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AAAFX cheated on margin call

Discussion in 'Scam Alerts' started by Razx, May 1, 2011.

  1. Razx

    Razx Recruit

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    As per AAAFX margin call rule, they will closed all open positions when margin level drop to 70% and you will have remaining 70% amount of used margin in your account. When I received margin call on 15th March 2011, all my open positions were closed but my balance was ended in negative amount. I had 170 micro lots opened at that time which used margin was USD1700. After margin call received my balance was USD -153.83. As per AAAFX rule, it should be 70% of 1700 which is USD1190. I had reported it to support and they told that they had technical problem in their system when I received margin call and it will be fixed soon.

    Now, it has been more than 6 weeks and this issue had not been fixed yet. I already contacted them more than 10 times through e-mails, live support and telephone and every time the reply is same as "this issue is in process and will be fixed soon". But nothing happened till today. On 21st April, I had chat them on live support and I was told this issue will be fixed by tomorrow. But again nothing happened and I again send e-mail on 27th April. They even did not reply it.

    Again, I contacted them today, 5th May by live support. And after telling them my ID and case issue no. they just keep me waiting and waiting with auto reply "Thank you for waiting. I'll be with you in just a moment" for more than 30 minutes but did not come on contact. Oh my god, what a support !!!!!
    I think they do not have any intention to refund me any money nor want to keep contact with me.

    I would like to know from other people who have received margin call, what happen to your balance after margin call? Do you loose all your money? Please help me.
     
    #1 Razx, May 1, 2011
    Last edited: May 5, 2011
  2. Razx

    Razx Recruit

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    AAAFX cheated on margin call (update)

    I received email from AAAFX's support on 7th May after I did post here. They said my account has been fixed and my equity is set to zero. But I don't understand why it is zero as I think it should be 70% of margin. I again send email to support on 8th May asking this but I have not get reply yet. What kind of support is this who does not reply customer in a week?

    Look at this page's heading "Stop out".
    AAAFX - Competitive Trading Conditions - Glossary

    Stop out: The situation in which all open positions in an account are closed by the broker because the equity reaches a pre-specified level of margin requirement. In AAAFx this level is the 70% of the margin requirement. E.g. if the margin requirement is 1,000$ and the equity of the account is 700$ then all of the open positions will be closed automatically.

    In my case, margin requirement was $1700 and when the equity dropped to $1190 all positions should be automatically closed and I think my account balance should be $1190. Please advise me if I am wrong.

    Its been 2 months now when I first contacted AAAFX and I still have not get any satisfying answer.
    Please somebody guide me what to do..
     
  3. Pharaoh

    Pharaoh Colonel

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    Keep after them. Demand that they explain where the remainder of your money went.
     

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