Problem Avatrade cancelled my profits of over USD543,649.26, and cancelled my withdrawal

[genxguy2020]

2024.04.29
- Made profits on BTCUSD over several trades on M1 chart. Some trades were manually closed, some hits TP. There were volatility for 3-4 hrs.
- Profit amount to half a million in USD
- Connected with Avatrade support to check amount to withdraw to card and balance to other channels.
- Made 4 withdrawals, one USD500 to card A, USD3000 to a card B, another USD5000 to card B, and USD138k+ to Neteller

2024.04.30
- Withdrawal USD 5000 and USD138k+ got cancelled the next day
- MT4 reported zero balance with USD543,649.26 debited with message "trading practice"
- Emailed accounts manager and nudged support to get a response.
- AM responded and pushed the responsibility to cryto exchange for providing the wrong price feed, and they have nullified the trades
- AM sent the general T&C clause on the above matter on price error.

my argument here, regardless of these "technical flaws", these wrong price and price movement on a Real account is severely misleading a trader risk taking and decision, and shouldn't Avatrade be responsible for it?

Please help, all veterans here especially @Tradetowin

 

[genxguy2020]

What next steps should I take? Does anyone has the contact details of all the regulators that I should file the complains to? But would it worth the while?

 

[genxguy2020]

Screenshot of the cancellation of profits

 

[cordelian]

Hello, I'm really sorry to hear that. How many lots did you trade to achieve this profit? Also, what was your leverage on BTCUSD?

 

[anthonydavalos]

Yesterday I had exactly the same problem, Avatrade is a market maker, yesterday's quotes were real, they should recognize what we have earned.

Thread 'AvaTrade does not want to refund my winnings' https://www.forexpeacearmy.com/community/threads/avatrade-does-not-want-to-refund-my-winnings.83004/

 

[genxguy2020]

@cordelian, the leverage Avatrade has for BTCUSD is 1:25. The profits were over multiple trades, ranging from 0.10 to 1.

 

[genxguy2020]

Ok Just realized Traders Court was discontinued in 2022. I will still appreciate all advice here on how to get my issues resolved and how to approach Avatrade, and if a case can be opened to get Avatrade's into the case as well.

Here are all the documented progress.

Response from Accounts Manager

2024.04.30 over separate different replies
The prices at which the trades were executed were not real market prices. As such and as per our T&Cs we voided all trades that were done at the price errors.
Please note that the unfortunate issue with price feed from the crypto exchange (outside Ava control) - causing invalid prices to enter our trading system. These subsequent invalid trades were cancelled per our T&Cs.
https://origin.avatrades.net/legal-docs/intl/terms-and-conditions/en.pdf
We take pricing from multiple exchanges and are not obligated to provide further specific information on that.
I have escalated it to the highest levels here, there is nothing to be done our side. You are welcome to make a formal complaint here - complaints@avatrade.com


I've not filed a formal complaint as of writing but will do so soon after gathering professional views.

If it's true it's the fault on the exchange side, then how can Avatrade proves this and would Avatrade claims for damages from these exchanges? When I asked which exchange, they couldn't comment. Regardless, Avatrade has not justify to me with evidence on its claims, to substantiate or defend such a huge sum of cancellation and misrepresentation of price.

 

[anthonydavalos]

It would be good to leave a rating on the avatrade review and post the link on social networks to draw the attention of the authorities.

 

[raikofer]

can we see your trades statment? Maybe you can make a complaint to the regulator ASIC

 

[genxguy2020]

can we see your trades statement? Maybe you can make a complaint to the regulator ASIC

I've attached it in my previous message. here it is.