Dumbing down the trading process (funny)

[bullsonparade]

"Due to anti-money-laundering policies traders will be required to send signed withdrawal request every time they wish to withdraw funds from their trading account. Traders that have submitted withdrawal request for the first time will also be required to forward the following documents for a successful and prompt completion of withdrawal application.

Copy of Passport/ Photo ID
Copy of both sides of the Credit Cards that have been used to fund the trading account
Copy of recent utility bill "


Also they say they might refund with the same method as funding.

When funding I wonder if this will be considered a cash advance or transfer thus big time fees associated by the CC company.
This deal would be fine if they didn't require copies of identification otherwise it just seems like a good way to have your indentity stolen. Easy to put money in, hard to get it out. jmo

 

[rcj]

IMO ... very shakey situation.

0. Trades thru RetailFX LTD ... Bwaaahahaha
1. No us accounts.
2. No NFA reg.
3. Based in Cypress. hahahaha
4. etoro domain owners info well hidden.

Yeah ... cant wait to fund my "account"

BullShit!!!

 

[traderight]

I am already in 12th place in their Fun Trading championship so I emailed their support with the issues discussed above, and they replied- Check this out:


From: Traderight
Sent: Friday, September 07, 2007 09:12 AM
To: support@etoro.com
Subject: Cash out questions

Hi etoro

I am user Traderight and I am currently 12th place in your fun trading championship. I would like to ask few things about your company and terms of the championship:

1. If I stay in a rank that wins money in your fun trading championship, do I need to give you credit card details and photo ID to receive the winnings?
2. How long will it take to get the money from you. and what is RetailFX?

I appreciate your responses.
Traderight
__________________________________________________

Here is what they wrote back:


From: support@etoro.com
Sent: Friday, September 07, 2007 10:34 AM
To: Traderight
Subject: RE: Cash out questions

Dear User Traderight

Thank you for contacting eToro.

Congratulations on your ranking. We hope you will continue your success with trading on our platform.

Here are the answers to your questions:
1. To receive the winnings from our championships you have to register for a real account. It is not required to enter credit card details or to send photo ID to open a new account.
2. The money will be credited to your account in up to 24 hours from the time you inform us about opening the account. However, in most cases it doesn’t take more then a couple of hours.
3. eToro is partnering with several forex companies to offer their clients to trade through the eToro Platform. eToro partnered with RetailFX which is a certified forex company in Cyprus that manages all the forex transaction and payment processing for clients who open a RetailFX account through eToro.

We hope that all your questions were answered.
Please don’t hesitate to contact us with any further clarifications.

REFERENCE NUMBER: LTK9204199924X Please use this ticket number in any correspondence with us.

Best Regards,

eToro Support Team
Debby

I liked the fact that their support replied fast. I hope I get to win this championship and take some money home!
Has anyone here ever won any of their championships and got any money from them?

 

[Aberforth]

Quote from rcj:

IMO ... very shakey situation.

0. Trades thru RetailFX LTD ... Bwaaahahaha
1. No us accounts.
2. No NFA reg.
3. Based in Cypress. hahahaha
4. etoro domain owners info well hidden.

Yeah ... cant wait to fund my "account"

BullShit!!!

It's so obvious that you're american, being as arrogant as they usually are:

0. so what?
1. that's the typical american panic- just a reminder- American flights and all flights to and from the US had a special rule in which you were not allowed to take fluids ( perfumes, toothpaste, EVEN WATER! ) on board, that is the known american over-reaction.
2. the same as #1, and they state that they're working on it- so if anyone is to blame it's the nfa.
3. Stop being a dumbass and start studying geography, Cyprus almost a complete member of the EU and about to join the EURO- so even though it's not in the almighty U S of A, doing business in Cyprus is almost similar to doing them in Germany, England or France.
4. As far as I found there is nothing hidden on their site, everything is well out in the open and it's completely your choice if you want to trade with them or not.

So, There are a few more places in the world besides "who cares, PA". keep that in mind the next time you write your replies.

Aberforth

 

[KINGOFSHORTS]

LOL!!!!!!!

A new loophole.

Think about it open up prop-firms all over the us, put in machines for all kinds of trading that operate like the slots or game type interfaces etc...

Have counters where consumers can buy chips,tokens etc.. and play the market. And of course the house never loses since its one big ass rake (commisions per trade)

Everyone wins, consumers play the market, you rake in the commissions and you are not running a casino in legal terms

You might be laughing at them but I think they are opening up a new market and will gain customers who like to gamble (and nothing uncle sam can do about it)

 

[basis]

Quote from traderight:

I must admit that when I stumbled upon www.etoro.com I was rather stunned by it<snip>

Shill much?

 

[euclid]

Quote from Aberforth:


4. As far as I found there is nothing hidden on their site, everything is well out in the open and it's completely your choice if you want to trade with them or not.

The Etoro site has got more information on it now, but doesn't yet say where Etoro Inc. is incorporated or have any direct contact details. However the directors are now listed which is a good start.

The RetailFX site just gives the PO Box in Cyprus they are operating through.

It looks like neither company has any physical presence. No real office addresses or phone numbers are given and all external contacts for both are handled by LivePerson. Both websites are obviously designed by the same person. I'm guessing that both companies are owned by the same people. If you do a bit of digging you can find out where they are really based.

I think it's probably all quite legitimate, but if I was going to do business with them I would want to know:
1. Who owns RetailFX Ltd?
2. Who do I ring to close my positions when my internet goes down?

regards

 

[rcj]

Here is some more info:

0. After etoro.com updates, i cant find any mention of RetailFX. It has been removed.

1. Apparent "owner" of etoro.com is one Yoni Assia.
http://www.linkedin.com/pub/0/485/980

2. Realated site associated with Yoni ... http://www.tradonomi.com/

3. RetailFX.com claims they handle transactions for etoro.

4. RetailFX.com claims they hold securities lic on Cyprus.

There appears to be no such registration that i can find there.
http://www.cysec.gov.cy/licence_members_en.aspx. It could be the lic hasnt been posted there yet. ??? I cked all categories of registrants.

5. RetailFX.com says all transactions are handled thru Granola Trading ....hahahahah ... I cant find any lic info on them either.

6. i contacted RetailFX and asked for the lic credentials. NO REPLY.
I have Greek friend on Cyprus trying to get more info. We'll see.

BTW... looks like the etoro software was purchased from another firm. Neat stuff ...kinda "cute".

Lets see the credential info etoro/retailfx....put it up front.

rcj

 

[euclid]

I have reported etoro.com to verisign for abuse of the versign seal on their website.

I'm sure it's an honest mistake, but it's good to get these details sorted out.

regards

 

[Jama_cloy]

Quote from euclid:

I have reported etoro.com to verisign for abuse of the versign seal on their website.

I'm sure it's an honest mistake, but it's good to get these details sorted out.

regards

Sherlock..., I hope you're better at doing Forex trades than website research:
https://seal.verisign.com/splash?form_file=fdf/splash.fdf&dn=CASHIER.4ECKS.COM&lang=en

Obviously you have something against them, But so far everything they've stated on their site was correct while you my friend- were wrong.

like my father always told me: "If you haven't anything smart to say, you better keep your mouth shut"...