AvaFX: Scam or not?

[sickjue]

I did a little bit research, but I'm getting a bit confused.

So, are these sites all run but the same group of people?

avafx
forexpeacearmy
forexbastards

and the rest of the sites run by the so called "secretforexsociety"?

There seems to be so many contradicting news and reports on those people and many says that many brokers employ fake users to build up negative reviews against other brokers in the broker ranking system there.

[ECN-scalper]

That review site is a joke.
No self-respecting trader
would review such dubious
firm located in a dubious
place so highly. And
so so so way undercapitalized.
Joke of a firm.

[outspan]

Originally Posted by mike11

After getting burned by several forex brokers including the largest ones, I was introduced to AvaFX by my friend and trade with them for the past 7-8 months.

Customer service is great, and for a medium-size trader ($10,000), I am getting more than I expected.

Withdrawals can take up to 1 week but they always arrive on time, and credit card deposits are instant.

The platform is the best one out there.

Overall, if you are a medium-size trader, AvaFX is definitly worth examining.

I used to like AvaFX, that is, until I tried out Oanda.
You don't see anyone reviewing or featuring them, and you know why?
because they don't have an affiliate program! Nobody would ever profit from promoting them.
but look at their conditions and tell me if they're not the best out there :-P

[Tom Harris]

While searching I found the following:
Some saying that avafx related to fxsolution and forexpeacearmy but I don't think so....
Avafx owned by someone called David Cohen. He born in Russia in 1928, migrated to Israel in 1948 and Avafx regulated in Israel and registered in Tel Aviv. Is This a Movie?
No but this what they are saying about Avafx

I will not talk about ForexPeaceArmy and FxSolution because they have enough scam cases during the last period of time.

[martin01]

Originally Posted by sickjue

I did a little bit research, but I'm getting a bit confused.

So, are these sites all run but the same group of people?

avafx
forexpeacearmy
forexbastards

and the rest of the sites run by the so called "secretforexsociety"?

There seems to be so many contradicting news and reports on those people and many says that many brokers employ fake users to build up negative reviews against other brokers in the broker ranking system there.

Hello sickjue,

All companies have their own marketing strategies. Don't go on their marketing strategies, know about their tools they are providing like leverage, margin, margin calls for how much debit etc. If going for a online platform at home know about the downloading sped of the software the requirement to download the software on your computer.

If not interested in taking online platform know about their portfolio management services and charges etc. Gain as much as knowledge you can gain about trading and markets, make your own trading strategies. Take help of pivot points, stop losses while you are trading, work out on the daily volumes of the currencies or shares this will help you to know the market condition weather upside or down.

If any mistake please let me know.

Happy trading.

[X51]

Im sure you have all heard the saying "IF IT IS TRUE GOOD TO BE TRUE, THEN IT PROBABLY IS" - I joined up with AVAFX on the weekend and with my practice account, (using 100,000 K) I made 15 K. Amazing is it not???
AvaFX if real, is a dream come true, but heres the thing, if someone is making money, then the equilibrium law of the universe means that someone has to be losing money also. - That thought alone is scary.

So I conducted some research:
Here is what I found so far (you can try this for your-self): Open your demo account, and also open your real account, via Avatrader. Most people think you cant do this but you actually can. The best time to do this is when the market is closed on the weekend, that way the chart is not moving and you can match up discrepencies easily.

What I found is, although the highs and lows are somewhat the same, there are DEFINITELY discrepencies. There are peaks in the Demo account which are not in the real account, which certainly makes you question why that is.

I am a newbie at ForEX but my background is software engineering and I have a university degree. And all I can say is, I can definitely tell something is not quite right.

The sad part of all this is, AvaFX should not need to scam people. It has set up a business (which is the hardest part) that can make them millions if they were a trustworthy company.

I mean, if the real account did what the demo account does, then we would without a doubt sell our houses to put money in to AVA right? Would not the interest they would earn from having our money in thier accounts make them enough money???

Classic case of stupid people trying to eat more than they can fit in their mouth.

To be honest I am still 50/50 about the integrity of avaFX. I despretely want it all to be true, but chances are it is probably not.

My reasons for joining avaFX are somewhat different from most of you. I already have a sucessful online business, and I just needed a way to tranfer company earnings through paypal to a foreign bank account so that I would avoid taxes in my country. AvaFX has those doorways, paypal ->avaFX ->bank account/debit card. Paypal only lets you withdraw to bank accounts in your own country and that means taxes!

I have just applied for the AvaFX debit card, so I am going to try that out first as getting money out is my primary concern. Trading is secondary.

I am suppose to recieve it in the next 2 weeks so when it arrives and I use it, I will make another post here to let you all know the progress.

Regards,

X.

[ertorque]

Originally Posted by tonymand

While you all mention things like customer service, platform etc, what about safety of funds? What financial backing do they have, who runs the outfit, where are they registered and how are they regulated. Seems to me these questions come before the ones being asked on this thread

I am using Avafx's demo account now ( my first foray into the world of trading) and I must say I like their trading platform. Live chats with their staff is also a pleasant. So far my complain is that the charts only shows you that much of historical data; for example the 5mins chart only shows past data up to 8hrs only. This I feel will not help traders whose trading strategy requires 'large' historical data. Any comments on this point is most welcomed!
But you're right tonymand, safety of fund seems to be lacking here. As I understand the status is pending as far as becoming an NFA member is concerned.