Etoro claim Order in forex is not guarantee

[stephenljk]

Hi there,

I've place a Pending Oder with my broker and the order isn't executed when the condition meets. I have write in to the broker as follows:

Just to be sure I didn't get the info wrong, so this means that if I set a stop lost or take profit, eToro does not guarantee that they will do the stop loss or take profit? And if any financial loss I suffers from that situation, eToro is not liable and the responsibility is totally mine? Can you please clarify that? Thanks.
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I got a reply:

Unfortunately, we cannot guarantee that orders will be filled as requested in all cases, as stated in our terms and conditions, as we are obligated to maintain under our broker - RetailFX (Terms and Conditions , Section: 3.6.1.).
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Is this practice usual for brokers or just Etoro? Cause I don't feel safe at all trading since I might lose all my money due to my brokers mistake. PS: the Pending Order is issued on 31 of Aug to the broker's system, and I have sufficient funds so it couldn't have been internet or pc failure on my side. Hope someone can clarified this for me. Thanks.

Regards,

Stephen

 

[bigbear8481]

Hi there,

I've place a Pending Oder with my broker and the order isn't executed when the condition meets. I have write in to the broker as follows:

Just to be sure I didn't get the info wrong, so this means that if I set a stop lost or take profit, eToro does not guarantee that they will do the stop loss or take profit? And if any financial loss I suffers from that situation, eToro is not liable and the responsibility is totally mine? Can you please clarify that? Thanks.
​

I got a reply:

Unfortunately, we cannot guarantee that orders will be filled as requested in all cases, as stated in our terms and conditions, as we are obligated to maintain under our broker - RetailFX (Terms and Conditions , Section: 3.6.1.).
​

Is this practice usual for brokers or just Etoro? Cause I don't feel safe at all trading since I might lose all my money due to my brokers mistake. PS: the Pending Order is issued on 31 of Aug to the broker's system, and I have sufficient funds so it couldn't have been internet or pc failure on my side. Hope someone can clarified this for me. Thanks.

Regards,

Stephen

Hello Stephen,

Most brokers honor stops and take profits under normal market conditions. However, what NORMAL means is at the complete discretion of the broker. You must do your homework when dealing with brokers. It may be a pain in the butt, however you need to read everything on the TOS page. I said it before and I will say it again, Forex is a business and needs to be treated as such. You wouldn't sign a business contract without knowing what it says? Would you?

- Bear