eToro – Forex Trading Forum

[mozaz]

I've tried to check at NFA and CFTC to see if eToro / Retailfx are a registered member BUT unfortunately there are NO Data found. This makes my confidend level low to deposit Real Money. We need explaination and Proof before we put real money. The Verisign is not a proof that eToro / Retailfx are registered with NFA / CFTC.

[diceinc]

we need prove that this company is legal and not like others fx company that scam people before we investing with some of the hard earned cash here.. :D

[Admin-Support]

eToro is in the process of partnering with a NFA regulated leading U.S. forex firm that will enable our U.S. customers to enjoy the ability to trade real money through the eToro trading platform.

The process should be completed in the upcoming weeks, stay tuned to our forum, notifications will be posted when the service is avaliable.

Please feel free to contact us if you have any additional questions

[jazlady]

There is a lot of concern that has risen about eToro because eToro is not registered with NFA and uses RetailFX Limited which people in the USA are unable to verify because according to the disclaimer at the bottom of RetailFX Limited website: Please note, RetailFx.com does not accept any Trading from Customers in the USA. People in USA don't have a way to know if RetailFX Limited is a legit company. Please provide more details or choose a more reputable and respectable Broker for the eToro Trading Platform.

We have all heard stories about fxopen.com, forexgen.com and profinium.com that take your real money but you can't withdrawal anything.
what do you have to say about that?

[Admin-Support]

Dear Jazlady,
eToro is an Introducing Broker (IB), RetailFX is a Cyprus regulated forex broker which is the first broker to adopt eToro as a trading platform.
At the moment, trades in eToro are carried out by RetialFX.
eToro has reached an agreement with IFX which is an American NFA regulated Forex broker (FCM) that will enable American traders to trade through IFX using the eToro platform.
The service should be available to American traders within the upcoming month.
As for your questions regarding deposits and cash-outs, I can think of 2 ways to ease your worries: You can either read the post USDIVERS published in this forum, or deposit (once eToro becomes avaliable for U.S. customers) into your real trading account and cash-out. Then after receiving your money from eToro and seeing that the process is quick and easy, we hope you may have some more confidence to trade with your real trading account.
I hope this answered your questions,
good luck with your demo trades.

[laross]

Since you are opeating in the European Community you have to be licensed according to new rules and regulations as of 1 october 2007.

Where can I find this paperwork

1.General Terms
2.Margining Terms
3.Risk Warning Notice
4.Trade and Order Execution Policy
5.Conflict of Interest Policy Summary
6.Privacy policy

The dutch AFM says do not open an account with them because they are not allowed to do business.

Also the FSA is advising this. When you want to trade forex open an account with a brokeage wich is properly regulated in the EU!

[RetailFX]

Since you are opeating in the European Community you have to be licensed according to new rules and regulations as of 1 october 2007.

Where can I find this paperwork

1.General Terms
2.Margining Terms
3.Risk Warning Notice
4.Trade and Order Execution Policy
5.Conflict of Interest Policy Summary
6.Privacy policy

The dutch AFM says do not open an account with them because they are not allowed to do business.

Also the FSA is advising this. When you want to trade forex open an account with a brokeage wich is properly regulated in the EU!

Dear Traders,
RetailFX limited is registered in Cyprus and is authorized to deal in foreign exchange spot trading.
The Company operates from Limassol, Cyprus.
In July 2007 RetailFX has entered into an online business with eToro to offer international retail customers to trade Forex using eToro's forex software with RetailFX professional backend and trading facilities.

RetailFX is in compliance with all international requirements and follows the strictest standards regarding Forex trading in order to offer our customers the safest trading possible.
Naturally we are aware of the recently released MIFID publications, our legal team is currently studying the documents in order to verify what exactly are the specified requirements.

Please do not hesitate to contact us here in this forum if you have any additional questions.

Best Regards and good trading

RetailFX Ltd.

[veteran693]

Hello
i just want to find out if eToro or RetailFx is now a member of NFA and CFTC? since it has been long since this question was posed.I want to open an account and wish it is not a scam as rumor says it.

[sydlexic]

I cannot see any trace of EToro or RetailFX (and you think they'd spell their own company name right in the replies above - cf "retialFx") at the CFTC address. Here is the link.

http://www.nfa.futures.org/basicnet/

It really does not look good. Read this forum here:

http://forums.babypips.com/rate-my-broker/3900-your-funds-safe-nfa-shut-down-small-forex-fcms-24.html

Also, if you check out IFX (using the first link), with which they say they are registered, you see the address is Israeli, which tallies with the commentary in the thread above. Pity.