I trade with Avatrade and my open positions were closed for no justifiable reason. Price did not get to my stop loss and there was no margin call but my positions were closed. When I contacted them, they said it was margin call even though it wasn’t. I had about 800 euros of free margin when this happened and why I noticed was that I was watching the trade when the incident occurred.
Please can someone tell me how I can report this issue so that independent investigation can be carried out to find out if this was margin call or not
Hehehehehehe, a new tube amplifier actually, the Avatrade thing, I wanted to show the OP the different options for legal recourse. Thanks for the note.
if you are thinking to go to regulatory authorities, TRUST ME they are not going to care.
further to that even if they do , the broker’s legal team has got their back covered, because
YOU AGREED TO A CONTRACT THAT SAYS YOU HOLD THEM HARMLESS
AND YOU UNDERSTAND THE RISKS OF TRADING AND ACCEPT THOSE RISKS.
this means, they win in court
Question ,
Did you have a video of the trade ?
you see, this happened to me a long time ago with a small amount,
since that day EVERY TIME I SIT DOWN TO TRADE i start screen recording
and i do this for another reason as well
it’s to log my own trades and monitor my own performance
but the good point is
if the broker stuffs you around you can always send them a copy of the video and say “return my bloody money to my account”
Regulatory bodies won’t do a thing
you can however (if you have a video) go to a lawyer and chances are you will get your 800 Euros back
i reckon if you show them a video of the trade
they will happily put the money back in your account and they will say “ok we are doing this as a ONE TIME ONLY gesture of good faith” hehe
you gotta love that huh
they steal from your account and then when you expose them THEY CALL IT A GESTURE OF GOOD FAITH when they are forced to return to the money
anyway, if you don’t have a video
you’ve lost 800 Euros… Learn from it and change brokers
The regulators are identified for each Avatrade territory on their website’s “About” page. Which jurisdiction are you resident in?
When you say you are trading, what do you mean exactly - spread-betting, trading CFD’s, options? This can affect how margin issues are dealt with by the firm.
In any case, a margin call isn’t a literal phone call - the firm will have stated it has the right in your T&C to close positions affected by price movements eroding margin at their discretion. apart from the firm’s charts, have you independent evidence there was no such price market movement?
But the screenshots clarifies that price was far from the stop loss at the time the trade was criminally closed. It can also be verified using a comparative analysis of another account using the time, currency price and stop loss etc
Companies’ charts don’t replicate every single movement of their bid/ask, you will notice some very fast price changes don;t immediately show on the chart, but we are talking seconds at most.
But a dishonest broker is bad for everyone. What are you doing next?
