Avatrade | Margin Called due to non-existent Account Manager and support

mikeDayTrade

Recruit
Messages
5
I sent them an email but looks like I am getting ignored.

Yesterday, my equity is running low so I need to deposit new funds. I tried Credit card and paypal deposit in their website but transaction is always failing or declined (I tried multiple credit cards, all are declined). I contact support and I was told to contact my account manager. I deposited using wire transfer (stupid me) and then I contact my account manager and their support in both Chat and Phone asking for help to confirm deposit ASAP as I don't want my account to be margin called.

I did not receive any response in chat aside from the standard BOT message and could not go through Phone welcome recording. Also no email reply from support or my account manager. As expected my account was margin called yesterday and they closed some of my transactions for total of 1,646.52 AUD. The market swinged back just minutes after it hit my margin call level, if my deposit of 2,000 AUD was processed, my position would be okay. I deposited this using same bank account and they can confirm instantly that the money is there, and I transferred like 3-4 hours before it hit my margin call level but I was contacting them the whole day since morning to process my deposit (Credit Card and Paypal is failing).

The worst part, until now I haven't seen my additional deposit reflected in my account and still no response from them.

Can I still get my additional deposit back given that I can't contact them via phone, chat or email? Or they could add my additional deposit but can they reverse or re-open the position that they closed due to margin call?

Any ideas/suggestion is appreciated.
 

FxMaster

Lt. Colonel
Messages
9,526
I sent them an email but looks like I am getting ignored.

Yesterday, my equity is running low so I need to deposit new funds. I tried Credit card and paypal deposit in their website but transaction is always failing or declined (I tried multiple credit cards, all are declined). I contact support and I was told to contact my account manager. I deposited using wire transfer (stupid me) and then I contact my account manager and their support in both Chat and Phone asking for help to confirm deposit ASAP as I don't want my account to be margin called.

I did not receive any response in chat aside from the standard BOT message and could not go through Phone welcome recording. Also no email reply from support or my account manager. As expected my account was margin called yesterday and they closed some of my transactions for total of 1,646.52 AUD. The market swinged back just minutes after it hit my margin call level, if my deposit of 2,000 AUD was processed, my position would be okay. I deposited this using same bank account and they can confirm instantly that the money is there, and I transferred like 3-4 hours before it hit my margin call level but I was contacting them the whole day since morning to process my deposit (Credit Card and Paypal is failing).

The worst part, until now I haven't seen my additional deposit reflected in my account and still no response from them.

Can I still get my additional deposit back given that I can't contact them via phone, chat or email? Or they could add my additional deposit but can they reverse or re-open the position that they closed due to margin call?

Any ideas/suggestion is appreciated.
Few steps that you must follow to draw their attention to your issue,
Follow the suggested steps below:

If you deposited your money via credit card then contact the credit card customer care asap and ask them to file a chargeback.
Go to their website and invite them to here via Live Chat
Invite them to join this thread via email (Send an email to every possible address).

You will find their email and address here http://www.avatrade.com/about-avatrade/contact-us

Also, Share your story as a review http://www.forexpeacearmy.com/forex-reviews/539/www.avatrade.com

You can also share your story on their social media pages mentioned below:

https://plus.google.com/+avatrade

https://twitter.com/AvaTrade/

https://www.youtube.com/user/AvaTradeTV

https://www.facebook.com/Avatrade
 

mikeDayTrade

Recruit
Messages
5
Thanks FX Master.

Just an update.

My additional deposit was already credited to my account last Friday after I managed to contact their support through phone. At that point support said that they will look at this issue and they will try to re-establish my positions just like per normal before it was closed due to margin call.

Today I just received a call from my account manager and explained the situation. He said that he will look at the issue and I am looking forward for a positive result. At this point I am leaning more on positive impression for Avatrade as I could see they are exerting effort in properly investigating and resolving this issue.

I will give another review and update once this matter is settled.
 

RahmanSL

Major
Messages
2,536
Okay!....looks like we have to give the benefit of the doubt to your broker and, hopefully, you-and-they will come to some mutually satisfactory solution.

Don't over trade your account and rely on additional deposits to get your account out of a jam....It's a very, very BAD habit which I have been doing for over 6 years and lost quite a bit of money doing that.

If you still intend to deposit more money to save your trading account, then my advice is to hedge the trading account to "0" margin, do not make any more trades until the additional fund(s) is credited to your trading account.
Also, it's much better to concentrate on only one currency pair at any one time because, in event of a screw-up (was going to use the "f" word but Moderator here would court marshal me), you will have better control to get get out of a very bad situation.

Good luck and keep us posted!
 

FxMaster

Lt. Colonel
Messages
9,526
Thanks FX Master.

Just an update.

My additional deposit was already credited to my account last Friday after I managed to contact their support through phone. At that point support said that they will look at this issue and they will try to re-establish my positions just like per normal before it was closed due to margin call.

Today I just received a call from my account manager and explained the situation. He said that he will look at the issue and I am looking forward for a positive result. At this point I am leaning more on positive impression for Avatrade as I could see they are exerting effort in properly investigating and resolving this issue.

I will give another review and update once this matter is settled.
Partial good news and it's looking positive response. Don't forget to update us when you have an update. :)
 

mikeDayTrade

Recruit
Messages
5
Yes, I'm hoping for a positive outcome. My account manager is responsive in email but I'm still waiting for them to re-open the positions that were closed. It's been 6 days now since the incident, I just hope that this will not drag for too long unless they are doing this intentionally and just making me believe that they are looking at this issue...

Not sure about their internal process but at this point I am giving them the benefit of the doubt.
 

mikeDayTrade

Recruit
Messages
5
It's been 1 week and I'm still waiting for them to re-open my trades. My account manager said he already escalated the issue but would not give an ETA on how long this will take...
 

mikeDayTrade

Recruit
Messages
5
I think I am being played, already 2 weeks and still no resolution to this case. I will start preparing the needed documents for escalating the issue and file complaints formally.
 
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