Fake eToro Again! A Trader Suffers Losses at Etoro Investment and Even Never Gets an Account

Social media such as Instagram is popular for scammers to defraud people, where fraudsters advertise bogus investment opportunities, or even directly contact people as supposed friends to encourage them to invest. People deposit or transfer money under false promises of huge returns, but end up empty-handed. 

A trader who recently submitted a complaint with BrokersView had narrowly avoided one such scam, but he didn't escape another similar one.

Initially, the trader was attracted by an advertisement on Instagram regarding forex trading. When he decided to learn more about it, he began to chat with the admin (scammer) via WhatsApp. The scammer sent him a chat group link, but luckily the client did not join it.

According to the screenshot shared by the trader, this is an ad posted on Instagram in October 2022, which is no longer available now. So if you see a similar ad, do not click on it. 

Also, according to the conversation shared by the trader between him and the scammer, this is a fraudulent investment platform allegedly called World Remit, and its WhatsApp group is called Fundamental Passive, if you receive suspicious messages from these names, especially about investing and trading, don't have any contact with them.

Another fraudulent broker, called Etoro Investment, was responsible for the RM5,000 financial loss suffered by the trader. The trader said he neither received any return from his investment nor did he get the username and password for his eToro account from the scammers. Judging by the name of the company, it is likely to be an impostor of eToro, the world's leading multi-regulated broker.

The trader seemed to have not recovered from the trauma of being scammed and remained cautious, so he didn’t share further details with us regarding the case.

BrokersView Reminds You

As we have mentioned in several of our scam alerts, it is important to be wary of false advertisements when using social media, and what’s even more so is not to leave personal contact details.

If someone from an unknown source sends you a message on WhatsApp and Telegram about investments, be cautious and do not click on the link to join the chat group they send you.

There are countless scams that impersonate well-known investors and reputable brokers, so be sure to check the company's credentials and information carefully before investing your precious money, and never be fooled by promises of huge returns.