Saturday 6 April 2013

Has any one else been suspicious with the way etoro accepts paypal payments? Is etoro a scam?

Posted by Unknown at 13:04

Has any one else been suspicious with the way etoro accepts paypal payments? Is etoro a scam?

Question by borris the bat: Has any one else been suspicious with the way etoro accepts paypal payments? Is etoro a scam?
I recently made a deposit to this forex broker etoro (or e-toro) and my firewall gave me several warnings that a suspicious application (etoro) was trying to steal my details just as I was making a Paypal payment. If anyone gets my Paypal password, isn't this dangerous? Is etoro a scam? What do they need Paypal passwords for?

Best answer:

Answer by Wotnot
Yes I have experienced the same suspicion. Not sure if the whole company is a scam. They're not a regulated by any authority so I guess customers have to take their chances. I have been using etoro for a few months and am no longer a user for a number of reasons. Mainly their platforms instability which caused me to loose control of open positions several times and loose large amounts of money.
However regarding payment security, you are correct.. this is a very suspicious detail indeed. The important issue initially struck me as "strange" when I made my first deposit was that when the etoro application diverted me to Paypal (this was my chosen form of payment) it did it from within its own application and not in a browser like exlorer or mozilla. Companies that use https encryption always warn you to check the address url that you are on to make sure that your details (eg paypal info and password) are not being diverted and seen by a third party. Etoro is this third party and I was even more convinced as every time I made a deposit, Paypal would ask me to enter the password twice for no reason!! Futhermore my firewall (zone-alarm) and antivirus (avg pro) would throw warnings telling me of suspicious behavior and that a program was trying to access/record key-strokes on my PC!!! But being an etoro newbie in good faith, I continued t see what etoro was really about - taking one precaution - (to keep changing my Paypal password as it was clear that etoro was most likely recording it).
They never tried to make a fraudulent transaction from within my Paypal account but then again I kept changing it!! I use Paypal very frequently and found it extremely suspicious why the payment process did not open a fresh browser window like in every other secure payment process.. but instead displayed paypal inside their application without showing you the page url. This is potentially fraud but not necessarily. It depends how the application is set to transmit your personal info. I can't advise you how secure your paypal account is now but to be on the safe side, if you think that etoro is a good broker (I personally now think that it overall sucks) and if you continue to want to trade with them, then change your Paypal password continually to be better safe than sorry.
Accepting risk of money loss via trading is one thing but having your online payment priviledges hacked is another. Don't risk it! Change broker or if you insist on using etoro use another payment option!

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