Problem Avatrade

[honeybee1]

Hi Kimmy,

thank you, I have just read this thread in greater depth. Oscarra was right referring to the Irish ombudsman in the first place. They are not directly regulated in the Netherlands nor in Germany nor do they have a central European legal entity, they just have a good-looking homepage in various languages, but these are distinct issues. The reason why they are allowed to do this is because their Irish regulation in valid within the entire EU. Two weeks respectively probably four to six by now are not really a long period for waiting for a response from them. Actually, they have six months to make a decision.

I think your chances are good as "these bonuses" are even illegal for Cyrpus regulated entities since about two years and I do not think the Irish won't take a very different view on this.

Regarding my last post I have to correct myself slightly this only works for credit card payments, it won't work for wire transfer, do not know which payment mode was used here. Don't give up!

have a nice sunday
hb1

 

[kimmy12]

Dear Honeybee,

I reported my case to the European ombudsman, who told me that he would refer it to the irish ombudsman. I wrote them my case and I got this answer, which is the answer from the company Avatrade to my complaints:
"Avatrade is an investment firm regulated by the Central Bank of Ireland. We trade contracts for difference (CFDs) which are high risk financial instruments. Our registration process and terms and conditions highlight the risks involved in trading CFDs. We do not provide investment advice or manage our clients funds. Our clients trade on their own account. ......opened an account with Avatrade and was duly advised of such risks and accepted them. ....... began trading on 24 January was initially very successful whereby on 1 March 2017 she had accumulated profits of over €80,000. By the 17 March 2017 she had lost these profits plus her initial investment. ........ is now seeking to obtain the return of her investment and making accusations of criminality etc. We strongly refute all such accusations, ........account was operated strictly within the terms and conditions applicable to it and strictly under the regulations set down by the Central Bank of Ireland pursuant to the EU Markets in Financial Services Directive (MiFID)"
The funny thing is, that after this respond they closed the case. For me this Europen ombudsman is like throwing money into a river, I complain,the company does not accept the complaince and the cas is closed. This makes no sence. Of course the company would not accept the complaint. The ombusman has to do some research I think ? at the same tim I know, that several different financial authorities are warning and that several police/ europol investigations are going on. This is one reason Europe is not working I think. WHAT THEY DO NOT WRITE ALSO IS THAT THEY PLAYED WITH THE SOFTWARE, THERE WHERE STRANGE MOVEMENTS, THAT MY FINANCE ASSISTANT MR HENNING RHEIN ( FAKE NAME, FAKE OFFICE ) WAS NOT REACHABLE AND THAT THEY BLOCKED ALL NUMBERS AND EMAILACCOUNTS. THEY EVEN TRIED TO FORCE ME TO PUT AGAIN MORE MONEY INTO THE ACCOUNT AND PROMISSED ME MORE AND MORE BONUSSES WHCIH I HAPPILY DID NOT ACCEPT AGAIN.

 

[honeybee1]

Kimmy12,

if their should really be any "EU-wide criminal investigation" on-going, they even did the right thing as any decision denying or affirming your claim though helpful for you would in the long run would put you in a slightly better position than the other claimants. If this really has already escalated to a criminal level - in the long run: After the government seized assets, no victim is likely too get any money back without a final formal civil judgment anyway and among many claimants it is just a first come, first serve basis.

However, let us assume that this is not the case and this "Europool thing" is just the usual rumor/gossip-stuff:

Maybe just backup your complaint to the Irish regulators which has nothing to do with the ombudsman proceeding by this:
http://www.cysec.gov.cy/en-GB/public-info/circulars/supervised/investment-firms/42013/

You should also research which member states have ruled out binary options totally in the meantime, at least Belgium, and maybe some more and bring it to their attention.

How signed this "case closed decision" - and on whose letterhead is it written? Normally, this European ombudsman is not really available for retail-victims and no they do not have to investigate a matter "ex officio" they are bound by what either side alleges. If this "case closed" decison is from Brussels just repeat the process in Ireland.

best hb1

 

[kimmy12]

I did, I am still waiting for Ireland, guess it needs more time. The case closed decision is signed by EU survey, yes its brussels. Belgium, US and Israel banned trading for their citicens, which does not mean, that they can still advertise online.
Thanks a lot

 

[novatrice1]

Hallo kimmy12

At AVA Trade this price slide looks very much like a manipulation of the quotation, but you have to prove it. Have you printed some account.
In 2008, I opened an account with AVA FX which became AVA Trade afterwards. So I understand perfectly what you mean by Strange behavior of the rating court.
Your steps are correct, if you have insurance with legal protection take a lawyer who will contact the BAFIN.

 

[oscarra]

FX/CFD’s, suppose it’s a mt4 platform, you need to save or print out your historic, detailed statement.
(you know how to do that ?)

 

[novatrice1]

AVA Trade's account statement includes the date, time and opening price of the date and closing price and the account position.
AVA Trade uses its own Platform and makes MT4 available for more than 3000 EUR.
The BaFin is the Financial Authority in Germany, without permission from the Bafin you can not legally make furniture business in Germany.
I have a good knowledge of German justice. A plant deposit to the police will go unheeded if no attorney takes care of the case.
In principle all German on legal protection included in one of the Insurances

 

[oscarra]

The BaFin is the Financial Authority in Germany, without permission from the Bafin you can not legally make furniture business in Germany.

As Honeybee mentioned EU pass ported, so they are legal to provide service to German customers, unless some specific BaFin warning ?

…most likely Irish or German FOS should solve the issue, or allow further legal steps
However, kimmy12 needs to fill a solid case as forward all available prove.

 

[novatrice1]

Hallo OSCARRA

Any financial institution with its registered office in the EU must have a written authorization from the Bafin
Below is an excerpt of the texts in German.

Jeder, der in Deutschland Bank- oder Finanzdienstleistungsgeschäfte betreiben will, benötigt dafür eine schriftliche Erlaubnis. Die Erlaubnis zum Betreiben eines Einlagenkreditinstituts erteilt die Europäische Zentralbank (EZB) in Abstimmung mit der BaFinals nationaler Aufsichtsbehörde. Grundlage hierfür sind die §§ 32, 33 Kreditwesengesetz (KWG) in Verbindung mit Artikel 4 Abs.1 der SSM-Verordnung. Für die Erteilung der Erlaubnis, sonstige Bankgeschäfte betreiben oder Finanzdienstleistungen erbringen zu dürfen, ist die BaFinzuständig (§§ 32, 33 KWG).


For a court to accept a complaint from kimmy12 it must have a lawyer.

AVA Trade is a Dealing Desk type broker, so it can set the Buy Sale price as it wants.
However if you can prove that the price has been manipulated in order to sell his customer with loss, there is robbery.
A statement of his account may prove that there has been
In all cases the BaFin is the most qualified for this case.

 

[honeybee1]

Hi there,

in general: just judging from quite a few similar matters:

Yes of course Bafin, has some interest in this. However, Os. is right the EU regulation of Avatrader in Ireland does cover the entire EU, and all financial German regulators can do here is in fact making phone-calls to their foreign/ EU- counterparts in a tone varying somewhere between diplomatic and very pressing in a general sense without picking up any individual case.

-(@ os just see the last report on Financial Feeds about Cysec: If enough foreign regulators call over the years this does have any impact on the entire scene though it does not help any individual plaintiff with her/his only single case).

@kimmy, there are some rules regarding pleading a case:

1.) Point out whether you were trading based upon you own decisions or based upon the explicit advise of your fake account managers with their probably also faked German names? If you have evidence showing you followed their instructions use it -(Maybe skype-face-book protocols)?

2.) Arrange you fact pattern chronologically: Start with the point where you got first in touch with them, and follow this timeline.
BO-Fx brokers Avatrade belongs, please?

@ Anybody as I do not have the time to do this by myself nor any interest, just very briefly. To which of the 3 categories following and established sofar this broker belongs, please?

A. Very few) Bad, but just severe financial problems coming close to insolvency: There are real world offices and assets which are openly communicated. People showing up in the company registries are also those really in charge and those whose names appear under press releases. Individual brokers use their real names, money laundering mechanism not too sophisticated, namely less than 2 or 3 channels. Does not full around with IT-stuff, phone lines.

B.) The majority: Worse and criminal but without prior convictions on point or proven Mafia or governmental links supporting them: Real world call-centers are hidden as much as possible. Broker names and CEO names are just a fake. The persons in the registries know nothing at all. Money laundering mechanisms s involve more than three accounts around the globe. It-security and camouflage tactics increased but beatable.

C.) Lastly, also very few as well: Same as type B.) but with organized crime/governmental links already proven. Sophistication of money laundering/IT skills the same as for type B.) or slightly better.

Best HB1