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ETORO scam using copytrader

Discussion in 'Scam Alerts' started by dammad, Aug 24, 2012.

  1. dammad

    dammad Recruit

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    Check the link and see how ETORO completely screwed me over. They won't even answer my emails anymore :(
    http://i.imgur.com/d1MkZ.jpg

    They take no responsibility ever. Lost $200 in 2 hours due to this and they refuse to refund or explain why.
     
  2. BigT1

    BigT1 Sergeant Major

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    Hello Dammad,

    Your best recourse will be through eToro's regulator. Who that is, depends upon your location and at which subsidiary and/or IB you opened your account.
    We are here to help, but you must tell us your country, and provide the exact link to the firm with whom you are trading.
    Here is a link to the page outlining the regulators for their various jurisdictions of the eToro I believe you are referencing:
    Regulation and License | eToro
    .
    You need to contact and inform the eToro "Compliance Department", not "Customer Support", that you intend to file a complaint with their regulator if you do not receive a satisfactory acccounting and response. Include any responses you receive from them in your correspondence with the regulator.
    .
    Firms that sponsor "Trade Copier" services and who receive compensation for transactions done within them are responsible for "Churning" an account to death.
    It is obvious you mean to suggest that either this trader who was trading your account was in collusion with eToro to convert your deposit into commissions for the firm, or was wantonly concerned only for his own immediate income, if derived from trading activity.
    .
    If the former is proven true, this will be considered a very serious regulatory infraction. If the latter is true, the firm is still guilty of a failure to oversee it's service providers.
    Only the Regulator can force the necessary disclosures needed to make such determinations, fine, imprison, and/or shutdown a licensed violator. Likely you are not alone, and the regulator will be able to see if the issue is with the trader, the firm, or both. Rest assured, they will hang them both high if your accusations are proven true.
    .
    If you need assistance, FPA members and leadership are here to help. We will need more detail on who was the trader? Did you sign a LPOA (Limited Power of Attorney) ceding control to him? Did you have control on your end? How did you come to obtain this service provider?
    .
    Suggest you keep us informed with the facts; and most importantly refrain from hyperole. The facts alone are damning enough. FPA Master Seargent Pharaoh, often recommends you also inform the firm of your posting on this thread, and ask them to join the public discussion here.
    .
    Anthony Ingrassia, CTA
    NFA ID#: 0278164
     
    #2 BigT1, Aug 25, 2012
    Last edited: Aug 26, 2012
  3. adeopenbook

    adeopenbook Recruit

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    edited by adeopnebook.
     
    #3 adeopenbook, Jan 26, 2013
    Last edited: Jan 29, 2013
  4. Pharaoh

    Pharaoh Colonel

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    Adeopenbook, please start a separate thread for your issue. I'd like to know more about this charge for editing a SL, but don't want to mix that up with Dammad's trade copier issue.
     
  5. Rashid trader

    Rashid trader Recruit

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    hi, readers, the trader name robepu is one of the mose dangerous and risk taker trader with no money management , i am with etoro since past 3-4 years and i have seen that trader (robepu) whoes trades are being copied by the mentioned trader above, try to copy stable trader who take less risk and maintain consistant profits over the longer time period ,when you select such unstable traders then actually you are throwing money instead of trading. by the way one can allocate only 20% of his total equity on copying other trader , suppose if you have 1000$ equity in your account , then in that case only 20% of 1000$ ( 200$) can be allocated on copying a guru, and when that trader consumed that 20% allocation then either you can take control of that trades by your self or , you are over 20 % and if then guru increase sl then that sl will not be printed in your account, that all it is that easy as it is , plz take care when you select guru to operates on your equity
     
  6. Rashid trader

    Rashid trader Recruit

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    reply regarding copy trader

    hi, readers, the trader name robepu is one of the mose dangerous and risk taker trader with no money management , i am with etoro since past 3-4 years and i have seen that trader (robepu) whoes trades are being copied by the mentioned trader above, try to copy stable trader who take less risk and maintain consistant profits over the longer time period ,when you select such unstable traders then actually you are throwing money instead of trading. by the way one can allocate only 20% of his total equity on copying other trader , suppose if you have 1000$ equity in your account , then in that case only 20% of 1000$ ( 200$) can be allocated on copying a guru, and when that trader consumed that 20% allocation then either you can take control of that trades by your self or , you are over 20 % and if then guru increase sl then that sl will not be printed in your account, that all it is that easy as it is , plz take care when you select guru to operates on your equity
     
: etoro, etoro.com

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