AvaTrade is a scam

moonvalley

Private
Messages
15
My father and I made a series of deposits into our accounts at AvaTrade last year, totalling roughly USD3800 (USD1000 + USD2800). This entire amount had been withdrawn successfully back to the respective credit/debit card and PayPal accounts. Noting how hard it was to withdraw money from AvaTrade, we wished to withdraw the remaining funds (another USD1802.07 + USD4362.64) which was purely the profit we made from our trading. I requested the withdrawal at their official website at the end of November 2017 through telegraphic transfer/bank wire. My father requested the withdrawal at the start of December 2017 into his credit card account.

So far there has been no response. They never reply emails nor answer calls. Some of their local line numbers do not seem to be operational at all. I used to contact them via their online chat system, but it is no longer attended by anyone since a month ago. Left with no choice, I expressed our concerns at Forex Peace Army on 5 Jan 2018, under the nickname of 'moonvalley'. However, even that forum is ignored by them now.

I sent them an email on 12 Jan 2018, with the subject 'Final Request for Withdrawal Prior to Court Case', in which I gently warned them of a Court Case after 25 Jan 2018 by us at Forex Peace Army, if they continue to ignore our withdrawal requests. So far, we have not got any response from them.

I suspect they are deliberately misleading the public by creating many fake reviews about themselves under different domain names. Many of these reviews rank them as Number 1, with very low price spreads and an efficient withdrawal system, which, as far as I can tell, are exactly opposite to reality.
 

FxMaster

Lt. Colonel
Messages
9,007
My father and I made a series of deposits into our accounts at AvaTrade last year, totalling roughly USD3800 (USD1000 + USD2800). This entire amount had been withdrawn successfully back to the respective credit/debit card and PayPal accounts. Noting how hard it was to withdraw money from AvaTrade, we wished to withdraw the remaining funds (another USD1802.07 + USD4362.64) which was purely the profit we made from our trading. I requested the withdrawal at their official website at the end of November 2017 through telegraphic transfer/bank wire. My father requested the withdrawal at the start of December 2017 into his credit card account.

So far there has been no response. They never reply emails nor answer calls. Some of their local line numbers do not seem to be operational at all. I used to contact them via their online chat system, but it is no longer attended by anyone since a month ago. Left with no choice, I expressed our concerns at Forex Peace Army on 5 Jan 2018, under the nickname of 'moonvalley'. However, even that forum is ignored by them now.

I sent them an email on 12 Jan 2018, with the subject 'Final Request for Withdrawal Prior to Court Case', in which I gently warned them of a Court Case after 25 Jan 2018 by us at Forex Peace Army, if they continue to ignore our withdrawal requests. So far, we have not got any response from them.

I suspect they are deliberately misleading the public by creating many fake reviews about themselves under different domain names. Many of these reviews rank them as Number 1, with very low price spreads and an efficient withdrawal system, which, as far as I can tell, are exactly opposite to reality.
Try their live chat and let's see what they have an answer about your withdrawal.
 

moonvalley

Private
Messages
15
Now their live chat is offered only in Chinese and Turkish. I tried the Chinese channel before. They don't handle requests like mine which is from Malaysia.
 

4evermaat

2nd Lieutenant
Messages
1,852
@moonvalley You've already invited them here and they have done nothing. File a traders court case and get it over with.

At least you got your original deposit back (or most of it).

You may also want to consider filing a complaint with the Australian FOS. Definitely get the FPA court case started now though.

Funny that they are able to reply to all of the negative reviews (oh we have a large amount of new accounts opening); more like they are buying time to escape with everyone's money.
 

AsstModerator

FPA Forums and Reviews Admin
Messages
5,575
Moonvalley told AvaTrade he'd complain to the FPA before opening his thread. He still needs to send an invitation to AvaTrade with the link to this thread. He also need to check his case thread for more information.
 

moonvalley

Private
Messages
15
I think they are closed on Saturday and Sunday.

I just called their international line today (+1-212-941-9609). It was hung up after an auto-generated voice spoke for a while.

I then called the local Malaysian line (+60 327727319). It turned out to be an invalid number.

I have also sent the link of this page to three email addresses of AvaTrade.

I am now waiting in a queue to chat with their Chinese representative online, when I will send them this link.

I hope I can at least get some response from them.
 

4evermaat

2nd Lieutenant
Messages
1,852
I think they are closed on Saturday and Sunday.

I just called their international line today (+1-212-941-9609). It was hung up after an auto-generated voice spoke for a while.

I then called the local Malaysian line (+60 327727319). It turned out to be an invalid number.

I have also sent the link of this page to three email addresses of AvaTrade.

I am now waiting in a queue to chat with their Chinese representative online, when I will send them this link.

I hope I can at least get some response from them.
Don't worry about any voice communication. Keep all correspondence written. The emails are more than plenty. Now just wait a few days.

Although I do recommend having on your phone some sort of automatic call recorder like https://play.google.com/store/apps/details?id=com.nll.acr&hl=en in case they call you can have a record of it.
 
Last edited:

moonvalley

Private
Messages
15
LATEST UPDATE:

Finally I received an email from our account manager, David Berman.

He said he would inform the top management about this issue and he hoped for an amicable settlement.

I asked him where he had been and when we will be able to receive our funds. I said we just want our money.
 
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