Resolved - etoro won't pay, claims fraud

[otto77]

After sending clicks to etoro for several months, I finally get a conversion (someone deposited $1000 on Oct 3 and it recorded a $200 commission for me.)

All during October, it shows my balance is $200. Supposed to be paid Nov 1.

Nov 1 I send my aff mgr an email asking where is my money (suppose to paypal it to me.) She says it is "in the system" and will be "released" early next week (week of Nov 7.)

Nov 7 comes and still no payout to my paypal. Nov 8, no payout. I send another email to my aff mgr asking where the hell is my money.

Here it is Nov NINTH and finally my affiliate manager tells me via email that trader was a "fraud" and she says "As you can read in our T&C we do not pay for such traders."

And she's very terse and sound like she could not care less. No "sorry" or "unfortunately" - just "oh, trader's a fraud, we don't pay on frauds."

Excuse me?

Let me get this straight. It takes them a MONTH+ to figure out a "fraud" trader signed up, and they keep my affiliate commission balance at $200 the entire month? And only bother to let me know oh, by the way, you're not getting that $200 because your referral was a fraud.

(Maybe it was a fraud, I have no idea. Somebody clicked the link on my forex site & etoro ringed them up & all seemed ok til nearly 1.5 months later.)

I read somewhere that etoro is an ISRAELI company with a Cyprus address and a British Virgin Islands Registration. And no Cyprus SEC license.

I don't know. Others say they got paid but did they really? Or are those just etoro staff posting fake reviews? It looks very suspicious to me, that's for sure.

I've taken down all my links to etoro, in any case. Don't want to waste more clicks with them.

 

[Pharaoh]

Ask your affiliate manager for details on the supposed fraud. If she won't tell you, leave them a nice shiny One Star review and let the world know what happened.

 

[automatedforextrading]

etoro fraud

I am the original poster. I had to create a new forexpeacearmy account (I lost my old login).

I sent an email asking for explanation & proof of fraud to my affiliate manager several days ago. As usual, no response from the woman.

So I filed a complaint with the Cyprus Securities & Exchange Commission (Cysec).

I read on here that some Chinese guy got his issue with etoro resolved by filing a claim with Cysec.

Let's hope it works & I get my money. The way etoro handled it (and the way my affiliate "manager" Michal Gottlieb communicated with me in general (very very poor communication) -- plus the fact that it is, indeed an ISRAELI company (see Gottlieb's linked-in profile: Michal Gottlieb - Israel | LinkedIn) moves me to stay far away from these Israelis.

Even if Cysec can help me get the money etoro owes me, there is no way I would ever do business with them again. There are so many other forex brokers running affiliate programs, it would make no sense for me to waste more of my time with such nonsense.

 

[Sylvie O.]

If you talk to your affiliate manager again. Tell him that we (FPA members)are watching and send him the link to this thread. If they don't change their mind, file a case.

Good luck!

 

[michaletoro]

Dear Tim,

I would like as well to apologize for my mistake through the FPA forum. As explained in my emails sent yesterday it was indeed a mistake from my side that can happen, your commission profits are added to your account balance and will be released to your PayPal email ASAP.

As many affiliates can confirm we are one of the few affiliate program with full transparency and honest partnership. Even though we are one of the most advanced affiliate programs we have still a few points in the payment process that are manual why human mistakes can happen.
For such matter the cooperation with our affiliates is very important and respected.



Thank you
Michal

 

[saminiazi]

Suspicious activity...

It is completely unfair behavior which has been practiced by etoro. Seems like they tried to rob him but when case appeared here on FPA, they ran to return him the money and finally posted a letter here in this forum.

Why such rudely our innocent friend was dealt? For such a humiliation faced by him, only a "one line excuse" is enough??? I don't think so....

Etoro is doing its business in a dangerous and suspicious way in my opinion...

 

[automatedforextrading]

Well, I got my money.

I don't know what happened. Sure, mistakes happen, I make mistakes. Everyone does.

But the way this "mistake" (if that's what is really was) was handled by them initially makes it very unlikely that I will be sending any more clicks to them.

There's plenty of forex brokers that run affiliate programs. I don't need the hassle.