Dear potential traders and customers , please be aware of a big issue and problem i'm facing with AVA FX.
After heard about AVAFX some years ago, and showing their ads in Bloomberg TV and magazines , I decided to become a customer of theirs on the margin trading. I opened an account with them and tested my luck. Unfortunately things did not go so well in the beginning and quite soon I found my self having incurred big losses. I decided at that stage to freeze this kind of “investments ” for quite some time. Time passed by and thought that by now, being more mature and educated could give another go. Hence, about 1-2 months ago, I reopened an account with them since the old one had become inactive because it had not being used for quite some time. Trading wise, things did go well this time but could not foresee or anticipate what the company was planning to do to me.
Being from my nature quite a risk lover investment wise, I decided to be quite aggressive on my investments and have traded big volumes with risky positions.
My total trades are more than 700 trades open and closed positions and the volume is about 1.5 – 2 yards of EUR’s (within 1-2 months) You can imagine that when the mentioned company is charging , for example on the EUR/USD currency pair 4 pips spread , that at least they earn 2 pips as their commission or profit . In other words I estimate that they have made out of me a min EUR 300,000. All my trades were on the following currency pairs and commodities: ,the EUR/USD , the Gold , the Crude oil , the GBP/CHF ,the sugar and the CHF/JPY.
In fact I was lucky because I had 2-3 occasions that my positions were almost at the margin call level and so close to loose all the money but at the end of the day i was lucky enough and had made the right choices trading wise and as result my profits outperformed my losses
Today morning , i managed to succesfully close a very big position i had on gold from yesterday ....[B]And then it happened![/B] Suddenly I show my balance being reduced and EUR 56,000 were missing . I was socked! Initially I thought I had (and most likely forgot) an open position that went terribly wrong. But that was not the case as I discovered from an email which came simultaneously . The email was informing me that they have subtracted from my account EUR 56,000 , because as they claim themselves, some specific chosen by them trades (solely focused on the CRUDE OIL) "were executed on prices outside the market levels." When I asked for an explanation and asked to speak to somebody from the top management , my account manager said that they were not there and send me and email he received with the following explanation : “56003.83 EURO were deducted from the customer for arbitrage. Customer traded on Crude oil in prices that were out of the market by taking advantage of some delays in the system”. On this email he attached me an XL with the so called cancelled trades which are trades executed on the 20/5 , 23/5,31/5 , 2/6 and 6/6. .
What AVA FX did looks quite as “a unique case ” , it is totally unfair and i have been wrongly accused. For that reason i have already started taken all necessary steps and action in order to find my right! I guess that they were not hedging the positions and thought that i will loose the money again as i did the first time. When they shaw that this is not happening and in fact i was making some nice big profit ....they thought of the above scenario.
How come and in the event as per their claim, ie that they faced problems on their crude oil prices, they deducted solely the profit resulted from those trades, when at the same time, on those trades they send me, in between (with seconds of difference or exactly at the same time) they where also other similar trades on the crude oil which resulted in losses. How come and they deducted solely the profit and they did not credit the losses? How come and they had this problem and they didn’t inform me from the 20/5 or the 23/5 or even later , but they left me trading and they subtracted the total profits today the 8/6/2011 , without crediting me the losses?
As per their saying if they were honest and indeed they "were facing problems with their prices on the crude oil" (for whatever reason…) at least they should have suggested to cancel all the trades (profits and losses)of the crude oil from day 1 up to today (1 month now) . In that event they should have substracted , EUR 25,000 and not EUR 56,000. Moreover, also in that event it would have been me to decide if this would have been acceptable or not. But again, they did not even propose that, which clearly proves their motivation.
After heard about AVAFX some years ago, and showing their ads in Bloomberg TV and magazines , I decided to become a customer of theirs on the margin trading. I opened an account with them and tested my luck. Unfortunately things did not go so well in the beginning and quite soon I found my self having incurred big losses. I decided at that stage to freeze this kind of “investments ” for quite some time. Time passed by and thought that by now, being more mature and educated could give another go. Hence, about 1-2 months ago, I reopened an account with them since the old one had become inactive because it had not being used for quite some time. Trading wise, things did go well this time but could not foresee or anticipate what the company was planning to do to me.
Being from my nature quite a risk lover investment wise, I decided to be quite aggressive on my investments and have traded big volumes with risky positions.
My total trades are more than 700 trades open and closed positions and the volume is about 1.5 – 2 yards of EUR’s (within 1-2 months) You can imagine that when the mentioned company is charging , for example on the EUR/USD currency pair 4 pips spread , that at least they earn 2 pips as their commission or profit . In other words I estimate that they have made out of me a min EUR 300,000. All my trades were on the following currency pairs and commodities: ,the EUR/USD , the Gold , the Crude oil , the GBP/CHF ,the sugar and the CHF/JPY.
In fact I was lucky because I had 2-3 occasions that my positions were almost at the margin call level and so close to loose all the money but at the end of the day i was lucky enough and had made the right choices trading wise and as result my profits outperformed my losses
Today morning , i managed to succesfully close a very big position i had on gold from yesterday ....[B]And then it happened![/B] Suddenly I show my balance being reduced and EUR 56,000 were missing . I was socked! Initially I thought I had (and most likely forgot) an open position that went terribly wrong. But that was not the case as I discovered from an email which came simultaneously . The email was informing me that they have subtracted from my account EUR 56,000 , because as they claim themselves, some specific chosen by them trades (solely focused on the CRUDE OIL) "were executed on prices outside the market levels." When I asked for an explanation and asked to speak to somebody from the top management , my account manager said that they were not there and send me and email he received with the following explanation : “56003.83 EURO were deducted from the customer for arbitrage. Customer traded on Crude oil in prices that were out of the market by taking advantage of some delays in the system”. On this email he attached me an XL with the so called cancelled trades which are trades executed on the 20/5 , 23/5,31/5 , 2/6 and 6/6. .
What AVA FX did looks quite as “a unique case ” , it is totally unfair and i have been wrongly accused. For that reason i have already started taken all necessary steps and action in order to find my right! I guess that they were not hedging the positions and thought that i will loose the money again as i did the first time. When they shaw that this is not happening and in fact i was making some nice big profit ....they thought of the above scenario.
How come and in the event as per their claim, ie that they faced problems on their crude oil prices, they deducted solely the profit resulted from those trades, when at the same time, on those trades they send me, in between (with seconds of difference or exactly at the same time) they where also other similar trades on the crude oil which resulted in losses. How come and they deducted solely the profit and they did not credit the losses? How come and they had this problem and they didn’t inform me from the 20/5 or the 23/5 or even later , but they left me trading and they subtracted the total profits today the 8/6/2011 , without crediting me the losses?
As per their saying if they were honest and indeed they "were facing problems with their prices on the crude oil" (for whatever reason…) at least they should have suggested to cancel all the trades (profits and losses)of the crude oil from day 1 up to today (1 month now) . In that event they should have substracted , EUR 25,000 and not EUR 56,000. Moreover, also in that event it would have been me to decide if this would have been acceptable or not. But again, they did not even propose that, which clearly proves their motivation.