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Caution Investors iToroStocks Ltd – Regarding fraudulent or manipulative practices (insider dealing, market manipulation, misrepresentation of material information, etc.)
iToroStocks Ltd is a company that claims to offer online trading services in various financial instruments, such as stocks, forex, commodities, indices, and cryptocurrencies. The company claims to have offices in London, Dublin, and New York, and to be regulated by the Financial Conduct Authority (FCA) in the UK, the Central Bank of Ireland (CBI), the Financial Industry Regulatory Authority (FINRA) in the US, and the Financial Services and Markets Authority (FSMA) in Belgium. However, these claims are false and misleading, as none of these authorities have authorized or licensed iToroStocks Ltd to provide any financial services.
Regulation and Compliance:
As mentioned above, iToroStocks Ltd is not regulated by any of the financial authorities that it claims to be. In fact, several of these authorities have issued warnings against the company, alerting investors that it is operating illegally and without authorization. For example, the FCA has published a warning on its website, stating that iToroStocks Ltd is a clone firm that is using the details of a legitimate firm called eToro (UK) Ltd. The FCA advises investors to avoid dealing with iToroStocks Ltd and to report any contact from the company. Similarly, the FSMA has issued a warning on its website, stating that iToroStocks Ltd is not allowed to provide investment services or other financial services in or from Belgium. The FSMA also warns investors that iToroStocks Ltd is using false or misleading information to attract customers and that it may be involved in fraud or scams. The CBI and FINRA have also published similar warnings on their websites.
The customer reviews of iToroStocks Ltd are mostly negative and reveal a pattern of fraudulent and unethical behavior by the company. Many customers have reported that they have been scammed by iToroStocks Ltd and have lost their money. Some of the common complaints include:
– The company uses aggressive and deceptive marketing tactics to lure customers into depositing money.
– The company does not provide any proof of identity or address verification.
– The company does not allow customers to withdraw their money or profits.
– The company charges hidden fees and commissions without disclosing them upfront.
– The company manipulates the prices and spreads of the trading instruments to make customers lose money.
– The company does not respond to customer inquiries or complaints.
– The company threatens or harasses customers who try to get their money back.
Products and Services:
iToroStocks Ltd claims to offer a variety of products and services to its customers, such as:
– A web-based trading platform that is compatible with any device and browser.
– A mobile app that allows customers to trade on the go.
– A demo account that allows customers to practice trading with virtual money.
– A range of account types that cater to different levels of experience and investment goals.
– A selection of payment methods that include credit cards, debit cards, bank transfers, e-wallets, and cryptocurrencies.
– A team of professional account managers and analysts that provide guidance and support to customers.
– A range of educational resources and tools that help customers learn about trading and improve their skills.
However, these products and services are either fake or substandard, as they do not deliver what they promise. The trading platform is unreliable and prone to glitches and errors. The mobile app is poorly designed and does not work properly. The demo account is rigged and does not reflect the real market conditions. The account types are misleading and do not offer any benefits or advantages. The payment methods are limited and insecure. The account managers and analysts are unqualified and unprofessional. The educational resources and tools are outdated and irrelevant.
iToroStocks Ltd claims to have offices in London, Dublin, and New York. However, these claims are false and cannot be verified. The company does not provide any physical address or phone number on its website or other communication channels. The only way to contact the company is through an email address or a web form. This raises serious doubts about the legitimacy and credibility of the company. Moreover, the company does not have any presence or reputation in the online trading industry or community. There is no evidence or information about the company’s history, background, founders, team members, partners, or affiliates.
iToroStocks Ltd claims to have a dedicated customer service team that is available 24/7 via phone, email, live chat, or social media. However, this claim is also false and misleading. Many customers have reported that they have not been able to reach the customer service team or get any response from them. The customer service team is either unresponsive, rude, or incompetent. They do not provide any helpful or satisfactory answers or solutions to the customers’ problems or issues. They often ignore, dismiss, or blame the customers for their losses or difficulties. They also use pressure tactics, intimidation, or threats to prevent customers from withdrawing their money or filing complaints.
Is Your Money Safe in an unregulated company?
The answer is no. Investing with an unregulated company like iToroStocks Ltd is extremely risky and dangerous. You have no protection or recourse if something goes wrong or if you become a victim of fraud or scam. You have no guarantee that the company will honor its obligations or promises. You have no access to any compensation scheme or dispute resolution mechanism. You have no way of verifying the identity, location, or reputation of the company. You have no control over your money or your trading account. You have no assurance that the company is following any rules, standards, or ethics.
Defensive Measures Against Fraudulent Brokers:
If you are looking for a reliable and trustworthy online trading broker, you should avoid iToroStocks Ltd and any other unregulated company that has been warned by financial authorities. Instead, you should follow these defensive measures to protect yourself and your money:
– Do your research before choosing a broker. Check the broker’s website, reviews, ratings, social media, forums, blogs, etc. Look for any red flags, such as unrealistic claims, false information, negative feedback, etc.
– Verify the broker’s regulation and license status. Check the official websites of the relevant financial authorities and make sure that the broker is authorized and registered to provide financial services in your jurisdiction.
– Read the broker’s terms and conditions, policies, fees, commissions, etc. carefully and make sure that you understand them fully. Look for any hidden clauses, charges, restrictions, etc.
– Test the broker’s trading platform, products, services, customer service, etc. using a demo account or a small amount of money. See how they perform and how they treat you as a customer.
– Use secure and traceable payment methods when depositing or withdrawing money. Avoid using cash, wire transfers, cryptocurrencies, or other methods that are difficult to track or recover.
– Keep records of all your transactions and communications with the broker. Save screenshots, emails, chat logs, receipts, etc. in case you need to prove or dispute anything later.
– Be cautious and vigilant at all times. Do not fall for any scams, tricks, or pressure tactics that the broker may use to make you deposit more money or prevent you from withdrawing your money.
iToroStocks Ltd is a scam and a fraud that should be avoided at all costs. The company is not regulated by any financial authority and has been warned by several of them. The company does not provide any legitimate or quality products or services to its customers. The company uses false and misleading information to attract customers and then scams them out of their money. The company does not respond to customer inquiries or complaints and does not allow customers to withdraw their money. The company is not transparent or credible and does not have any physical address or reputation.
If you are looking for a safe and reliable online trading broker, you should choose one that is regulated by reputable financial authorities and has a good reputation in the industry and among customers. You should also follow the defensive measures that we have shared above to protect yourself and your money from fraudulent brokers.