AvaFX let me give myself a margin call

fibag21

Recruit
Messages
5
Hi,

My experience with AVAFX is awful. I started with what seem probably to a lot of people a low investments: 3000 EURO. I started to buy gold, silver and platinum. However, without any warning, when the remaining money dropped below a certain limit, all positions were closed by the system. So they, @ AVAFX, just inform me I have lost all my money since the values I bought have been closed by the system at a time the change was not profitable.

Seems I have been stupid. I worked with other trading tool before (xeTrade) but did not have that problem. So if I admit having been stupid at one thing, it is working with AVAFX

So they definitively scammed me of 3000 EURO.
 

fibag21

Recruit
Messages
5
AvaFX stole my money

n January 2011, I did open a demo account at AvaFx. My goal was to be able to invest in Gold and other ressources on the long term.
At expiration of my demo account, and before funding my real account, I did confirm I could leave a position open for a long period (see extract of mail hereunder)
Hi,

I would like to know what is the time limit, between a buying order and its corresponding sold, i.e. let's say I would buy gold or silver tomorrow, may I wait says 5 years before solding it ?
My contact at AvaFX, Julie Baker, did answer with this:
Thank you for your email. There is no time limit on how long you can keep positions open. You are welcome to leave the position open for as long as you see fit.
So I did indeed invest 3,000.00 EURO in April and bought gold, silver and platinum. Since my goal was for long term investment, I did not check my account everyday.
After a while, I could see that all my positions were closed. It appear the system did close my positions the same day due to the fact my balance was too low. So I lost 2,734.00 EURO byt the fault of the system and AvaFX rules.
Moreover, when I ask them to withdraw my account and refund me the remaining 200+ EURO, they explain they cannot do it since there is not enough money on my account and I do not have the minimum required to refund THEM of the 400 EURO "play" money they gave me.
 

comingbacksoon

Recruit
Messages
390
hello mate and i do know how fraustrated it can be, but for metal and gold spot it got year contract but also they woud inform you as safty of fund rules and thats thire repsoinsbility but thats go with regulated rules and ESMA rules,
n January 2011, I did open a demo account at AvaFx. My goal was to be able to invest in Gold and other ressources on the long term.
At expiration of my demo account, and before funding my real account, I did confirm I could leave a position open for a long period (see extract of mail hereunder)
Hi,

I would like to know what is the time limit, between a buying order and its corresponding sold, i.e. let's say I would buy gold or silver tomorrow, may I wait says 5 years before solding it ?
My contact at AvaFX, Julie Baker, did answer with this:
Thank you for your email. There is no time limit on how long you can keep positions open. You are welcome to leave the position open for as long as you see fit.
So I did indeed invest 3,000.00 EURO in April and bought gold, silver and platinum. Since my goal was for long term investment, I did not check my account everyday.
After a while, I could see that all my positions were closed. It appear the system did close my positions the same day due to the fact my balance was too low. So I lost 2,734.00 EURO byt the fault of the system and AvaFX rules.
Moreover, when I ask them to withdraw my account and refund me the remaining 200+ EURO, they explain they cannot do it since there is not enough money on my account and I do not have the minimum required to refund THEM of the 400 EURO "play" money they gave me.
 

Pharaoh

Colonel
Messages
19,691
Most brokers let you hold positions open for the long term, but only if you have sufficient funds in the account.

It sounds like you took too much risk and got a margin call.

If you want to go long on gold and silver for a very long time frame, buy the metal and put it in a safe deposit box.
 

Pharaoh

Colonel
Messages
19,691
Fibag21, now I see that you made the same complaint in 2012, along with a Traders Court case. I replied to both. You didn't bother to leave any response in either one, so your case was dismissed. Now you've opened a new thread and also file a new Traders Court case on the same issue with false contact dates.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,489
I checked. It was the same complaint against the same broker. The new case has the year changed to get past the FPA's time limits.

People like Fibag21 are one of the reasons behind some new Traders Court features which will be implemented very soon.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,489
Good idea. The threads have been merged.

Fibag's new case has been dismissed for 2 reasons. First, he lied about the dates. Second, after over 2 years, he still doesn't understand he gave himself a margin call.

I'm also editing the thread title and moving this to the Forex Insanity folder.
 
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