Resolved - OCTAFX - Maxi Fraud 105.000€

[4evermaat]

.......
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.

It is designed to ensnare people who are not as informed about how professional forex trading really works. Most of these "brokers" come from the gaming/gambling/casino background and have little or no interest in providing bonafine brokerage services.

For example, most countries have laws against starting a business with the name "bank" in the business name unless you actually have a banking license. If they didn't, then anyone could just open up a shop, call themselves a 'bank' and have people come in and open up savings or checking 'accounts' and make several 'deposits' into it. If they put such restrictions on fx brokers and cracked down on those that didn't have a proper license and business model, their wouldn't be nearly as much blatant fraud such as 'fake' brokerages. Switzerland actually recognized this and required that forex brokers obtain a banking license back in 2008-2010 in order to [continue to] provide forex brokerage services. Even with 1/40th of the capital requirements, you would not have so many fly-by-night types.

How often do you hear about futures/commodities brokers just casually running off with client funds?

 

[foixx]

After the Broker "investigation" closing, 3 days ago I have written another email to him (copy attached), trying to reach a reasonable agreement, but, it was only a test, because, as I could imagine, OctaFx continue to avoid to answer me. (Obviously OctaFx was also rewarded by Fx Empire as "Best Customer Service Broker" !)
Then I have invited again the Broker in his OctaFx Rep, FPA community member page:
https://www.forexpeacearmy.com/community/members/octafx-rep.138597/
and also in his specific FPA Broker thread:
https://www.forexpeacearmy.com/community/threads/octafx-com.18981/page-39#post-295926
in order to receive his final answer to my complaint (image attached).
In the meanwhile, I would like to reiterate my position for the last time, in order to be 100% clear with him:

1) OctaFx has publicly declared that the investigation against me is concluded and that all my trading activity was totally regular, so that all my profit has been legitimized

2) Since he has forcibly closed my trading account, now I expect that he completes all my withdrawal requests in compliance with his own Customer Agreement (Why... he can investigate me in order to verify if I'm in compliance of his Customer Agreement, while, at the same time, he can peacefully goes in total breach of his own rules?):
"13.5. If the Client requests to withdraw funds from the Trading Account, the Company shall pay the specified amount within three (3) Business Days once the request has been accepted......
......OctaFX does not limit the amount you can withdraw or deposit into your account. The deposit amount is unlimited, and the withdrawal amount should not exceed free margin.
....However, it is advised to deposit and withdraw all of the funds in one request to avoid unnecessary delays in processing"

3) OctaFx claims to have e-wallet limits that impede him to complete my big requests in a short time and that he can pay me only 5000€ a week (total silence from PaySafe about this absurd statement !)
In fact the strange thing is that, while I was loosing money, OctaFx had never showed problems to complete my withdrawal requests for amount by far bigger than 5000€ (for example... look at the 2 images attached....2 my withdrawal requests 15000€ worth, completed in few hours without any problem).

4) OctaFx asked me to split my withdrawal requests in several little 5000€ worth each, due to his payments limit.... otherwise he will be unable to pay me back my money.
To think about it.....OK... I can do it, no problem (I have just done it in his client area...look at the twenty 5000€ requests with Neteller.... image attached)
If he prefers to pay me with Skrill, even if I have previously used Neteller to deposit...no problem again..he can use Skrill (I have submitted another twenty 5000€ requests with Skrill ...image attached)
But.... anyway.... (he has all the amount possibilities he wants with Neteller and Skrill...look at 2 other images attached)...whatever way he wants .....all my money still blocked in the closed trading account ...should be payed me back in 3 business days from the request submission date, in compliance with his Customer Agreement......why I have to accept only one 5000€ request payed a week for 20 weeks - 5 months???!!! What right has he ....to do it?
If he has e-wallets limits and he can't do it with Neteller or Skrill, he can simply refuse these e- payment methods and proceed with a Bank transfer, since this possibility is contemplated by his own Customer Agreement (I have already provided to him my Bank details 2 months ago, without any answer):
"...... In exceptional cases (such as Force Majeure circumstances, termination of payment system operation, etc) Company is entitled to decline Client’s funds withdrawal in this payment system.
....in some cases the Company reserves a right to withdraw Client’s funds only to his/her bank account."

5) Despite these money are only profit for me, I need to get them back immediately, in order to resume my trading activity with another Broker, since I accrued losses with other Brokers while I was winning with OctaFx.
And however...because....it's only my right!

6) If OctaFx continues to refuse to pay me back all my money immediately, this constitutes a clear FRAUD (and not a simple client/broker dispute, as PaySafe, with very bad faith, continues to support), since the Broker doesn't have any legal justification to impose me his 5 months refund plan time-frame, after having legitimized all my trading activity.

Finally, if OctaFx continues with this fraudulent behavior, I consider myself fully scammed.
I will give him a couple more days to communicate me his final decision in this thread, after that, there is nothing left for me to do, and I will file the case to the FPA Traders Court for publicly voting.

 

[foixx]

No answer from the Broker yet.
Evidently he has no arguments to justify a similar fraudulent behavior.
This sounds as a public admission to be only a Scam Broker !!!

 

[4evermaat]

you clearly have all the evidence. Go forward with the traders court case. it will take about 1-2 weeks before it goes to a public vote.

if 2 others can come forward and file a case and get a guilty vote, we can get it labeled as scam.

 

[foixx]

you clearly have all the evidence. Go forward with the traders court case. it will take about 1-2 weeks before it goes to a public vote.

if 2 others can come forward and file a case and get a guilty vote, we can get it labeled as scam.

Ok 4evermaat, thank you,
tomorrow I will go forward with the Traders Court Case.
But....where have you found that it will be necessaire to have 3 guilty cases, in order to get it labeled as a scam?
Because in the FPA Traders Court page I have found:

"In severe cases, the FPA Scam Investigations Committee may investigate further. If this happens and a resolution isn't reached, the company may be officially labeled as a SCAM in the eyes of the FPA. If this happens
- the company will be labeled as SCAM in Forex Peace Army Review Section until the issue is resolved and the details of the scam investigation will be listed in our Forex Scam Blacklisted Folder
- an additional mailing about the issue will be sent out to our entire membership
Since FPA Scam findings were implemented in early 2008, well over 50% of the websites that the FPA has declared to be SCAMs have gone out of business."

....and I suppose that a 100.000€ Scam against a private trader, could be considered "a severe case" by the FPA Scam Investigations Committee, don't you think?

 

[OctaFX Rep]

Ok 4evermaat, thank you,
tomorrow I will go forward with the Traders Court Case.
But....where have you found that it will be necessaire to have 3 guilty cases, in order to get it labeled as a scam?
Because in the FPA Traders Court page I have found:

"In severe cases, the FPA Scam Investigations Committee may investigate further. If this happens and a resolution isn't reached, the company may be officially labeled as a SCAM in the eyes of the FPA. If this happens
- the company will be labeled as SCAM in Forex Peace Army Review Section until the issue is resolved and the details of the scam investigation will be listed in our Forex Scam Blacklisted Folder
- an additional mailing about the issue will be sent out to our entire membership
Since FPA Scam findings were implemented in early 2008, well over 50% of the websites that the FPA has declared to be SCAMs have gone out of business."

....and I suppose that a 100.000€ Scam against a private trader, could be considered "a severe case" by the FPA Scam Investigations Committee, don't you think?

Dear foixx,

Thank you for your further feedback.

As explained before, your funds are and will continue to be withdrawn. We checked your account and confirm that your last withdrawal request has been successfully processed last week.

Unfortunately, we are bound by a limitation. And section 13.9 to which you’re referring to does not apply in your case, as we already began paying out your funds, and consequently, there is no reason to suspect your funds insecurity.

We invite you to address our customer support for any further enquiries, as they will be more than happy to help.

Once again, we wish to emphasise our company's irreproachable reputation and transparency towards its traders and thank the FPA community for their support.

Kind regards,
OctaFX Rep.

 

[foixx]

Dear foixx,

Thank you for your further feedback.

As explained before, your funds are and will continue to be withdrawn. We checked your account and confirm that your last withdrawal request has been successfully processed last week.

Unfortunately, we are bound by a limitation. And section 13.9 to which you’re referring to does not apply in your case, as we already began paying out your funds, and consequently, there is no reason to suspect your funds insecurity.

We invite you to address our customer support for any further enquiries, as they will be more than happy to help.

Once again, we wish to emphasise our company's irreproachable reputation and transparency towards its traders and thank the FPA community for their support.

Kind regards,
OctaFX Rep.

Dear OctaFx,
I think that by now it's pretty clear for all readers what is your real misleading nature !
Would you like to be so kind to explain me these points in detail, please:

1. Where are your e-wallet withdrawal limits specified in your web site or client agreement.....since you claim:
"the Company shall pay the specified amount within three (3) Business Days once the request has been accepted......
......OctaFX does not limit the amount you can withdraw or deposit into your account."

2. Can you explain these another my 3 withdrawal requests (images attached) 15.000€ worth, completed with no problems in March, April and June.... before I started to win in July?
Where were your e-wallet (max 5000€ weekly) limitations in those cases?

3. And for example....why, in the same way, you never payed me these 2 withdrawal requests, not of 15000€ but only 10.000€ worth (images attached), submitted after my winnings in August and still pending nowadays.....after 2 months......oh! ...sure ....in this case "you are bound by a limitation !"

4. You said: "We checked your account and confirm that your last withdrawal request has been successfully processed last week."
......and all the other my withdrawal Neteller requests, dated 1 September....more than 1 month ago? (image attached)

5. You said: "Unfortunately, in exceptional cases where our e-wallet limitations clash with the existing high demand, we kindly ask our traders to resubmit their withdrawal requests in smaller amounts"
OK, I have accepted....2 days ago I have submitted 20 withdrawal requests 5000€ each with Skrill and 20 with Neteller.
And then...you kindly ask your traders also to wait 5 months and not 3 business days, to get them payed?
Tomorrow is the third business day after the submission requests.....when are you going to pay me all these requests?

6. You said: "We invite you to address our customer support for any further enquiries, as they will be more than happy to help."
Your gall never ceases to surprise me ....really !!!
You have stopped to answer me to every my email since more than 2 months and now you wrote.....they will be more than happy to help !!!........really very funny! (attached my last email, that you continue to avoid to answer, despite this my FPA thread and your false availability declarations)

7. I think that you should to convince all the FPA readers that your "e-wallet limitations", that you use to avoid to pay me all my money back, are not only an excuse.
Then, please, feel free to post your proofs about....a specific point of your Customer Agreement, a page of your web site....whatever you want.
The question is: what right have you to impose me these your 5000€ a week for 20 weeks - 5 months refund plan time-frame? Can you demonstrate this your right?

I'm going to post this reply also in your specific FPA Broker thread, so you can't avoid to see it.
I look forward your answer, even if it will be in the Traders Court thread, that I will file tomorrow.
Regards.

 

[4evermaat]

Ok 4evermaat, thank you,
tomorrow I will go forward with the Traders Court Case.
But....where have you found that it will be necessaire to have 3 guilty cases, in order to get it labeled as a scam?
Because in the FPA Traders Court page I have found:

"In severe cases, the FPA Scam Investigations Committee may investigate further. If this happens and a resolution isn't reached, the company may be officially labeled as a SCAM in the eyes of the FPA. If this happens
- the company will be labeled as SCAM in Forex Peace Army Review Section until the issue is resolved and the details of the scam investigation will be listed in our Forex Scam Blacklisted Folder
- an additional mailing about the issue will be sent out to our entire membership
Since FPA Scam findings were implemented in early 2008, well over 50% of the websites that the FPA has declared to be SCAMs have gone out of business."

....and I suppose that a 100.000€ Scam against a private trader, could be considered "a severe case" by the FPA Scam Investigations Committee, don't you think?

More senior members or @AsstModerator can answer this, but traders court is designed to give the brokers a more formal chance to come forward and demonstrate a willingness to properly reconcile their differences. FPA scam investigations committee is around and does independent investigations on a case-by-case basis. Quicker and a little more transparent to use trader's court where you have several individuals independently presenting their own damning evidence against the same broker.

As per the Trader's Court FAQ other questions...3-4 guilty verdicts are usually needed for a scam findings.

What you don't want to do is victimize yourself more than you already have been. Follow the steps. Not to sound harsh, but there have been traders scammed out of several hundred thousand or millions; your case is not unique.

 

[foixx]

OK @4evermaat, I have understood (this is my first time that I need the FPA Traders Court....thank you for the FAQ link...was useful)
As I said, I have just submitted the case to the FPA Traders Court.
I hope that the Broker, in order to preserve his reputation, now could be more reasonable with me, avoiding me to proceed with a lawsuit.

Anyway........Look at this scary image attached......might it be called "promotional intimidation" ?!
I hope that this my Traders Court case doesn't cause problems to FPA, for possible "advertising retaliations" by the Broker.

 

[4evermaat]

OK @4evermaat, I have understood (this is my first time that I need the FPA Traders Court....thank you for the FAQ link...was useful)
As I said, I have just submitted the case to the FPA Traders Court.
I hope that the Broker, in order to preserve his reputation, now could be more reasonable with me, avoiding me to proceed with a lawsuit.

Anyway........Look at this scary image attached......might it be called "promotional intimidation" ?!
I hope that this my Traders Court case doesn't cause problems to FPA, for possible "advertising retaliations" by the Broker.

If a broker gets 3 guilty votes and are labeled a scam, they are no longer able to advertise on FPA.

This is why I always encourage people who have been scammed to first do the scam alerts thread and invite the broker over to come over. After a week, if there is no real steps taken to rectify the problem, then file a trader's court case. Do not delay as there is a 9 month limit. Don't fall for broker delay tactics, emotional arguments, etc for NOT giving you your money.

XM.com (in my opinion) is particularly notorious for manipulating their clients and will go to great lengths to rip clients off and then convince them that it was somehow their fault.


They should have been labeled scam years ago. You (the consumer) must be diligent enough to stop.