Is this broker a scam? | Forex Factory

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Is this broker a scam?

  • #1
  • First Post: Aug 1, 2008 8:21pm Aug 1, 2008 8:21pm
Does anyone here deal with AVA FX Inc - avafx.com ?

I am concerned because they are not replying to me. AVA took a $5000 account deposit by PayPal, and then would not approve the account, will not credit the $5000 to the account, and will not/have not returned the deposit to PayPal after being asked to several times. I am getting concerned that this is a fraudulent scam.

They are pending with NFA, but since 2006.
http://www.nfa.futures.org/basicnet/...d=0376632&rn=Y

I hope they are not another rip-off broker. Perhaps they just have terrible customer service and like to hang on to deposits as long as they can?
  • #2
  • Edited 11:23pm Aug 1, 2008 11:12pm | Edited 11:23pm
Did you place a complaint with Paypal?

Also look at the link you gave, http://www.nfa.futures.org/basicnet/...d=0376632&rn=Y

From there

- Look at the fourth named principal, Carl Elsammak.

- Click on his name

- Then look at the business address. See the phone number.

- Now, call him if you see fit. Or drive to Jersey. If you have friends in Camden, send them over to say "hi" for you.

- Google the phone number. You will see the same phone number and address listed on Google. Click on Map.

- Then click where it says Satellite. Yeah, that looks like a commercial area.
Not all sins are created equal
  • #3
  • Edited 7:05am Aug 2, 2008 6:54am | Edited 7:05am
Quoting FXoffshore
Does anyone here deal with AVA FX Inc - avafx.com ?

I am concerned because they are not replying to me. AVA took a $5000 account deposit by PayPal, and then would not approve the account, will not credit the $5000 to the account, and will not/have not returned the deposit to PayPal after being asked to several times. I am getting concerned that this is a fraudulent scam.

They are pending with NFA, but since 2006.
http://www.nfa.futures.org/basicnet/...d=0376632&rn=Y

I hope they are not another rip-off broker. Perhaps they just have terrible customer service and like to hang on to deposits as long as they can?
Can you tell me WHY ?WHY? and WHY? you decided to open an accont with AVAFX?
WHY?
Reason?
Why?
They promise you free movie tickets? free bus tickets?A diner for free at Mcdonalds?maybe a free massage?
Why?
Hope you have money back
  • #4
  • Aug 2, 2008 9:22am Aug 2, 2008 9:22am
Quoting FXoffshore
Does anyone here deal with AVA FX Inc - avafx.com ?

I am concerned because they are not replying to me. AVA took a $5000 account deposit by PayPal, and then would not approve the account, will not credit the $5000 to the account, and will not/have not returned the deposit to PayPal after being asked to several times. I am getting concerned that this is a fraudulent scam.
Definitely get in touch with PayPal immediately. You could also read and investigate some of the pages Google turns up when you search for Avafx scam. You do have to evaluate the results carefully since Google can find complaints against almost any broker.

It looks like in the middle of July Carl Elsammak withdrew his 'associated person pending status' with the NFA.


I am curious. In another thread you were complaining about Interactive Brokers. You said you had found a better broker. Is this it?
Quoting FXoffshore
I get the impression that IB 'customer service' is like an insurance claims department, they find every excuse not to pay you, including some unscrupulous methods. The reps must be on commission for a cut of how much they screw trader out of money. Numerous times things went wrong, and every one of those times, without exception, it was always in IBs advantage. The say they are an ECN, but I think they treat Ideal as a free for all like a pirates cove - take what they can - give nothing back.

I still have my IB account, but recently found a better broker. Forex is just a minor sideline to IB, and they have a long way to go with their TWS Forex trade platform and awful charting to get up to the level I like.
  • #5
  • Aug 2, 2008 9:28am Aug 2, 2008 9:28am
Quoting ILclitoride
Can you tell me WHY ?WHY? and WHY? you decided to open an accont with AVAFX?
WHY?
Reason?
Why?
They promise you free movie tickets? free bus tickets?A diner for free at Mcdonalds?maybe a free massage?
Why?
Hope you have money back
Jup that's what I wonder too.
Why open up an account with some suspicous broker in nigera no one ever heard of when there are plenty of good brokers around.
It's there own fault IMHO.
  • #6
  • Aug 3, 2008 5:16am Aug 3, 2008 5:16am
Quoting Tjpld
Jup that's what I wonder too.
Why open up an account with some suspicous broker in nigera no one ever heard of when there are plenty of good brokers around.
It's there own fault IMHO.

You right.
Caparezza will say "Chi c*zzo me lo fa fare?!"
  • #7
  • Aug 4, 2008 2:21pm Aug 4, 2008 2:21pm
Quoting nvwine
I am curious. In another thread you were complaining about Interactive Brokers. You said you had found a better broker. Is this it?

No, this is not the one I was referring to. My associate picked this one because they have the ACT Trade platform and can trade stock indexes, oil, precious metals, etc. I meant GCI Financial.

I did file a complaint with PayPal, and doing one with NFA.

Just hope no one else loses money to these guys. They still will not return an email to reply to our concerns.
  • #8
  • Aug 4, 2008 3:08pm Aug 4, 2008 3:08pm
u may need to File a Complaint or Report Suspicious Activities to CFTC too,
http://www.cftc.gov/customerprotection/index.htm
  • #9
  • Aug 5, 2008 8:35pm Aug 5, 2008 8:35pm
Quote
Thank you for filling out the CFTC Division of Enforcement's Questionnaire Form. If you like, you may e-mail us directly at [color=#0000ff][email protected][/color].
  • #10
  • Aug 5, 2008 9:55pm Aug 5, 2008 9:55pm
I just learned that PayPal got the deposit back from AVA and returned it, since PayPal can hold or freeze AVA FX account there.

So it is settled, what a nightmare dealing with AVA. I am so relieved for my client to just get away from that outfit. I am so glad that it was not a huge amount as it easily could have been, he followed my advice to start small and see how that goes with the CFD stock index trading.

A also appreciate the support from the FF members, it really helped to get out of this jam.
  • #11
  • Nov 9, 2008 8:25am Nov 9, 2008 8:25am
update
  • #12
  • Dec 17, 2008 5:04pm Dec 17, 2008 5:04pm
This broker is a scam. If you are profitable, they close your account and take all your profits...
  • #13
  • Edited Feb 15, 2009 9:31am Feb 14, 2009 9:41am | Edited Feb 15, 2009 9:31am

This link belongs to a Spanish forum. A trader has his supposed experience with the broker.
Here is the link, is a Spanish site I use google translator for those who do not understand Spanish.


http://translate.google.com/translat...history_state0=

Regards

We have to make a lot of money to live quiet as the poor.
  • #14
  • Mar 26, 2009 4:27am Mar 26, 2009 4:27am
Quoting ILclitoride
Can you tell me WHY ?WHY? and WHY? you decided to open an accont with AVAFX?
WHY?
Reason?
Why?
They promise you free movie tickets? free bus tickets?A diner for free at Mcdonalds?maybe a free massage?
Why?
Hope you have money back

Why you are so upset with Avafx??
Did they do some thing wrong to you as well.
Did you loose your money while trading with them
If you don't mind please let me know..
  • #15
  • Apr 24, 2009 6:56am Apr 24, 2009 6:56am
What about this broker ? do you (somebody) still have problems with windrawaling money?
  • #16
  • Jul 9, 2010 5:50am Jul 9, 2010 5:50am
When I looked into AvaFX, I saw a lot of positive, and a few negative reviews/feedback. They seemed very easy to deal with from a service perspective, quick to credit deposits and you can use PayPal which is what I need.

I've only been trading with them for a week now, and I'm worried since the server has been down now for FOUR hours. I've contacted them and all they said was all open trades will be investigated after the server comes back up. Thing is, this can't be good for me and my money. However, I will give them the benefit of the doubt that they will make it right, until they don't. As long as they give me the same money I had when I deposited a week ago I'll be happy, although I'd rather keep my capital gains as well.

I'll update this post when the server is up or the issue is resolved.
  • #17
  • Jul 9, 2010 6:10am Jul 9, 2010 6:10am
all open orders will be investigated after the server comes back up ? Don't they have a back-up server ? You must be able to close trades if a server is down
Twitter: @forexpokerpro
  • #18
  • Jul 9, 2010 8:34am Jul 9, 2010 8:34am
• NFA MEMBER PENDING STATUS WITHDRAWN11/13/2008 • FUTURES COMMISSION MERCHANT PENDING STATUS WITHDRAWN11/13/2008 • NFA MEMBER PENDING10/31/2006 • FUTURES COMMISSION MERCHANT PENDING10/13/2006



Before you invest, investigate.
Not all sins are created equal
  • #19
  • Jul 13, 2010 3:27am Jul 13, 2010 3:27am
Well obviously I didnt "investigate" deeply and thoroughly enough. The thing is its not easy to know when to stop and when you're just going overboard being paranoid. And even though there are quite a few fake positive reviews around for all brokers, there are also some negative reviews that you just know have been put in by people who just arent good traders and want to blame the broker. Thats what made me decide to give these guys a chance, and of course now I am regretting it. I wrote them an email Friday and now its Tuesday and no reply. I'm starting to get worried about my money for sure. Guess I can fall back on the credit card company if I need to.

Another thing that helped me decide in the face of conflicting information, was that they had a relationship with PayPal, and also had their own platform. Usually a scam or fly by night company won't put the money or time into building their own platform, and also PayPal fields complaints and takes accounts away at the drop of a hat.

I won't deny my research should have gone deeper, but I'm not admitting I went into this totally blind either. My investigation went into much more than I'm going to write out on this post too.

At the end of the day if I can help other traders avoid these problems, I will get some satisfaction out of it. Just don't automatically assume that negative feedback on a broker is always from a newbie trader who has made bad trades and wants to blame the broker. Thats I think where my biggest mistake was.
  • #20
  • Jul 13, 2010 7:50am Jul 13, 2010 7:50am
AS soon as I finished my last post, I got an email from them offering to investigate the trades that I disputed during the server down time. The did and hours later I was credited the amount I lost. Not bad I'd say.

This is why I wasnt too hard on them, I wanted to give them a chance to make it right and they did. Things do happen, its how they react to their problems that shows the brokers character. Of course I'm still going to be a little wary but I'd say they passed.
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