AAAtrade Reversed Profits

Joshua Gold

Recruit
Messages
11
AAA trade reverse my profits. Sent the following email: -

We have noticed suspicious transaction activities in your account that do not comply with our Terms and conditions.

It seems that you have breached section 14.1(K) and 14.1(i) of our Terms and conditions under “Event of Default” that state respectively :
1-” The Company reasonably suspects that the Client performed abusive trading such as, but not limited to, Snipping, Scalping, Pip-hunting, Hedging, placing “buy stop” or “sell stop” Orders prior to the release of financial data, arbitrage, manipulations or a combination of faster/slower feeds.”
2-“If the Company suspects that the Client is engaged into money laundering activities or terrorist financing or card fraud or other criminal activities.”


1- A suspension has been placed to your Platform.
2-A Restriction has been placed to your trading activity.
3- The profits gained through the abusive trading have been reversed and revoked.
4- The company reserves the right to report to the relevant authorities if deemed necessary .
5- The company reserves the right to take further actions regarding the trading accounts with accordance with the terms and conditions and the regulatory requirements.

For more details we urge you to refer to our terms and conditions......

They are not responding to questions about it. Just keep telling me to withdraw. Nothing states I cant use an EA and my Ea is designed to abide by there scalping policy “Scalping” shall mean the situation where the Client opens positions at the same time and closes them for less than two minutes or buying at Bid price and selling at Ask price, so as to gain the Bid/Ask difference.

Thier T and C's also state "the Company shall have the right to change the Client Account into an STP Trading Account in any of the following cases, but not limited, if it comes to the attention of the Company that the Client is engaged into Pip-Hunting, Scalping or similar activity, or changing onto an STP Trading Account is considered to be to the benefit of the Client. The Client shall have the right to object to the change."

How they can use the terms of money laundering terrorist activity is beyond me, my account was fully verified and proof of deposit from my bank account provide prior to funding my account. All they want to to is speak on the phone and have asked me to provide proof I own a landline. They will not expand on the reasons for reversing my profits or provide any evidence.
 
Just another SCAM as usual !! A broker WOULD be paid in commissions, so if you have been filled it means that some banks make the transaction and broker is paid by you with commission or with the spread difference. This is how the job is done IF a broker is honest.
Unfortunately the majority of brokers don't make a REAL transaction so your money is not in the market and as they bet on your losses when you win they lose.
Broker is not happy to lose money and so they confiscate your profits with the same old nauseating excuse .... that you make arbitrage or abusing trading. This is just a really stupid excuses because there are a lot of algo companies that make ultrafast trading and news trading and banks too. There is nothing illegal in do that. The real scammers and fraudster are the " broker ".... in reality they are not broker because they do not make ANY transactions in the market.
 
Dear Joshua.

First of all, I would like to apologise on behalf of AAA Trade if you feel that you have been miss-treated or miss handled in any way. We aim to provide our clients with the industry leading level of service and professional support.

Regarding the suspension of your account and the cancelation of trades which would have lead to returns derived from abusive trading activity, you must understand that as a regulated Broker and a Market Maker we follow a strict line of conduct and rules with all of our traders without any exceptions. At the same time we aim to provide great liquidity even during the times that our competitors don’t, because of this we do not condone live event trading. On top of this our admins picked up multiple accounts that were registered all over the globe while conducting trades from the same I.P, placing over 60 trades the exact same second. If we were to allow this type of trading practices we would be jeopardizing our other clients by reducing their liquidity.

For the future I would like to give you a friendly bit of advice. If you are planning on working with a money manager, we suggest you inform the company about it and let them know that your account will be managed, in order to dismiss any assumptions or suspicion of money laundering activities.

According to my information, your initial deposit is at no risk and is being safely withdrawn back to your account.
 
Dear Joshua.

First of all, I would like to apologise on behalf of AAA Trade if you feel that you have been miss-treated or miss handled in any way. We aim to provide our clients with the industry leading level of service and professional support.

Regarding the suspension of your account and the cancelation of trades which would have lead to returns derived from abusive trading activity, you must understand that as a regulated Broker and a Market Maker we follow a strict line of conduct and rules with all of our traders without any exceptions. At the same time we aim to provide great liquidity even during the times that our competitors don’t, because of this we do not condone live event trading. On top of this our admins picked up multiple accounts that were registered all over the globe while conducting trades from the same I.P, placing over 60 trades the exact same second. If we were to allow this type of trading practices we would be jeopardizing our other clients by reducing their liquidity.

For the future I would like to give you a friendly bit of advice. If you are planning on working with a money manager, we suggest you inform the company about it and let them know that your account will be managed, in order to dismiss any assumptions or suspicion of money laundering activities.

According to my information, your initial deposit is at no risk and is being safely withdrawn back to your account.
 

Your apology is a little late, why it has it taken me to start this thread for you to discuss this with me shows your absolute ignorance and lack of willingness to resolve this matter.

My trading was not abusive and I stuck to the guidelines of your T&C's. Therefore please specify exactly what term I have contravened as you have not made it clear.

You claim that 60 trades were being fired from the same IP? Please substantiate this with some evidence as I think this is just a baseless claim for you to keep my profits for yourself which is nothing but fraud.

Josh
 
Your apology is a little late, why it has it taken me to start this thread for you to discuss this with me shows your absolute ignorance and lack of willingness to resolve this matter.

My trading was not abusive and I stuck to the guidelines of your T&C's. Therefore please specify exactly what term I have contravened as you have not made it clear.

You claim that 60 trades were being fired from the same IP? Please substantiate this with some evidence as I think this is just a baseless claim for you to keep my profits for yourself which is nothing but fraud.

Josh

If you lose in trading they make money....when you win they confiscate and they make money...
 
Dear Joshua

Please review the below message as i would wish nothing more than for you to never run into these issues again.
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Pursuant to a thorough investigation, AAA Trade Ltd (“the Company” or “we”) identified the following which we would like to bring to your attention:


• Your account and the accounts of a number of other Clients were accessed from the same IP address;

• During specific time intervals your account and those accessed from the same IP address exhibited identical trading behaviour.


The aforementioned activity constitutes grounds for the Company to consider the trading behaviour as suspicious. The Company has resolved that a single individual had been authorised to act and trade on behalf of other Clients. Although the Company may in certain cases accept such arrangements this may only be done if the Company is duly notified in writing and the Company accepts the appointment. In the absence of such notification such actions constitute a bridge of section 36.1 of our Client Agreement. For your ease of reference this states:


“The Company may in certain cases accept an Authorized Representative on behalf of the Client to place Orders to the Company or to handle any other matters related to the Client Account or this Agreement, provided the Client notifies the Company in writing of the appointment of an Authorized Representative and this person is approved by the Company fulfilling all of the Company specifications for this.”


At the same time the said activity constitutes an event of Default pursuant to the provisions of sections:

• 14.1(a) The failure of the Client to perform any obligation due to the Company.


For Example, such failure includes:

• Failure of the Client to notify the Company and obtain its consent pursuant to paragraph 36.1., regarding the appointment of an Authorised Representative, so as that the company could comply with its own internal procedures and legal obligations, including to perform the necessary KYC /Client due diligence check, assessment of appropriateness.

• The Client provided access to the Company’s Platform to a third party contrary to Paragraph 8.1 under which “the Company granted the Client “a limited license, which is non-transferable (emphasis added), non-exclusive and fully recoverable, to use the Platform(s) (including the use if the Website and any associated downloadable software available from time to time) in order to place Orders in a particular Financial Instrument(s).” This constitutes failure of the client’s obligation towards the Company to comply with the licensing conditions for the use of the Platform under paragraph 8.1.


• 14.1(f) Any other circumstance where the Company reasonably believes that it is necessary or desirable to take any action set out in paragraph 14.2.


• 14.1(h) The Company reasonably considers that the Client involves the Company in any type of fraud or illegality or breach of Applicable Regulations or the Company is placed at risk of being involved in any type of fraud or illegality or breach of Applicable Regulations if it continues offering Services to the Client, even when this is not due to the Client’s wrongdoing. (There appears to be concealed portfolio management by a third party to whom access was provided. Under Cypriot Law only licensed portfolio managers may offer management services and the Company does not wish to be involved into possible illegality. In addition, the Company was placed at risk of breaching its legal obligations, including to perform the necessary KYC /Client due diligence check, assessment of appropriateness of the Representative.)



• 14.1(j) The Company reasonably suspects that the Client performed a prohibited action as set out in paragraph 10.2. (Specifically under (g) Perform any action that could potentially allow the irregular or unauthorized access or use of the Platform(s).)


Further to the above the Company’s investigation identified that you have been engaging in abusive practices via trading aimed at taking advantage of market volatility and broadening spreads prior and subsequent to the release of financial data and manipulations or a combination of faster/slower feeds (in violation of section 14.1(k))


Pursuant to the above the Company decided to proceed and cancel all the profitable trades resulting from your abusive trading as per section 14.2. of the Agreement.


Finally pursuant to your recent communication with the Company asking details regarding the Company’s Client Due Diligence process and the Laws / regulations on which this is based kindly note that the Company is subject to Cyprus Laws and regulations. As such paragraph 18 (1) of Directive DΙ144-2007-08 of the Cyprus Securities and Exchange Commission (CySEC) states:


“… the Financial Organisation ensure that the customer identification records remain completely updated with all relevant identification data and information throughout the business relationship. The Financial Organisation examines and checks, on a regular basis (emphasis added), the validity and adequacy of the customer identification data and information it maintains, especially those concerning high risk customers…”


Furthermore 18(2)


“Despite the provisions of subparagraph (1) and taking into consideration the level of risk, if at any time during the business relationship, the Financial Organisation becomes aware that reliable or adequate data and information are missing from the identity and the economic profile of the customer, then takes all necessary action, by applying the customer identification and due diligence procedures according to the Law and the present Directive, to collect the missing data and information, the soonest possible (emphasis added), so as to identify the customer and update and complete the customer’s economic profile.”


Also note that paragraph 18(3) states


In addition to the provisions of subparagraph (1) and (2), the Financial Organisation checks the adequacy of the data and information of the customer’s identity and economic profile, whenever one of the following events or incidents occurs:

(a) an important transaction takes place which appears to be unusual and/or significant compared to the normal pattern of transactions and the economic profile of the customer;.”


Finally, kindly note that verifying a client’s address by contacting him/her on a land line at his declared residential address is a tool prescribed by the Fourth Appendix to CySEC’s Directive DΙ144-2007-08:
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Finally, regarding your questions regarding our Client Complaints process kindly refer to the Company’s Complaints Handling Procedure found on our website which also contains the details of the financial Ombudsman (https://www.aaatrade.com/terms-conditions/)


Kind regards

Alex

-AAATrade
 
Re-invited AAA to come back to the thread to answer what exactly they are deleting profits for.

Dear Joshua

I tried to explain to you on various attempts that we did not "delete" your profits. We canceled the trades. I'm sorry, but i cannot help you any further on this matter. Feel free to contact us directly if you have any further questions.

Have a great day;

Alex

-AAATrade
 
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