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Problem AvaTrade is a scam

I am having an issue with a company
ℹ️ Info ⭐ Reviews ❓FAQ
Here is the latest update:

AvaTrade has a policy with regard to withdrawal requests. In their words, 'up to the amount of your investment must be returned through the same payment method that was used to fund the account.' It is unclear whether this 'amount' refers to 100% or 200% (why 200%???) of the initial deposit.

For my own trading account, I remember in November 2017, I confirmed with an AvaTrade representative through their online chat that USD1100 was deposited through card 1, USD600 through card 2, and USD1100 through PayPal. I wrote down these figures on paper. Not long after that, I withdrew, successfully (after a lot of fuss) all these three amounts of money to the three respective accounts, as you can see from the screenshot. Before I received the money in my bank, I also made a fourth withdrawal request, around the end of November 2017, which should withdraw all the remaining USD4362.64 into my saving account in my bank via wire transfer. David Berman, my account manager, emailed to me on 30 Jan 2018 pointing out that this fourth withdrawal request could not be processed because USD500 (why USD500???) had to be withdrawn into card 1 first. He also told me to perform the withdrawals at the website myself because he could not help me to do them. I replied with the attached screenshot saying 100% of the deposits had been withdrawn through the required methods. I then did according to what was requested, ie. withdrawing USD500 into card 1, and the remaining USD3862.64 via bank wire. These two requests were rejected again. I then sent an email to David demanding for an explanation, and repeated these two withdrawal requests again. On 2 February 2018, they processed one of these two withdrawals, which amounted to USD500. They rejected the second withdrawal, demanding me to use the 'correct payment method'. So today, I took the trouble again to split the remaining USD3862.64 into four withdrawal requests -- USD600 into card 1, USD600 into card 2, and USD1100 into PayPal, and the remaining USD1562.64 via wire transfer.

As for my father's account which has USD1802.07 in it, they demanded the 'opposite'. They said 200%(where was this policy spelled out???) was the limit through which the method of the original deposit could be used for withdrawal. As my father deposited USD830 and withdrew USD1000 (David showed these figures) back into his credit early Nov 2017 before, I then made another withdrawal request which would help my father withdraw USD1802.07 entirely via bank transfer. They rejected it, claiming the 'correct payment method' had to be used, without being clearer what that meant. So today, I withrew for my father USD660 into his credit card, and USD1142.07 via bank transfer.

I wonder whether these withdrawal requests will be successful this time. They seem to be making a lot of confusion and delays deliberately to cover up their weaknesses. I hope they won't make life troublesome for us by not trying their best to help us. According to them, they have escalated this issue to the highest priority. As the funds rightfully belong to us, we should be the ones deciding what payment method to use. I am sure they know splitting the withdrawal into so many requests will result in a very high total transaction fee. It seems they are not satisfied with the high spreads they are charging their clients, and like to delay their withdrawals in the hope that the clients will continue to trade with them as they grow impatient.

Additionally, we received many strange phone calls, each from a different number from the United Kingdom several days ago. The moment we said 'hello', the call would be terminated from the other end. No callback would be possible. I received two such calls, and my father recevied about five calls. The only time there was communication, my father was asked whether he was trading forex online, and was told he would be contacted again before the call was ended. The caller didn't answer my father as to whether they were from AvaTrade. Noting the issue we are having with them, I suspect these mysterious phone calls were made by AvaTrade, as we have almost no contact with UK. Were they secretly hoping that these calls wouldn't be answered?

In an email David forwarded from me, one of the three email addresses to AvaTrade was also changed. Note that they also seem to avoid a public appearance here with me.

In short, we find AvaTrade a highly questionable, if not outright unprofessional, broker.
 

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All our withdrawal requests have just been rejected again, as you can see from the first screenshot.

AvaTrade, if you ever read this, I request that you state precisely here what we should do instead to withdraw all our funds.

May I suggest Forex Peace Army list AvaTrade as a scam? They have a terrible track record here and they are a threat to the public. At least, give a formal warning to the public.

I will send them emails (to those four email addresses) demanding them to come here.

The second attached screenshot shows my father's trading account. I just checked my bank records. I can confirm that USD1100 was deposited through card 1 in September 2017. That full amount was withdrawn back to that card in December 2017.

Meanwhile, I will prepare a complaint and submit it to the relevant authorities in Australia.
 

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Of course they are causing confusion and delays deliberately; it's 100% to their advantage. They are making you play their game. I told you earlier to stop dancing around with them.

- It is true in most cases that the original deposit is sent back the same way it came. But the broker would automatically do this (It's automatically calculated when you make a withdraw what percentage goes back to which deposit method). Any profit over the original deposit amounts are either sent via bank wire or you can choose the preferred withdrawal method if they allow it.

- You may take a screenshot of the withdraw requests (or screen record) for your own records.

- Don't accept any phone calls from broker regarding this issue. Written communication only. Email or trouble ticket. If trouble ticket, good idea to take screenshot to ensure the ticket doesn't disappear later. Same with live chat (take screenshots or video record chat transcript). But i wouldn't bother with live chat.
- install automatic call recorder software on you and your dad's phone (assuming both of you have smartphones). If you do get phone call from someone you do not know and they do not properly identify themselves.

You wouldn't tolerate any of this if you were at your local bank or atm making a withdrawal. Not sure why we play these games with a financial brokerage; it's not normal behavior for a legit financial company to do this.

How about this: ignore all communication except for "withdrawal processed". Stick with FPA court case and Australian FOS. See how quickly they either pay or run.
 
There is no way to take a screenshot of the withdrawal requests, as their website does not provide an interface to manage the transaction records.

As for the Chinese chat channel which I mentioned in a previous post (#7), the wait ended after the queue number was stuck at 3 for a few hours and the session was forced to log out automatically.
 
There is no way to take a screenshot of the withdrawal requests, as their website does not provide an interface to manage the transaction records.

As for the Chinese chat channel which I mentioned in a previous post (#7), the wait ended after the queue number was stuck at 3 for a few hours and the session was forced to log out automatically.

Moonvalley,

Are there any updates to your situation?
 
They are still playing the same old confusion game.

They did process the withdrawal of USD500. However, instead of crediting it to card 1 as what I requested according to their instruction, they credited it to card 2.

On 5 Feb, their CEO, Dáire Ferguson, sent a mass email to every client, saying they have automated part of the withdrawal process, doubled their staff etc. So I tried to withdraw the money via bank wire again. It was rejected for no good reason.

A few days later, David Berman, our account manager, sent an email by mistake to my father. The email was intended for another client.

A few days later, David Berman emailed me saying I should withdraw USD400(why USD400??) to card 2 first. I did according to what he said. Again, the withdrawal was rejected for no reason.

We have been busy these few weeks, but we will submit a complaint to Bank of Ireland and ASIC very soon. We will make sure the complaint will be effective against AvaTrade.

We still could not obtain our money after all these months. Seriously, FPS should declare them as guilty in my court case, because they show no intention at all in releasing our money.

If they are bankrupt, they should just say so.
 
Hi,

Apologies for the delayed response.

We've checked your account and would like to update you that total of withdrawals to both the credit cards is 2200 USD which got refunded, on PayPal refund of 1100 USD on 12th of December was done. We also have processed one more withdrawal yesterday via wire transfer of 3862.64 USD, which will take up to 10 business days depending on your bank.

Please let us know if you've any further concerns.

Regards,

AvaTrade Administration Team
 
Last edited:
Hi

We see his withdrawal request placed today. We would like to update you that as CC limit has reached, he could only withdraw $660 from it now and rest via wire transfer.
Please place another withdrawal request and we'll process it.

Regards,

AvaTrade Administration Team
 
Please stop giving all this nonsense.

He made a few withdrawal requests prior to this but you rejected them. Furthermore, he has refunded 100% back to his credit card. He requested the withdrawal via wire transfer just now. So there should be no problem.

Also, the amounts you gave in post #27 were incorrect. The total amounts should be USD1100 (cc) + USD600 (cc) + USD1100 (paypal) = USD 2800, as can be seen in the screenshot attached in post #21.

It is unfortunate that you had to wait until I submitted a complaint to the Bank of Ireland.
 
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