Just wanted to point out that AVAFX is run out of the British Virgin Islands, plus some sort of “logistics office” on Cyprus.
Willingly or not, they have certainly managed to stay away from any sort of respectable regulatory authorities…
For this reason, I would never in my life trust them with my money.
I prefer losing it on my own 
LOL!!!
Well put!!!
Seriously though: they’ve offered me an IB agreement but before I get anywhere CLOSE to either recommending new clients or suggest to existing clients to open accounts at AVA I need to be sure of what’s ‘going on’. Ordinarily I’d not even consider another broker i.e. we all trade with either Deltastock and / or GCI Financial and we’re all EXTREMELY happy. The thing is though: AVA offers loads of commodities as well as many of the ‘exotic’ pairs which we are not able to trade at either Delta or GCI so that’s the reason for the interest. I sincerely hope that they’re NOT a ‘bucket shop’ because they’re going to be in for a big surprise i.e. these people don’t lose money!!!
Regards,
Dale. (forexbrokersonline.net).
I have had an AVAFX account for a year. Funding was instant on my credit card, $5000. I stupidly over margined myself and amazingly turned that into $90,000. I withdrew $5000 back on my credit card, I believe it was instant. The second $5000 came out of my AVA account instantly, but after 4 weeks of waiting for the second $5000 to be credited to my credit card, I blew up my account and I didn’t think I was going to see anything for profits. Turns out they can’t put more money on credit cards than they charged, and the second $5000 had to come through paypal. But they did not relay this information to me through my dozen phone calls (which got only answering services that didn’t know anything), nor my emails. The ‘call backs’ from account managers could only happen wile I was at work, without a phone. I like their sound effects, I play music on my computer, leave the AVA software running, and I will hear when my orders are executed, My computer actually says “limit order executed”. I would say that their charting software is newbe friendly, easy to understand, with videos to teach you, But I have moved on to MT4 charts. Metatrader is much more powerful, and widely used.
Hope that helps
Malcolm
My first post for 2009!!!
Malcolmfx:
Thanks for posting your experiences with them. Good to know.
Unfortuanately: this business of only being able to withdraw the equivalent amount of funds that were deposited by a credit card BACK to the same credit card and having the rest sent by other means is commonplace i.e. it’s not just AVA that HAS to do this. It’s a REAL ‘pain in the a*se’ though I’ll tell you. And WOE BETIDE your credit card is lost or stolen because (here anyway) the account is CLOSED and a new account and a new card is issued and you won’t BELIEVE what you have to go through to get a broker (ANY broker) to process a withdrawal to the new card when the funds did not originate from that card!!!
Anyway: I’ve applied for and am awaiting delivery of that AVAFX Debit MasterCard so I’m keen to see how efficiently the whole process works.
Fortuanately for me: I’ve been trading with GCI for two years or so now and they use the exact same trading platform as AVA (from ACTForex) which I personally think is fantastic i.e. it’s a ‘no nonsense no frills’ type of approach. That said: ACTForex is about to ‘unleash’ a major update which includes a ‘stratgey tester’. You can test the new software by opening an AVA demo account i.e. the update is not live yet. It ‘looks’ good I must say. I just hope they (ACTForex) don’t go OVERBOARD and complicate the whole thing in time to come.
Regards,
Dale. (forexbrokersonline.net).
I should also point out the reasons I have not closed out my account with the disorganized AVA. They encourage over trading by sending a daily forex forecast for the 4 majors at midnight and 7am mountain time, from tradingcentral.com. Plus they send a weekly forecast on Wednesday for 10 pairs. I have found these forecasts to be great confirmation for my trades, plus they explain their charts somewhat, and taught me a thing or two about using the RSI as an indicator. That and, as mentioned earlier, They offer gold, and oil to be traded without worrying about contract expiry dates. I see now they have added coffee, wheat, sugar, and all too. One day I will figure out a leading oil price indicator, and make my millions on the huge oil price swings, the account is open and ready.
Malcolm
All i know is they have a friendly customer service (I personally talked to Adam) and helpful marketing manager (i think and his name is Simon). But i think overall Avafx is a decent broker.
This is short but true story about AVAFX a Cyprus based forex broker who offers retail forex trading for people across the globe. I had a recent situation with AVAFX and decided to share my experiences with you, and, especially all those novice investors who dream of becoming rich overnight. I am posting my entire email communication with AVAFX on my BLOG which kind of self-tells the whole tale without the need to paraphrase. Click below and Have fun!
:mad:
Hello,
You are saying that AVAFX broker is a fraud then in what way has this broker cheated you. I am asking because I have invested with this broker since 2006 and until date I did not face any such problem that I can say this broker is a fraud. I have received my withdrawals on time, news, market updates on time, and their customer support is also good responding to my queries on time. The only disadvantage with this broker is that they do not have MT4 and too they are going to start very soon. Overall, it is a good broker.
well, first of all forex brokers follow an time tested plan. they dont want to be in this business for just a day or so. they would want to maintain their existence for at least few years before finally they disappear with a lump sum. to survive all the enforcements and legal actions they choose few clients like you (if you are not working for them, which i think you might be) either randomly or based on some demographic info and be nice and honest to them so that they can testify in favor them. to others they will reveal their actual characters. now if you know the history of AVAFX you will understand that they have NO solid backing from a financial institution. they only say we are backed by a financial institute with 17 billion worth assets. when i asked them to name this financial institution they told me the name of the bank where they deposit their money…the commerz bank. David Cohen is the owner of AVAFX he is a big fraud and dubious guy who does not like to go public. he has assembled few more guys like himself who have opened a joint checking account in commerz bank and put down some bucks and started draining pockets of amateur traders. Their agent told me that we are BVI registered…what the heck is that…British Virginia Island…its only that they have registered their company in BVI and not Cyprus where they are physically located. BVI is a well established haven for black money…AVAFX will stay in the market for a year or so before they disappear with peoples entire investments…if you still have funds with them better take it out and put it in a responsible hands. Do you know that Their agents even do not go by their real names?
HERE TAKE A LOOK AT THIS CONVERSATION:
Minako: Hello and welcome to AvaFX.com. How can I assist you?
jullian: HI MINA HOW R U DOING TODAY
jullian: I WANT TO OPEN AN ACCOUNT FOR REAL…HOW DOES THIS WORK. WHAT IS THE MAXIMUM AMOUNT I CAN INVEST???
jullian: WHAT HAPPENED?
jullian: DID U LEAVE?
jullian: I AM SERIOUS ABOUT INVESTING
jullian: IF U DO NOT WANT TO HELP THAT IS OK I WILL FIND ANOTHER BROKER
Minako: hold on please
jullian: OH. OK
Minako: What is your citizenship country?
jullian: UNITED STATES OF AMERICA
jullian: FIRST TELL ME HOW SAFE IS YOUR COMPANY. I HAVE BEEN READING POOR REVIEWS ABOUT YOU ON INTERNET…ARE THEY TRUE?
Minako: We are at the final stages of getting NFA approval. For this reason at this time we can not accept customers from the United States. If you have a dual citizen ship you are able to open an account with the other citizenship.
jullian: WHAT IS NFA? AND WHY CANT AN AMERICAN HAVE AN ACCOUNT WITH YOU?
Minako: National future association
jullian: BUT I DO HAVE ANOTHER COUNTRY CITIZENSHIP TOO
Minako: Which country?
jullian: ITALY
jullian: WILL THAT WORK?
Minako: You can open
Minako: For new traders, it is recommended to start with $1000-$2000. The minimum account deposit is $100.
jullian: THANKS GOD!!!
jullian: HOW SAFE IS YOUR COMPANY?
Minako: Ava FX is backed by a major financial institution with over $17 billion in assets under management and is rated �A+� by an S&P affiliated rating agency. Our company is dedicated to the highest standards of integrity and security and we spare no effort in protecting our customers� funds, using a thorough understanding of Internet banking technology to do so.
Minako:
jullian: WHAT major financial institution ARE U BACKED BY WHAT IS THE NAME OF THIS INSTITUTION?
jullian: IF U WANT TO HIDE THIS INFORMATION THAT IS FINE BY ME…BUT IF YOU DONT PROVIDE THIS INFORMATIO TO YOUR POTENTIAL CLIENTS HOW CAN THEY TRUST YOU
Minako: we are backed by Commerz bank in Germany
Minako: The bank is second largest bank in Germany
jullian: DOES COMMERZ BANK HAVE A SHARE IN YOUR COMPANY OR YOU SIMPLY HAVE AN ACCOUNT IN THAT BANK…ANY BODY CAN HAVE AN ACCOUNT IN COMMERZ BANK IT IS NO BIG DEAL…?
Minako: I will tell our Italian representative to contact you
Minako: What is your telephone number
jullian: ARE U TIRED OF ANSWERING MY QUESTIONS?
jullian: I WAS PLANNING TO INVEST A BIG AMOUNT I JUST WANTED TO MAKE SURE YOUR COMPANY IS SOLID BUT IF YOU ARE NOT INTERESTED IN MY BUSINESS THEN WHAT CAN I SAY…IT IS YOUR COMPANY.
Minako: We have Italian representative and they will call you
Minako: What is your telephone number
jullian: OK I WILL PROVIDE YOU WITH MY PHONE BUT I NEED AN ANSWER TO ONE MORE QUESTION
jullian: I HAVE BEEN READING POOR REVIEWS ABOUT YOU ON INTERNET…ARE THEY TRUE?
Minako: I am not sure what they are saying
jullian: hold on i will send you the link
jullian: Forex Broker Fraud & Scam Reviews & Ratings FX
jullian: PLEASE COPY-PAST
jullian: HAVE YOU REALLY CHEATED PEOPLE OR THIS IS SOME KIND OF CONSPIRACY AGAINST YOUR COMPANY?
Minako: We have never cheated
Minako: Please give me your telephone number
jullian: OK
jullian: HAVE A PEN?
jullian: HERE GOES
Minako: yes
jullian: +0019119111109
jullian: GOT IT?
Minako: yes
jullian: WHEN SHOULD I EXPECT AN ITALIAN GUY CALL ME?
Minako: today
jullian: TODAY MEANS?
jullian: I AM IN USA RIGHT NOW
Minako: in few hours
jullian: WHAT IS HIS NAME
jullian: WHAT IS YOUR FULL NAME
Minako: There are few person
Minako: Minako Imai
jullian: R U BOY OR A GIRL?
Minako: Thank you for visiting AvaFX.com.
Minako: If you require any further assistance, please call us +1-212-941-9609.
Minako: Our staff is available 24 hours to answer any question you might have.
Minako: Good-Bye
Chat InformationChat session with AvaFx has ended unexpectedly
I have a live account with avafx and I think their execution is quite good. I seldom get requote or slippage. What I don’t like about their platform is the connection seems pretty unstable sometimes. I had no problem with credit card deposit and it’s instant. Although they asked me to send photos of both front and back of my card.
i have been using then seen 2006 till now only with mini account,they do try to go for nfa registration at early start but then drop it i don’t know why.
but check here they are subsidiary of a finance company at israel :
they are no scam but really bucker shop type of broker.good to trade at normal markets condition but no on news time,you will no able to TP most of the time, requote many time sometime will no let you get out when in big profit and start requote till u get out with lesses profit.
i think oanda will be better and the most honour after trying most of the brokers.
i never get a single requote till now,in and out smooth as usual.
Hi forexfraudbaster,
I have read the conversation, which you had with the executive of AVAFX and read you have written in your post. It is true it is new broker I would like to tell you one thing that every new broker takes some time to establish. It is not that they are going to disappear with their client�s money. I am talking all this because I have also invested money with this broker and not working for him. I had started trading from Nov 26 2006 and till date I have not faced any problem. As you have told about NFA and BVI that can be a issue for this broker apart of these points they are well in trading and always available to sort out the problems of their clients. I have always received my withdrawals on time only once that were late in sending my withdrawal amount and for that they had send me a letter in which they had written we are sorry not sending your withdrawal amount on time. It is really a good broker. It is good that you are new to forex market and willing to invest in this market and searching for a good broker and taking details about brokers After all you are going to invest your hard-earned money in this market.just a reply to sam111, they are definately ok for position trader,i start forex with them way back jun 2006 i think,untill now i still have an account with them.
no complained for spreads but only news time very hard to get in and out.
if you are no trading on news it is ok and better than fxcm many time i think.
i did do my homework search on net about this company for almost 2 years. i think they are ok backing with financial background.
301 Moved Permanently
I traded with AVAFX for 1 year but did not face any problems with this broker. They are having good services, providing good market updates for their clients their deposit, and withdrawal facilities were good. Some friends of mine are still trading with this broker and are happy making good profits; they are receiving their withdrawals on time.
all i know is when people are working or affiliated to AVAFX they usually defended their wrong doings. ;). Just take note of that everyone knows it.
I will never doing business with AVAFX and i would rather do it with OANDA or InterbankFX or FXCM whichever allow the lowest deposits and is regulated by the government or whatever legal institution.
Hi Guys
I just wanted to pick up on a point made earlier in this thread about AVA (who I know NOTHING about aside from the fact that they use the ACT platform), and specifically the fact that they are BVI-based with an office in Cyprus, concluding they had “avoided anywhere with meaningful regulation”.
I’d like to ask the poster if he feels it would be better if AVA were based in London? Is that a better, more regulated jurisdiction? Well of course it is, but you all should be aware that in the UK, as in many countries, the provision of an STP brokerage solution does NOT fall under the MiFID rules or equivalent, and therefore does NOT require a provider of a STP platform/brokerage service to be regulated, if all they are doing is facilitating access to the market, i.e. simply providing the means and tools for others to conduct their business.
Of course if AVA is acting as a full market maker then they WOULD be required to be licensed, but an STP model, where they can simply take their commission, would be perfectly OK to be operated out of London without interference from the FSA or others.
Just a distinction I think it’s important to make, because IF a broker is running STP and IF they are completely “offshore” believe me it’s more likely to be because the bulk of their clients want or need an offshore solution, rather than because of a desire to avoid regulation. Let me also tell you that setting up a BVI-based FX brokerage also involves gaining their FSC Approval, gaining the confidence of banks to offer a custodian service, and also gaining the confidence of liquidity providers, all of whom have their own reputations at stake.
Of course I don’t know AVA so they might be a complete churn and burn shop, but I make the point about the offshore brokerage market in general rather than specifically AVA. The best advice I can give is if you need or want to use an offshore brokerage, at least use one that maintains client funds in segregated accounts so if they go bust or “do a runner” your money should be safe (one firm I know of in BVI maintains segregated accounts at Commerzbank and these are even re-insured…nice touch!).
Final point is, we all have our preferred brokers and we can only recommend or otherwise based on our personal experiences. Someone mentioned how great GCI are, but I wouldn’t hand over a bag of buttons to those guys if they still play the slippage game they were always so good at. In the end though, they’re still around and longevity is usually a very good indicator that a broker may after all be running a tight ship, so what i’m saying is we shouldn’t automatically be suspicious just because a broker is based offshore.
Good Luck/Good Trades Guys.
I demo’ed with AVAfx for 3 months, and then went live earlier this year. I’m very happy with them. Deposits, withdrawls (including their MasterCard) and execution very good. Support good - emails responded usually on the same day.
I’m also very happy about the fact that they now have MT4, which is why I had turned away from them before. Micro-trading also now available.
Overall, a good & solid broker.
I thought AVA used the ICTS/ACTForex platform?
The only real problem with Ava is they run a dealing desk, trading against clients, and do manipulate their prices somewhat.
I traded with Avafx for a while and then left for Dukascopy. I had very unpleasant situation with them. One day the price tick for EUR/JPY was lagging for 10 pips in compare with real price. I’ve contacted customer support and got a reply they were aware of the problem and they were trying to solve this technical problem. Funny that these kind of “technical” problems tend to happen after news releases or when there is breakout or strong moves, and only with the pair I was trading. Also chart data got missing during volatile moves with the message server errors try to contact technical department. Couple of these situations and I was ready to leave. So I agree with some of the posters below that because they are not ECN broker it’s hard to know when manipulation by dealing desk has occurred or it is indeed technical problem. Moreover, Ava’s spreads are fixed and high in my opinion. For example, USD/CAD is 5 pips - 3-4 pips higher than ECN broker like Dukascopy. The charting capabilities are limited for forex, for example no volumes indicators etc
The only good things about Avafx I must point - account opening is very easy, deposits through credit card are instant, withdrawal is also quick, customer support is there and polite when you need them. Poping-up news alerts are very helpful too. But these were not enough for me - I’ve completely lost trust in Ava’s honesty and integrity.
