Hello fellow traders,
CAN FOREX BROKERS DO THIS?
I have got a trading account with avatrade and I have been extremely profitable since opening the account in September 2020 (obviously had previous trading experience).
There was no issues for the first 3 months and the profit was approximately £50,000.
In December I was stuck in a downdraw which I was hedging out of (part of my strategy).
In January 2021, Avatrade decided to block my account whilst having active trades. This meant they closed all my active trades leading to approximately £17000 in losses without any warning.
These trades would have been profitable if left for an additional 2 days (they also closed the trades when the spread was extremely high). The stop loss and profit target proves this with the way the market moved.
Following on 2 weeks from this I have tried to contact Avatrade over 100 times by phone (which I have recorded).
I have also sent over 10 emails a day to the account manager who used to email me all the time. Communication from Avatrade have stopped.
In the meantime I have created a complaint and still haven't heard a thing!
They are also refusing to allow me to withdraw the remaining funds (approximately £40,000), because I raised a complaint. Now I don't see why me raising a complaint should stop me from having my funds withdrawn.
How can they get away with this? surely this is not legal, on top of this I have lost out on valuable trading days and my smaller account with a different broker (same strategy has been extremely profitable in the last 2 weeks).
Please if anyone has had any similar issues please can you give your experience on the matter. Obviously I will be taking legal action if I do not receive my funds back and reimbursement for them closing my trades in a loss but it seems I have to wait for Avatrade.
Thanks
CAN FOREX BROKERS DO THIS?
I have got a trading account with avatrade and I have been extremely profitable since opening the account in September 2020 (obviously had previous trading experience).
There was no issues for the first 3 months and the profit was approximately £50,000.
In December I was stuck in a downdraw which I was hedging out of (part of my strategy).
In January 2021, Avatrade decided to block my account whilst having active trades. This meant they closed all my active trades leading to approximately £17000 in losses without any warning.
These trades would have been profitable if left for an additional 2 days (they also closed the trades when the spread was extremely high). The stop loss and profit target proves this with the way the market moved.
Following on 2 weeks from this I have tried to contact Avatrade over 100 times by phone (which I have recorded).
I have also sent over 10 emails a day to the account manager who used to email me all the time. Communication from Avatrade have stopped.
In the meantime I have created a complaint and still haven't heard a thing!
They are also refusing to allow me to withdraw the remaining funds (approximately £40,000), because I raised a complaint. Now I don't see why me raising a complaint should stop me from having my funds withdrawn.
How can they get away with this? surely this is not legal, on top of this I have lost out on valuable trading days and my smaller account with a different broker (same strategy has been extremely profitable in the last 2 weeks).
Please if anyone has had any similar issues please can you give your experience on the matter. Obviously I will be taking legal action if I do not receive my funds back and reimbursement for them closing my trades in a loss but it seems I have to wait for Avatrade.
Thanks
