RESOLVED - Etoro Inc. Issue

[FXCobra]

Exactly, why not directly fund into the client bank account(or same deposit payment method), unless am smelling something not clean here like considering the compensation as a bonus not for instant withdrawal but some terms and conditions after opening a new live account & the cycle repeats again, Oh No
I liked too Laura sentence of "we've decided that you deserve extra compensation" or this one "so that we know that it is indeed you"
Laura, you'll not be confused about who you offered an exact $852 for delays.....with all documents you already have of Rafia

All that if Laura is a Real Person

 

[Pharaoh]

It doesn't matter if Laura is real or is a figment of our collective imaginations. What's important is whether Rafia gets paid real money or not.

 

[rafia]

Well first of all i am thankful to Laura that she replied back to us regarding this matter. I would like to inform Laura that my account is still active and it was never closed. I can initiate trade and can withdraw my funds anytime, so it means that it is 100% active and verified. So, who told you that my account is closed and i have to open another account. As per your company's law, we can't have two individual accounts under same identity, so i can't open a new account and why should I, if i already have an active account with your company.

Secondly, you are compensating $852 for my loses equal to $1900, do you think it should be acceptable for me in any case?

Please check the details of my trade

Trade # Type Investment Units open Close Net profit Date Time
29198297 Sell OIL $762.00 600.00 85.79 87.08 -774.00 12/07/12 18:00
29170302 Buy GBP/USD $1,000.00 200,000.0 1.5475 1.5418 -1,140.00 12/07/12 08:47


If you check my conversation in the attached file, the you will see that etoro offered me $141 as a compensation to lose $1900, and I said i will not accept this amount, and it was never funded in my account. For your reference please check our conversation


Case ID: 112,288
Subject: Trade 29198297
Description: Dear Admin! This is another problem from etoro platform. I don't know what happened to etoro, as it was working great before. I was trying to deposit money to fund account and there was a problem with cashier. It said it is not available and try this service later. This is so much flustering now. It hit the stop loss and even took funds from my account which were in the account. Please compensate me for this, as I have been trading on a daily basis with you, and facing this problem from last 2 days. Please do it asap. Thanks Regards, Rafia
Reply form Etoro 16 July
eToro Case ID:112,015
Dear Rafia Shabbir,
eToro's technical department reviewed your claims in regards to execution problems and decided to refund your account with a trading bonus, equal to the amount of $140 lost in positions numbers: 29170302
The amount to be compensated is the difference between the original stoploss amount and the amount the position was closed with.
Kindly reply to this email, and acknowledge that you have no claim or grounds for claim, of any nature whatsoever, against eToro concerning the above technical event of July 12th 2012.
We apologize for the inconvenience and invite you to get in touch with your account manager or support may you require further details.

Best Regards,
eToro Customer Service Team

Reply from Me 20th July
eToro Case ID:112,015
Dear Admin!
I don't accept this compensation in any case. I am so much worried now. How can you make me suffer due to error in your platform. Please revise the whole case asap. I never closed my position and it closed automatically when i was in the position of recovering my losses. I never adjusted the stop loss that it hit. First of all your platform didn't hit my stop loss as it was froze, after that it took all my money from my account, and after that my stop loss was set at 1.5384 and then suddenly it said that it has stopped due to stop loss at 1.5417 when i was recovering my loss. I need full compensation of this loss.
Regards,
Rafia

Reply From Etoro July 18th
eToro Case ID - 112,288
Dear Rafia Shabbir,
We are pleased to inform you that a refund of $12 was added to your account regarding the technical problem you encountered on the Position ID: 29198297.

Reply from me July 19th
eToro Case ID - 112,288
Dear Admin!
I don't claim this amount. I lost more than $700 in this trade due to your platform and you are offering me $12 only. This is not fair. I was told that you compensate the total lost amount. I need full compensation.

Reply from Etoro 19th July
eToro Case ID - 112,288
Dear Rafia Shabbir,
Since your position had hit the stoploss regardless of the technical problem, you were compensated for the difference between the final loss, and the original stoploss.
The losses you have received after this compensation are the losses you would have received if there was no technical problem.
Should you require further assistance or information, please reply to this message or chat live with us during our business hours.

Best Regards,
eToro Customer Service Team

Reply From Me July 20th
eToro Case ID - 112,288
Dear Admin!
This is what i am saying that there was a technical problem and i couldn't change the stop loss of my trade to save my trade to hit stop loss due to your platform error. I need the compensation of my losses occurred due to your platform server down. I am so stressed up with all this matter now. Why should I suffer due to your platform cyber attack. I joined etoro to earn money and not to give away money because your platform went through a cyber attack.

Thanks
Regards,
Rafia

 

[Thai_trader]

If I understand correctly you are asking for full compensation for a trade that you took that would have hit a SL that you set? You are saying that you had no means to change your stop loss since the platform was malfunctioning. You are claiming your intention was to move your stop loss to a further point that didn't hit and you had sufficient account balance to cover the drawdown. Do I have that correct?

Did you call the dealing desk and ask them to move the stop loss for you when you realized the terminal was not functioning? Your broker is a dealing desk broker and mt4 is a dealing desk platform. If the platform is not functioning then you should always have the choice to call in to the dealing desk to make any new orders or have them perform adjustments to your current positions.

It's unfortunate that the platform was not performing correctly but that is not the reason the price moved against your position. You should be happy that you are being offered compensation for any of your full loss given that you placed the trades as well as the stop loss..

Further, it should be made clear that they are not offering you cash compensation but rather a "trading bonus" that will come with therms and conditions. You should be made clear on what these terms and conditions are before accepting such bonus.

I hope things work out in your favor but you should also be learning something from this experience. If you ever have problems with the platform that keep you from managing open positions or opening new ones, you should immediately call your brokers dealing desk to make the trade changes for you. If they are not setup to handle this situation, then you are trading with the wrong broker.

 

[Pharaoh]

Further, it should be made clear that they are not offering you cash compensation but rather a "trading bonus" that will come with therms and conditions. You should be made clear on what these terms and conditions are before accepting such bonus.

This is a critical point. Bonuses can come with terms that make them a poor substitute for cash compensation.

 

[netkazana]

Thanks a lot to forexpeacearmy that they have provided us such a nice platform to convey our messages to concerned people and to spread awareness.

Alone we are just another unhappy customer, together we are an army...

This is a great place I am new to trading and seeing all the support that one gets here I have a little more courage to
Thanks forum Thanks Forexpeacearmy keep up the good work
Ashok

 

[rafia]

Guys, I have a news for you.. First of all I would thank Laura for her efforts so far. She managed to talk to my account manager, and they have checked my case, and have compensated for 1 trade so far. I am so happy, that i got compensation for the trade in which I lost $700, and Laura has managed to get them back for me. Now, compensation for the other trade that i lost is left, in which i lost $1100. I have talked to Mati, my accounts manager, to talk to Laura about that. I guess she forgot to check that i have mentioned 2 trades in my first post. Both trades were made on a same day, when the platform stopped working.

Secondly, I would like to thank all of the traders team here, who have made this possible for me.

I will update you regarding the other trade also.

Once both of my trades are compensated, i will request FPA, to withdraw my bad review against Etoro..

This would be fair enough, what do you all say?

 

[FXCobra]

Very Good news Rafia. At least we now know that Laura is a real person
Maybe your account manager must be introduced to all etoro employees, seems to be the unknown link there

You can change your rating for etoro in its review page after explaining what happened if you like but I don't cheer removing this whole scam thread, at worst must be marked as resolved(if you get your compensated money for the other trade) but never deleted.

 

[rafia]

i think you are right. People should know that something happened, but it was resolved. Systems are system, and they can't be error free, so at least etoro accepted their system fault and compensated their client. The most important part is that at least etoro team bothered to listen our problems... I will remove my review, if i will be compensated for my other trade, and then i will remove my bad review from here and from other forums. And i will request the contributors here, to thank Laura for her efforts...

 

[Pharaoh]

Leaving a followup review that details how the issue was fixed is MUCH better than removing a review. The review and this thread (hopefully with "RESOLVED" at the front of the subject line) will show other clients how to get their issues fixed. In the long run, this will help eToro.

Make sure to leave a new rating in the followup review based on your overall satisfaction. Considering how long this has taken, I can't really think they'll have earned 5 stars.