I opened up an "ECN" account with OctaFX on the 8 th of August, 1:500 Leverage since I heard of the " 8 USD Octawelcome bonus" and the "30 % deposit bouns", the tight spreads and last but not least the fact that they were true ECN.
Well, I deposited my Account from the 4 th to the 13 th of september with a total of 1701 $ due to accumulation of a long position and the 30% bonus.
Here is the History:
D4776 complete 24253 300.00 USD Visa/Mastercard ************0746 09/13/2012 18:09
D4768 complete 24253 301.00 USD Visa/Mastercard ************0746 09/13/2012 15:32
D4747 complete 24253 300.00 USD Visa/Mastercard ************0746 09/13/2012 02:55
D4410 complete 24253 800.00 USD Visa/Mastercard ************0746 09/04/2012 03:01
At that time things appeared just fine to me: no requotes, very fast execution and a nice account management seemed to make trading fun.
Then I first noticed that what they offered was everything else than ECN.
What they did was just "charge " you with some pips when closing your order which you don't notice first, but I came upon that when trading for quite some time.(file attached) Also they don't charge you with any commission, so that is just another dealing desk broker.
I noticed that when equity was up about 200 % at aout 5000 $. That was when I made my first Bonus of 240 $ (for my first deposited 800 $)withdrawable. For every "bonus" buck you have to trade the half in LOT, so I had to trade 120 LOT for only 240 $ to make them withdrawable. By that, they raise the possibility to let you lose money because you really have to trade a lot. So I wrote them and was told that now I could withdraw my bonus.
That was when I first requested a withdraw :
W7693 pending
24253 4973.00 USD Bank wire 10013030282 10/29/2012 15:29
Just at the same time they wrote me the following email:
"Dear sir,
As per request of our Security Dept., there has been a suspicious activity noticed in your account, there is a reason to believe your account was accessed by third parties, other than you . There is nothing to worry about, it’s a regular check, intended for your funds security first of all.
This is to let you know that in accordance with p 13.9 and p. 13.12 of the Customer Agreement, namely:
13.9. To provide financial security for the Client in some cases the Company reserves
a right to withdraw Client’s funds only to his/her bank account;
13.12. For security reasons upon withdrawal the Company reserves a right to
demand Client’s complete identification data, such as ID copy, address proof copy,
bank reference letter and other relevant documents, apostiled or certified by a notary.
Your withdrawal request no. W7693 worth of 4973 USD will be performed by bank wire. In order to complete the withdrawals, please follow these steps:
1. Please prepare the following documents:
a. A copy of National passport
b. A Bank reference letter
c. An Address proof, ALL NOTARIZED OR APOSTILED BY A RESPONSIBLE AGENT AND TRANSLATED INTO ENGLISH
2. Please send these documents (physically) to our HQ mailing address at:
Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines
3. After the documents are received and verified, your wire transfer will be sent to your bank account
We apologize for any inconvenience caused."
It just appeared strange to me beacause my verification status said "account verified" and also my uploaded documents had been confirmed.
"Documents uploaded Aug 8, 2012 01:11 PM"
But referring to the "St.Vincent and the Grenadines Act" they said I had to send them the hard copies.
So I sent them the Hardcopies with all the stuff on the 8 th of November.
By that time I was so angry, I just kept on trading to make them pay more off in case that my documents would be verified.
By the end of November equity was up 330 % , 8400 $, at its highest level in the Accounts history.
During that 2-3 weeks I didn't get one single mail saying that they got my documents. I nearly wrote them every day.
When Equity came off a little, I closed all my positions at 7600 $ equity and just waited.
I waited another day, another week, and so on and every day I was told the letter had not arrived yet.
That was a total of 5 weeks approximately that I tried to withdraw even only some of my deposits, but every time requests were denied, saying my account was under investigation!
W8602 rejected 24253 500.00 USD Bank wire ............................ 11/21/2012 19:53
W8278 rejected 24253 500.00 USD MoneyBookers ..................... 11/14/2012 13:09
W7767 rejected 24253 500.00 USD MoneyBookers ....................10/31/2012 19:09
W7756 canceled 24253 4973.00 USD MoneyBookers ................. 10/31/2012 15:33
No moneybookers withdraw, no bankwire withdraw, no creditcard withdraw, even no internal transfers accepted!
I then started trading again entering GBPUSD and EURUSD short since I still didn't get any answer by them.
And that's the point when I started losing big time!
Most frustrating thing in a long while!
When my Account was down to 3000 $ i got the following email:
"REFERENCE NUMBER: LTK1212501969602X Please use this ticket number in any correspondence with us.
SUBJECT: no subject
Dear Customer,
Thank you for contacting OctaFX.
Your acc verification was complete.
Please feel free to contact us if you have any additional questions.
Sincerely,
OctaFX Support"
So that was the last chance for me to get my savings out and even a little gain.
I then tried to withdraw just a small amount to check if it really was possible to withdraw:
"W9635 rejected 24253 10.00 USD MoneyBookers ...................... 12/15/2012 18:41 "
-it was not
email from octafx:
"Dear ....................,
Unfortunately your withdrawal request no. W9635 has been declined for the following reason:
Account under investigation
In case you have any questions, please contact us, we will be happy to answer them.
Wishing you luck and profitable trading!"
So they just kept telling me account was under investigation on and on and on saying they have a red flag system under the St.Vincent and Grenadines act. something.
You will never get out of this once the account is under investigation. They keep on with pushing you off as long as they want to, and that is earning the savings YOU lose.
Corresponding to their HP there is one Person called "Robert Swenson " who is the CEO of OctaFX.
I Wrote him a long "CEO-Message" - no answer. According to godaddy they got some of their servers in sweden, a bureau in Belgium and some other offices in Indonisia. I called the St. Vincent and Grenadines Headquarters several times- no answer !
At the time my last request was denied I got into positions going short again and lost it all.
Equity is now 2.37- I think even that won't be able to be withdrawn
I called mastercard to at least get my initial deposits of 1,700 $ back, but the buyers protection ends up 2 months after the purchase.
Several emails from the past days in which I wrote them to give me back my savings and gains have not been answered.
This is the most fraudulent broker with the unfriendliest support EVER - and believe me, I tried out many brokers in 3 years now.
JUST STAY AWAY from OctaFX.
If you have had similiar experiences please share them here - I'll be pleased, or tell me what could be done in my case.
Cheers
Well, I deposited my Account from the 4 th to the 13 th of september with a total of 1701 $ due to accumulation of a long position and the 30% bonus.
Here is the History:
D4776 complete 24253 300.00 USD Visa/Mastercard ************0746 09/13/2012 18:09
D4768 complete 24253 301.00 USD Visa/Mastercard ************0746 09/13/2012 15:32
D4747 complete 24253 300.00 USD Visa/Mastercard ************0746 09/13/2012 02:55
D4410 complete 24253 800.00 USD Visa/Mastercard ************0746 09/04/2012 03:01
At that time things appeared just fine to me: no requotes, very fast execution and a nice account management seemed to make trading fun.
Then I first noticed that what they offered was everything else than ECN.
What they did was just "charge " you with some pips when closing your order which you don't notice first, but I came upon that when trading for quite some time.(file attached) Also they don't charge you with any commission, so that is just another dealing desk broker.
I noticed that when equity was up about 200 % at aout 5000 $. That was when I made my first Bonus of 240 $ (for my first deposited 800 $)withdrawable. For every "bonus" buck you have to trade the half in LOT, so I had to trade 120 LOT for only 240 $ to make them withdrawable. By that, they raise the possibility to let you lose money because you really have to trade a lot. So I wrote them and was told that now I could withdraw my bonus.
That was when I first requested a withdraw :
W7693 pending
24253 4973.00 USD Bank wire 10013030282 10/29/2012 15:29
Just at the same time they wrote me the following email:
"Dear sir,
As per request of our Security Dept., there has been a suspicious activity noticed in your account, there is a reason to believe your account was accessed by third parties, other than you . There is nothing to worry about, it’s a regular check, intended for your funds security first of all.
This is to let you know that in accordance with p 13.9 and p. 13.12 of the Customer Agreement, namely:
13.9. To provide financial security for the Client in some cases the Company reserves
a right to withdraw Client’s funds only to his/her bank account;
13.12. For security reasons upon withdrawal the Company reserves a right to
demand Client’s complete identification data, such as ID copy, address proof copy,
bank reference letter and other relevant documents, apostiled or certified by a notary.
Your withdrawal request no. W7693 worth of 4973 USD will be performed by bank wire. In order to complete the withdrawals, please follow these steps:
1. Please prepare the following documents:
a. A copy of National passport
b. A Bank reference letter
c. An Address proof, ALL NOTARIZED OR APOSTILED BY A RESPONSIBLE AGENT AND TRANSLATED INTO ENGLISH
2. Please send these documents (physically) to our HQ mailing address at:
Cedar Hill Crest, P.O. Box 1825, Villa, St. Vincent and the Grenadines
3. After the documents are received and verified, your wire transfer will be sent to your bank account
We apologize for any inconvenience caused."
It just appeared strange to me beacause my verification status said "account verified" and also my uploaded documents had been confirmed.
"Documents uploaded Aug 8, 2012 01:11 PM"
But referring to the "St.Vincent and the Grenadines Act" they said I had to send them the hard copies.
So I sent them the Hardcopies with all the stuff on the 8 th of November.
By that time I was so angry, I just kept on trading to make them pay more off in case that my documents would be verified.
By the end of November equity was up 330 % , 8400 $, at its highest level in the Accounts history.
During that 2-3 weeks I didn't get one single mail saying that they got my documents. I nearly wrote them every day.
When Equity came off a little, I closed all my positions at 7600 $ equity and just waited.
I waited another day, another week, and so on and every day I was told the letter had not arrived yet.
That was a total of 5 weeks approximately that I tried to withdraw even only some of my deposits, but every time requests were denied, saying my account was under investigation!
W8602 rejected 24253 500.00 USD Bank wire ............................ 11/21/2012 19:53
W8278 rejected 24253 500.00 USD MoneyBookers ..................... 11/14/2012 13:09
W7767 rejected 24253 500.00 USD MoneyBookers ....................10/31/2012 19:09
W7756 canceled 24253 4973.00 USD MoneyBookers ................. 10/31/2012 15:33
No moneybookers withdraw, no bankwire withdraw, no creditcard withdraw, even no internal transfers accepted!
I then started trading again entering GBPUSD and EURUSD short since I still didn't get any answer by them.
And that's the point when I started losing big time!
Most frustrating thing in a long while!
When my Account was down to 3000 $ i got the following email:
"REFERENCE NUMBER: LTK1212501969602X Please use this ticket number in any correspondence with us.
SUBJECT: no subject
Dear Customer,
Thank you for contacting OctaFX.
Your acc verification was complete.
Please feel free to contact us if you have any additional questions.
Sincerely,
OctaFX Support"
So that was the last chance for me to get my savings out and even a little gain.
I then tried to withdraw just a small amount to check if it really was possible to withdraw:
"W9635 rejected 24253 10.00 USD MoneyBookers ...................... 12/15/2012 18:41 "
-it was not
email from octafx:
"Dear ....................,
Unfortunately your withdrawal request no. W9635 has been declined for the following reason:
Account under investigation
In case you have any questions, please contact us, we will be happy to answer them.
Wishing you luck and profitable trading!"
So they just kept telling me account was under investigation on and on and on saying they have a red flag system under the St.Vincent and Grenadines act. something.
You will never get out of this once the account is under investigation. They keep on with pushing you off as long as they want to, and that is earning the savings YOU lose.
Corresponding to their HP there is one Person called "Robert Swenson " who is the CEO of OctaFX.
I Wrote him a long "CEO-Message" - no answer. According to godaddy they got some of their servers in sweden, a bureau in Belgium and some other offices in Indonisia. I called the St. Vincent and Grenadines Headquarters several times- no answer !
At the time my last request was denied I got into positions going short again and lost it all.
Equity is now 2.37- I think even that won't be able to be withdrawn
I called mastercard to at least get my initial deposits of 1,700 $ back, but the buyers protection ends up 2 months after the purchase.
Several emails from the past days in which I wrote them to give me back my savings and gains have not been answered.
This is the most fraudulent broker with the unfriendliest support EVER - and believe me, I tried out many brokers in 3 years now.
JUST STAY AWAY from OctaFX.
If you have had similiar experiences please share them here - I'll be pleased, or tell me what could be done in my case.
Cheers