Problem Avafx.com Is A Big Money Eater

[ABDUL GHAFOOR]

The date at the bottom is the date they accessed the report from Bloomberg. It s simply a clock on the Bloomberg website.

Are your cancelled trades only for oil or did you trade Forex pairs as well ?

yes i know at bottom the clock shows current time and date, but i am asking for the date they highlight in white are true ? don't you think that is not a real date and time but i am sure this is not .
do i send this to bloomberg.com for the authentication of this ?

 

[MichelAnge21]

yes i know at bottom the clock shows current time and date, but i am asking for the date they highlight in white are true ? don't you think that is not a real date and time but i am sure this is not .
do i send this to bloomberg.com for the authentication of this ?

The date that is highlighted at the top left is simply the date and exact time you entered the trade. Me, I have nt seen any trading log from you. Just check if it s the date and time that is on your trading log. It should be the exact same.

The only difference you will notice is that the price you paid is not the same as the one quoted by Bloomberg for that specific time and specific contract.

You paid a price that was quoted by Avafx. Avafx claims that their quote was some 2 seconds late compared to the normal feed. In other words, if their feed had not been late, you would have paid the price shown on the Bloomberg snapshot instead of the price that you saw on Avafx s platform.

I think that nobody in this story is very forthcoming with information. Avafx say they had a problem with their feed during 2 months in march and april. I dont believe it s the truth. As Vincam pointed out, they had similar complaints long before march. And the complaints were not only about commodities. So, if they had a feed problem, it was much worse than what they want to admit.

As for you, you ask many questions, but you dont answer often. Same for the other people like Dutchess...lots and lots of mysteries. Did you trade only oil CFDs or also Forex pairs ? Was your trading style to trade specifically at news time ?

Now, for your question about Bloomberg, I think you need to be a subscriber to their professional data feed service. You can ask, but they probably wont bother answering you if you re not their client.

 

[ABDUL GHAFOOR]

The date that is highlighted at the top left is simply the date and exact time you entered the trade. Me, I have nt seen any trading log from you. Just check if it s the date and time that is on your trading log. It should be the exact same.

The only difference you will notice is that the price you paid is not the same as the one quoted by Bloomberg for that specific time and specific contract.

You paid a price that was quoted by Avafx. Avafx claims that their quote was some 2 seconds late compared to the normal feed. In other words, if their feed had not been late, you would have paid the price shown on the Bloomberg snapshot instead of the price that you saw on Avafx s platform.

I think that nobody in this story is very forthcoming with information. Avafx say they had a problem with their feed during 2 months in march and april. I dont believe it s the truth. As Vincam pointed out, they had similar complaints long before march. And the complaints were not only about commodities. So, if they had a feed problem, it was much worse than what they want to admit.

As for you, you ask many questions, but you dont answer often. Same for the other people like Dutchess...lots and lots of mysteries. Did you trade only oil CFDs or also Forex pairs ? Was your trading style to trade specifically at news time ?

Now, for your question about Bloomberg, I think you need to be a subscriber to their professional data feed service. You can ask, but they probably wont bother answering you if you re not their client.

since i open i traded 744 trades in following instruments,

gbp/usd eur/jpy eur/usd usd/chf dj 30 dax 30 msci eur/gbp s&p 500 aud/usd eur/chf and oil .

plz attachment of my trading statistic since open


thanks for being with me and helping me on this issue .

 

[MichelAnge21]

Thank you, but Avafx did not cancel 744 trades. In another post, you showed a list of maybe 135 trades cancelled. Can we say they cancelled 20% of your trades ? What did those 20% had that was different from the other 80% ? Why just those 20% and not the others ?

Were the 20% that were cancelled those that were traded at news time ? Were they those that were oil contracts ? Were they those that were profitable ? Were they those that were the shortest ? How would you describe them ?

Shortest trade was 3 seconds between entry and exit and you traded only manually. Correct ?

 

[MichelAnge21]

Please wait for a site operator to respond. You may also call us 24 hours at: +1-212-941-9609



abdull : my account ballence was 13952 euro and you have just wiped out it


abdull : 21843121 21843389 21843456 21843514 21854816 21858046 21858079 21861762 21861768 21884392 21884703 21885061 21885623 21886988 21888418 21888522 21902172 21902175 21902551 21902597 21950736 21950726 22090036 22134823 22155588 22196999 22198160 22205012 22204903 22205411 22292988 22293159 22293489 22294749 22295005 22295036 22295513 22295485 22302526 22304912 22339845 22352422 22376207 22376305 22376798 22381420 22431129 22432876 22462880 22485798 22485925 22485992 22486341 22486765 22488025 22488345 22489954 22490377 22490596 22494646 22506158 22529376 22530185 22531205 22532151 22532372 22533274 22533201 22533158 22537609 22538167 22538151 22568338 22613613 22613603 22630999 22663977 22673968 22674240 22679370 22679668 22694531 22694600 22694665 22694680 22734529 22741071 22875916 22888197 22888048 22893302 22905350 22919252 22919259 22920257 22923013 22925709 22939952 22966124 22967283 22969622 23019908 23023349 23155538 23173805 23394046 23430566 23471358 23486135 23528994 23561894 23561866 23566370 23568326 23568295 23568870 23615080 23617437 23723506 23724190 23723864 23734485 23734492 23780855 23836963 23876414 23891327 23900640 23959768 23960259 23981548 23981555 23981544 23981546 23996322 24086029 24092605 24101434 24147096 24158236 24170633 24206992


abdull : 04/12/11, 13:36:04 CP 24158236 100 24158236 FUT Crude Oil 1,000 S 04/12/11, 13:33:56 107.48 74,075.00 107.12 73,815.00 248.13 0.00




That was the list: about 135 trades

 

[Romeo]

AVA pay your clients!

AVA team claims that 0.1% of the traders are so genius, that they found a way to "cheat" and goes ahead and cancells their profitable trades. Do you have a client that was trading in that way and lost his equity? Did you cancel the trades and returned him his money? I suppose the answer is no, since these traders are so good that it is not possible that they lose money.
As AVA team can read, the traders' community can not accept this behavior. It is considered very unprofesisonal (scam in other words) and actually everybody will vote guilty if it comes to a vote.
If you guys from AVA want to be professionals, the only thing to do is to pay the traders and inform them that they are not any more allowed to trade on your platform.
If you decide not to, you are only damaging the reputation of your Brokerage for 0.01% of your clients, since you will have two guilty verdicts against you and most probably you will be rated as a scam broker!
For most members reading this, it will be clear that it is not just the 0.01%, but a much higher percentage.
Every large company calculates a certain percentage of lost money by customers in some way. They would be very happy, if that percentage would be 0.01%

 

[MichelAnge21]

To Avafx if you are reading this thread.

You admitted to a feed problem in march and april 2011 and only for a few instruments. Here at the FPA, there are complaints about " off market " trades that were cancelled back in 2010 and even 2009.

Until you provide full and satisfactory explanations about the feed problems that you have with your platform and the corrective measures that you will take, I think that any reasonable person would avoid trading on your platform. If you want to be a market maker, that s fine. But be a professional market maker with a feed we can trust.

If the only long term solution is to introduce a 1 or 2 second execution delay in your platform, then do so ASAP ( clients are saying that it is what you are doing now. Can you confirm officially ? ).

My opinion is actually not dependant on your defense for any specific case like the case discussed in this thread.

 

[ABDUL GHAFOOR]

Consumer Protection Code

i found this document from (central bank of Ireland) ava is regulated by i have highlighted the text plz read and advise me, what i do next ?

why fpa not putting it to came folder ?

is there any thing left to prove they are fraud ?

thanks

 

[MichelAnge21]

i found this document from (central bank of Ireland) ava is regulated by i have highlighted the text plz read and advise me, what i do next ?

why fpa not putting it to came folder ?

is there any thing left to prove they are fraud ?

thanks

Abdul

If you read my first draft for this first paragraph, this is an edit because I am now of the opinion the matter of residence on page 3 is about the broker s residence and not the client s residence. I am now of the opinion that the Code covers irish clients and foreigners alike.

Obviously, Chapter 2 article 45 is in your favour because it says the broker must speedily correct errors in quotes. You could argue the correction was not speedy enough.

45 A regulated entity must:

a) Speedily, efficiently and fairly, correct an error in charge or price levied on or QUOTED to a consumer in respect of any product or service the subject of this Code

Note also paragraph b) that says they must inform the Financial authority when they want to correct quotes. If they neglected to inform the Authority, they are in breach of the Law right there.

Also c) regarding the manner they can correct quotes.

That article is clearly in your favour if the correction was not speedy. How old was the oldest trade they cancelled in your case ?


Also quote article 45 a) b) and c) in an email to Avafx demanding what they consider to be a FAIR AND SPEEDY correction and ask them if they informed the Bank of Ireland before correcting your account as per article 45 b).

Now, note that the article implies that the broker CAN correct a bad quote. But he must do the correction SPEEDILY AND FAIRLY.

And thank you for showing us this code. From now on, we know what is the best argument against Avafx when they correct a bad quote months later. In fact, maybe traders hold them by the balls with that article 45 if Avafx goes back into accounts to cancel trades that are months old.

Abdul...if article 45 is valid for foreigners...you win simply and easily if the correction was not speedy as per 45 a) or They neglected to inform the Bank of Ireland before correcting your account as per 45 b)

Finally, note that the Code says you must try to resolve the matter with Avafx during 40 days before it can go to the Bank of Ireland arbitration

 

[ABDUL GHAFOOR]

Abdul

If you read my first draft for this first paragraph, this is an edit because I am now of the opinion the matter of residence on page 3 is about the broker s residence and not the client s residence. I am now of the opinion that the Code covers irish clients and foreigners alike.

Obviously, article 45 is in your favour because it says the broker must speedily correct errors in quotes. You could argue the correction was not speedy enough.

45 A regulated entity must:

a) Speedily, efficiently and fairly, correct an error in charge or price levied on or QUOTED to a consumer in respect of any product or service the subject of this Code

Note also paragraph b) that says they must inform the Financial authority when they want to correct quotes. If they neglected to inform the Authority, they are in breach of the Law right there.

Also c) regarding the manner they can correct quotes.

That article is clearly in your favour if the correction was not speedy. How old was the oldest trade they cancelled in your case ?


Also quote article 45 a) b) and c) in an email to Avafx demanding what they consider to be a FAIR AND SPEEDY correction and ask them if they informed the Bank of Ireland before correcting your account as per article 45 b).

Now, note that the article implies that the broker CAN correct a bad quote. But he must do the correction SPEEDILY AND FAIRLY.

And thank you for showing us this code. From now on, we know what is the best argument against Avafx when they correct a bad quote months later. In fact, maybe traders hold them by the balls with that article 45 if Avafx goes back into accounts to cancel trades that are months old.

Abdul...if article 45 is valid for foreigners...you win simply and easily if the correction was not speedy as per 45 a) or They neglected to inform the Bank of Ireland before correcting your account as per 45 b)

Finally, note that the Code says you must try to resolve the matter with Avafx during 40 days before it can go to the Bank of Ireland arbitration

ava fx not leave a single trade no netter that was in loss or profit as i told i have traded 744 trades since 16 Feb 2011 till 13 Apr 2011 and after that they cancel my balance of 14287.52 euro's and put my account in to zero balance after sending me my first deposit
many time i try to contact with ava to discuss on this but no reply i got from avafx