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

[genxguy2020]

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.

I've just submitted a review on FPA, pending its approval.

 

[raikofer]

Did you compare BTC quotes betwen other brokers? Seems that in Avatrade had a rare movements during those hours.

 

[genxguy2020]

Just wonder if @Pharaoh and @AsstModerator have seen this thread, if you have any thoughts on this? For @Tradetowin's case in 2013, Avatrade claimed it as arbitration I think, but now they say it's "price error". Can we get an Avatrade rep in here to prove this?

 

[genxguy2020]

Did you compare BTC quotes betwen other brokers? Seems that in Avatrade had a rare movements during those hours.

If it's a broker issue, the more Avatrade has to step in and take responsibilities, right? You see the price movements are real on my chart on Avatrade's MT4 platform and a Real account. and if it's true wrong, why waited until I make withdrawals only to cancel my profits.

 

[FxMaster]

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

What reply did you get from them on your query?

 

[genxguy2020]

What reply did you get from them on your query?

Thanks for asking. I did include my Account Manager's reply on previous messages. Unsure how to link it to that message but here you go.

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

 

[genxguy2020]

I am submitting official formal complaint to Avatrade as of writing

 

[FxMaster]

I am submitting official formal complaint to Avatrade as of writing

Please do so and when you have an update, don't forget to share with us.

 

[genxguy2020]

What are your thoughts on the Avatrade AM's reply @FxMaster ?

In my standpoint, Avatrade has not submitted evidence of its claim on the reason for such action
- Is it true that the pricing is not real at the particular period of time? How can this be evident?
- If it's true, which of the exact trades and time frame was wrong? This has to be itemized.
- If it's true, misrepresentation in price and price movement is severely misleading and harmful to traders, and far from a standard of a financial company should adhere to and should be liable to compensate for.

It's also questionable, on the lack of transparency in trade execution practices and how it's handled by Avatrade. Why do they cancel my profits only when I make a large withdrawal?

Misrepresentation regarding trade execution and price quotes is also direly concerning.

 

[FxMaster]

What are your thoughts on the Avatrade AM's reply @FxMaster ?

In my standpoint, Avatrade has not submitted evidence of its claim on the reason for such action
- Is it true that the pricing is not real at the particular period of time? How can this be evident?
- If it's true, which of the exact trades and time frame was wrong? This has to be itemized.
- If it's true, misrepresentation in price and price movement is severely misleading and harmful to traders, and far from a standard of a financial company should adhere to and should be liable to compensate for.

It's also questionable, on the lack of transparency in trade execution practices and how it's handled by Avatrade. Why do they cancel my profits only when I make a large withdrawal?

Misrepresentation regarding trade execution and price quotes is also direly concerning.

I can comment after the reading final reply from them. And will suggest the actions according the reply.