OCTAFX Withdrawal Issue Updates
UPDATES:
March 21:
1. Awaiting on CYSEC's result on initial reading of the complaint. There is no definite schedule provided. We will wait until next week before making new follow ups.
2. PARTIAL PAYOUTS
a. Each region will be scheduled for partial payouts while we wait on OCTAFX's issue resolution.
b. Below are the schedules of partial payouts per region:
Week 1
March 27: USA
March 28: Australia
March 31: Philippines
April 01: Singapore
April 02: Indonesia
April 03: India
Week 2 TBD
Week 3 TBD
Week 4 TBD
Week 5 TBD
Notes:
1. Funds will be collected from our own profit from different programs. Distribution will be equal based on amount percentages.
2. As usual, once we sent the payment please anticipate 3 to 5 banking days before it reach your accounts.
March 6:
We have filed and submitted our complaint to CYSEC. See below of the timeline for the progress of our case.
Feb 25:
We received the response from OCTAFX escalation team and have mentioned that their investigation on our account is still on-going. We should expect a response from them within 5 business days. Like you, we are also growing frustrations on the way they handle this matter,
We are now drafting our complaint to be filed in CYSEC and gathering all evidences and documents to support our claims. Please stay tuned here for more updates this week.
Feb 20:
We have not heard anything back from OCTAFX yet about this issue, We will make a follow up again today. And if by Monday, we will not receive any response, our next step would be to escalate this further to CYSEC thru a written notice.
Feb 17:
After we submitted the documents they initially requested. This was their response to us. We are disappointed as you are but we will allow OCTAFX to conduct their so called investigation within 3 days and after that we will follow up again if we do not hear anything from them.
Client Questions & Answers Regarding Fund Withdrawals
You may also refer to the multiple complaints lodged against OCTAFX related to withdrawal issues via ForexPeaceArmy.com. Here are the links:
🔗 ForexPeaceArmy OCTAFX Complaints
🔗 OCTAFX Withdrawal Issue - Forum Thread
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FAQ
1. Why is OCTAFX withholding the funds?
OCTAFX has placed our withdrawal requests under a validation process. They have not provided a clear reason for the extended delay, but they have requested additional documentation, which we have already submitted.
2. What specific validation process is OCTAFX conducting?
OCTAFX has asked for additional documents from our side, which we have provided. They have not shared specific details regarding their internal validation process, nor have they given a timeline for completion.
3. Have you encountered similar issues with OCTAFX before?
No, this is the first time we have faced such a prolonged delay with OCTAFX. However, after further investigation, we have found that similar issues have been reported by other clients worldwide since last year.
4. Why did you choose OCTAFX as your broker if these issues have been happening since last year?
OCTAFX has been a reliable broker for us in the past, and we had not encountered major issues until now. While we were unaware of the scale of these problems beforehand, we are actively reassessing our relationship with them to prevent future occurrences.
5. What actions are you taking to ensure withdrawals are processed as soon as possible?
We are in constant communication with OCTAFX, providing any additional documentation they request to expedite the process. We are also monitoring their responses closely and pushing for faster resolution.
6. Is there any legal action being considered against OCTAFX for withholding funds?
At this stage, our primary goal is to work with OCTAFX to resolve the issue amicably. However, if delays persist beyond a reasonable timeframe, we will explore legal options to recover funds.
7. What alternative solutions are being explored to allow clients to access their funds sooner?
Unfortunately, since OCTAFX holds the funds, our options are limited. We are in discussions with them to expedite the process, and we are also evaluating alternative brokers to prevent similar issues in the future.
8. If this issue takes two months to resolve, will clients be compensated for the delay?
At the moment, we cannot guarantee compensation as the delay is due to OCTAFX and beyond our control. However, we understand the inconvenience caused and will assess possible solutions once the issue is resolved.
9. How can we be sure that our funds are safe and will eventually be released?
Based on similar past cases reported by other OCTAFX clients, funds are typically released after their validation process. While the delay is frustrating, there is no indication that funds will not be returned. We are keeping pressure on OCTAFX to complete their review as soon as possible.
10. Can clients contact OCTAFX directly to inquire about their withdrawals?
Yes, you are welcome to contact OCTAFX directly. However, since the funds are linked to our account with them, they may not be able to provide direct updates to individual clients.
11. Are there any other brokers you are considering working with to prevent this from happening again?
Yes, we are actively reviewing other brokers with stronger reputations for reliability and faster processing times. Once this issue is resolved, we will consider migrating to a more dependable broker.
12. How frequently will we receive updates on this matter?
We will provide updates as soon as we receive any significant developments from OCTAFX. We understand the urgency and will keep clients informed regularly.
13. If the situation worsens, what is the contingency plan for affected clients?
If OCTAFX continues to delay the process beyond a reasonable period, we will escalate our efforts, including legal action if necessary. We are also evaluating alternative ways to ensure smoother transactions in the future.