As I said before, I traded on etoro many instruments for 2 years before this happened, I did not send an exclusive deposit.
Ok Rookied but have you ever done withdrawals with them before?? Because i just signed up few days ago and i’m still doing some research before i do any deposits.
The more pressing question should be “why did you pick Etoro in the first place”. These social ‘broker’ websites are a real red flag, in my view anyway.
I don’t want all the bells and whistles which are attached to many brokers these days, rather though as a rule of thumb you’d have more reliability with brokers who are stripped back and simply let you speculate on market data.
has this thread not opened your eyes already?
Let me spell it out for you. etoro might just freeze your account, take your money and you’ll not hear from the company with a real explanation or response again unless you sue them.
This is how they acted in this case. Stay away from this company, that is my advice.
You are absolutely right, and I can see it now. But it’s not that easy to have this kind of forethought in the beginning. Had I been aware of how these bucket shops work, I would have tried to trade only in a real professional company like interactive brokers.
To be honest I never used the feature of social trading of etoro. What attracts new people is how easy it is to start trading, the low capital requirement and the platform which is relatively friendly for noobs. The marketing they invest on is very effective. After a while you get used to it as with everything else.
But in the end you learn the lesson. These cheap companies like etoro, do not act as a clearing house, a neutral party in your trading. Instead, they are the counterparty on most of your trades whereas what you buy is just a contract (CFD - contract for difference). In other words, the company makes money (aside from fees) when you lose, and loses when you profit.
This generates conflicts of interest quite easily when for example there are technical problems in any of the markets you’ve traded, or if you simply steadily profited long enough then you may just become inconvenient for these companies.
Trading in these places is just looking for trouble.
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It’s not sad when you see a new comer suffering because it’s often wrong selection and all that the reason. But, when this happens to someone who is trading for so long is just shocking and truly sad. This is where it should not just be about regulation but quality of broker that needs to be good. I am sorry but Etoro was never one to go with!
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What do you mean by brokers who are stripped back? Etoro has been around for some years now. But that does not make them reliable. By fact and proof, they are one of the most unreliable brokers in the market. It is even safer to trade with offshore brokers than trade with Etoro. They have made too much money and do not care about traders’ fund security anymore.
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Since Cryptocurrencies markets are decentralized and non-regulated the services rendered under this Addendum are
unregulated services. Accordingly, when using our Cryptocurrencies Trading Service you will not benefit from the
protections available to clients receiving regulated investment services, including without limitation, you will not have
access to the Financial Services Compensation Scheme (FSCS)] for financial compensation, the Financial Ombudsman
Service for dispute resolution; and our Cryptocurrencies Trading Service will not be subject to the rules relating to
best execution, client money and safekeeping of client assets, nor any other FCA rules, regulations and guidance. As
part of the Cryptocurrencies Trading Service, eToro may be relying on third party service providers (including affiliated
companies) to buy or hold the Cryptocurrencies on your behalf and those third parties may be based outside of the
EEA and/or may be unregulated. eToro will not be responsible in the event of losses caused by those third parties.
roflol, their new T&C for crypto
Any news regarding the stolen 7.5k?
Hi Rookied,
I’m very sorry hearing about that. I just want to tell you eToro has taken a right action regarding your trading performance. By one way or another you have used a strategy that allows you to execute trades in a past time to the current time and profit from the difference between the price regarding to the time. That’s not allowed by any broker. I understand that you have considered this as a scam but, it’s stated clearly in the terms and conditions. [content removed for Forums Policy violation]. No one complains.
wish you the best of luck
Osama Mohamed
Interesting claim. For starters read this topic and notice that
“If a company were to throw such an accussation and implement actions based on it, the least they can do is show the information and demonstration of this behavior strategy or whatever with clear examples. And they have not done any of this.”
this rather essential issue remains unanswered.
Let’s suppose etoro was indeed scammed by Rookied like you like to believe. Any clue why they are not here showing the world their right and the wrong of Rookied?
Your bonus remark tells us either
- you’re 11yo
- are just trolling
- have a serious limited brainfunction
I sincerely hope it isn’t the latter
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If your moral compass is pointing in the right direction, you would be careful about what broker you recommend to traders
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Is there any topic like this that actually also has a clear ending? It feels like I read dozens of these with one thing in commen: after a few posts the author suddenly stops posting.
Quite interesting topics each time though but it’s getting a bit boring to never see the end of it…
Hey guys. I’m here, and I’m not going anywhere. Thanks for your help and your patience.
My main laptop broke down, Ive been awfully busy trading bitcoin and doing other stuff.
Epic trend, aint it? Looks done hehe.
15 days ago the Financial Ombudsman of Cyprus contacted me and confirmed me my complaint has been accepted having met all requirements. The company has been notified and the investigation is ongoing. It should take 6 months 
until I receive their final decision
I promise I will keep you guys informed and share every step of it until I get to the bottom of this, as it is one of the main reasons I created this thread.
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This is awful. Thank god the company’s terms of service weren’t this when I suffered from this whole episode.
So now by signing up with this company you are basically giving up any protection you could have had in trading these instruments. And this is not clearly visible unless you pick the magnifying glass and get into detail.
Etoro has spent so much in advertising lately,
I’m afraid a lot of people might have fallen for it. I hope this thread has visibility and saves some serious headaches.
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I was talking about crypto currencies with a friend yeasterday - he was saying they could just “Take your money…” because it wasn’t real,
It seems the brokers who deal in them can do the same !
See this video
It is an etoro video promoting cryptocurrencies trading in their platform.
You can see how etoro blatantly advertises they are regulated by the FCA/FO in UK and CySEC/FOC conveniently leaving aside that the traders are actually not protected by any of these regulations or regulatory bodies when trading cryptocurrencies CFDs with them at all. Traders have ZERO protection.
Good to hear your case is accepted by the ombudsman and you will keep us posted. I wish you all the best with it!
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Hello Thanks for sharing this case, we must be careful when choosing the broker with which we place our money
I do believe that babypips would be held in higher regard if there was a section related to poor experiences that peple have trading with various brokers !
WARNING: ETORO is RIPPING off NEW COMERS: DECEMBER 13,2017
ETORO is making easy money without doing ANYTHING, no LABOR and no WORK but just RIPPING OFF new customers with fees.
ETORO is NOT holding its bar end of the bargain!!!
Yesterday I made a deposit of 1000Euro in my account which ETORO converted it to dollar
at a rate lower than the actual rate of exchange/ (They exchanged it for 1.14dollars to
the Euro rather than 1.17dollars to the Euro. Right there ETORO made an easy profit
of US$30…
Then, with 1147dollars in my account, I decided to do one transaction
buying RIPPLE altcoins… right there ETORO made a cut with a fee
and DID NOT post my asset just bought in my portfolio… It was left blank…
So I decided to trade again the purchase…and this time again ETORO made
another cut with a fee and STILL DID NOT PLACE MY ASSET in my portfolio…
Total fee amounted to US$74 dollars and they left in my cash account US$1073…
with my Porfolio STILL empty!!!
Tired of this mockery and getting ripped off with market orders,
I decided to stop placing market orders with them and to withdraw all my money from ETERO who then…charged me US$25.
So ETORO made a profit of US$129 WITHOUT DOING NOTHING!!!
ARE YOU PROUD, ETORO, OF YOUR BUSINESS MODEL OF GETTING EASY MONEY?
Tibitcoin
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They try to denounce this company in the country where their main office is located, surely there are already several like you, who fell for innocent