning on the company's review page to let clients know they may not have access to all of their funds.
I have a theory about my case, but...repeat....it's only a theory (but it's for this reason that I have accepted a compromise about my refunds).
I suppose that the Broker acts as a pure ECN/STP in his MT5 and obviously his cTrader account, but probably NOT in his MT4 account.
I think so also because with MT4 he has only a, so called, "Micro" MT4 account....and he specifies in his web site: "Recommended for novice trader".
Probably he wants to reserve this kind of platform only to very little deposits and trading volume.
For this reason it's possible to thing that with this Micro accounts OctaFx may act as a Market Maker, keeping all trades in house, hedging clients trades each other and so.... avoiding to pass them to their liquidity providers.
About my case, probably something went wrong in his control procedures and no one employee had realized that my big accumulated positions was going into big profit......and probably he had avoided to cover these positions in the real market.
When they had realized it....probably was too late and suddenly they have forcibly closed my account and only in that moment they have been able to ascertain that he had lost a lot of money against me.
In my view....this is the only plausible explanation about his subsequently despicable behavior, with this "new entry" about their, never mentioned before, "e-wallets payment weekly limitations".
Obviously...one thing is to pay back to clients part of their initial deposits or their profits won with his pure ECN MT5 or cTrader accounts......all another thing is to pay me my profits won all in his Market Maker MT4 Micro Account....because all these profits...probably are practically equivalent of all his losses !!!
For this reason, maybe that his withdrawal limitation problem is applicable only to my case...... and for the same reason.... he has never specified it in his T.O.S..
In this case, the only thing that he must do for the future is to point out some limitation in use, max deposits and max trading volume relatively to his Micro Account in his web site and T.O.S., like a lot of other Brokers do relatively to their Micro Accounts.......and obviously...put a more accurate control to cover the risk, hedging the position in the real market, in case of excessive exposure in some pair position.......and more important thing for an honest Broker.......stop to continue to declaring falsely the ECN nature also of his MT4 account, continuing undaunted to report Max deposit: "Unlimited", Max Trading position: "Unlimited" also for it, like the other his accounts.
This is only a theory....but in my view and experience.....maybe the most plausible.
On my part I have taken the last @OctaFX Rep answer as a formal commitment with me to refund me a minimum of 10000€ a week.
Only in this case an agreement is reached and I will have no other to complaint about this case.....I really hope that the Broker will maintain this commitment.
I suppose that the Broker acts as a pure ECN/STP in his MT5 and obviously his cTrader account, but probably NOT in his MT4 account.
I think so also because with MT4 he has only a, so called, "Micro" MT4 account....and he specifies in his web site: "Recommended for novice trader".
Probably he wants to reserve this kind of platform only to very little deposits and trading volume.
For this reason it's possible to thing that with this Micro accounts OctaFx may act as a Market Maker, keeping all trades in house, hedging clients trades each other and so.... avoiding to pass them to their liquidity providers.
About my case, probably something went wrong in his control procedures and no one employee had realized that my big accumulated positions was going into big profit......and probably he had avoided to cover these positions in the real market.
When they had realized it....probably was too late and suddenly they have forcibly closed my account and only in that moment they have been able to ascertain that he had lost a lot of money against me.
In my view....this is the only plausible explanation about his subsequently despicable behavior, with this "new entry" about their, never mentioned before, "e-wallets payment weekly limitations".
Obviously...one thing is to pay back to clients part of their initial deposits or their profits won with his pure ECN MT5 or cTrader accounts......all another thing is to pay me my profits won all in his Market Maker MT4 Micro Account....because all these profits...probably are practically equivalent of all his losses !!!
For this reason, maybe that his withdrawal limitation problem is applicable only to my case...... and for the same reason.... he has never specified it in his T.O.S..
In this case, the only thing that he must do for the future is to point out some limitation in use, max deposits and max trading volume relatively to his Micro Account in his web site and T.O.S., like a lot of other Brokers do relatively to their Micro Accounts.......and obviously...put a more accurate control to cover the risk, hedging the position in the real market, in case of excessive exposure in some pair position.......and more important thing for an honest Broker.......stop to continue to declaring falsely the ECN nature also of his MT4 account, continuing undaunted to report Max deposit: "Unlimited", Max Trading position: "Unlimited" also for it, like the other his accounts.
This is only a theory....but in my view and experience.....maybe the most plausible.
On my part I have taken the last @OctaFX Rep answer as a formal commitment with me to refund me a minimum of 10000€ a week.
Only in this case an agreement is reached and I will have no other to complaint about this case.....I really hope that the Broker will maintain this commitment.
OctaFX Rep
Octa Representative
- Messages
- 242
Dear AsstModerator,
Apologies for the delay in replying.
A customer who places a single request of 40k should not encounter any issues with withdrawing.
What is important to understand is that the limitation to which we kept referring to in our posts allows us to withdraw a certain amount each day.
If withdrawals are in high demand we must act in such way that would ensure no delays, and fluid payouts. Consequently, that implies that we could ask a client to resubmit his withdrawal requests divided into smaller amounts.
As we already informed you, our Customer Agreement is currently being reviewed and necessary changes ought to be applied.
Kind regards,
OctaFX Rep.
4evermaat
2nd Lieutenant
- Messages
- 2,708
Your "answer" if you want to call it that is leaving open the possibility that the customer will have to wait for their withdraw or have part (or all) of their withdrawal rejected.
If you are truly fulfilling your fiduciary responsibility to your clients (segregated client funds, honoring deposits/withdrawals within 24 hours, etc), then you shouldn't need to take these steps.
@AsstModerator should indeed place a notice on their reviews page re withdraw limits
"A customer who places a single request of 40k should not encounter any issues with withdrawing"
.....and therefore....for what reason I can have only 5000€...(...I hope 10.000€ for the future!)...A WEEK...if someone else, in this same period "should not encounter any issues" with a 40.000€ single withdrawal request?
It's pretty obvious that....as I predicted in my last post..... my case is absolutely atypical.
Yes......for all the other "normal" clients, could happen that the Broker (due to some daily e-wallets payment limitations, that could happen only "if withdrawal are in high demand" in some particular and specific days) asks them to split their withdrawal request in several lesser amount requests....but in any case ....this will be not a problem for them, because they will need a maximum of few days more to have their money payed back.....absolutely none of them will have to wait months and months to be totally payed, as is happening to me.
@AsstModerator ....I think that the Broker will never admit that something went wrong in his risk control procedures, with my trading activity in his MT4 Micro account (that....I repeat...in my opinion ...it's not an real ECN account, but only a MM account) and that he has probably completely lost all the money that I won.....and so I suggest FPA to consider this my case as a pure exception.
....(Yes....I'm honest....I'm worried....or rather..I'm terrorized....because if what I supposed is correct and the Broker has lost money with me ......he will never admit it...and....if he continues to provide only this kind of evasive and inconsistent answers and you decide to put a warning in his review page....probably this could be lethal for his reputation ......and instead...it's in my best interest that he can quickly recover this loss, in order to refund my winnings, as much quickly as possible......and the 10000€ weekly payment agreement can be acceptable for me, in consideration of all these reasoning and circumstances.)
For this reason I think that you should give to @OctaFX Rep the possibility to learn from this mistake, give him the chance to correct himself, in order to make my case....an isolated incident ....an example of what must never again be allowed to happen to other clients!
(....Dear OctaFx.....have you noted that I have defended you?......remember it ....for my future weekly payments
.....it won't happen again if you fail to honor our agreement !)
.....and therefore....for what reason I can have only 5000€...(...I hope 10.000€ for the future!)...A WEEK...if someone else, in this same period "should not encounter any issues" with a 40.000€ single withdrawal request?
It's pretty obvious that....as I predicted in my last post..... my case is absolutely atypical.
Yes......for all the other "normal" clients, could happen that the Broker (due to some daily e-wallets payment limitations, that could happen only "if withdrawal are in high demand" in some particular and specific days) asks them to split their withdrawal request in several lesser amount requests....but in any case ....this will be not a problem for them, because they will need a maximum of few days more to have their money payed back.....absolutely none of them will have to wait months and months to be totally payed, as is happening to me.
@AsstModerator ....I think that the Broker will never admit that something went wrong in his risk control procedures, with my trading activity in his MT4 Micro account (that....I repeat...in my opinion ...it's not an real ECN account, but only a MM account) and that he has probably completely lost all the money that I won.....and so I suggest FPA to consider this my case as a pure exception.
....(Yes....I'm honest....I'm worried....or rather..I'm terrorized....because if what I supposed is correct and the Broker has lost money with me ......he will never admit it...and....if he continues to provide only this kind of evasive and inconsistent answers and you decide to put a warning in his review page....probably this could be lethal for his reputation ......and instead...it's in my best interest that he can quickly recover this loss, in order to refund my winnings, as much quickly as possible......and the 10000€ weekly payment agreement can be acceptable for me, in consideration of all these reasoning and circumstances.)
For this reason I think that you should give to @OctaFX Rep the possibility to learn from this mistake, give him the chance to correct himself, in order to make my case....an isolated incident ....an example of what must never again be allowed to happen to other clients!
(....Dear OctaFx.....have you noted that I have defended you?......remember it ....for my future weekly payments
.....it won't happen again if you fail to honor our agreement !)
AsstModerator
FPA Forums and Reviews Admin
- Messages
- 5,745
OctaFx Representative,
You have indicated that a 40k withdrawal could be processed by some method right now. This means that any limitations on the methods you are using to pay Foixx do not apply to some other withdrawal methods which are available to other clients.
At most brokers, if I deposit by any means and make a profit, the usual procedure is to withdraw my initial deposit by the original deposit method/ Any profits can then be withdrawn by any supported withdrawal method, subject to me verifying that the account I'm withdrawing to be verified as belonging to me.
If other clients can successfully make large withdrawals by other means, why won't OctaFx permit Foixx to utilize these other methods? He's already indicated a willingness to make a modest deposit by other means to satisfy any AML concerns.
Please provide a list of all available methods of withdrawals supported by OctaFx and the requirements Foixx would have to meet in order to be able to use these.
You have indicated that a 40k withdrawal could be processed by some method right now. This means that any limitations on the methods you are using to pay Foixx do not apply to some other withdrawal methods which are available to other clients.
At most brokers, if I deposit by any means and make a profit, the usual procedure is to withdraw my initial deposit by the original deposit method/ Any profits can then be withdrawn by any supported withdrawal method, subject to me verifying that the account I'm withdrawing to be verified as belonging to me.
If other clients can successfully make large withdrawals by other means, why won't OctaFx permit Foixx to utilize these other methods? He's already indicated a willingness to make a modest deposit by other means to satisfy any AML concerns.
Please provide a list of all available methods of withdrawals supported by OctaFx and the requirements Foixx would have to meet in order to be able to use these.
Dear @OctaFX Rep, have you realized that AsstModerator boxed you into a corner !!!! (compliments to you...AsstModerator)
Please, avoid to provide another of your typical....vague, evasive and ambiguous answer and admit once for all that my case is absolutely atypical.....and that all of your other clients can stay relaxed, because they will never have any problems with their withdrawals.
Admit that something went wrong with your risk control procedure relating to my trading activity and that you have lost money against me in your MM MT4 Micro Account (a lot of other Brokers are pure ECN with the exception of their Micro Account, where, in consideration of the reduced and limited trading volume, they acts as a Market Maker).....and now you can assure me that you have the will to refund me completely (precisely because you are honest and reputable), but you need only some time to recover these losses, without impact negatively over your other currently active clients.........as I said I can understand if this is the case.
After that .......point out some new restrictive limitations for your Micro Account....Max deposit, Max volume, etc.......and it will all fall into place !
On the contrary, if you persist with your self-destructive approach......the only other road to follow for you at the moment is to pay me next week at least a 40000€ withdrawal request, given that you publicly admitted in your last reply: "A customer who places a single request of 40k should not encounter any issues with withdrawing"
Since from your client area appears that you can use only Neteller or Skrill for clients withdrawals.......this means that, like with any other client, you are able to refund 40000€ in one single withdrawal request, using one of these two methods.
I inform you that I already have two 40000€ withdrawal requests submitted, one with Neteller dated 1 September and one with Skrill dated 8 October (images attached), since, after my forced account closure, I had submitted withdrawal requests with every amount possible, in order to facilitate your payments.
Get to this point, I really think that another evasive answer, besides having a devastating effect for your reputation, will sound only as a teasing.......and I think that it's not a good idea to make fun of FPA.
Please, avoid to provide another of your typical....vague, evasive and ambiguous answer and admit once for all that my case is absolutely atypical.....and that all of your other clients can stay relaxed, because they will never have any problems with their withdrawals.
Admit that something went wrong with your risk control procedure relating to my trading activity and that you have lost money against me in your MM MT4 Micro Account (a lot of other Brokers are pure ECN with the exception of their Micro Account, where, in consideration of the reduced and limited trading volume, they acts as a Market Maker).....and now you can assure me that you have the will to refund me completely (precisely because you are honest and reputable), but you need only some time to recover these losses, without impact negatively over your other currently active clients.........as I said I can understand if this is the case.
After that .......point out some new restrictive limitations for your Micro Account....Max deposit, Max volume, etc.......and it will all fall into place !
On the contrary, if you persist with your self-destructive approach......the only other road to follow for you at the moment is to pay me next week at least a 40000€ withdrawal request, given that you publicly admitted in your last reply: "A customer who places a single request of 40k should not encounter any issues with withdrawing"
Since from your client area appears that you can use only Neteller or Skrill for clients withdrawals.......this means that, like with any other client, you are able to refund 40000€ in one single withdrawal request, using one of these two methods.
I inform you that I already have two 40000€ withdrawal requests submitted, one with Neteller dated 1 September and one with Skrill dated 8 October (images attached), since, after my forced account closure, I had submitted withdrawal requests with every amount possible, in order to facilitate your payments.
Get to this point, I really think that another evasive answer, besides having a devastating effect for your reputation, will sound only as a teasing.......and I think that it's not a good idea to make fun of FPA.
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