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AvaTrade Stole $130,000 USD from My Account!!!

Discussion in 'Scam Alerts' started by PhilJones1611, Oct 11, 2017.

  1. PhilJones1611

    PhilJones1611 Recruit

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    On the biggest night of trading in the past year, AvaTrade closed a 15 Lot Gold trade and took $130,000 USD out of my trading account! That was 11 months ago during Mr. Trump’s election night. I’ve been very patient trying to get this issue resolved with AvaTrade but to no avail. We are now at a standstill.

    Here’s the story from my trader who is a great friend of mine and a master trader:

    On October 14th, 2016, a 15 lot gold order was placed based on a positive trading signal with a take profit set to the trade’s target.

    05:45:13.168 '6362518': order #226185769 sell 15.00 GOLD at 1249.09 was modified -> sl: 0.00 tp: 1211.08

    Gold retraced over the next the next couple of weeks and then started heading to its target. Then the US Election night happened. My trader was having issues connecting to AvaTrade servers all night but not to other brokerages. Only AvaTrade. As the night progressed, gold shot up with this major news event. Once Trump was declared the winner, gold shot down and within 4 days after the election, gold went directly to the initial target as planned.

    It was during the election night that AvaTrade kicked out the trade for no apparent reason. A couple of hedge trades were attempted to protect the initial trade but didn’t quite make it in time as the margin had dipped too low. With no margin left, there was nothing to do but sit and watch the market move.

    The trading laptop was set on the table about 3 feet away from the couch and he and his friend proceeded to watch the election. Near the end of the election, the trading laptop made an audible alert which alerted my trader to turn his head just in time to see the gold trade flash red and close. He couldn’t believe what happened since he wasn’t touching the laptop! The trade closed with a $130,000 USD loss! He immediately called in to the AvaTrade Help Desk to report the issue and promptly emailed them the trading logs right away. The initial thought was that a margin call was made but after running the numbers, there was still lots of margin in the account to have weathered the US Election news event even at its highest peak.

    The trade closed at a very suspicious point during the night which I won’t go into details on but needless to say, it was a logical point of maximum profit for Avatrade. Nevertheless, the gold market turned around 10 minutes after the trade was closed and proceeded to head to its initial target. The difference between the close price and the take profit point is approximately $189,000 USD.

    The next two weeks went by brutally slow but Avatrade eventually came back with the response that the client IP address had closed the trade. However, the trader and the client computer logs show that the trade was not closed at the client end. This is the issue. Because Avatrade shows something in the logs, they deem that “more” than a log with “nothing”. Therefore, they are standing by their logs.

    After 30 days, I submitted a formal complaint letter to AvaTrade for which I never received any response. I continued to request updates from my account manager but the case was passed off to his supervisor who never returned calls and skipped out on appointments. They were going to investigate further but never produced anything more.

    After opening up to the possibility of negotiations to recover part of the trade, the supervisor finally gave up. The response was that the company doesn’t have that kind of money and that my investors should invest more money with them. How ludicrous is that! I sent in a second formal complaint letter requesting the issue be escalated higher in the company to someone who can resolve this issue. Never received a response to this letter either. They consider this a case closed because there is nothing further they want to do to fix the trade. They have my money so why should they?

    The trading account is still active but no other trades have been made since the US Election because this issue is still unresolved. That’s 11 months of lost trading opportunities as a result of this issue which has probably cost close to a million. I should also mention that if the issue is due to their software programs, they are not taking responsibility for that either.

    Then I found this trade court and would like everyone to vote on this situation. Yes, this case is technically 11 months old but the evidence is still valid and we have some phone call recordings and communications trails. I believe the brokerage took out the trade and framed the client by using their IP address to make it look like they closed the trade. I know there are stupid companies out there that do this kind of stuff but I never expected it from a more well-known company like AvaTrade. They certainly have not lived up to their core values of “Integrity and Fairness” and “Customer Service Above All Else” when I’ve dealt with them.

    So the server and client logs do not match with nor more evidence to support either side and therefore is at a deadlock. Both sides think they are right and maybe they both are. However, Avatrade is not even willing to meet half way and chalk this up as a weird anomaly. Avatrade cannot be trusted to do what is right if issues arise and therefore is not worthy of anyone’s investments. Guilty or not?? Traders beware!!! Any help would be greatly appreciated!

    Sincerely,
    Phil
     

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  2. FxMaster

    FxMaster Lt. Colonel

    Joined:
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    Few steps that you must follow to draw their attention to your issue,
    Follow the suggested steps below:

    If you deposited your money via credit card then contact the credit card customer care asap and ask them to file a chargeback.
    Go to their website and invite them to here via Live Chat
    Invite them to join this thread via email (Send an email to every possible address).

    You will find their email and address here http://www.avatrade.com/about-avatrade/contact-us

    Also, Share your story as a review http://www.forexpeacearmy.com/forex-reviews/539/www.avatrade.com

    You can also share your story on their social media pages mentioned below:

    https://plus.google.com/+avatrade

    https://twitter.com/AvaTrade/

    https://www.youtube.com/user/AvaTradeTV

    https://www.facebook.com/Avatrade
     
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