Problem Avafx.com Is A Big Money Eater

[MichelAnge21]

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

Ok, first thing is to send an email to Avafx where you quote Chapter 2 Article 45 paragraph a) b) and c) and your intention to seek the arbitration of the Ireland Financial Authority.

Ask them specifically if they informed the Financial Authority of their intention to correct your account as per paragraph 45 b) and at what date did they inform the Authority. They had to do that BEFORE correcting your account.

Ask them specifically if they consider cancelling trades going back to february as being a " speedy " correction as per paragraph 45 a)

The Code says they have an obligation to respond

Also say in your email that you want your email to go straight to their legal department

 

[MichelAnge21]

I had forgotten to specify that the Article 45 of interest is in Chapter 2 of the Code Common Rules for all Regulated Entities. I edited previous posts to add that info

Here an example of email in proper english ( or at least, I hope it is proper english. Myself I am French )

To the Legal Department at Avafx

( your account number, name etc and the date )

Without Prejudice

Dear Sirs

The Consumer Protection Code published by the Irish Financial Services Regulatory Authority ( the Regulator ) says in its Chapter 2 Common rules for all Regulated Entities at article 45 ( now you quote the text from article 45 paragraph a) b ) and c) )

In respect to paragraph a) Do you consider cancelling all my trades going back to february as being done in a speedily and fairly manner ?

In respect to paragraph b) Did you inform the Regulator of your intention to correct my account before doing it and at what date did you inform the regulator ?

As stipulated by the Code, I expect a clear answer from you without delay. The Code allows you 5 days to answer.

In case we cannot come to a satisfying resolution of this matter, I ll seek the arbitration of the Regulator.

Thank you and have a nice day

 

[MichelAnge21]

Abdul

I m sorry if I keep changing opinion all the time about the fact if this code applies to you, a non-resident of Ireland, but I just see here again ( page 3 ).

This code does not apply when providing services to persons outside the State


Really you need to ask the Irish Regulator if the Code applies to you a non-resident of Ireland. Still send the email to Avafx. We will see if they answer that the matter of residence or non-residence is their defense. It is impossible that you have zero protection just because you dont live in Ireland. We live in the era of globalization and cross-border commerce.

Here a copy of an email that I just sent to the Irish regulator at ispsadmin@financialregulator.ie

Dear Sirs

I am considering opening a trading account with the MIFID Investment Firm, Ava Capital Markets Limited, Reference C5387, that operates in Ireland under the brand Avafx. I will trade instruments described in 8a) and 8b).

As a client, I am not a resident of the European Union.

I would like to know what is the level of protection that the Irish Financial Services Regulatory Authority extend to non-residents of the European Union.

More specifically, would the Consumer Protection Code apply to me and, if not, what code will apply ?

Thank you


I will let you know their answer

 

[ABDUL GHAFOOR]

Abdul

I m sorry if I keep changing opinion all the time about the fact if this code applies to you, a non-resident of Ireland, but I just see here again ( page 3 ).

This code does not apply when providing services to persons outside the State


Really you need to ask the Irish Regulator if the Code applies to you a non-resident of Ireland. Still send the email to Avafx. We will see if they answer that the matter of residence or non-residence is their defense. It is impossible that you have zero protection just because you dont live in Ireland. We live in the era of globalization and cross-border commerce.

Here a copy of an email that I just sent to the Irish regulator at ispsadmin@financialregulator.ie

Dear Sirs

I am considering opening a trading account with the MIFID Investment Firm, Ava Capital Markets Limited, Reference C5387, that operates in Ireland under the brand Avafx. I will trade instruments described in 8a) and 8b).

As a client, I am not a resident of the European Union.

I would like to know what is the level of protection that the Irish Financial Services Regulatory Authority extend to non-residents of the European Union.

More specifically, would the Consumer Protection Code apply to me and, if not, what code will apply ?

Thank you


I will let you know their answer

i am glade that you doing really hard work for me i really appreciate your work i am waiting now what reply you get from the regulator.

thanks and regards
salute to your efforts you do here

 

[FXDutchess]

Resolution with AVAFX achieved after four weeks of negotiations and I got all my money back!

All I can say is if you are persistent and polite, they are willing to cooperate 100%. Especially if they see that you know what you are talking about, when you write complaint letter.

My advise to anyone having problems with them is that you closely study your trades and circumstances surrounding them and especially not just blast them with primitive accusations and harsh language, because they'll take you for a complete fool. I saw a lot of people who failed to achieve anything with AVAFX here and in other forums with behavior like that.

Thanx guys!

 

[MichelAnge21]

Resolution with AVAFX achieved after four weeks of negotiations and I got all my money back!

All I can say is if you are persistent and polite, they are willing to cooperate 100%. Especially if they see that you know what you are talking about, when you write complaint letter.

My advise to anyone having problems with them is that you closely study your trades and circumstances surrounding them and especially not just blast them with primitive accusations and harsh language, because they'll take you for a complete fool. I saw a lot of people who failed to achieve anything with AVAFX here and in other forums with behavior like that.

Thanx guys!

Congratulations

My own study of those cases tells me that you are very fortunate that Slovenia joined the European Union and Avafx is regulated under MIFID in all the EU countries. We will now wait to see if they treat all clients equally including those living in other parts of the World. Avafx actually offers two versions of their contracts. In one version, european clients get into a contract with Ava Capital Markets ( Ireland ). Clients elsewhere get a contract with Ava Financial ( British Virgin Islands ). An inquiry with the Bank of Ireland confirmed that they regulate only Ava Capital Markets.

 

[FXDutchess]

Yes off course EU citizens have a big advantage, which doesn't apply to foreign countries, thus their cases are much more difficult to achieve any kind of solution. But I also saw a lot EU citizens got denied their complaints by AVAFX if they failed to convenience them with rational arguments.

Wish you all luck guys, if you have any questions I'm willing to help within my knowledge and power off course.

 

[vincam]

Yes off course EU citizens have a big advantage, which doesn't apply to foreign countries, thus their cases are much more difficult to achieve any kind of solution. But I also saw a lot EU citizens got denied their complaints by AVAFX if they failed to convenience them with rational arguments.

Wish you all luck guys, if you have any questions I'm willing to help within my knowledge and power off course.

If you don't mind what did they end up telling you? First you are accused of purposely trading outside the market, to such an extent that they cancel year old trades and then they changed their mind that was not the case? :err:

 

[ABDUL GHAFOOR]

If you don't mind what did they end up telling you? First you are accused of purposely trading outside the market, to such an extent that they cancel year old trades and then they changed their mind that was not the case? :err:

following mail i have send on 29 May 2011 but they are just quit no response still.


to, roy@avafx.com
cc, complaints@avafx.com,cs@avafx.com


Dear Sirs

On April 13th 2011, you cancelled all my trades going back to February 15th 2011.

It is my understanding that you are regulated by the Irish Financial Services Regulatory Authority.

The consumer Protection Code published by the Regulator states in its Chapter 2, article 45 that
a regulated entity must

a) speedily, efficiently and fairly correct an error in any charge or price levied on, or quoted to, a consumer in respect of any product or service the subject of this code.
b) when the regulated entity considers that there may have been a material charging or pricing error, without delay inform the Financial Regulator of its proposals for correcting any such error as may have occurred in accordance with paragraph a)...

Please kindly explain how cancelling all my trades, some two months old, was done in a "speedily " and " fairly " manner.

Please kindly explain what steps you took to inform the Regulator and at what date in accordance with paragraph b)

You cancelled hundreds of trades and, so far, getting justification from you was like pulling teeth. You only sent some graphs from Bloomberg for a few of them.

The Consumer Protection Code mentions that every regulated entity must establish standard procedures for communications with clients and the resolution of complaints. Did you follow such standard procedures in my case ?

I wish to inform you of my intention to seize the Financial Services Ombudsman of the present matter in 48 hours. Please kindly inform me in your answer if you agree that we cannot resolve the matter amicably and that we must now go to arbitration by the Ombudsman.

Abdul Ghafoor

a/c no 727658

 

[ABDUL GHAFOOR]

two kind of teeth

they have two kind of teethes like elephant one for show and 2nd for eat my attachments will clear this how i prove it .

they two kinds of agreement one for European clients via ava capital markets (Ireland)
2nd for non European clients as ava financial ltd( BVI)


WHEN THEY OFFER FOR ACCOUNT NO MATTER CLIENT IS WHERE FROM THEY SHOW THEM SELF AS SEE THE FILE NAMED TEETH OF ELEPHANT