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Problems with AVA FX - Be Aware...

Discussion in 'Scam Alerts' started by Stephanos, Jun 8, 2011.

  1. Stephanos

    Stephanos Private

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    Dear potential traders and customers , please be aware of a big issue and problem i'm facing with AVA FX.

    After heard about AVAFX some years ago, and showing their ads in Bloomberg TV and magazines , I decided to become a customer of theirs on the margin trading. I opened an account with them and tested my luck. Unfortunately things did not go so well in the beginning and quite soon I found my self having incurred big losses. I decided at that stage to freeze this kind of “investments ” for quite some time. Time passed by and thought that by now, being more mature and educated could give another go. Hence, about 1-2 months ago, I reopened an account with them since the old one had become inactive because it had not being used for quite some time. Trading wise, things did go well this time but could not foresee or anticipate what the company was planning to do to me.

    Being from my nature quite a risk lover investment wise, I decided to be quite aggressive on my investments and have traded big volumes with risky positions.

    My total trades are more than 700 trades open and closed positions and the volume is about 1.5 – 2 yards of EUR’s (within 1-2 months) You can imagine that when the mentioned company is charging , for example on the EUR/USD currency pair 4 pips spread , that at least they earn 2 pips as their commission or profit . In other words I estimate that they have made out of me a min EUR 300,000. All my trades were on the following currency pairs and commodities: ,the EUR/USD , the Gold , the Crude oil , the GBP/CHF ,the sugar and the CHF/JPY.

    In fact I was lucky because I had 2-3 occasions that my positions were almost at the margin call level and so close to loose all the money but at the end of the day i was lucky enough and had made the right choices trading wise and as result my profits outperformed my losses

    Today morning , i managed to succesfully close a very big position i had on gold from yesterday ....[B]And then it happened![/B] Suddenly I show my balance being reduced and EUR 56,000 were missing . I was socked! Initially I thought I had (and most likely forgot) an open position that went terribly wrong. But that was not the case as I discovered from an email which came simultaneously . The email was informing me that they have subtracted from my account EUR 56,000 , because as they claim themselves, some specific chosen by them trades (solely focused on the CRUDE OIL) "were executed on prices outside the market levels." When I asked for an explanation and asked to speak to somebody from the top management , my account manager said that they were not there and send me and email he received with the following explanation : “56003.83 EURO were deducted from the customer for arbitrage. Customer traded on Crude oil in prices that were out of the market by taking advantage of some delays in the system”. On this email he attached me an XL with the so called cancelled trades which are trades executed on the 20/5 , 23/5,31/5 , 2/6 and 6/6. .

    What AVA FX did looks quite as “a unique case ” , it is totally unfair and i have been wrongly accused. For that reason i have already started taken all necessary steps and action in order to find my right! I guess that they were not hedging the positions and thought that i will loose the money again as i did the first time. When they shaw that this is not happening and in fact i was making some nice big profit ....they thought of the above scenario.

    How come and in the event as per their claim, ie that they faced problems on their crude oil prices, they deducted solely the profit resulted from those trades, when at the same time, on those trades they send me, in between (with seconds of difference or exactly at the same time) they where also other similar trades on the crude oil which resulted in losses. How come and they deducted solely the profit and they did not credit the losses? How come and they had this problem and they didn’t inform me from the 20/5 or the 23/5 or even later , but they left me trading and they subtracted the total profits today the 8/6/2011 , without crediting me the losses?

    As per their saying if they were honest and indeed they "were facing problems with their prices on the crude oil" (for whatever reason…) at least they should have suggested to cancel all the trades (profits and losses)of the crude oil from day 1 up to today (1 month now) . In that event they should have substracted , EUR 25,000 and not EUR 56,000. Moreover, also in that event it would have been me to decide if this would have been acceptable or not. But again, they did not even propose that, which clearly proves their motivation.
     
  2. nina21

    nina21 Recruit

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    Cannot believe that they allow those companies to operate like that! They should take their lisence - Period. Why isn't the regulator doing something ? Cannot believe that they choode what trades to cancel and what not. If indeed thay had problems , you are correctly saying that , at least they should have cancelled all trades on this comodity from the very beginning up to the end and this after having your approval , and not solely the ones with profits but not the ones with losses. Simply Unbelievable! I'm sorry for your troubles but i think you need to consult a good lawyer! Certainly at the end of the day you will win this case.
     
  3. vincam

    vincam Sergeant

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  4. MichelAnge21

    MichelAnge21 Sergeant

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    There we go again....

    Stephanos:

    In what country are you and is your contract with a) Ava Capital Markets ( Ireland ) or b) Ava Financial ( BVI ) ?

    About 50 000 eur deducted for 5 days of trading: here we have a serious trader..10 000 eur of profit per day ( wish I could do the same ) That means how many trades deducted ? How long did the positions stay open on average ?
     
  5. Stephanos

    Stephanos Private

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    Hi MichelAnge21 , vincam , and Nina21.
    I'm from Greece.
    Things can go always wrong for a big period , and when they go well (once...for a short period) , this is how customers are being treated.

    Going back to your question , i have done more than 750 -900 trades alltogether within less than a month. Volume wise is close to 1.5 - to 2 yards , daily trades on the GBP/CHF (with 7 pip sread) , the CHF/JPY ( 5 pip spread) ,the gold ( 60 pip spread) , the crude (4 pip spread), the sugar (4 pip spread), the EUR/USD (3 pip spread).

    They cancelled yesterday 160 trades executed on the crude oil on the following dates: 20/5 , 23/5 , 31/5, 6/6.

    Those trades were short terms trades , but all my trades are short term going for few small pips , BUT with big amounts.

    However, the important things to note , are the followings:
    I'm trading solely on their MT4 Proprietary Trading Platform. Hence those
    crude oil trades , have been executed on their MT4 Proprietary Trading Platform ,whereby they have all the tools and they are in control of the offered prices , by modifying them ,by accepting to deal or not , since they even have the option to delay the execution of an order and finally to choose if it is to trade as per their convenience or not.

    All the cancelled crude oil trades were only the profitable once and hence they have deducted (yesterday 8/6/11) from my account the sum of EUR 56,003.

    Only after my yesterday’s email whereby I brought to their attention that at the same or similar time there were also other trades on the crude oil , which resulted to losses , they credited today (9/6/11) my account with EUR 1,684. Ironically enough , if they had correctly calculated the total losses resulted from those similar crude oil trades they would have seen that the total resulted losses would have been EUR 28,320 and not EUR 1,684. On top of that a professional “market maker – provider” at least should have first communicated with me and the very minimum he could propose, would have been to cancel all the trades (profits and losses) of the crude oil from the beginning up to the end. In that event, it would have been me to decide if this would have been acceptable or not. But again, they did not even propose that which clearly proves their motivation.
     
  6. Stephanos

    Stephanos Private

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    Hi MichelAnge21 , vincam , and Nina21.
    I'm from Greece.
    Things can go always wrong for a big period , and when they go well (once...for a short period) , this is how customers are being treated.

    Going back to your question , i have done more than 750 -900 trades alltogether within less than a month. Volume wise is close to 1.5 - to 2 yards , daily trades on the GBP/CHF (with 7 pip sread) , the CHF/JPY ( 5 pip spread) ,the gold ( 60 pip spread) , the crude (4 pip spread), the sugar (4 pip spread), the EUR/USD (3 pip spread).

    They cancelled yesterday 160 trades executed on the crude oil on the following dates: 20/5 , 23/5 , 31/5, 6/6.

    Those trades were short terms trades , but all my trades are short term going for few small pips , BUT with big amounts.

    However, the important things to note , are the followings:
    I'm trading solely on their MT4 Proprietary Trading Platform. Hence those
    crude oil trades , have been executed on their MT4 Proprietary Trading Platform ,whereby they have all the tools and they are in control of the offered prices , by modifying them ,by accepting to deal or not , since they even have the option to delay the execution of an order and finally to choose if it is to trade as per their convenience or not.

    All the cancelled crude oil trades were only the profitable once and hence they have deducted (yesterday 8/6/11) from my account the sum of EUR 56,003.

    Only after my yesterday’s email whereby I brought to their attention that at the same or similar time there were also other trades on the crude oil , which resulted to losses , they credited today (9/6/11) my account with EUR 1,684. Ironically enough , if they had correctly calculated the total losses resulted from those similar crude oil trades they would have seen that the total resulted losses would have been EUR 28,320 and not EUR 1,684. On top of that a professional “market maker – provider” at least should have first communicated with me and the very minimum he could propose, would have been to cancel all the trades (profits and losses) of the crude oil from the beginning up to the end. In that event, it would have been me to decide if this would have been acceptable or not. But again, they did not even propose that which clearly proves their motivation.
     
  7. ABDUL GHAFOOR

    ABDUL GHAFOOR Corporal

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    They cancelled yesterday 160 trades executed on the crude oil on the following dates: 20/5 , 23/5 , 31/5, 6/6.


    in my case ava send respond to asst moderator on there price feed error but they except that it was only in March & April and they says that we have been resolved between avafx technical support and ava price distributes,

    plz see attachment
    just put a case here in fpa soon after you one more is getting reedy with same out said the market .....
     

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  8. Stephanos

    Stephanos Private

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    that' s very interesting ABDUL !!! Itprooves that all their saying about the dates and the problems and the fixing of them is crap! .It is just their excuse in order to continue with what they do!
     
  9. Stephanos

    Stephanos Private

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    My impession so far is that this company is doing that on purpose many times , especially to foreign customers. They know that it is very hard from somebody leaving abroad to continue chasing this matter and case. So they will do nothing , unless they will receive a subpoena. So far, i follow my advisors and wait for their official reply (if it will ever comme) and for the official timeframe to expire (another 3 days to go). After that this is what they will receive .
     
  10. ABDUL GHAFOOR

    ABDUL GHAFOOR Corporal

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    all the profitable trade's they treat with real price taking from some one else ,and when the trader's get loss in trade's then they have there own price.


    THIS IS CALLED AWARD WINNING PLATFORM WITCH IS NOT DISPLAYING TRUE PRICE SINCE MARCH 2011...... LOL
     

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