Terabit Trading Software a pathetic scam

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Avoid scams. Follow these tips by eToro.

Despite our best efforts, there will be people who think that eToro is a scam site. For them, we’ve put together a complete guide to help you avoid real forex & crypto scams. Here are a few things you might want to consider before you invest:

eToro is regulated: Not all platforms are regulated. Regulations are put in place to protect investors, so you should only trade with regulated platforms. eToro operates in accordance with the FCA, CySEC and ASIC.

eToro is safe and secure: Always look for security signs on your browser before you trade. On eToro, clients’ funds are kept secured in tier 1 banks, and all of their personal information is guarded under SSL encryption.

eToro has round-the-clock support: The support team is available 24 hours a day on trading days, meaning eToro clients always have someone to turn to if they encounter a problem or require assistance.

eToro has real users: eToro encourages its users to share their real name and picture to ensure transparency. Moreover, depositing clients are subject to a strict verification process, making sure they are who they claim to be.

Technology and design: If the platform seems too complex to use, it probably isn’t right for you. eToro’s simple interface offers some of the world’s leading fintech instruments, online learning courses, an innovative mobile app, a daily newsletter, and much more. It is safe to assume that scammers don’t go to such lengths to benefit their users.

eToro is in the press often: A scam is usually reported. Check online to see if there have been any reports by credible sources regarding any particular platform. Top-tier publications, such as CNBC, TechCrunch, and The Telegraph have all covered eToro’s success in the fintech industry.

eToro makes its clients aware of the risks: Any form of trading, be it traditional stockbroker trading, or Contract for Difference (CFD) trading, involves risk. eToro encourages its clients to take safety measures and provides various tools for reducing risk while encouraging responsible trading.

Trading is not gambling: While there are always unforeseen events that can cause a sudden shift in an asset’s price, resulting in a loss, responsible traders stay informed and diversify their portfolios to reduce risk.

Why some people say it’s a scam: Regulated trading platforms cannot be scams since they act under strict supervision. Trading involves risk, and some people who lose money trading online are quick to blame the platform, calling it a “scam.” That is one of the reasons why eToro provides risk management tools and allows you to withdraw funds at any time.

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CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 62% of retail investor accounts lose money when trading CFDs with this provider. You should consider whether you understand how CFDs work, and whether you can afford to take the high risk of losing your money.

eToro (Europe) Ltd., a Financial Services Company authorised and regulated by the Cyprus Securities Exchange Commission (CySEC) under the license # 109/10.
eToro (UK) Ltd, a Financial Services Company authorised and regulated by the Financial Conduct Authority (FCA) under the license FRN 583263.
eToro AUS Capital Pty Ltd. is authorised by the Australian Securities and Investments Commission (ASIC) to provide financial services under Australian Financial Services License 491139.

Past performance is not an indication of future results.
General Risk Disclosure | Terms & Conditions

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You should seek advice from an independent and suitably licensed financial advisor and ensure that you have the risk appetite, relevant experience and knowledge before you decide to trade. Under no circumstances shall eToro have any liability to any person or entity for (a) any loss or damage in whole or part caused by, resulting from, or relating to any transactions related to CFDs or (b) any direct, indirect, special, consequential or incidental damages whatsoever. Cryptocurrencies markets are unregulated services which are not governed by any specific European regulatory framework (including MiFID). Therefore when using our Cryptocurrencies Trading Service you will not benefit from the protections available to clients receiving MiFID regulated investment services, such as access to the Cyprus Investor Compensation Fund (ICF)/the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service for dispute resolution. Trading with eToro by following and/or copying or replicating the trades of other traders involves a high level of risks, even when following and/or copying or replicating the top-performing traders. Such risks includes the risk that you may be following/copying the trading decisions of possibly inexperienced/unprofessional traders, or traders whose ultimate purpose or intention, or financial status may differ from yours. Past performance of an eToro Community Member is not a reliable indicator of his future performance. Content on eToro’s social trading platform is generated by members of its community and does not contain advice or recommendations by or on behalf of eToro – Your Social Investment Network.
Copyright © 2006-2020 eToro – Your Social Investment Network, All rights reserved.

Should You Use Automated Day Trading Software (EAs)?

Many people are lured to the markets by promises of easy money via day trading robots or expert advisors (EAs). An EA, or trading robot, is an automated trading program that runs on your computer and trades for you in your account. Selling robots and EAs online has become a huge business, but before you take you plunge there are things to consider.

There are certainly some benefits to automating a strategy, but there are also some drawbacks. The thing to keep in mind is that rarely is making a ​boatload of money easy. The promise of easy money is the oldest trading scam in the book. There is money to be made with trading robots and learning to automate strategies. Unfortunately, to this do effectively could actually take longer than simply learning how to trade manually, since a person needs to learn how to trade first, and then still learn how to automate the strategies via a programming language. And buying a program comes with loads of pitfalls, which will be discussed shortly.

Below, we look at all of this, and more, exploring the pros and cons of robotic trading and EAs.

What Is Automated or EA Software?

Automated trading software goes by a few different names, such as Expert Advisors (EAs), robotic trading, program trading, automated trading or black box trading.

Automated software is a program that runs on a computer and trades for the person running the program. Since it is a program, it will only take trades with parameters that align with what is written in the program. Creating a trading program requires extensive trading knowledge, as well as programming skills.

EAs are based on a trading strategy, so the strategy needs to be simple enough to be broken down into a series of rules that can be programmed. The more complex a strategy, the harder it will be to effectively program.

For people who buy trading software, they are completely dependent on the trading skills and programming skills of the person who wrote the program. This is a vulnerable position to be in.

Like most software, it will require an update from time to time. Market conditions change, and the trading software needs to be updated with it. If the software is not updated by someone who knows what they are doing, then it is quite likely the software will have a very short shelf life of profitability (if it was profitable, to begin with). EAs that are written by and maintained by experienced traders and programmers have the best chance at maintaining profitability over the long-term.

Beware the Sales Push

While a few EAs will work, and produce good returns, most will not. Less than 5 percent of people who attempt trading are successful at it, and that includes people who create and buy EAs. The odds of success are still very small even when using a trading robot.

The people who are successful with EAs constantly watch how their EA is performing, make adjustments as market conditions change and intervene when uncommon events occur (random events can occur that affect the programming in unexpected ways). Successful robotic traders, just like successful manual traders, put in the work required to create and maintain profitability.​

This is quite different than the EAs sold online that describes a life of easy money and no work. all for $79.95! Once you buy an EA, rarely is there support and updates after the fact. Even if the creator of the EA is successful, that doesn’t mean someone who buys the EA will be. The creator may occasionally intervene, or turn the program off (during major news events, for example). Slight changes to when the program is run can change results dramatically. Unless the creator of the program is coaching you on how to do this or providing long-term updates and monitoring as market conditions change, it’s best to avoid getting sucked into the sales pitch.

Rarely Is Automated FULLY Automated

As alluded to above, successful robotic traders put in a lot of work to creating and maintaining their programs. The real work is maintaining the program. Someone can not simply flick a switch and watch the money roll in while doing nothing. This may work for a time, but ​market conditions change and unexpected events occur, which require intervention on the part of the trader.

If a person buys an EA, it is unlikely they will have the expertise to know when to intervene and when not to. Intervening, when not required, could turn a winning strategy into a losing one, just as not intervening when required could drain the trading account in a hurry.

In the Market Wizards book series by Jack Schwager, several successful automated traders are interviewed. All these traders were highly engaged with their strategies, and not just sitting back doing nothing. It is highly unlikely that a person can buy an EA and just leave it running while they sleep and work at another job. This approach may work, but only if they stay on top of the EAs performance, have the know-how to alter the program if market conditions change and know how and when to manually intervene when required.

Some people think that robotic trading takes the emotion out of trading. Unfortunately, this is not true. While the program doesn’t feel emotion, the person running the program does. People may feel tempted to intervene when they see the program losing money, but the program may still be functioning well (losing trades happen). Or they may intervene to take profits prematurely, manually overriding a trade when the person sees a profit they like. All these emotionally-driven actions could destroy an EAs profitable edge in the market.

Automated traded is rarely auto-pilot trading. It takes a lot of knowledge to be able to maintain an EA, and trading skills/psychological skills are still required to intervene when necessary, but not too much.

Trade Scam FAQ

Valve employees will never ask you to trade your items to them; this includes users who claim to work for Steam Support.

Users claiming to be a Valve employee, accounts asking to verify your items, and users who send you a message which insist you need to trade your items to them for investigation or security reasons should immediately be reported for trade scams.

What is a trade scam?

A trade scam is when a Steam user convinces another user to make a deal (trade, gift or market transaction) under false pretenses. Scams usually involve deception in order to convince a user that they are getting a good or fair deal when in fact they are not.

For more information on scams please read below and view our Recommended Trading Practices article and the Steam Item Restoration Policy.

What are the best ways to avoid getting scammed?

  • You don’t need to rush to complete a trade. If you recieve an offer, take your time to thouroughly review the contents. Once you confirm a trade offer, there is no going back.
  • Ignore pressure to trust the other user. If you are trading with a user who insists that you trust them, they are probably attempting to scam you. Please note that +rep comments can be generated easily by malicious groups.
  • Mouse over every item to ensure that the item/gift properties are correct. Information about the item/gift will be shown in the tooltip, including the quality, name, description and any effects.
  • Do not trade items in separate or future trades. If another user requests that you do multiple trades, they could be scamming. Always insist to complete the entire trade in one single offer.
  • Ensure that you are trading with the correct user. Scammers may try to impersonate your friends and other trusted traders. It is your responsibility to know who you are trading with.

What kind of trades should I avoid?

Do not trade for anything that cannot be added into the Steam trading window. The most common examples of these types of trades include:

  • Trading items/gifts for money outside of the Steam Community market. You cannot add Wallet credit, PayPal, gift cards or any form of money to trade offers.
  • Trading items/gifts for CD Keys. You cannot add a CD Key into the trade window. CD Keys that are offered can be for a different game, fake, used or region restricted.
  • Trading items/gifts for nothing in return in the first trade and expecting to get an item or gift in a later trade. There is no reason to not trade everything in one trade. You may add unlimited items/gifts to a single trade. A common example of this is using a middleman to facilitate a one-sided trade.

For more information, please see our Steam Trading FAQ and Recommended Trading Practices articles.

What specific scams should I be aware of?

Users should always double check the contents of a proposed trade before accepting, even if that means inspecting each item in a multiple-item trade. Be sure to verify the item and its quality before confirming any trade.

There are a number of common scams users may attempt to deceive you out of your items:

  • Item switching – You discuss a trade offer with another user beforehand, and the item they put into the trade offer looks like the item, but isn’t as valuable as the original offer.
  • CS:GO quality switch – A user offers you a specific quality CS:GO item (Factory New), but the item in the offer is of a lower quality (Field-Tested). Often the item switch is made in a counter-offer.
  • Hidden item – A user offers a trade that includes a lot of your low value items (cards, crates, etc.), but also includes a high value item hidden somewhere in the middle.
  • Begging/spamming – A user spams trade offers requesting high value items for nothing or little in return in hopes that you mis-click and accept the offer.
  • Forward confirmation email – A user convinces you to forward your confirmation email to their email address. They then confirm the trade using the link in the message. Do not forward trade confirmation emails or links and do not provide additional information to another user asking for information used for your account.
  • Money For Items – A user offers to send you money in the form of PayPal, PaySafeCard, Steam Wallet codes, Steam Digital Gift Cards, etc. The scammer usually sends you a fake payment code after the trade is completed. In the case of Steam Digital Gift Cards, the scammer may even appear to pay you first, but be planning to charge the Digital Gift Card back later or buy the gift card with a fraudulent credit card.
  • CD keys for items – A user offers to send you a Wallet Credit code or a game’s CD Key in exchange for your items. The scammer usually sends you a fake CD Key after the trade is completed.
  • Users offering item duplication – A user offers to duplicate your items, but first you have to trade away your items. After receiving your items, the user blocks your messages and keeps your items.
  • Users acting as trade bots – A user impersonating a trade bot(s) tells you that you have to trade them some items. After you’ve accepted the trade and sent the user the items, they block you on Steam and keep your items.
  • Middleman trades – If you are performing a trade that sits within Steam’s trading guidelines, there is no need for a middleman. Any time you choose to trust any other user with one of your items, you are allowing them the opportunity to scam you.
  • Verification accounts – A user wants you to trade an item for “verification”. The user will give a made-up excuse to convince you to do this, such as needing to make sure the item is not a duplicate or to ensure the item is not bugged. These users will then keep your item(s) and block you, getting away with the items.
  • Fund transfer via the Steam Market – A user offers to send you Steam Wallet funds by buying one of your low value items at a high price in the market. Most of these offers are done using fraudulent funds.
  • Voice comm software/join our tournament team (malware) – A user convinces you to install malware hidden in a voice communication, anti-cheat, or other type of software by claiming that they need you to install it so that you can play in a tournament.
  • Offering fraudulent items for resale – Malicious users will sometimes acquire unusual items (often with fraudulent credit cards) and then attempt to trade them to you for more well known items with established value. Prior to doing this they may also manipulate the Steam Community Market price of these unusual items by using stolen credit cards. Watch out for claims that they will overpay or that you can quicksell (qs) the items for an immediate profit. Consider why the user would be willing to take a loss by trading the items to you instead of selling them themselves. As an excuse, these users will sometimes say they need tradeable keys or other tradeable items. Do not accept these trades as the value of the unusual items has been falsified and the subsequent Market transactions may be reversed due to fraudulent activity.

What is the difference between a scam and a hijack?

A scam is when a user deceives another user into willingly (at the time) completing a trade, market transaction, or sending a gift. After the trade is completed, the person who was scammed either doesn’t receive what was promised, or the items involved are not what was agreed upon.

A hijacking is when an account or a computer is taken over by someone else without the account owner’s permission. This is often done with malware or a virus. In some cases the hijacker will convince a user to hand over their login information by providing a fake Steam or a third-party trading site. Hijackers most commonly steal accounts to gain items or games, and sometimes commit fraud. Hijackers often use stolen accounts to commit more hijackings. In these cases, we lock the account until the rightful owner contacts us about the hijacking.

Additional information about hijacked accounts can be found in our Reclaiming a Stolen Steam Account article.

How do I report a scammer?

If you’ve been scammed or another user has attempted to scam you, please use the Report feature built into Steam. This is the best way to bring scammers to our attention so we may take action:

  • Go to the profile of the offending user
  • Click the ‘More’ drop-down located at the top right of the page
  • Choose ‘Report Violation’
  • Select the violation (example, ‘Attempted Trade Scam’) and hit ‘Submit Report’

If a user you’ve reported for scamming has had action taken on their account, you’ll be notified with a message in Steam.

What action is taken when a scammer is found?

If evidence exists that a Steam user is scamming, Steam Support will ban the account from using the Steam Community, including trading and using the Steam Market. The length of the ban is dependent on the severity and quantity of the scams. In some cases, scammers will be banned permanently. If a scammer has multiple accounts, all of their accounts may be subject to the ban as well.

In rare cases, scammers will hijack an account and use it to commit scams, fraud, or other hijackings. In these cases, we lock the account until the rightful owner contacts us and we will take appropriate action.

Why doesn’t Steam return scammed items?

Our community assigns an item a value that is at least partially determined by that item’s scarcity. If more copies of the item are added to the economy through inventory rollbacks, the value of every other instance of that item would be reduced.

We sympathize with people who fall victim to scams, but we provide enough information on our website and within our trading system to help users make good trading decisions. For more information on this, please see this post on our store blog.

Upon receiving a trade ban, the offending account also gets placed into trade probation as well. Probationary status allows other users to determine if a user has committed scams in the past so they can make better decisions about whether or not they want to trade with users who have scammed. Please note, probationary status does not prevent users from trading.

Why won’t Steam Support provide information on why an account was trade banned or locked?

By limiting the provided data, Steam Support prevents malicious users from learning how to avoid getting caught in the future. Steam Support relies on several data points to arrive at a decision to ban or lock an account. Users intent on committing malicious activity, most often done to other users, are constantly trying to gain this data to use in future scams, fraud and hijackings.

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