Original FPA Traders Court Submission:
I am submitting the case against: www.avafx.com
My Case is: Avafx refuses to pay me my profits because they say I was trading outside the market and so violated their terms and conditions. Further they say I was trading illegally, and that is what I can not understand. How can a simple click on buy or sell make you an illegal trader. They owe me 1460€ of profit, at least they returned my deposit. I was in contact with them over their chat service and e-mail and I had to wait for a week to get my investigation findings which I will present as evidence. On their chat service they simply said that my profit will be removed, which means they don t pay out profits. I hope you can try to resolve this case at FPA, because they will not give me my profits and I really don t know what to do. Every time I ask about my withdrawal they give me their terms and conditions. To this day I have not received my profits.
Please help.
New thread in the Scam Alerts Folder:
Review is submitted by m4re on 02/04/11
The company was first contacted about the issue on 01/27/11 the last contact was on 02/09/11
Details: 1st mail i got that was suspicious:
Dear ,
Thank you for trading with AvaFX.com
Multiple trades were executed in prices outside of the market.
In accordance with our Terms & Conditions, the P/L of those trades has been removed from your account.
If you'd like further assistance in this matter please email us: trading-practices@avafx.com
2nd
Dear Mr. ,
Thank you for the email. Our Compliance team is currently investigating your claim and we will get back to you with a full response within 24-hours.
Regards,
Steven Freedman
3rd mail was the investigation findings and I will post the results as evidence:
Dear Mr. ,
Our Dealing room has now completed their investigation regarding the trading activities in your account (TP-722364).
After closely analyzing your trading history a clear pattern of arbitrage was identified – where price differences were been exploited to generate illegal profits. Please review two attached graphs showing market rates Vs rates traded on Ava platform.
Brokers like Ava offer their services to customers in good faith that the platform will be used for fair and honest trading. All professional brokers have the right to protect themselves if profits were earned outside of proper market rates - this is also covered in our customer terms and conditions document.
I trust you understand this position and we wish you all the best with your future endeavors. If you'd like further assistance in this matter please email: trading-practices@avafx.com
4th mail
Dear Mr. Marko Zajec,
The issue of trading outside the market is very clearly covered in our Terms and Conditions (see below). Ava maintains the right to investigate all trades and withhold funds if deemed outside of regular market rates. As we presented to you in the graphs in my previous email these trades were clearly opened with prices outside market rates.
17. PROHIBITION ON ARBITRAGE AND MANIPULATION
Internet, 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. AVA does not permit these practices on AVA"s platform. AVA strictly forbids any form of manipulation of its prices, execution, and platform or making transactions based on errors, omissions or misquotes on the AVA platform. AVA reserves the right to investigate and review any account AVA suspects of manipulation and withhold funds suspected of being derived from such activity. AVA reserves the right to void any transaction which it has determined to be a result of any of these practices and will have no liability to the customer whatsoever for any losses incurred.
Regards,
Steven Freedman
5th mail
Dear Marko,
The two graphs we sent were representative of the trading strategy you were implementing. At Ava we have a large team of experienced, international dealers and the decision was unanimous that you were exploiting delays in prices for profiting. We have no doubt that any professional dealer studying your trading patterns would reach the same conclusion. We only take a decision to deduct profits if we are convinced there is a clear and intentional pattern of arbitrage. We clearly do not do this when we have a customer with only a few potential arbitrage positions.
Regards
There was also also a lot of chat, from which I posted one in the scam folder.
Company representatives' emails: Steven Freedman<steven@avafx.com>
I am submitting the case against: www.avafx.com
My Case is: Avafx refuses to pay me my profits because they say I was trading outside the market and so violated their terms and conditions. Further they say I was trading illegally, and that is what I can not understand. How can a simple click on buy or sell make you an illegal trader. They owe me 1460€ of profit, at least they returned my deposit. I was in contact with them over their chat service and e-mail and I had to wait for a week to get my investigation findings which I will present as evidence. On their chat service they simply said that my profit will be removed, which means they don t pay out profits. I hope you can try to resolve this case at FPA, because they will not give me my profits and I really don t know what to do. Every time I ask about my withdrawal they give me their terms and conditions. To this day I have not received my profits.
Please help.
New thread in the Scam Alerts Folder:
Review is submitted by m4re on 02/04/11
The company was first contacted about the issue on 01/27/11 the last contact was on 02/09/11
Details: 1st mail i got that was suspicious:
Dear ,
Thank you for trading with AvaFX.com
Multiple trades were executed in prices outside of the market.
In accordance with our Terms & Conditions, the P/L of those trades has been removed from your account.
If you'd like further assistance in this matter please email us: trading-practices@avafx.com
2nd
Dear Mr. ,
Thank you for the email. Our Compliance team is currently investigating your claim and we will get back to you with a full response within 24-hours.
Regards,
Steven Freedman
3rd mail was the investigation findings and I will post the results as evidence:
Dear Mr. ,
Our Dealing room has now completed their investigation regarding the trading activities in your account (TP-722364).
After closely analyzing your trading history a clear pattern of arbitrage was identified – where price differences were been exploited to generate illegal profits. Please review two attached graphs showing market rates Vs rates traded on Ava platform.
Brokers like Ava offer their services to customers in good faith that the platform will be used for fair and honest trading. All professional brokers have the right to protect themselves if profits were earned outside of proper market rates - this is also covered in our customer terms and conditions document.
I trust you understand this position and we wish you all the best with your future endeavors. If you'd like further assistance in this matter please email: trading-practices@avafx.com
4th mail
Dear Mr. Marko Zajec,
The issue of trading outside the market is very clearly covered in our Terms and Conditions (see below). Ava maintains the right to investigate all trades and withhold funds if deemed outside of regular market rates. As we presented to you in the graphs in my previous email these trades were clearly opened with prices outside market rates.
17. PROHIBITION ON ARBITRAGE AND MANIPULATION
Internet, 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. AVA does not permit these practices on AVA"s platform. AVA strictly forbids any form of manipulation of its prices, execution, and platform or making transactions based on errors, omissions or misquotes on the AVA platform. AVA reserves the right to investigate and review any account AVA suspects of manipulation and withhold funds suspected of being derived from such activity. AVA reserves the right to void any transaction which it has determined to be a result of any of these practices and will have no liability to the customer whatsoever for any losses incurred.
Regards,
Steven Freedman
5th mail
Dear Marko,
The two graphs we sent were representative of the trading strategy you were implementing. At Ava we have a large team of experienced, international dealers and the decision was unanimous that you were exploiting delays in prices for profiting. We have no doubt that any professional dealer studying your trading patterns would reach the same conclusion. We only take a decision to deduct profits if we are convinced there is a clear and intentional pattern of arbitrage. We clearly do not do this when we have a customer with only a few potential arbitrage positions.
Regards
There was also also a lot of chat, from which I posted one in the scam folder.
Company representatives' emails: Steven Freedman<steven@avafx.com>
