Etoro is a scam, they stole 7500 USD from me

You should stop simply shouting about this and post some details here.

@zoomd yes, indeed. If you want to blame someone at least give some more information. Tell us the story so that we could give you some advice, otherwise it looks like a false accusation.

1 Like

you have your own topic right?

complete silence now?? What on earth happend?
2 guesses:

  1. Topic starter died
  2. Topic starter is granted compensation together with a signed obligation to never again post anything about this on the web

Or,

  1. Topic starter accepted he had traded in contravention of the firm’s T&C’s and accepted he would never be able to withdraw the profits this generated.

So it was his own fault then? He just broke rules?

Hello guys.
I apologize to anyone that was following this thread closely for not posting earlier.
@pip2hunt, @tommor, @Kurte
I do appreciate your interest and support.
A mix of bad news which bummed me out and not having notifications of new posts straight to my inbox was the reason, to be honest.
Just a few months back, the final decision came from the Financial Ombudsman of Cyprus.
They basically rejected my claim/complaint. The “investigation” looks poor, as expected, they just wrote a few lines.
They said they requested etoro their price feed and that it showed I opened positions at prices that didnt really exist in the “underlying market” (exchange/index the company or the liquidity providers use) and that is how I supposedly profited with a “strategy” in which I bought and shorted at prices that I knew weren’t… fairly priced.
This of course, is false, but it may appear true to someone used to the traditional markets where prices for the same asset across markets are very successfully arbitraged into an almost perfect price match, in these cases a difference would probably seem notorious and represent a clear opportunity. But not with this market, and even more so during those days it was traded. I tried to explain this in the report I sent them, which was very complete.


And this was just a small section. But they didnt really care to examine what I sent them, it was a waste of time. It seems to me that in any technical dispute, this institution will always side with the company, the effortless solution. They don’t bother to study complaints profoundly or read in detail what you have to say. It is very disappointing. I was naive to think the financial ombudsman of cyprus would actually care. They took 2 years for this answer. For nothing, sadly. Looks like a phone call/email and a signature to me what they did.

We don’t know yet, haven’t had fuller details of what happened. But its a possibility.

So what does it mean what the ombudsman said? Were they saying you opened positions in a security during its closed period on its relevant exchange?

Sorry to be going to basics but I know nothing of the mechanics of Bitcoin trading.

I too had a complaint against Etoro. Went to ombudsman which was a job and.a half in itself. Look at their “contact” page… .it’s blank… paid fees which they “lost”. Took over a year to get an answer, which was that the ombudsman found in my favour and that Etoro should pay me over £11,000… Etoro then had two months to write and confirm that they
agree or disagree with the decision. Guess what??
They disagree.
So now my options are that I’m left to, and I quote… " resort to justice via filing a judicial action against the financial institution or petition to any other international/EU institution you may deem appropriate." … whatever the hell that means. Seriously, open an account anywhere, just not Etoro.

2 Likes

Hi there
Did you ever get your money back?

i m still learning to be a trader and would like to know the good brokers in your opinion

@RooKiED Very sad to hear I did not end well for you. I however have a question: How long did it take between your trades and the moment they blocked your account? If you can’t see or know how long it exactly is, could you give me an indication. In Etoro’s Terms and condition they say the have to inform you about this within 30 days.

I have been waiting them more than 10 days since I completed my profile, and they totally ignore me . Do you want to invest your money to the broker like that ? I paid my mistake , but you can avoid it .

Lesson learnt.