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ETFinance

Discussion in 'Scam Alerts' started by RickMTB, Oct 20, 2019.

  1. RickMTB

    RickMTB Recruit

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    Around a week and a half ago I saw an advert for forex and decided to look into it further, which led to me opening a trading account with a broker (ETFinance: etfinance.eu) in Cyprus.

    I deposited £250 and started watching videos etc and I was getting contacted by one of ETFinances agents (Levi), he gave me some training and did not appear pushy nor did he influence my choices, he seemed absolutely impartial, apart from when I asked the commission charges which he skirted around and said he didn’t know but would find out (I didn’t end up finding out).

    At this point I was happy away, trying to learn the influences on the markets, trying to find a strategy that may change my luck etc. I was trading with minimum risks 0.1-0.4 volume and generally losing, but I was okay about it I expected it with soo little/no experience. I proceeded to do two further deposits of £200, and it was looking like it was likely I was going to lose my money and was considering swapping over to a demo account if I lost it all, in fact on the evening of the 16th i opened a demo account on ETFinance as I had just over £200 left. I wonder if this triggered what came next.

    The morning of Thursday 17th October Levi made his usual morning call to me and when I asked him about to explain about pips he said he would put me on the phone to his boss (Rony) to give me some further training, which due to building a trust to ETFinance due to how Levi had conducted himself I had no qualms, Rony soon got to the point and said we need to win the money back that I had lost... I was liking the sound of the idea, but I had not developed any strategy’s to support any chance of it happening and I had only lost what I could afford to lose so it was not a priority and I had no reason to chase my losses.

    Rony proceeded to tell me if I deposited £10k and backed Netflix pre release of their sales figures it was going to return around £2500 guaranteed profit.

    I explained I didn’t have £10k that I could afford to lose, he explained that if I could get hold of it I can simply place the trade, get the £12500 return then put the £10k back, then I would have £2500 profit to trade with.

    Unfortunately I found a way to get hold of these funds and I made the deposits.
    Once the funds where available on the trading platform Rony called me back, he said first we would get the money working and place some trades on the currency pairs as the Netflix release wasn’t for a few hours. So I followed his instruction and placed 5 trades at 4.0 volume, he said he would call me back in a few hours to organise the Netflix trade out.

    I went to work and around 3 hours later he called me and said one of the trades had taken a down turn and I needed to get £4K more into the account else my money was at risk... I said how can that be, this was supposed to be guaranteed, he said everything will be fine so long as I put some more money in to cover the downward turn in the market as it will go back up. I got hold of £2k and deposited this. At this point my heart dropped and as the realisation of the guarantee he had given me being a guarantee as I know one diminished! I could no longer continue at work as my mind was completely on the safety of my money.

    I got access to the trading platform, logged in and saw the situation first hand.
    Two in profit three trades in trouble. I decided to close a the two trades that where in profit to help to try and reduce the risk of the GBPCHF trade that was sitting at -£6k bottoming out and me losing all the money. This seemed to help... I have since wondered and now know why helpful Rony hadn’t suggested this... the GBPCHF did indeed change direction before I crashed out and I had my fingers crossed that I may climb back out of this to safety. Around an hour later Rony called again... very close to the end of the day and advised that I needed to counter the negative USD of another trade that was in a negative, he told me to back two markets USDZAR and USDMXN which kind of raised suspicions as I was trying to free as much capital as possible to try and steer GBPCHF into safety, but at this point I still stupidly had some faith left, so these trades where placed and he said we would talk tomorrow. I have since learned the USDZAR and USDMXN are classed as exotic markets and have very high swap fees (not that he warned me of this). Giving this pretty much every available moment of thought since crashing out, I can only see one reason for him to call me to tell me to back these markets so close to the end of the day... he wanted me to either crash out or they take a massive commission from the over night swap fee.

    I followed the progress of the trades throughout the evening and at one point I started to feel that other than the exotics, things may turn out okay. Then the swap occurred the swap alone cost me over £2k! After that occurred my heart sank again seeing my account in -£8k! I went to bed with -£8k showing on the trading platform. I barely slept but set my alarm an hour early so I could concentrate on the markets once again, I woke up and found a big fat zero!! Everything was gone.

    I got no morning call from Levi and it all started to make sense... I had been scammed. I checked for reviews and found a whole host of negative reviews for ETFinance: trustpilot.com/review/www.etfinance.eu

    I immediately contacted my bank to see if they could help but the first steps they want me to take is with ETFinance. I thought at that point my money would be gone forever but I have since thought I can not give up... the more things dont way up, I have never been explained the stop loss, take profit, I was given guarantees of a £2500 profit, when I said I couldn’t afford to get £4K he suggested I try and borrow it, etc etc. I have been conned He was trying to take me to the cleaners. I suspect they have kept the GBPCHF market open at their end after I crashed out... but I have no real idea how they operate or place the trades on my behalf... but I now know none of this is above board.
    I have contacted a solicitor that deals in this area, they want £1500+vat up front then 20% of the recovered funds and I have found someone that claims they can get me my money back within 24hrs for $1250 paying 70% upfront, but I have no evidence to support that they can or that they are not also a scammer but as you would expect they are very adamant they can recover it.
    I have emailed ETFinance and hope to start the ball rolling with trying to get my money back, my major worry is if they close the trading name (ETFinance) could I lose my money?
     
  2. FxMaster

    FxMaster Lt. Colonel

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    First of all, invite the company by using the invite company option to your thread. And if you are unable to locate the option then this thread "Tutorial: How to Invite a company to your thread." will help you to find out.

    Note: If you are new to FPA then invitation button will be enabled whenyour first post reaches 4 days old.
     
  3. FxMaster

    FxMaster Lt. Colonel

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  4. RickMTB

    RickMTB Recruit

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    ETFinance replied to me yesterday morning and have now gone silent despite my continued attempts to contact them to get my money back!
     
  5. RickMTB

    RickMTB Recruit

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    I have had a response from them that that are going to investigate my issues and will deal with the issue as soon as possible. I will hopefully report back soon with some positive news.
     
  6. RickMTB

    RickMTB Recruit

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    [​IMG]
    The OP has invited the company to this discussion on Oct 28, 2019 at 7:47 PM
     
    FxMaster likes this.
  7. SoniNew

    SoniNew Private, 1st Class

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    Just a little tip - There are a lot of funds recovery companies who are also scamming people, NEVER pay upfront and do your own investigation before trusting one of those.
    also, did you made the deposits using a credit card?
     
  8. RickMTB

    RickMTB Recruit

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    They have offered me half my money back, but I am not prepared to deal at 50% and lose my hard earned money that I could not afford to lose and only made the stupid mistake as a result of them claiming it was a 100% win situation! It has now been weeks since this happened and I am having to borrow money off family and friends and I should have £12k in my bank!
    Them offering 50% is a clear indicator they are aware they have done wrong! Pay me back my money ETFinance - Magnum FX!!
     
  9. SoniNew

    SoniNew Private, 1st Class

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    Have you asked them based on which calculation they offer you 50%?
    smells fishy..
     
  10. RickMTB

    RickMTB Recruit

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    Just received this from them:

    Dear Richard,


    Further to your email dated Friday 1st of November 2019, I went back to the company’s management and continued negotiating on your behalf.


    The company’s management have decided that they will keep the offer in the sum of GBP 6,000.00 under a settlement agreement.


    This is the last and final offer.


    The offer in the sum of GBP 6,000.00 will be available to yourself until the 8th of November 2019.


    Please find attached the settlement agreement whichrequires your signature and date on every single pageand to be returned in order to proceed.

    In order to proceed with the refund, please sign as following:

    A.Please check the details under Annex 1 of the agreement.

    B.Please print the attached agreement and sign onall of the pages.

    C.Please add the datenext to each signature.

    D.You are required to send it backtothis emailas one file. You can use this App to scan the agreement as a PDF file and to send it directly from the app:https://www.camscanner.com/user/download


    Looking forward to your cooperation.


    Kind Regards,


    Anabela.M

    Complaints Department
     

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