Updates

Make of it what you will.

Following the seeking of legal advice, I have been advised to chose my words carefully and omit specific names from the following piece. I leave it to those who know what is going on to fill in the blanks by themselves:

As many of you know a certain platform has not allowed me to login for the last 2 days. At first I was not overly concerned as this happens VERY often with the platform in question and I thought it was just a routine technical issues. 3 hours later, when the market started to sell off, it became more of a pressing concern. All inquiries from me as to what was happening were ignored and phone calls not answered. Eventually, and only after the reaction of the community who could tell something fishy was happening, I got an email stating that my account is normal and they have detected multiple log ons from me and they can not see an issue. This is the equivalent of spitting in my face and saying its raining. i.e. A blatant lie.

They also claim to have tried to contact me to talk about it. My phone has rang only twice today. Once from a family member and once by Etisalat. I have received no help and even if I had, what good would it be 2 days into the problem after denying it?

Suffice it to say after this I contacted CySEC, who were about as helpful as a pair of glasses to a man with no nose. At this point (it was brought to my attention by someone in twitter), they finally admitted there “may be” a problem and said they were looking into it (28 hours later….).

Here is my opinion on it; this company does not give a damn and I base this on the following observations and experiences:

1.) This is a company that previously told me not to aim to make money for copiers and aim for only 3% returns.
2.) A company that randomly closes peoples positions citing ID verification. Well if you are concerned about ID, why did you let them open the positions in the first place? How many millions did take from hundreds of thousands after that?
3.) This is a company that lets people spam, scam, make multiple accounts to dupe people and cares nothing for them.
4.) A company that has multiple failures, some lasting days, and pretends not to be aware. I am sure ALL of you are familiar with at least one episode of this.
5.) I feel they were aware of the fact we were all leaving to HF, and knowing the markets would turn against us, locked us out to basically take our equity. I believe it was targeted and calculated with malice of thought. I believe that they have only come forward to address the problem 2 days later as a combination of the following:
A.) Because they have become aware that we have reported them to authorities and are seeking legal advice.
B.) They have realised that people are not idiots can see what is happening.
C.) They figured we would all have been wiped out by now.
6.) This is not a real broker but a gaming platform as many have put it in the past.

Please note, this is not a way to pass blame for bad trades. I always admit mistakes. When I lost my 300K on Saxo, did I blame Saxo? Nope. When the market tanked yesterday, did we make excuses on HF? Nope. We logged in and hedged and limited draw down to 7% of account equity. Our plan was, as said to Michele01 and Markofay hours before this all happened, that if it did happen, we would have closed our green EURUSD sell and use the capital to hedge (like we did on HF). However, being unable to log in, we could do nothing. That is the truth of the matter and we all experienced together in frustration how it happened and would not be resolved.

Now at the end of the day 95% of the people reading this, won’t believe me. I did not believe many others before who had similar experiences with them. I used to say “Hey they are regulated”. Then I realised being regulated by CySEC means nothing whatsoever. No wonder why all these semi dodgy brokers are regulated there. Anyway I don’t blame those who doubt, afterall who is going to believe the one Arab guy vs the marketing efforts of that whole company. But I want you to think carefully about what you have seen the last few days and put the pieces together. See who has been changing their story and see who has not. If you do that, you will come to the correct conclusion. And please consider the following, if they did this to me, what is to stop it happening to you in future?

I wish to make clear now, as I always do, my intentions. I will not be communicating further with this company anymore or addressing them in any further posts. If they wanted to solve things, they would have done so by now so any future correspondence will be through legal channels as I intend to take this, which I consider theft against myself, as far as the law will let me. I am convinced that the many thousands I personally have on deposit there are forfeited, because even if I am able to log in again in future, I am sure they will never let me withdraw knowing that I’m moving elsewhere, more so after publicly making this post. However, the truth is more important and I think that justice will come out. As hard as they want, they can not keep something like this hidden. In their greed, they have taken a step too far and their actions will only further prove their guilt. I am not someone who will simply run and hide, and they will hear from me soon through appropriate channels, which they cannot ignore.

Moral of the story, once we give our money to a broker we are at their mercy, they can do anything they want, and we are powerless over it. Regulation by CySEC or other clown organisations means nothing. All it means is that when you are cheated or victimized, you have an organization that you can complain to that will either ignore you, or tell you to write them a letter, which they will then ignore. There is a special word for crooks like this but I am too polite to use it.

73 Comments

    1. I hope this organisation does not think that hiding it can help pretend the account was not asociated with me. Afterall I can call one thousand witnesses who can confirm it.

  1. Thanks Mo, I can backup everything you said and if there is anything I can do to help please contact me.
    I have tried to withdraw my funds im down from 5.5k to $890. Due to $800 bonuses they have gave me in a promo months ago they are only allowing me to withdraw $290 if I close my trades (I have $3900 of open trades,) they rest will be lost, So it’s really not worth me closing my account I might as well let it run on the hope it can turn,
    I really hope you can sort these problems out and we can turn things around,
    Good luck with you dealings with them Mo.

  2. Same story here, I am 77% down and about to hit SL. My balance is lower than my initial deposit because of the bonus. So cannot withdraw anything.

    What is your advice in the current situation: just accept the loss or deposit more.

  3. What a joke of an organisation. You know what worries me is that I have almost 20k in with them at the moment! On another note, Mo, do you still believe the USD JPY pair will end up around the 123 mark by the end of this quarter? I have lost a lot of money on eToro and cannot afford to lose any more. I personally think it will but it is free falling for now and has broken supports like they were made of very thin glass. I have now started buying the yen in small units to reduce the drawdown I was experiencing. Once I get myself out of this fiasco, I would like to join you on HF, if that’s OK? I have been absent lately as we had baby number 4 🙂

    1. Congratulations on the new family addition. I think usd will recover. Everyone discouting any rate hikes this year so early is a mistake but hedging is the right thing to do, its what ive been doing on HF and what I wanted to do on a certain other platform had i been allowed to.

      1. Thank you Mo, and thanks for hiding my ID in order to maintain anonymity. You’re a scholar and a gentleman. I agree with you, the market is overreacting and we have some doomsdayers and pundits warning of an imminent crash. Let’s hope tomorrow is a better day for us.

        1. The trouble is that this week there is a silence of economic data. I.e. No releases that can give the public optimism and hence panic is unchecked. However, I think given improvements in employment and growth, calling a recession is not accurate.
          Of course for these pundits its easy to call a crash AFTER seeing equities fall so much in 5 months, however I think the outlook of the big trading houses and banks is more valid in this case. Consistent opinions should be paid more attention to than opinions of those who change sentiment every day. I think Yellen will be very defensive today and tomorrow.

        2. So many of these same guys wrote the fed off last year and repeatedly changed their minds on the matter. Do not be surprised that they have decided to write them off for the whole year despite us being only 6 weeks into it.

  4. Hi no! I’m sorry to hear that, hope this gets solved for you soon, Mo quick question what should we do with three open trades they are going down?

  5. I have also contacted them as was stopped from copying last night well above the stop-loss level which realised all the losses leaving 500 from 4k. The Ohemgee account is still active though as I managed to recopy with the little left (hardly worth withdrawing)

  6. Maybe a moronic question, but do they profit from us losing money?

    I mean, I get they might have a bone to pick with you for going over to HF and want to screw you over, but do they actually make money from us doing bad trades? I thought they only profited on the spreads. All being said though, it’s obvious something fishy is going on.

  7. I read a lot of such problems the last month since I have been on eToro. But, to be honest, I have never had any problems myself. They gave me bonus, and it was used as their regulations stated. Three weeks ago, I withdraw my money and left a small amount – the withdrawl was done within 2 days with the before stated costs.

    So I hardly can loose money, so I will let it run…

    Best to your efforts to get to your right MO!!!

    1. Did you get to keep the bonus?

      When i first joined, I got 30% on my initial deposit. Then I had to withdraw some of it a few weeks later due to an unforeseen cost. My account manager called me up to warn me they’d have to reduce the bonus accordingly, but the next day he called to say that for some reason they were going to let me keep the bonus any way. A week later I redeposited the amount i withdrew, and got another 30 % on that amount.

      Their bonus system is nice, but the way they lock you into trades leaves something to be desired.

  8. Hi
    I am totally behind you. Will go to HF instead . The concept of etoro is Crap in my opinion.
    BR
    Bjørn from Norway

  9. Well what a few days… I feel terrible for you Mo. I really do think it’s a legal issue. After seeing the photo of their ‘reps’ comment, they seem to be missing a massive point…
    We as copiers entrust our trades with our manager (ohemgee). Of course we could close trades but for for people like me who have turned to Mo for knowledge and guidance – I don’t do anything until he says so. It’s imperative that our manager has access to our trades… That is the whole point of their site model.
    I feel if Mo had access to the account, there is no doubt community would have been in a better position.

    I have added more funds and holding on like a hub cap in the fast lane but is that the correct decision??? I don’t know because my manager couldn’t access the account.
    I still have hope I can get out with something but I too am getting off that platform asap!

    1. Trying to contact me about login issues on my phone, which for some reason has not rung and asking me to contact them via a method that I need to log into in order to use and 48 hours after the issue when 95% of the damage has been done… I think we can all draw our conclusions from this.
      I am betting that had it not been due to the fact that people read this blog, a certain group would have been happy to just ignore me hoping I would go away…

      Nothing left to say to them personally at this point at least not until after I speak to someone with a better understanding of what my rights are in this situation. Can’t believe there are people who can act so innocent like they are not at fault. Cant even believe im responding to this. Never again.

  10. Just got an email from etoro saying that they had blocked new copiers of Ohemgee due to his high risk strategy and that they recommend I close my copy position. Think it’s a cheek since they already did that for me last night with no warning.

    1. I got the same email…… Mo is certainly a high risk trader, that’s because etoro has left him without a paddle to go up **** creek! I’d imagine Mo would be a lot less risk if he could actually access his trades.

  11. تحيات Ohemgee. In which country the HotForex is based? Because others traders have talked me to avoid brokers in Cyprus. Cyprus, as Panama and Singapore, is a fiscal paradise.
    About that platform, they had called me by phone and adviced me to be more cautious, because almost all my positions were in BUY, and the market was bearish.
    Had You problems to withdraw money before, besides the block?

    1. HF is also on Cyprus and regulated by CySec

      Gerald Celente once said : “brokers are to make you broke ” and it looks like it is the truth.

      I also received a mail from etoro that you are a Risk. This is hard to believe when you realized a profit of 1300 % in 2015.

  12. Hi Mo,
    Very interesting read and i’m still with you copying on etoro from the start (9th copier). I cannot really comment about the problems you are receiving but i would like to ask?
    1- What would you have done different on the trades these last few weeks; As they have been diving and surly the SL were set at positions you wanted?
    2- If you were planning on closing them at a different position to what they are set could you not have told us on this site to save us going further into red? (you did say you had problems but that was it)
    3- While i’m deep deep in the red copying you i hold nothing against you and know you are doing you best – thank you

    1. 1.) All we wanted to do was close the eurusd sell which was green at the time and sell which was green at the time and represented over 20% of account equity and sell gbpjpy. This was the comment I made on twitter at the time, which timming there can proove.
      2.) I had no time to update the site at the time. I was working, so I posted on twitter. By the time I got back, it was too late. Had already been locked out and ignored for the better part of the day and it was too late, the market had already moved.
      3.) Thanks.

  13. Has anyone approached Etoro as a copier? Money was invested on the basis a fund manager could manage an investment to the best of their ability. Whilst that that manager can then gain or loose money, the platform is the tool that is utilized to that affect.

    However If the platform removes that Managers ability to make trades then surely this is a breach in contract not only to the Manager of the fund but also that of their copiers.

    Whilst those that are “still in the game” have lost alot of money, those in SL could possibly still be in the game if the Manager was able to manage the portfolio.

    I think it would be good to calculate the % movement in the portfolio in the trades the Manager was going to place if they had been placed. Then there would be a % claimable against those movements posted publicly that were being attempted to be made.

    Again those in SL may then also be able to evidence they would still have an active portfolio, which could then be reviewed against % movement since that SL to see if there portfolio would still be active and what % position and what financial position they would be in. Allowing Etoro to either offer compensation or reopen positions at that position. If they were to agree to amicable solution.

    1. Have you noticed that they posted heir first comments only on day 2 after many left the game and after positions recovered from lows? Denying a problem and then claiming that they have tried to contact me does not count as an active attempt to resolve things in my opinion. Neither does the comment they left here…

      1. I have contacted them as a copier seeking justification for their actions, citing my realised losses as a very valid reason why I should be given an answer. That was yesterday at 3pm GMT. They still have not responded.

  14. First of all Mo, I believe you. Never the less, I also believe its lost energy to use legal power to stop the special broker with an e from using this kinds of methods to increase profits. In the end you will not have the evidence of proving your situation. And be sure they backed-up their legal customer contracts good enough to be on the safe side. U instead, will only loose time, mental energy and perhaps more money.

    It seems to me, although I am quite new to the forex-business, that broker with the e and many other new “easy-social-trading-platforms” are dangerous gambling platforms. not because of the trading itself, but the way how they treat the people. using bonuses and falls promises by part-time salesman of the broker.

    what we all have is the power of leaving the broker to more sophisticated plattforms….. lesson learned. lets move on…

  15. I’m one of you copiers, I sent them an email complaining about this message and asking them about the situation.
    i hope you handle this problem and return to to trading because the opportunity
    we are waiting for is approaching

  16. Can’t believe this has happened Mo, thanks for letting all your copiers know what is going on. Would you recommend closing all trades and accepting the loss or waiting until you can gain access to your account and hoping things may turn around?
    Thanks again for your time and advice!

      1. That’s really ridiculous. They should warn us that nobody is in charge of the account anymore. They only said that you are risky.

        It’s all bleeding to death right now with nobody in control. USDJPY got stopped out. All equity will be gone soon, since USD is falling.
        I know we should act on our own, but what is then the purpose of copying others?

        1. All of this would have been avoided if we could simply have logged in 3 days ago. Tp’ed on our green eurusd and then hedged..They have time to call and email all of you but no time to contact me until AFTER its too late.

          1. I closed the copy last night before things went even lower, I also feel like I wish to message the site with regards to the shambolicness of the way they’ve handled the situation but having seen what other people have got in a response it seems like they aren’t particularly bothered! I’ve only been trading a couple of months but am not impressed, also over new year all of my copy trades got closed for no reason whatsoever. Not impressed. Think I will be looking for another broker. I hope they look to reimburse us somewhat for what has happened.

  17. Mo and community,
    I believe all copiers just received the same email as me – they are closing all copied trades of ohemgee…how can this be legal?!!! This is outrageous!!!
    What can we do as a community to combat this?

          1. Thanks for the email copy.., what can I say. Bloody hells bells this will be a straight 2k loss for me ( 50%) . This is no way right.

          2. I’ve just paused my copy rather than letting etoro shut it down. Then over the weekend I can take control of the trades . Man what a mess this is turning into.
            Good luck everyone

    1. I got this email too and wrote back to etoro proposing the some alternatives to just having them close trades on our behalf. They are in brief:

      A) Let Mo back in to manage the trades as he sees fit but in a pause copy trader mode (as in the feature), so Mo can manage the trades but can’t open new ones on our behalf)

      B) Transfer the trades to ourselves so we have full control and it basically becomes just like any of our own trades. We can then manage them as we see fit (extend stop losses, close at will etc).

      C) Refund me any loss that happens because of an etoro closure.

      I prey for a sensible resolution

  18. Just got this message:

    Daniel Cohen (eToro)

    Feb 10, 16:27

    Dear Jean-Michel HOLLOWAY,

    Thank you for contacting eToro customer service.

    Please note that at no point have we limited OHEMGEE’s access to his account. We have been trying to reach him for the past few days.

    Should you require further assistance or information, please reply to this message or chat live with us during our business hours.

    Best regards,
    eToro Customer Service Team.

    1. So all of you have been able to reach me in a few minutes whenever you need and it takes a dedicated support team days right? An message here and on twitter and an email saying to log in to submit a ticket to discuss login issues is hardly helpful. At this point I wont speak to them anyway, whats the point when so much damage has been done. What good is restoring access to the account now? But its cool they can deny it all they want. Everyone who saw what happened knows exactly how it occurred.

  19. Mo,

    Could you provide us with a detailed time frame of what has happened. So, at what time did you attempt to open your account and what message did you get. Then we can calculate how much damage our account has endured.
    It would be helpful if you provided some screenshots.

    1. The timeline can be seen from my twitter feed when i started conversing with markofay and michele01. At the time the eurusd was 1.1086 if i recall correctly. With regards to screenshots, i have error ones taken from the phone and the one from my laptop (hours later since I was not at home when this happened). I am planning to release detailed information including phone records but am waiting for legal advice before I say anymore about this. I am planning to pursue this to the full extent that I can despite discouragement recieved in todays meeting.

      1. Thanks for letting us know. As always, thanks for your transparency.
        Good that you have screenshots. That will prove to be useful.

  20. Just got the same email that my copy trades will be shutdown in 48hrs.Will be closing my account after this.Shocking behaviour from the broker ?

  21. This is so frustrating, when you got locked out I had to remove 50% of the invested and I lost the other 50% as I hit my SL, this is so wrong, if you could have accessed your account things could have been better for all of us, I just don’t even fell safe with eToro anymore. I hope that with a little fight they copensate us all, but I don’t think they will at least not for me as my transaction closed before they sent the e-mail.

  22. Well, I did get kicked out copying Ohemgee… Lost over 11K, thank you eToro, I still have 3K left, will leave it on eToro copying others, but trust is gone. I already am in the game on HotForex, hopefully in 1 year recoup my losses over there and make a gain for the first time… I do trust Mo, and i don’t see a reason to lie about the fact he could”nt log in… He has over 10K himself on eToro (well not anymore since trades got SL’ed).

    Biggest mistake ever was NOT to copy OHEMGEE but to use eToro as a broker.

    Kr,

    KP

  23. Mo,
    GBPJPY has just closed about 5 mins ago , it says it hit the SL . Can you confirm this is correct and not etoro closing it. We are now just left with the eurusd trade.

    kind regards John

    1. Yes, indeed. SL was 162, GBPJPY is now trading below 161.
      USDJPY’s SL was 113, now trading at around 111.35.
      So the only remaining trade is EURUSD with an SL of 114.
      Bottom line: all equity will be gone soon.

      Could we get an update of what is going on on HF?

      1. As written on twitter, we spent the lst 4 days hedging the yen so instead of a 12k loss we had only a 2.7k loss when we closed our troublesome usdjpy longs. Not great, but was what we could manage when the market turned against us.

        1. Sorry, don’t have a twitter account and your profile is private now…

          Great job on the usdjpy longs, was worrying about that!

          What’s the plan of the four remaining open positions? Hedge and close as well or keep them open anticipating a return of risk in the market?

  24. Hey Mo!

    So On the site you know very well everything crashed. So everything is gone. Is there anything us copiers can do to help regarding legal matters?

    Regards Nissen

  25. Hi Mo,
    I wrote you on twitter that I hit my CSL on this platform but it’s not true, they closed my copy without asking me nothing, I’ve received only this mail:

    “Following high risk behavior by OHEMGEE, and in order to protect your interest, we are obligated to close all open Copied Trades of OHEMGEE in your account.This is a final notification – we will close these positions in 48 hours to allow you time to manage your positions.”

    This is ridicolous they didn’t say anything about the technical issues or the fact that you were unable to log in.
    I’ll continue to follow you here and on twitter and surely i will change platform, the only good things about all of this is that I’ve met you and luckily I invested only few money for this trial.
    Best regards

  26. I’m in the same boat as everyone else on here.

    Note to everyone. eToro recently set up shop in the UK. Anyone in the UK would have been moved to the FCA regulatory authority. FCA do not stand by when things like this happen.

    If you are in the UK and have been affected by this, I suggest you raise a case with FCA right away. There’s a higher chance to get compensation in this case.

    1. I’m from the UK but in all honesty I have no evidence anything has gone wrong. Lots of people saying stuff but not showing the goods. I did receive a call from etoro and a message to say they are looking into Ohemgee’s account , but that was all. Since then all the damage has been done as SL’s have been hit (except Eurusd ). This is how I see it:
      1- lost 50% of my money with Ohemgee due to poor trading ( sorry to say it but SL was too far away and not alternative guidance given on this site ( I’m not on Twitter , even if I was it could have been copied here .
      2- I knew the risks to copying and thank Ohemgee for all his effort as he seems a genuine nice guy.
      3- trading is very high risk and addictive, and I will stick with etoro as I’m no professional and small gains is ok now for me ( I have a family to look after )
      4- very nice experience these last 6 months chatting to you all, see ideas etc but this is the end of the road as the account starts to collapse so good luck all and wishing you all well.
      Kind regards John

  27. Closed my account with them, bunch of scams, warning everyone I know to avoid them at all cost, gladly my friend was about to deposit all he has $100k and didn’t after I spoke with him!!!

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