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AVA FX scam

Discussion in 'Scam Alerts' started by m4re, Feb 4, 2011.

  1. m4re

    m4re Recruit

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    I started trading with Avafx in october last year, and everything was fine until I started making profits. Firstly they started delaying my market orders so I was getting constant requotes, and later also on the limit orders, so I decided to withdraw my profits because, they made my trading impossible, so I sent the withdrawal request and then the problems started... I waited for a week expecting money on my account but there was nothing, and after a week I got an email about my trading practices. They said that my trading was "ILLEGAL" and that I was manipulating with the market, and I could not believe my eyes.
    I went straight to the chat and started chatting with them and this is the first chat and you can not believe what attitude they have to the clients that want to withdraw their profits:

    You are now chatting with 'Eva'

    Eva: Hello and welcome to AvaFX.com. How can I assist you?

    Marko : Hello, I d like to know when my withdrawal will be made?

    Eva: Your withdrawal has been canceled.

    Marko : Aha and why if I may ask?

    Please wait while I transfer the chat to 'J.Brown'.

    You are now chatting with 'J.Brown'

    J.Brown: Marko, I think you know the reason why

    Marko : No actually I do not

    Marko : Please enlighten me

    J.Brown: Marko, you do, because we have analysed your trading

    J.Brown: what I would like to do with you right now

    J.Brown: is chat about some of the trades you have made

    Marko : yes and, is it a problem for your company if you are creating profit?

    J.Brown: in the meantime

    J.Brown: Marko, making a profit from market conditions is making a profit

    J.Brown: people do this in our company

    J.Brown: and we pay out

    J.Brown: every time.

    Marko : Seem to me you do not

    J.Brown: What you have done is not trading according to the terms and conditions

    J.Brown: 20.PROHIBITION ON ARBITRAGE AND MANIPULATION

    J.Brown: 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 Capital does not permit theses practices on Ava"s platform. Ava Capital 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 Capital reserves the right to investigate and review any account Ava Capital suspects of manipulation and withhold funds suspected of being derived from such activity. Ava Capital 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.

    J.Brown: We have evidence of this

    J.Brown: Please see the terms and conditions here

    J.Brown: Terms & Conditions

    J.Brown: we have evidence of your trading Marko.

    J.Brown: be happy we are not taking this further

    Marko : oh dont worry I will take this further

    J.Brown: be our guest

    J.Brown: if you would like to complain

    J.Brown: we would be very happy to take your complaint

    Marko : because, please tell me how can I a small trader manipulate with market prices?

    J.Brown: ok, what i will do for you right now.

    J.Brown: and i really don't want to spend more time on this

    J.Brown: is give you an example

    J.Brown: just to prove to you how we know

    J.Brown: i will send you an email with evidence of your illegal trading

    Marko : ilegal trading, you must be joking

    Marko : so you decided not to pay me?

    J.Brown: no im not joking Marko

    J.Brown: this is actually very serious

    Marko : so you will steal all my money?

    J.Brown: we will be returning your intial deposit don't worry

    J.Brown: secondly

    J.Brown: I will be sending you evidence of your trading practices very soon

    Marko : and another question, where are you regulated so that I can file a complaint?

    J.Brown: sure no problem

    J.Brown: its on our website

    Marko : I am waiting for that

    J.Brown: don't worry, if we take the time to analyse your account

    J.Brown: and we take this very serious step

    J.Brown: to return your money

    J.Brown: we are confident we can advise our regulator and defend ourselves very easily

    Marko : Can you tell me how did I manipulate the market please?

    Marko : Because don t you think that if I could do that, would I be still talking to you?

    J.Brown: i don't think you understand the term "market manipulation"

    J.Brown: basically, you were trading off a glitch in the price feed

    J.Brown: you weren't trading on market manipulation but on arbitrage

    Marko : glitch ?

    Marko : Arbitrage?

    Marko : Do you know what arbitrage means?

    J.Brown: Please see here:

    J.Brown: J.Brown: 20.PROHIBITION ON ARBITRAGE AND MANIPULATION

    J.Brown: J.Brown: 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 Capital does not permit theses practices on Ava"s platform. Ava Capital 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 Capital reserves the right to investigate and review any account Ava Capital suspects of manipulation and withhold funds suspected of being derived from such activity. Ava Capital 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.

    J.Brown: there is nothing more to say on the matter.

    Marko : I am still waiting for the mail

    J.Brown: sure.

    J.Brown: it will be coming

    Marko : And still, can you give me the mail of your regulator please?

    J.Brown: Its on our website thank you

    J.Brown: Under regulator

    Marko : Ava Capital Markets Ltd is incorporated in Ireland as a licensed investment firm compliant with MiFiD the EU investment regulations (Reference No: C53877) and is regulated – by the Irish Financial Regulator

    Marko : this one

    J.Brown: thats the one

    Marko : So you will not give me my profits then?

    J.Brown: You think we have been in this business for a few months?

    J.Brown: You will get your deposit back

    J.Brown: the rest of your profits made illegally will stay with us

    Marko : Yes, and I can also see why have you been in this business for quite some time

    J.Brown: Excuse me sir, but trading outside trading conditions is illegal. Like insider trading

    J.Brown: its very serious

    Marko : First of all you insult me by saying that profits were made illegaly

    Marko : Insider trading, please

    J.Brown: Im not trying to insult you, im trying to tell you why your account is blocked

    J.Brown: im sorry. if you want to make a complaint

    J.Brown: you are welcome to do so

    Marko : How I see this , is whenever somebody profits you say he made it illegaly, and thus dont pay him .

    Marko : I am doing that, by talking with you

    J.Brown: i don't think you understand

    J.Brown: this decision was not made by me

    J.Brown: I am your account analyst

    J.Brown: but this decision was made by senior management

    J.Brown: its out of my control

    Marko : can you direct me to senior management please

    J.Brown: Sorry, they are not around at this time

    J.Brown: You are welcome to come back on chat tomorrow

    Marko : because this what you are doing is just unfair

    Marko : when are they going to be there

    J.Brown: you can come back in the morning

    J.Brown: If you are 100% that you have not been trading illegally

    J.Brown: then you are free to complain and make an appeal

    J.Brown: management can help you with that

    Marko : and also, have you heard about the power of verbal publicity?

    Marko : Hopefully

    J.Brown: Marko, I'm sorry, but trading like what you have been doing is illegal

    J.Brown: we can provide the profits to you

    Marko : do you want to bet

    J.Brown: All i can do is quote the terms and conditions

    J.Brown: there is nothing more to say

    Marko : first of all you provide trading platform, which is how do you say "state of the art"

    Marko : award winning

    J.Brown: complaints@avafx.com

    J.Brown: complaints@avafx.com

    Marko : and if it is so good, how is it possible that someone can trade illegally?

    Marko : And the mail with evidences I am still waiting for it?

    Marko : At least you can do that

    J.Brown: I can't provide that to you now

    J.Brown: Im working on it

    J.Brown: I believe with such a serious matter we need to show you, so Im organising it for you

    Marko : when will this be possible, I am lookin forward to get this.

    J.Brown: I'll get it for you as soon as I can

    J.Brown: either later tonight or tomorrow

    Marko : Is Adam Goldberg your senior manager?

    J.Brown: Yes he is, you are welcome to contact him

    Marko : I will

    J.Brown: Good.

    Marko : Is this his mail adam@avafx.com?

    J.Brown: yes thats the one

    Marko : ok thanks

    Marko : I will contact you tommorrow

    J.Brown: Im looking forward to it

    J.Brown: Ill send you the report in the meantime

    Marko : Ok, nice talking with you and I hope the matter will be resolved ASAP.

    J.Brown: Yes I really hope so too.

    J.Brown: This isn't pleasant but im just the messanger


    So I contacted this guy Adam Goldberg, and sent him mail asking why they will not give me my money, and no answer for more than a week. Now they are just simply saying that I violated some rules and that they will not give me my profits.

    Now I don t know what to do, I spent 3 months of trading for what, nothing. Seems to me that AVA loves you just until you loose money and when you make some profits they simply say that you are an arbitrager or market manipulator and simply remove all of your profits. Well thank you very much for such a broker. Anyone can do that and it is a complete scam. So people if you like your money stay faaaaar away from AVA.

    FPA can you please help me with this matter, because they dont want to hear anything from me anymore and I just don t know what to do.

    Thank you
     
  2. vincam

    vincam Sergeant

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    Ah my favorite broker excuse the "A" word, arbitrage and glitch exploitation. Can you post a statement of your trades up here m4re?
     
  3. Pharaoh

    Pharaoh Colonel

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    They promised to mail you evidence to prove you somehow "cheated". If they do, please post it. If they don't, I'd say that is overwhelming evidence that they are the ones cheating.
     
  4. RahmanSL

    RahmanSL Major

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    Arbitrage like in “Internet, connectivity delays, and price feed errors sometimes create a situation where the prices displayed do not accurately reflect market rates….”???

    Quite frequently, I am forced to use broadband internet connection to trade and I have experienced the above many2 times, but very fortunately, my broker almost always (at least I think so) comes back with re-quotes which are better than what is shown on the charts. That’s called “time lag” and which can be expected when using slower internet connection like broadband.

    From what I can gather from your live “chat” with AVA Capital’s Rep, I surmise that’s the modes operandi of your Broker in using that excuse to take your profits, but gracefully returns your deposit as a “good will” on their part…and, of course, they expect you to be grateful to them for their “kind” gesture.

    AVA’s Rep will have to come in here to give further insight into their legitimacy in confiscating this Trader’s profits which they claimed are derived from “arbitrage”.

    Hmmmmmmmm!......
     
  5. matjazz

    matjazz Recruit

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    Haha, the same happend to me ower a year ago. U wont see your money... trust me. Just intial deposit and that is all...

    btw.. Where r u from?
     
  6. vincam

    vincam Sergeant

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    It happens to many people, I always follow a rule to remove your initial deposit ASAP, then trade with their money and make frequent withdrawls, only leaving enough money in your account to open the position size you want plus a little for drawdown. At least this way you find out quickly if you're strategy is "illegal" and can dump the broker early to save you some time.
     
  7. m4re

    m4re Recruit

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    I finnaly got an answer from them explaining that I was trading outside of the market, which is really hilarious. Outside the market? How can that be??? Because if you can trade outside the market, that means that they can easily manipulate with prices...

    I have a problem with uploading pictures...

    http://www.flickr.com/photos/59319353@N03/5430360475/#/photos/59319353@N03/5430360475/lightbox/
    http://www.flickr.com/photos/59319353@N03/5430360475/#/photos/59319353@N03/5430360325/lightbox/
    http://www.flickr.com/photos/59319353@N03/5430360475/#/photos/59319353@N03/5430360203/lightbox/

    I d also like to file a case against them but I can not post anything, all I get is errors... Any suggestions?
     
    #7 m4re, Feb 9, 2011
    Last edited: Feb 9, 2011
  8. Scoony

    Scoony Private, 1st Class

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    This Is The Best Scam...what Can We Do

    Hello everybody!

    It seems like this has become the average strategy for FX-Brokers. They are all Market Makers and when the client looses his money (to them) everything is OK, but when you make profits they INVENT some technical or other issues to justify not giving you your money back. And you cannot do nothing about this. I just had that same experience with GCI Financial (which is now ranked as a scam at FPA). So the real question here is: WHAT CAN WE DO? Is there a goverment agency (such as Interpol) that can shut them down? Would banks and payment providers such as Visa, MoneyBookers, CashU, LibertyReserve, PayPal etc. stop their business with them ? Would Metaquotes withdraw their licence and software - or are thy all just profiting from the scam and so they would not let go such a "great" client??

    So what can be done ???

    Regards
    Scoony
     
  9. f-man

    f-man 4Xangels Representative

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    Did you go through every step according to the Traders Court procedure?
    Check all the steps here:
    FPA Traders Court FAQ and Instructions - Forex Peace Army Forum

    What kind of errors did you get?
     
  10. m4re

    m4re Recruit

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    Hi, I followed all of the steps but the problem is that I wrote two broker reviews and no one was published. On the case file page I can not upload pictures, all I get is errors.

    What should I do that my review will be published, so that I can file a case?
    I wrote the review on 7th of february..
     

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