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

[genxguy2020]

Avatrade has responded to my complaint, but referencing the wrong account number, which is my other account.

Client Account No.: 6039352​

Complaint No.: 1406515​

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We refer to your complaint form received on 2024-05-02​

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AvaTrade has fully investigated the Complaint and having regard to all the circumstances cannot find any fault on the part of AvaTrade. AvaTrade acted in accordance with all relevant Terms and Conditions.​

As you are aware, you indicated your agreement to Terms and Conditions governing the relationship between Customers and AvaTrade during the online registration process. You stated that you read, understood, and accepted those Terms and Conditions as part of your account registration process. Please note that capitalised terms used but not defined in this Final Response letter (the “Final Response”) but defined in the Terms and Conditions, shall have the same meanings in this Final Response as are given to them in the Terms and Conditions.​

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We had an unfortunate issue with our crypto feed provider which resulted in MT4 and MT5 showing incorrect pricing on BTCUSD and MIOTAUSD.​

We are investigating the root cause and doing internal investigation on why it happened along with our partner.​

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Any customers who traded during the time period at which the BTCUSD or MIOTAUSD price was affected would have their trades voided.​

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As per our T&Cs, any transaction that relies on price feed errors can be subject to intervention which includes the right to void such transactions.​

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21. MARKET ABUSE AND MANIPULATION​

21.1 PROHIBITION ON ARBITRAGE AND MANIPULATION​

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21.1.1 AvaTrade does not permit the practice of arbitrage when trading and strictly forbids any form of manipulation of its prices, execution, and platform or making transactions based on errors, omissions or misquotes on the AvaTrade platform.​

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21.1.2 Price latency, connectivity delays, and price feed errors sometimes create a situation where the prices displayed do not accurately reflect market rates. The concept of arbitrage and "scalping", or taking advantage of these Internet delays, cannot exist in an OTC market where the client is buying or selling directly from the market maker.​

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21.1.3 Any transactions that rely on price latency or price feed errors may be subject to intervention which includes the right to void any transactions which AvaTrade has determined to be a result of any of these practices, revocation of profits, widening of spreads, block of trading and any other necessary corrections or adjustments on the account without prior notice.​

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Best regards,​

AvaTrade Complaints Department​

complaints@avatrade.com​

www.avatrade.com​

What should I do? Basically this is just another longer version of what the Accounts Manager said. @FxMaster @Pharaoh @AsstModerator @cordelian

 

[anthonydavalos]

A mi ya me respondieron

 

[FxMaster]

Avatrade has responded to my complaint, but referencing the wrong account number, which is my other account.




What should I do? Basically this is just another longer version of what the Accounts Manager said. @FxMaster @Pharaoh @AsstModerator @cordelian

Before I can suggest anything, I have one question. Why do you have two accounts?

 

[genxguy2020]

I don't have just two. 2nd and 3rd account were created long time ago just for fund management purposes, but 3rd was left dormant for a long time now. There are times when I want to use different trading strategy, one for longer timeframe trade, so I don't have to cloud all into on trading view of opened trades. Make sense?

Why do you ask though? I thought it is common. @FxMaster

 

[genxguy2020]

I don't have just two. 2nd and 3rd account were created long time ago just for fund management purposes, but 3rd was left dormant for a long time now. There are times when I want to use different trading strategy, one for longer timeframe trade, so I don't have to cloud all into on trading view of opened trades. Make sense?

Why do you ask though? I thought it is common. @FxMaster

When I said fund management I meant splitting my monies into 2 different accounts to manage.

 

[genxguy2020]

Eventhough there are T&Cs,

1. Avatrade has yet to substantiate with proof their claims in order to adhere to transparency in trade management and price.
2. If it's the fault of the crypto exchange, wouldn't there be insurance to cover liabilities of such? What would be the recourse for this?
3. If there're price errors, why wait until I make withdrawals, to void the trades.
4. Even if it's the 3rd party's fault, Avatrade should bear some responsibility and compensate for the inconvenience and potential risk to clients.

In this case, there is
1. Lack of transparency in trade execution practices and how it's handled by Avatrade
2. Misrepresentation regarding trade execution and price quotes.
3. Inadequate measures to manage conflicts of interest in trade execution.

Also, what about compliance with these regulatory policies governed by

- Central Bank of Ireland i.e. MiFID II requirements related to trade execution, lack of transparency in trade execution practices and failure to provide clients with clear information about trade execution policies.
- ASIC No.406684 i.e. ASIC Market Integrity Rules concerning trade execution and ASIC Regulatory Guide 227 regarding best execution obligations.
- B.V.I Financial Services Commission i.e. Securities and Investment Business Act on fair trade practices, inadequate supervision and oversight of trade execution practices

 

[knature007]

Eventhough there are T&Cs,

1. Avatrade has yet to substantiate with proof their claims in order to adhere to transparency in trade management and price.
2. If it's the fault of the crypto exchange, wouldn't there be insurance to cover liabilities of such? What would be the recourse for this?
3. If there're price errors, why wait until I make withdrawals, to void the trades.
4. Even if it's the 3rd party's fault, Avatrade should bear some responsibility and compensate for the inconvenience and potential risk to clients.

In this case, there is
1. Lack of transparency in trade execution practices and how it's handled by Avatrade
2. Misrepresentation regarding trade execution and price quotes.
3. Inadequate measures to manage conflicts of interest in trade execution.

Also, what about compliance with these regulatory policies governed by

- Central Bank of Ireland i.e. MiFID II requirements related to trade execution, lack of transparency in trade execution practices and failure to provide clients with clear information about trade execution policies.
- ASIC No.406684 i.e. ASIC Market Integrity Rules concerning trade execution and ASIC Regulatory Guide 227 regarding best execution obligations.
- B.V.I Financial Services Commission i.e. Securities and Investment Business Act on fair trade practices, inadequate supervision and oversight of trade execution practices

I understand your problem this is the main problem with forex brokers that whenever someone makes profit they rage even though some big brokers claim that they have an ecn desk still they don't like when someone makes profits but in your case you must file a complaint to the regulators by going on the regulators website or directly call them to file a complaint the regulators contact details are available on their respective website do file a complaint and also let us know what happened

 

[genxguy2020]

@FxMaster , were you going to suggest anything? My responses are above.

Before I can suggest anything, I have one question. Why do you have two accounts

 

[anthonydavalos]

Les escribí y me contestaron lo siguiente:

 

[genxguy2020]

I have no updates anymore whatsoever, from Avatrade.

@FxMaster @Pharaoh