The company is known for its massive advertisement campaigns to lure investors. However, according to the information available on the internet, the majority of OctaFX customers are experiencing withdrawal problems with the company.
OctaFX Clientele Feedback
Regardless of the financial markets, the prime concern of investors has always been the realization of profits via quick withdrawals. However, this is where the company lags well behind the industry standards. People keep sharing various incidents of being unable to withdraw their funds from the company. Let us share a few screenshots taken from multiple social media channels.
As evident in the above images, OctaFX doesn't process large withdrawals. However, it might release small amounts only if you are fortunate enough. Moreover, profitable traders frequently experience account blockage issues. The company stays good as long as you incur losses. Once you start making a profit, you will be on the verge of being ditched by the company. Sooner or later, the company shuts down your account for no justifiable reason. OctaFX activities perfectly resemble operations of scam entities always looking to steal clients' money.
Here you need to understand why a company could withhold clients' funds. One apparent reason is the pending verification of a client's account. However, other reasons could be more alarming. For instance, it could well be the case that a company lacks sufficient liquidity to simultaneously cater to multiple withdrawal requests. Consequently, it may deliberately delay withdrawals.
Not to mention, some companies only exist to make profits out of clients' pockets. Their only concern is to robe customers as much as possible. Therefore, they play safe, either staying unregulated or seeking offshore regulatory status.
OctaFX Regulations
OctaFX holds a regulatory license from the Cyprus Securities and Investment Commission (CySEC). The company is also registered with Saint Vincent and Grenadines Financial Service Authority (FSA). However, it isn't regulated elsewhere in the world.
Notably, the “Saint Vincent and Grenadines Financial Service Authority” doesn't issue licenses to financial intermediaries for business activities involving public money. Moreover, FSA isn't authorized to regulate International Business Companies (IBCs) engaged in forex or binary options trading.
What to do if you have deposited funds with OctaFX？
Unfortunately, there isn't much you can do after depositing funds with the company except for placing withdrawal requests. The situation might become even more difficult for customers with large deposits with OctaFX.
Try initiating withdrawal requests for small amounts since the company is unlikely to process large withdrawals at once. At least, withdrawing your initial investment from the company can be a great idea even if you wish to continue trading with the company. If nothing works, then escalating the issue with the CySEC might be the only option available. Remember to provide complete details with relevant screenshots while registering a complaint with CySEC.
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