At first glance, you can tell that the AvaTrade website is built to instill confidence in the trader. The well-organized site displays AvaTrade’s enviable list of licenses and a wide range of other trust symbols. Perceptive traders, however, go for more than cosmetics when looking for a trustworthy broker.
They know, like this AvaTrade review will reveal, that looks can be deceiving. Therefore, if you have been planning to join the AvaTrade community, you are just in luck. Read this AvaTrade review, steer clear of this firm, and spare yourself a lot of financial and frustration and agony.
If you are having any challenges getting your money or profits from AvaTrade or any other scam forex broker, we have professionals who can help you get it back. Book a free consultation with us right away to get started.
Who is AvaTrade?
Most fraudulent FX platforms barely have a trading history. Like many get rich quick schemes online, they will launch with fanfare, execute their scam, and vanish with their loot in a flash. AvaTrade, however, has been in the multi asset-trading arena since 2006. The brokerage firm is headquartered in Dublin, Ireland.
It has regional offices in Milan, Sydney, Tokyo, and Paris. With over 200,000 registered clients, they claim to generate over $60 billion each month in trading volumes. AvaTrade is a well-regulated firm, a feature that makes it easy for them to roll out a scam. Since regulatory compliance and status portrays a high level of competence and trust, more traders will choose to trade with AvaTrade.
The “Best Forex Broker YEAR “award-winning broker has three admirable tier 1 licenses and three more tier 2 licenses. They have a Central Bank of Ireland, ASI, FSA, FFA, and FSB license. AvaTrade is not licensed to trade in the UK and the US. However, it has a market in Canada via Friedberg Direct, a trading partner regulated by the Investment Industry Regulatory Organization of Canada (IIROC).
The firm offers over 250 CFD instruments that vary from stocks, FX options, bonds, crypto assets, indices, ETFs and commodities. You can trade via popular platforms such as DupliTrade, MT4, MT5, and their native AvaTradeGO proprietary setup.
A history of trader dissatisfaction
AvaTrade is not a stranger to customer dissatisfaction issues. As was in our PrimeXBT review, AvaTrade is very popular with the crypto assets trading crowd. By their admission, they had what they call a “difficult period” during the 2017 to 2018 bitcoin bull run and subsequent crash. They claim that due to an unprecedented increase in new clients, they had a challenging time processing all withdrawal requests on time.
The internet was at the time awash with AvaTrade criticism, with most traders claiming that the broker denied them access to their funds. AvaTrade went as far as suspending the trading of digital currency assets saying that they could not handle the effects of their extreme volatility.
They, however, claim that they remedied the challenges by increasing their customer service staff. They also enhanced their training to cut down on any trading request waiting time, an issue that sparks a lot of outrage amongst traders. AvaTrade also says that they remedied the volatility issue by limiting trader leverage and position sizes on crypto assets.
Such measures would ensure that their clients are protected from extreme asset price swings. More so, they claim that they adopted MiFID II and ESMA best trading practices regulations to protect the trader from capital losses. Unfortunately, the latest AvaTrade reviews online clearly prove that AvaTrade has only put up a smokescreen to fool its large client base that it has their best interest at heart.
Clear signs of a regulated scam forex broker
Once more, AvaTrade is on the limelight for all the wrong reasons. A scan through their reviews this year shows a pattern of trade manipulation practices that have led to a loss of trader profits and, at times, the capital. One trader, for instance, says that the broker lowered his trade’s leverage without first informing him.
He also claims that the broker’s swap fee on FX trades was adjusted, and the firm made no effort at all to issue a warning to the traders with open trades. These investors could not adjust their positions on time. AvaTrade’s response to this lack of transparency was that, as per their terms and conditions, they are not mandated to inform their clients about such changes.
Worse accusations have come from traders that claim that AvaTrade has withdrawn their profits from their accounts under excuses such as ultra-expensive roll overcharges on trades. Any trader with low equity on the platform is bound to have their position close unexpectedly due to margin calls issues that arise from such malpractices.
Many AvaTrade users seem to have a major challenge with the platform’s sudden changes in spreads, swaps, or rollover charges that are drying their accounts in an instant. Another major complaint from traders is an increasing quantity of platform technical errors that zap their money from their accounts, leaving them with no recourse. The broker’s customer service team offers no remedy to lost funds.
Some of these technical challenges involve an inability to close positions, which leads to loss of money during trades.
Questionable practices to avoid
You should know that AvaTrade is not the first regulated broker to employ questionable trading practices to defraud its clients. It is vital therefore to look into the reputation of any registered financial assets or trading broker to ascertain that they are not engaging in fraudulent activities such as:
This is where a broker does not have a no-re-quote policy. They will show the trader a precise asset price then later force them to wait and issue them with a different price value. The requoted price is often worse than the original agreed price. It will cost the trade a lot of cash. Brokers that love to line their pockets at your expense will use this tactic.
Your broker sells or makes a buy order ahead of a larger order putting pressure on the market. This act will cost the trader since they might not have their order filled.
The fraudulent broker manipulates the trader’s quotes to execute stop-loss orders and make a profit from their misfortune
Like AvaTrade has done, a broker will fail to execute a trade’s stop-loss order under the guise of technical errors, making money illegally from their clients.
AvaTrade review conclusion
Some brokers use forbidden trading clauses to rip off their clients. AvaTrade’s regulated scam simply takes advantage of loopholes in a regular trading strategy to make money from their clients.
If you have lost your profits or trading capital, we can help you to recover it. Reach out to us now and let’s start the recovery process.