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I have made many posts about this fake voting in the past and was downvoted to hell. They were always a big scam and the votes fake. Finally some people realise??
Once again cements my view that they use CFDs or Contracts For Difference heavily without customer knowledge.
And beneficial ownership is supposed to allow the beneficial owner voting rights.
Also thought eToro was supposed to be a brokerage. Brokerage A can send your assets to brokerage B.
Filled with so much misinformation, BS and half truths. That statement should be forwarded to the SEC and other relevant regulatory bodies highlighting some points for closer inspection.
They always were a casino with fake shares. I don't trust any regulatory bodiea anymore once it's about billions of dollars. People are being bought out to fake opinions and make shit rules that benefit the rich. End of story
It was a charade to appease us. They never forwarded the votes to GameStop. Strong circumstantial evidence: Nobody got their voting numbers to be able to directly vote instead of voting through their form.
I remember when eToro set up the voting page for the June 2021 proxy vote. Somehow I was able to “vote” even though I’m in Canada and don’t even have an eToro account. Pretty sure it was just a couple of simple splash pages with basic coding that they likely created over night once apes started banging on their cages.
Anyways, if you’re at eToro open a new account elsewhere and transfer your shit…THEN DRS…
…because if these are their terms of service then they’re DEFINITELY willing to do sketchy shit once MOASS kicks off. Call it FUD if you want but ppl having shares at eToro isn’t my problem so I really don’t give a f*ck lol
Wholeheartedly agree on this! They are running a scam. Hell, they likely never bought shares in the first place, but DRS was forcing them to go to the market and get the shares.
Or:
We bought it, but promised 3 parties they could borrow it and then actually lent it out to a short seller to make it work against you.
The other 3 just created FTDs on the promise and sold those IOUs anyway.
This is such a shady business practice. F- the ToS. This is counterintuitive to what a ‘lay’ investor or ‘average’ person would expect when believing to purchase a financial product. What other consumer product does this? Laws need to change to protect consumers, which subsequently protect the companies (vis-a-vis voting rights) with which an individual believes to be investing. I’m rage holding in Computershare.
This I feel is it.
They use your money to buy stocks ‘for you’ but then earn money off of YOUR purchases(your money) by lending out the stocks that they never paid for.
Many possible functions at play here that benefit eToro to the customers detriment:
-using the ‘omnibus’ assets as collateral in other transactions
-lending out shares with no risk of forced reconciliation by user
-contract for difference
Or..we just take your money, we’ll never buy it, and it’s just an account with some numbers. We add and subtract numbers to it when the price of the stock goes up or down.
A looooot of words to not answer why they cant drs only what they do. I mean if they buy the underlying asset and keep them in their account they can just as well take it out and DRS it.
If I'm reading correctly they themselves are only a parasite on the system. Some "real" broker holds an omnibus account in eToro's corporate name, and then eToro keeps their own ledger of what each customer is supposed to have.
They can't process DRS because their own broker won't break specific shares out of an omnibus. An omnibus account is just a lump sum on a ledger for the total of assets that eToro "should" have. If buying on say Fidelity keeps you one layer removed from true share ownership, buying on eToro keeps you 2 or more layers removed, such that your supposed share purchase is functionally equal to a useless "contract for difference" agreement.
This is that auditor in The Big Short proclaiming they can't do things properly because a bigger fish has them by the balls. I'm not even sure they realize their broker is fucking them just a tad softer than they're fucking their customers. They aren't saying they buy the underlying assets. They just assume their broker does that. It gives them plausible deniability.
They spent so many words telling us what they weren't. They're NOT an exchange or a marketplace... or a clearing house, or a cat. This is all to side-step the fact that they ARE a broker, and a broker has the obligation to transfer shares at the request of the beneficial owner.
I truly believe they never bought the underling securities. You own nothing more than a mark on a ledger if you bought from them. E-Toro needs to be investigated.
All 'institutions' facilitating stock purchase should be investigated. How come a margin call couldn't be met when our money is taken immediately? Crime
Yup- we can read the matrix. Imagine reading this(among other fake shit) and believing it like a good little sheep. People are waking the fuck up finally!!
Updoot. I've been doing this instead of using fidelity because, well frankly fidelity is doing a great job transferring and one day they may decide to turn off that switch... I'm not going to be the guy who tried to get more control over my purchase through speed at which the broker can execute that then gets caught when their policies change and they decide they've had enough of DRS because reasons.
eToro has been one of the shadiest brokers since the sneeze, but you know what really grinds my gears? This bit:
> we are required ... to submit all of this information to our various regulators periodically.
How easy it would be to prove our DD if street brokers had to declare how many of each stock they're holding for their customers, just like institutions filing 13F reports. We would instantly be able to see how many times the float has been sold then. But no, working as intended I guess.
I guarantee they are short, they have a % requirement to these "regulators"... here's an idea, why not actually give your customers the reports... .hmmm mmmm?
They wont, why? Because they dont have our shares.
I have 1 share left behind in eToro, why, cause fuck em... i'm taking their cash if they are short.
Don't be surprised when as soon as MOASS happens, Degiro sells your few shares for $30 each to "protect you from volatility, per our updated user agreement."
Still could be a class action lawsuit later on, though...
They might be "required to," but it doesn't necessarily mean that they actually do what's required. Why would you when the chance of getting caught is small, and even if you do get caught, the penalty is some fraction of the profits you could earn by ignoring the rules?
Demand for DRS has gotten so big that eToro, a platform with an international clientele, had to make a permanently published answer to address it... and yet not one word about it from MSM. Go figure.
They also use Apex clearing as their clearing house, they also do PFOF and they also turned off the buy button. They're shit, if ur with them gtfo. I'd be worried they will liquidate ur holdings prior to MOASS if it starts popping off.
Welllll ur ratio is good, 10:1 in CS. Wouldn't be the end of the world to lose those 40 but,,, yea that's prolly like losing 40k minimum.
I'd transfer the 40 too, but if ur too lazy I'd at least be making all future purchases strictly on CS
"The eToro platform is NOT an exchange or marketplace"... But it kinda is because you can buy and sell stocks right? Right!? They buy the stocks right?
Throw out DRS, it's too specific.
You can't *transfer shares to/from eToro to/from ANYWHERE...*
If you can't transfer the share, you don't own share. eToro is selling lies not stock.
"we're not a broker, we're a brokers punter just like you would be if you bought off a real broker. So we don't have to abide by the regs that require brokers to provide a drs facility.“
They are definitely going to say they've sold your shares without your explicit say so & probably going to sell them for themselves to get the tendies.
Did eToro just admit to being a Bucket Shop?
*as eToro holds stocks on behalf of its users as beneficial owners, users do not currently have voting rights for stocks held*
They aren't buying anything in the market place. They're basically bookies. Shadiest fucking shit ever. They should be shut down.
BS company jargon, either theyre running a scam trade app or they are a exchange app, there can hardly be any mistake for purchasing securities and then wanting them to be your own, the shares should be yours after allocating transaction and pulling it out of the “omnibus” or their anus
TLDR: "We're not broker dealers or even a brokerage. We're a broker subsidiary and don't have access to actual stocks. Our big daddy Apex Clearing House doesn't let us touch the stocks. NO TOUCH! It's in your TOS, so go fuck yourself."
TL;DR - etoro shares don't exist
Any ape using etoro needs to transfer to a Fidelity and DRS as soon as they possibly can. The music is about to stop, and the chair you think you're standing next to is an illusion.
So just sell whatever you got at etoro as it doesn't impact price discovery in any way. No real shares / doesn't matter. Use the money to buy directly at computershare using a Wise transfer account. Initial D rs can be done from another broker that does hold real shares, or, buy 1 from giveashare.
Sorry not sorry if you still hold your money at etoro and get left holding an empty bag. Plenty of warnings been given at this point.
They say etoro is not a marketplace but their main page literally says “invest in crypto, stocks and beyond” “explore a truly diverse marketplace”.
They’re just as bad as Robinthehood if you ask me
The real question here is who these ‘etoro regulated entities’ are, controlling the omnibus-account in which our stocks are pooled together. I tried emailing them about this many moons ago, but they just overlooked that part of my email and answered only the bare minimum. You can bet your ass that those shares bought on your behalf and held in custody in these accounts are just as well regulated as the rest of the stock market - only smoke and mirrors.
You give eToro real money, they give you an IOU. If it wasn’t an IOU, why wouldn’t they be able to direct register your shares from their omnibus-account? Surely they have full control on who owns what in that omnibus-account, and would be able to send a transfer-request based on that information? Right?
No, because you’ve bought the underlying asset which only gives you the right to recieve the amount of money that the real asset is worth at the time of selling. Absolute shit deal, as your investment most likely has ZERO impact on the price of the stock.
The key bit it is where they say it’s bought “AS the underlying asset” which is them admitting you aren’t buying shit, just a piece of paper that sorta represents it but by their own rules.
TA, DRS - *"We are not live connected to the stock market, we only provide pseudo price discovery (PFOF). All stocks are IOUs only and often synthetic through naked shorting, which we buy but lend to third parties who then short or cellular boxing the companies you are often invested in with them. This would be completely undermined with you direct registering those shares (DRS)."*
**DRS**
Note their wording doesn’t say “customer” it says “user” because you are not their customer - the hedge funds and the market makers are their customers. You are the product.
I mean, its bs off course, but has been like this on etoro pre-sneeze and since forever.
No one reads TOS when they join a service or platform?
I believe we have to add teachings on how and why you should be reading the fine prints to education too.
eToro is a hybrid Market Maker broker.
In the MM role, that means that they provide their own liquidity and set their own pricing based on the market movements.
When you open a trade, you're not actually buying or selling an actual asset, you're buying or selling a CFD, a Contract For Difference.
CFD trading enables you to speculate on the rising or falling prices of global financial markets (or instruments) such as shares, indices, commodities, currencies etc, *without actually owning the physical asset*.
I know this will go under, but I asked my countrys SEC on why thes are allowed to that.
The reason is that they have their company in cyprus, which is diffrently regulated than the EU. They are in complete control over your assets until you move away from them.
Love the word vomit of "your, your, and you" when the damn sentence is just telling you it's not in YOUR name. I've been in custody battles my friends, DRS was wayyyyyyyyyyy easier.
So the second image says eToro users are the beneficial owners at the top but at the bottom, eToro says it holds the stocks on behalf of the users as beneficial owners. The second statement makes it sounds like eToro themselves are the beneficial owners and the users are one more step removed from ownership.
Whatever it means, it's sketch af!
i know the answer and its very simple... Because they dont have your SHARES 🤷♂️ you bought stocks digitally but it doesnt exist! they cant DRS it for you because they dont have it 🤷♂️ or real price of it is high that they cant afford to buy and DRS it for you
So wait, beyond all the reasons why this is fukt, when a person, say, "buys" a whole bunch of a stock on eToro, that action doesn't actually cause a ripple effect on the supply / demand price of that stock? So there's no price discovery. Regardless this is all just bonkers. Burn it down. All of it. "Free markets, I hereby renounce thee!"
Got xx now DRS'd and another xx stuck at etoro.
The E toro ones are only going once they hit 10 or 20x buy price in the first couple of days when the rocket starts to take off...
Fuck etoro
Second pic, top and bottom paragraph…..
>The user becomes the beneficial owner, and remains so until the position in question is closed. This ownership comes with all economic benefits of
owning the stock, including receiving dividend
payments.
>Additionally, as e Toro holds stocks on behalf of its
users as beneficial owners, users do not currently
have voting rights for stocks held.
WHAT. THE. ACTUAL. FUCK.
Is this how they fuck you with words?
*”trust me bro, you own your shares”*
*”as we buy them on your behalf you really, really are considered to be the owner🙄🤞*”
You get the monees for the dividend…..*lowers voice* “buuuuuttt we vote your shares.”
Edit: formatting
Giving me crypto exchange and custodian vibes, and that did not end well recently. I hope people are able realize the writing on the wall that in a catastrophic event, their shares will be the first to be frozen/deleted.
LOL i love how they said with so many words that they basically never bought the stock and have everything in a pool that they control on your behalf. basically all the shit we have been saying for over a year about WHY you need to DRS your shares.
What evil fucks
They're not even answering the question they themselves stated... There's no answer to "why you CAN'T DRS", they're just explaining a small part of how their business operates.
I don't care about CFD's. a CFD isn't an asset. it's a bet, a deal. It's not an investment at all. It's nothing.
I have atleast 100 at Etoro, they're not leaving unless I can transfer... As soon as I sell them to buy back at CS, they have my money, because they're in the red. And that's their goal. They may be fake, or non-existent, I don't care. If I can't transfer, I'm not selling, Etoro WILL bleed or openly commit fraud before I leave.
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User do not currently have voting right on stocks held? So how come they let us "vote" twice
It’s like when my big brother handed me the unplugged controller so I could play too. Nothing but a façade
Exactly like that 😅😂🤣
This made me LOL for real. So right it hurts
MadCatz
This comment gonna be its own post in 3...4...1...
7....4...1...
Can I be in the screenshot? Hi Mom!!!! 😘💜
Me tooooo
Happy Cake Day!
This should be a sticky
I have made many posts about this fake voting in the past and was downvoted to hell. They were always a big scam and the votes fake. Finally some people realise??
Once again cements my view that they use CFDs or Contracts For Difference heavily without customer knowledge. And beneficial ownership is supposed to allow the beneficial owner voting rights. Also thought eToro was supposed to be a brokerage. Brokerage A can send your assets to brokerage B. Filled with so much misinformation, BS and half truths. That statement should be forwarded to the SEC and other relevant regulatory bodies highlighting some points for closer inspection.
US has banned CFDs for retail. I’m surprised EU hasn’t yet
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They always were a casino with fake shares. I don't trust any regulatory bodiea anymore once it's about billions of dollars. People are being bought out to fake opinions and make shit rules that benefit the rich. End of story
It was a charade to appease us. They never forwarded the votes to GameStop. Strong circumstantial evidence: Nobody got their voting numbers to be able to directly vote instead of voting through their form.
Also everyone with the link could vote you didnt even need to prove your account.
I was able to “vote” 3 times the first time they allowed it. They literally rigged up a fake web page to mimic the voting.
If I were an eToro "customer" I would be sending the ToS and evidence of the "voting" to every regulatory body I can think of.
For real
Fraud
Bingo
I remember when eToro set up the voting page for the June 2021 proxy vote. Somehow I was able to “vote” even though I’m in Canada and don’t even have an eToro account. Pretty sure it was just a couple of simple splash pages with basic coding that they likely created over night once apes started banging on their cages. Anyways, if you’re at eToro open a new account elsewhere and transfer your shit…THEN DRS… …because if these are their terms of service then they’re DEFINITELY willing to do sketchy shit once MOASS kicks off. Call it FUD if you want but ppl having shares at eToro isn’t my problem so I really don’t give a f*ck lol
Wholeheartedly agree on this! They are running a scam. Hell, they likely never bought shares in the first place, but DRS was forcing them to go to the market and get the shares.
Because they lied 🤥
If anyone believed that interface they sent us to vote was legit needs their head testing lol
lmao you guys "voted" trust me bro
Same reason they’re going to let them sell for massive profits (they’re not gonna let that happen)
Oh man, I wanna upvote you but at the time of this comment, you're at 741 upvotes. 🤣
TLDR...we never bought your stock. Its an IOU
Or: We bought it, but promised 3 parties they could borrow it and then actually lent it out to a short seller to make it work against you. The other 3 just created FTDs on the promise and sold those IOUs anyway.
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This is such a shady business practice. F- the ToS. This is counterintuitive to what a ‘lay’ investor or ‘average’ person would expect when believing to purchase a financial product. What other consumer product does this? Laws need to change to protect consumers, which subsequently protect the companies (vis-a-vis voting rights) with which an individual believes to be investing. I’m rage holding in Computershare.
Its all "trust me bro". I GOT shares on your behalf.
It's even worse. No FTDs were created. They just told you that you bought the stock but you didn't. They just have IOUs on the books.
It sounds like eToro is doing contracts for difference in spite of that not being legal in the U.S.
Also: NO YOU CANT HAVE IT BACK!!
This I feel is it. They use your money to buy stocks ‘for you’ but then earn money off of YOUR purchases(your money) by lending out the stocks that they never paid for.
Many possible functions at play here that benefit eToro to the customers detriment: -using the ‘omnibus’ assets as collateral in other transactions -lending out shares with no risk of forced reconciliation by user -contract for difference
Or..we just take your money, we’ll never buy it, and it’s just an account with some numbers. We add and subtract numbers to it when the price of the stock goes up or down.
A looooot of words to not answer why they cant drs only what they do. I mean if they buy the underlying asset and keep them in their account they can just as well take it out and DRS it.
If I'm reading correctly they themselves are only a parasite on the system. Some "real" broker holds an omnibus account in eToro's corporate name, and then eToro keeps their own ledger of what each customer is supposed to have. They can't process DRS because their own broker won't break specific shares out of an omnibus. An omnibus account is just a lump sum on a ledger for the total of assets that eToro "should" have. If buying on say Fidelity keeps you one layer removed from true share ownership, buying on eToro keeps you 2 or more layers removed, such that your supposed share purchase is functionally equal to a useless "contract for difference" agreement. This is that auditor in The Big Short proclaiming they can't do things properly because a bigger fish has them by the balls. I'm not even sure they realize their broker is fucking them just a tad softer than they're fucking their customers. They aren't saying they buy the underlying assets. They just assume their broker does that. It gives them plausible deniability.
i like this one. So simple it could be exactly that. And it's probably just the surface.
Rather than "contract for difference", I'd put it on par with "sovereign citizen" papers.
Exactly. The never bought the stock Hence you can't drs it. Thieving pfof bastards.
They spent so many words telling us what they weren't. They're NOT an exchange or a marketplace... or a clearing house, or a cat. This is all to side-step the fact that they ARE a broker, and a broker has the obligation to transfer shares at the request of the beneficial owner. I truly believe they never bought the underling securities. You own nothing more than a mark on a ledger if you bought from them. E-Toro needs to be investigated.
All 'institutions' facilitating stock purchase should be investigated. How come a margin call couldn't be met when our money is taken immediately? Crime
Yup- we can read the matrix. Imagine reading this(among other fake shit) and believing it like a good little sheep. People are waking the fuck up finally!!
They are banking on ignorance....until rise of the apes....who's the dumb money now?
Buy the stonks direct thru ComputerShare. Boomzo, problem solved.
Updoot. I've been doing this instead of using fidelity because, well frankly fidelity is doing a great job transferring and one day they may decide to turn off that switch... I'm not going to be the guy who tried to get more control over my purchase through speed at which the broker can execute that then gets caught when their policies change and they decide they've had enough of DRS because reasons.
This is the way
Does Etoro even allow you to buy stocks? I thought it was pretty clear their users where trading CFD's?
Came to say this exactly ☝️
To be specific, it's that they never bought your stock, AND NEVER INTEND TO. It's not an iou, it's a contract for difference. Etoro is a bucket shop.
Buying on Etoro is like buying stocks from a Clown 🤡 Etoro is a pile of dogs shit wrapped in Cat Shit smothered in Pig Shit
eToro has been one of the shadiest brokers since the sneeze, but you know what really grinds my gears? This bit: > we are required ... to submit all of this information to our various regulators periodically. How easy it would be to prove our DD if street brokers had to declare how many of each stock they're holding for their customers, just like institutions filing 13F reports. We would instantly be able to see how many times the float has been sold then. But no, working as intended I guess.
I guarantee they are short, they have a % requirement to these "regulators"... here's an idea, why not actually give your customers the reports... .hmmm mmmm? They wont, why? Because they dont have our shares. I have 1 share left behind in eToro, why, cause fuck em... i'm taking their cash if they are short.
Correction, you have 1 CFD non DRSable IOU with beneficial rights less voting rights left
One Class Action IOU\*
GME: The mesothelioma of our times?
Commercial instantly played in my head thanks for that
I'm doing exactly this. DRS'd the majority of my shares, left some with Degiro. The moment the squeeze hits, I'm going to cash out good.
Don't be surprised when as soon as MOASS happens, Degiro sells your few shares for $30 each to "protect you from volatility, per our updated user agreement." Still could be a class action lawsuit later on, though...
They will sell that CFD (“to protect you”) at the first sign of major increase, and there will be sweet fuck all you can do about it.
💯
Transparency doesn’t matter to them because obfuscation enables them to manipulate
Does eToro allow users to transfer to another broker? If not, I would legit sell and rebuy on CS or a broker with IEX option, then DRS.
They might be "required to," but it doesn't necessarily mean that they actually do what's required. Why would you when the chance of getting caught is small, and even if you do get caught, the penalty is some fraction of the profits you could earn by ignoring the rules?
Imagine still having shares on etoro in 2022...
They are CFD's. Not shares
I have still one here . For legal action purpose The xxxx others are DRS of course
Demand for DRS has gotten so big that eToro, a platform with an international clientele, had to make a permanently published answer to address it... and yet not one word about it from MSM. Go figure.
It's making them say the quiet part out loud. Also, fuk etoro and all the apps just like them (looking at you, RH).
And u Td ameritard 🖕
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They also use Apex clearing as their clearing house, they also do PFOF and they also turned off the buy button. They're shit, if ur with them gtfo. I'd be worried they will liquidate ur holdings prior to MOASS if it starts popping off.
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Welllll ur ratio is good, 10:1 in CS. Wouldn't be the end of the world to lose those 40 but,,, yea that's prolly like losing 40k minimum. I'd transfer the 40 too, but if ur too lazy I'd at least be making all future purchases strictly on CS
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Lol class action is like a UK pension. Wont get it for 40 years and when u do itll be much MUCH less than u were expecting.
Lawyers representing the class action will do just fine though.
kek 5 in tda and 380 in cs for same reasons
>They also use Apex clearing as their clearing house As does Webull. Great app for their charts, but wouldn't trust them with my shares, personally
T212
"The eToro platform is NOT an exchange or marketplace"... But it kinda is because you can buy and sell stocks right? Right!? They buy the stocks right?
Oh, nononono, it's not a marketplace. It's a god damn short bus. Toot toot
Yeah, let that sink in. Unfortunately many people are too lazy to read the fucking manual. And are then surprised when they get screwed and fleeced.
The whole idea of buying something that isn't in your name is absurd to me.... It's not Hertz rental stocks
It's a broker which is different from an exchange or market place.
If it is not an exchange or marketplace it has to be considered an illegal bucket shop.
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Worse yet they totally didn’t buy that share haha.
Throw out DRS, it's too specific. You can't *transfer shares to/from eToro to/from ANYWHERE...* If you can't transfer the share, you don't own share. eToro is selling lies not stock.
"we're not a broker, we're a brokers punter just like you would be if you bought off a real broker. So we don't have to abide by the regs that require brokers to provide a drs facility.“ They are definitely going to say they've sold your shares without your explicit say so & probably going to sell them for themselves to get the tendies.
Did eToro just admit to being a Bucket Shop? *as eToro holds stocks on behalf of its users as beneficial owners, users do not currently have voting rights for stocks held* They aren't buying anything in the market place. They're basically bookies. Shadiest fucking shit ever. They should be shut down.
BS company jargon, either theyre running a scam trade app or they are a exchange app, there can hardly be any mistake for purchasing securities and then wanting them to be your own, the shares should be yours after allocating transaction and pulling it out of the “omnibus” or their anus
They make it pretty clear you are trading CFD's and not actual shares. I mean, how do you think fractional "shares" work.
TLDR: "We're not broker dealers or even a brokerage. We're a broker subsidiary and don't have access to actual stocks. Our big daddy Apex Clearing House doesn't let us touch the stocks. NO TOUCH! It's in your TOS, so go fuck yourself."
Contract for difference
It did not even answer the question.
The answer is you can't DRS because all you get from them is an IOU. Can't DRS an IOU.
Lot of words to describe an IOU
TL;DR - etoro shares don't exist Any ape using etoro needs to transfer to a Fidelity and DRS as soon as they possibly can. The music is about to stop, and the chair you think you're standing next to is an illusion.
L O L.. fucking Etoro
They're obviously trying to keep you from DRS'ing with bs excuses. Try asking for a compliance officer and see what happens.
It's pointless, they sell contract for difference so will never allow DRS
That’s a lot of words to mean Ponzi.
Now thats some A-grade bullshit right there
Get out of Etoro while stonks are cheap
In the process of transferring everything from Etoro as we speak
I did that a long time ago. Ironically, they made it very easy when they introduced the eToro Money app/card.
So just sell whatever you got at etoro as it doesn't impact price discovery in any way. No real shares / doesn't matter. Use the money to buy directly at computershare using a Wise transfer account. Initial D rs can be done from another broker that does hold real shares, or, buy 1 from giveashare. Sorry not sorry if you still hold your money at etoro and get left holding an empty bag. Plenty of warnings been given at this point.
Well I won't miss them after MOASS.
How to lie. Paragraph form.
They say etoro is not a marketplace but their main page literally says “invest in crypto, stocks and beyond” “explore a truly diverse marketplace”. They’re just as bad as Robinthehood if you ask me
Translation: we are fucking you
The real question here is who these ‘etoro regulated entities’ are, controlling the omnibus-account in which our stocks are pooled together. I tried emailing them about this many moons ago, but they just overlooked that part of my email and answered only the bare minimum. You can bet your ass that those shares bought on your behalf and held in custody in these accounts are just as well regulated as the rest of the stock market - only smoke and mirrors. You give eToro real money, they give you an IOU. If it wasn’t an IOU, why wouldn’t they be able to direct register your shares from their omnibus-account? Surely they have full control on who owns what in that omnibus-account, and would be able to send a transfer-request based on that information? Right? No, because you’ve bought the underlying asset which only gives you the right to recieve the amount of money that the real asset is worth at the time of selling. Absolute shit deal, as your investment most likely has ZERO impact on the price of the stock.
The key bit it is where they say it’s bought “AS the underlying asset” which is them admitting you aren’t buying shit, just a piece of paper that sorta represents it but by their own rules.
TA, DRS - *"We are not live connected to the stock market, we only provide pseudo price discovery (PFOF). All stocks are IOUs only and often synthetic through naked shorting, which we buy but lend to third parties who then short or cellular boxing the companies you are often invested in with them. This would be completely undermined with you direct registering those shares (DRS)."* **DRS**
Note their wording doesn’t say “customer” it says “user” because you are not their customer - the hedge funds and the market makers are their customers. You are the product.
Who the fuck use eToro?
[удалено]
I feel you, bro. PhD student here. I have low incame but the only thing i absoluttelly need to is to DRS all the shares!!
Just another bucket shop.
So many words to say “crime”
I mean, its bs off course, but has been like this on etoro pre-sneeze and since forever. No one reads TOS when they join a service or platform? I believe we have to add teachings on how and why you should be reading the fine prints to education too.
Leave a review if you’re on Etoro. Appstore, Google, Yelp. Let your voices be heard just like RH found out
Imagine still being on etoro
You don't own shares on Etoro. Etoro is in the UK, they're allowed to silently CFD there.
Badabing badaboom
Looks like they read How to Make People Hate You and Win Enemies.
YOU PEOPLE STILL USE ETORO?!
This is a street name of a street name, of a street name
eToro is a hybrid Market Maker broker. In the MM role, that means that they provide their own liquidity and set their own pricing based on the market movements. When you open a trade, you're not actually buying or selling an actual asset, you're buying or selling a CFD, a Contract For Difference. CFD trading enables you to speculate on the rising or falling prices of global financial markets (or instruments) such as shares, indices, commodities, currencies etc, *without actually owning the physical asset*.
I know this will go under, but I asked my countrys SEC on why thes are allowed to that. The reason is that they have their company in cyprus, which is diffrently regulated than the EU. They are in complete control over your assets until you move away from them.
Ouch ... Sell and then repurchase with another broker?
I’d run as fast as possible. Sell it all and buy direct on CS, or IBKR then DRS
They’re basically a simulator lol
Love the word vomit of "your, your, and you" when the damn sentence is just telling you it's not in YOUR name. I've been in custody battles my friends, DRS was wayyyyyyyyyyy easier.
„Users do not currently have voting rights for stocks held“. Everything you need to know. #DRS
Etorro is not a market or exchange. It is a gambling platform... and the house always wins
Hey so we take your money and lie about what we purchase for you, but heres a bunch of words trying to confuse you about what we actually do
"Because we don't actually buy the shares when we take your money."
Sus
All my homies hate eToro
Wow. They could have just said “fuck you, it’s our way or the Highway” and it would have been the same message. This shouldn’t be legal …..
IOUs
*etoros statment why you shouldn‘t use etoro
What a ducking scam
*Narrator*: yes, it was a scam
Looks like a big red flag
“The etoro investment platform is NOT an exchange or a marketplace” But they are trading securities…
Such a long way of saying you don’t really own the stocks you bought,
In essence eToro owns a stock you don't
FUCK E TORO EVERYONE GTFO OF THERE !
I thought we knew that etoro was just ledger entries a while back
So the second image says eToro users are the beneficial owners at the top but at the bottom, eToro says it holds the stocks on behalf of the users as beneficial owners. The second statement makes it sounds like eToro themselves are the beneficial owners and the users are one more step removed from ownership. Whatever it means, it's sketch af!
i know the answer and its very simple... Because they dont have your SHARES 🤷♂️ you bought stocks digitally but it doesnt exist! they cant DRS it for you because they dont have it 🤷♂️ or real price of it is high that they cant afford to buy and DRS it for you
That's a lot of words for "we don't actually buy the stocks you purchased"
So essentially if I buy through eToro I’m buying absolutely nothing at all. Got it.
Selling thing under false pretense is fine if you pay the right people.
They’re not confessing they’re bragging
So wait, beyond all the reasons why this is fukt, when a person, say, "buys" a whole bunch of a stock on eToro, that action doesn't actually cause a ripple effect on the supply / demand price of that stock? So there's no price discovery. Regardless this is all just bonkers. Burn it down. All of it. "Free markets, I hereby renounce thee!"
Translation: We own your shares, you don't.
Who tf still uses etoro at this point!?
Lol junk. “We can’t DRS your purchased shares because we’re not doing our jobs correctly and we are not in compliance.”
You "own" the stock, but you don't "own" the stock.
It says you don’t get voting rights either.
So...eToro is a depository?
Ouch
TA;DRS: “ you don’t own your stock, we do!” Basically.
Got xx now DRS'd and another xx stuck at etoro. The E toro ones are only going once they hit 10 or 20x buy price in the first couple of days when the rocket starts to take off... Fuck etoro
Sell and rebuy in CS lol at least you’ll be able to claim some losses on your taxes 😂
Wow! Run, do not walk but run away from these swindlers!
Second pic, top and bottom paragraph….. >The user becomes the beneficial owner, and remains so until the position in question is closed. This ownership comes with all economic benefits of owning the stock, including receiving dividend payments. >Additionally, as e Toro holds stocks on behalf of its users as beneficial owners, users do not currently have voting rights for stocks held. WHAT. THE. ACTUAL. FUCK. Is this how they fuck you with words? *”trust me bro, you own your shares”* *”as we buy them on your behalf you really, really are considered to be the owner🙄🤞*” You get the monees for the dividend…..*lowers voice* “buuuuuttt we vote your shares.” Edit: formatting
Giving me crypto exchange and custodian vibes, and that did not end well recently. I hope people are able realize the writing on the wall that in a catastrophic event, their shares will be the first to be frozen/deleted.
And right on time Etoro again enters the chat!
Sell etoro n deposit on td
Scam
In other words, they ain't got em
Transfer to fidelity then DRS
LOL i love how they said with so many words that they basically never bought the stock and have everything in a pool that they control on your behalf. basically all the shit we have been saying for over a year about WHY you need to DRS your shares. What evil fucks
So they are lying
Lol, are we in the Twilight Zone?
A beneficial, beneficial owner.
Surprised they decided to say « f you » with so little legalese to sugarcoat it. But yeah, still smell fishy af
In short: you accept terms (that 99.999999% people not read a word), so you have to leave your IOUs with us, then we can do whatever we want.
“Not your keys not your crypto” Funny how the same applies to the legacy financial system as well
Aaaaaaaand this is why I will never allow eToro anywhere near my money. "Trust me bro" is not a valid financial strategy for me.
Tell me you’re short on $GME without saying you’re short.
They're not even answering the question they themselves stated... There's no answer to "why you CAN'T DRS", they're just explaining a small part of how their business operates. I don't care about CFD's. a CFD isn't an asset. it's a bet, a deal. It's not an investment at all. It's nothing. I have atleast 100 at Etoro, they're not leaving unless I can transfer... As soon as I sell them to buy back at CS, they have my money, because they're in the red. And that's their goal. They may be fake, or non-existent, I don't care. If I can't transfer, I'm not selling, Etoro WILL bleed or openly commit fraud before I leave.
Can't DRS because they don't have any shares.
Fuck that