RESOLVED - Etoro Inc. Issue

[rafia]

Dear Pharaoh!

Thanks a lot for sharing these strategies. I have changed my broker, and i am working with hy markets. Hy markets are honest and reliable. I am a risk averse trader, i only trade high volumes when there is a certain news to follow. Thanks a lot for your concern.

 

[FXCobra]

We can conclude that you received your compensation Rafia? Or Laura promises ended up words with no action?!

 

[Pharaoh]

It would be good to know how this turned out.

 

[quicksilver]

I'm quite new here so pardon me if I seem out of line in any way.

I find it very sad that for employees of a broker, their 'holiday' is more important than resolving customer issues, especially the serious issues. If someone goes on a holiday that they can't miss, they should at the very least handover the case to someone else.

That being said, 'technical errors' is something which I have discovered by chance and is something that needs to be researched into. While I won't name the brokers, in the past 3 months, i've tried out 4 brokers, of which one of them gave constant Off quotes message, while the other had too big a spread.

In all fairness, I think traders who want to trade with a broker should perhaps start with a demo account for a month or so and see how the orders are processed and then perhaps start with a micro-account to test the broker before making any bigger investments.

just my thought.

Rafia, hope things work out for you. And as already mentioned by others, trade only with the money you can afford to lose. You cannot view your trading profits or investments as a fallback/contingency funds.

 

[BigT1]

Rafia,
I presume you are trading with eToro in the Asia Pacific Region.
eToro is a sort of franchise which is really the operation of several affiliated companies.
There is a USA based unit that is regulated by the CFTC and registered with the NFA.
There is a EEA based unit that is regulated by CySec.
The Asian unit is regulated by ASIC in Australia.
Here is a link to the operating unit's ASIC License Registration:
https://connectonline.asic.gov.au/R...nalRegisters.jspx?_adf.ctrl-state=9c6ixncju_4
Enter License#: 335692 and search ASFL register
You should land on:
Name: INTERNATIONAL CAPITAL MARKETS PTY. LTD.
Licence Number: 335692
Status: Current
ABN: 12 123 289 109
ACN: 123 289 109
Commenced: 02/07/2009
.
Scroll down to find the External Dispute Resolution procedure.
There is a formal complaint procedure for you to follow.
.
AI

 

[rafia]

We can conclude that you received your compensation Rafia? Or Laura promises ended up words with no action?!

Thanks a lot for your concern. I am still struggling hard to get the compensation. Still waiting for Laura's reply regarding this matter. Let's see. I will keep you updated with all the proceedings. Thanks.

 

[rafia]

Rafia,
I presume you are trading with eToro in the Asia Pacific Region.
eToro is a sort of franchise which is really the operation of several affiliated companies.
There is a USA based unit that is regulated by the CFTC and registered with the NFA.
There is a EEA based unit that is regulated by CySec.
The Asian unit is regulated by ASIC in Australia.
Here is a link to the operating unit's ASIC License Registration:
https://connectonline.asic.gov.au/R...nalRegisters.jspx?_adf.ctrl-state=9c6ixncju_4
Enter License#: 335692 and search ASFL register
You should land on:
Name: INTERNATIONAL CAPITAL MARKETS PTY. LTD.
Licence Number: 335692
Status: Current
ABN: 12 123 289 109
ACN: 123 289 109
Commenced: 02/07/2009
.
Scroll down to find the External Dispute Resolution procedure.
There is a formal complaint procedure for you to follow.
.
AI

Well i have already done this, but i haven't received any response yet. I filled a complaint form and emailed on the following email addresses

vice-chairman@cysec.gov.cy
investmentfirms@cysec.gov.cy,
complaints@cysec.gov.cy

I got a response in September

Dear Sir/Madam,

Thank you for your email. Please note that, on July 24, 2012, the CySEC announced the following:

“The Cyprus Securities and Exchange Commission (“CySEC”) announces that a new electronic system of complaints submission regarding regulated Cyprus Investment Firms (CIFs) and non-regulated Investment Firms (IFs) has been implemented today. The CySEC requests that the investors follow the procedure specified in the Electronic Complaint Forms, which can be found under the ‘Investors’ drop-down menu, in order to file a complaint.” (http://www.cysec.gov.cy/Downloads/E...ng the electronic submition of complaints.pdf)

As such, we kindly request that you submit your complaint on line by clicking on one of the links below:

1. Cyprus Securities and Exchange Commission (for complaints related to licensed CIFs)
2. Cyprus Securities and Exchange Commission (for complaints related to non-regulated entities operating through Cyprus)

In the case that any of the above links do not work, please copy and paste the corresponding path directly into your browser.

Regards,

Complaints Desk
Cyprus Securities and Exchange Commission (CySEC)

32, Stasicratous Street, 4th Floor, P.O.BOX 24996, CY-1306, Nicosia, Cyprus
TEL: 22506600, FAX:22754671
e-mail: complaints@cysec.gov.cy
http//cysec.gov.cy


Again i filled in the complaint form in September and still waiting for their response.

Regards,
Rafia

 

[BigT1]

Well i have already done this, but i haven't received any response yet. I filled a complaint form and emailed on the following email addresses

vice-chairman@cysec.gov.cy
investmentfirms@cysec.gov.cy,
complaints@cysec.gov.cy

I got a response in September

Dear Sir/Madam,

Thank you for your email. Please note that, on July 24, 2012, the CySEC announced the following:

“The Cyprus Securities and Exchange Commission (“CySEC”) announces that a new electronic system of complaints submission regarding regulated Cyprus Investment Firms (CIFs) and non-regulated Investment Firms (IFs) has been implemented today. The CySEC requests that the investors follow the procedure specified in the Electronic Complaint Forms, which can be found under the ‘Investors’ drop-down menu, in order to file a complaint.” (http://www.cysec.gov.cy/Downloads/E...ng the electronic submition of complaints.pdf)

As such, we kindly request that you submit your complaint on line by clicking on one of the links below:

1. Cyprus Securities and Exchange Commission (for complaints related to licensed CIFs)
2. Cyprus Securities and Exchange Commission (for complaints related to non-regulated entities operating through Cyprus)

In the case that any of the above links do not work, please copy and paste the corresponding path directly into your browser.

Regards,

Complaints Desk
Cyprus Securities and Exchange Commission (CySEC)

32, Stasicratous Street, 4th Floor, P.O.BOX 24996, CY-1306, Nicosia, Cyprus
TEL: 22506600, FAX:22754671
e-mail: complaints@cysec.gov.cy
http//cysec.gov.cy


Again i filled in the complaint form in September and still waiting for their response.

Regards,
Rafia

Rafia,
Please recognize that you may be filing with the wrong authority.
You must determine which franchise operation holds your funds!
If you are in Asia you are likely dealing with a firm regulated by ASIC, not CySec.
.
Please reread my remarks, and examine your documents to find the specific firm you are trading with; or supply us a link to your broker's home page.
We must determine if CySec has authority or not!
Get the CySec regulators on the phone and demand an answer for the delays.
Do not rely on email.
.
AI

 

[FXCobra]

I believe Rafia filed a complaint against etoro at the right regulator Cysec because he has an account with etoro(Europe) but regulators take sometime to reply.
It depends on the individual email, priority, other influences that play a role.
Some will not even tell you what happened after they investigate(if they do), it will be an internal data received.

Anyway, to know what Cysec regulatory body can do!! You better send another email quickly asking for clear answer or better to phone call it tomorrow(daytime).

 

[Pharaoh]

Regulators aren't very good at responding. Just keep feeding them more info and something may happen.

Please do verify which part of eToro you are with.