After seeing several times all funds of people being ripped off by a copyprovider it's time to warn you folks!. READ CAREFULLY IF YOU DO NO LIKE BEING SCAMMED
The way they do it is simple. Just charge a volumefee and sometimes a profitfee.
Make sure the fees are low to attract as many people as you can.
Then they attract as much followers as possible by using a martingale or copying trades of a good strategy.
When there is enough 'dumb' money following and they are in need of cash they open as much trades
on every tick and close them directly after they're opened.
For every trade opened the VolumeFee is deducted from the victims account and added to their account.
Even setting a stoploss will not completely work because of lagging and filling.
Checkout this post on the ctrader Telegram group to see such a strategy in action!
So be warned and visit https://t.me/cTraderCopyUnofficial the copygroup Telegram channel.
Read the pinned message and enjoy the good providers.
In private i'm a copier myself and only follow strategies that qualify the groups criteria. So sometimes
I sweat a little seing what my providers do, but in the end it is still a profitable way of earning money for me.
Copytrading is like getting a taxi. Only ride with taxi-drivers that:
- know how to drive;
- know the city;
- have not to many accidents ;
- and only charge a fee for the distance travelled.
Fortunately Spotware is aware of the problem and reviewing it, so maybe they implement something to overcome this problem.
Like f.i. there are the options(last 3 can be combined!) like:
- No more volume fees
- No changes allowed in CTID name;
- Freeze the fees for a week and on dispute see if it's not a scam before releasing the fees.
- Block all future registrations on cTraderCopy for scammers.
OK, good to know afterwards this shit happened. I think part of the money are still to be saved, but this should be action of Spotware now. Freeze fees and comissions, let it return to scammed traders. It would be only a small sample of vanished deposits, but still better then nothnig. Just commission fees were almost 40% of all vapored money.
Everyone knows the risks in forex - we lose and we gain. It is part of trading. But this one is outright scam. This guy took split second open-close trades - hundreds of them - to drain our account. We reposed our trust in ICMARKETS and CTRADER and had faith that they have checks and balances in place. However, CTRADER itself provided the fodder for the scammers to exploit the loophole. As a new trader I was totally unaware (even in my dreams) that someone could do such an act in reputed platform like CTRADER and ctrader did nothing about it. they did not get a sniff of it? How is that possible?
Even if 2 or 3 big Youtubers get to know about this incident, it will be a big story
I lost my entire account and so did, I believe, 1000 other traders who were copying this strategy. CTRADER has received the commission from these fake trades which they should return to the affected traders. Atleast that would save CTRADER's/SPOTWARE's face.
It is after that they could enact new rules so that this does not repeat.
But first do something for the affected traders. It has happened on YOUR platform Even a percentage of our loss, if it is recovered, will provide solace and we can move on.
OH My !! Guys just see this. I just read this on the Crader forum. There was already a discussion of the potential problem (similar to what we experienced) with Ctrader. This discussion from JANUARY 30 2021. This is not a new problem. And ctrader/spotware did nothing about it. This is looking very messy.
Robbery assisted by IC MARKETS and SPOTWARE? Who gets/controls commissions/fees and controls money flows? Scammer gets few bucks, who earns most is the broker, isn't it?
Some offiical statement from SPOTWARE? Some ideas how to get scammed customers partially satisfied?
I'm OK when I loosing my money while trading. But I'm not OK loosing money in disgusting scam.
Best solution for both provider and copier is for Spotware to charge a flat performance fee same across all providers, paid quarterly (every 3 months), and requirement of no martingale or spam grid. That will actually make providers care about copier's account growth.
citytrade
17 Apr 2022, 09:36 ( Updated at: 21 Dec 2023, 09:22 )
RE: RE: RE: RE: RE:
milanlehovic said:
Best solution for both provider and copier is for Spotware to charge a flat performance fee same across all providers, paid quarterly (every 3 months), and requirement of no martingale or spam grid. That will actually make providers care about copier's account growth.
@citytrade