moonvalley
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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 had to be withdrawn into card 1 first.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 I replied with the attached screenshot saying 100% of the deposits had been withdrawn through the required methods.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.
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.