So i have been trying to make withdrawals with AvaTrade and the response i get is that i should wait for five (5) business working days. It has been over 3 weeks now and i still have not received the money. And now i can not even trade my account, because there is no point in doing so, if i can not withdraw my profits.
Has anyone encountered a similar problem and how did you go about solving it. I have even thought of reporting them but i don’t know how and where to go. Please kindly assist.
well… 5 - 9 Working business days is not unusual, that’s the first point.
so… no need to freak out over that.
Now, it’s always good to give them the benefit of the doubt because crap happens.
but do this
if you were told 5 WORKING DAYS, then hold them to it and “touch base” and ask for a friendly “Please explain why is there a hold up”
DEMAND A RECEIPT OF TRANSFER
go to your bank and ask if it’s received or held up for some reason
it can only be in 3 places
Place 1 with the broker (They didn’t put it through or forgot, or don’t plan to )
Place 2 in transfer/transit between the banks
Place 3 with your band (in your account, or Pending approval, or some technical computer glitch BS or in someone else’s account by accident… it happens.
if you get a receipt of payment from the broker
and you take it to your bank and they don’t find it
ask the broker to CONDUCT AN INVESTIGATION
now only 2 things can happen after that
or
if 1 happens, get them to put a priority on the transfer
if 2 happens go to the bank and get an investigation conducted
it’s rare that the bank would stuff up, BUT IT IS POSSIBLE
now, how is the withdrawal being handled
is it direct transfer
or is there are pay provider like POLYPAY or something like that
in which case, you might get stuffed around because the broker might say
we don’t handle that at all
you have to speak to … blah blah blah
and then the pay provider might say, you need to speak to the broker
which is why I USE DIRECT TRANSFER as my preferred method
but IT’S AN ELECTRONIC TRANSFER… IT HAS TO BE TRACKABLE
Thank you Martin_K.
When i submit my query, i am only told that it is in the process and it has been over three (3) weeks now. The funds are still visible in my MetaTrader account. So that means it has still not been processed.
that makes sense
they would not leave the funds there if it was processed
NEXT STEP
tell them
then hold them to it
also. do you have a receipt of withdrawal
usually when a withdrawal is made, they email you the receipt,
actually they should ask you before they take action, to confrim this
my broker send me an email confirmation
so it goes like this
now my broker says - 5 working days,
i’ve tested it, it can take up to 9 working days sometimes (i just accept this as a normal thing)
my broker is never more than 9 business days, and i’m ok with that, because they pay every time.
i would also ask your broker over live chat, why the funds have not left your account
let me know how it goes
Go to your bank and seek help from the General Manager, send emails every day to your exchange office, that money can not be lost. There is a lot of effort behind all that! How much are we talking about?
AvaTrade come off as incredibly shady as they get fined by regulators again and again, the most recent fine being by the Israeli regulator.
I believe this is the second time that regulator has fined them too.