Thursday, January 11, 2018

The strangest case of breach of privacy and manipulation by the company ETORO documents and details

During years of trading, I had a lot of problems with many forex brokers, in fact the usual things like spread and SL hunting and so on, which everyone complains about, but that did not worry me. I trade with big targets so I do not worry about increasing the spread or tight SL 

I traded with many companies, regardless of the weak licenses or even without any licenses, from the Virgin Islands and Seychelles to Panama and did not have any real problems


Today I only realized that the licenses do not protect anyone from the manipulation of companies, my point of view that ignores the licenses and their strength seems to have been completely sound and that the most important of the licenses is the desire of the company to maintain its reputation and transparent transactions

The company I'm talking about is a Cyprus licensed company, and even after the recent tightening of the license terms, its license has not changed but added a new British license, and the funny thing is that my account was transferred under the British license (FCA), although this greatly reduces leverage and limits deposit and bonus methods.


The story is simply that I converted a relatively trivial amount ($ 40) to $ 300 within a reasonable time
I already deposited and withdrawn from them many times amounts greater than that multiplied twice and my deposits with them are always higher than $ 2000 and did not make me neglected to trade with only the value of high margin when trading indicators
Surprisingly, two weeks ago, the broker surprised me when asked for my verification update, which means the ID and proof of residence, and I sent it again


During the last period all my trades were suspended and also withdrawal and deposit
Then they started to request the identity card (which I sent)
Then I found that the phone number on my account was deleted without doing so
Finally yesterday morning I found my balance zero..yes zero
I called technical support over and over without interest
I started to open a complaint ticket, but I could not do it, claiming that I opened a complaint ticket hours ago, als o I did not do that
  
I went back to the details of the account and its movement. I discovered that I had submitted a request for withdrawal all funds at 8 January 2018  , which did not happen

A $ 25 withdrawal fee was deducted even though I do not know which withdrawal method the company has applied for
And yet no clouds I did not ask for arrived
No funds are in the account
And the account still frozen even if I tried to do a withdrawal or deposit or circulation graduation list that I am currently frozen until the activation
Then I found they were asking for my tax number
And insist that Egypt is among the countries required of a tax number, which I do not find in any other company

At the end, they sent a PDF file containing the conditions of the existence of the tax number and the issuance of the PDF file to the control authorities. After reviewing the full file, I found that Egypt and other countries are excluded from attaching the tax number and therefore the company can not claim it according to the file sent from them
But it also did not reveal anything
Strangely, so far no one from the company has answered the frequently asked questions about the withdrawal request process that I have not done and insist on
I do not know even in the process that I did not do why they insist on deducting $ 25 transfer commission although they certainly will not transfer it via Western Union to pay 25$ fee
I also did not receive any notification via e-mail that I had applied for a withdrawal of funds on any means of withdrawal
Followers of my own site and published posts may know that I am one of the most hard-liners in trading anything. I am always cautious about the many accusations that traders make unnecessarily and unsupportively and do not react to documented complaints
As I used to do, I did not decide to publish what I had about the company until I had the clear documents for every step of that issue
Apart from the small amount of money but what happens with a very small amount like the amount I'm talking about it can happen with much larger amounts and for many reasons and within the justification of many such as justifications and procrastination by the company through its response and automated programming that does not allow communication with anyone (currently at least )
Especially since most of the employees I know from the company have left it to other companies over the past year and have refrained from explaining anything about the company, and I respect that of course although I realize they have something to say
I only found a positive side in what happened. It was a warning to me from dealing with a company that did not comply with transparency standards and allowed itself to take actions within the scope of privacy protection. It allowed itself to sign withdrawals on behalf of the customer and accept transfer commissions on behalf of the customer during the account freeze period without apparent justification
The caveat is in all cases, whether the company terminated the treatment of withdrawal or found other excuses to commit more violations, the most important is the sense of security with the broker, which is no longer available with that company, which I do not deny that I have achieved a lot of profits and withdrew from the profits without any problems Their technical support was wonderful and cooperative to the extreme
Unfortunately today we lose a well trusted broker for a long time
The broker name is ETORO

More to come at my own site









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