There is a new SCAM on the market.

CALLED GROOM and DOOM

A quiet, quasi-legal, siphoning out money of thousands of people, quietly, without knowledge of public opinion. Only offering appeal to Ombudsman, to unexperienced customers, who dont know legal terms and grounds of appeal. Not having enought time to find a specialsit lawyer and build a case to present to Obudsman. Given only 4 months to appeal since final customer service answer. Limiting, closing and terminating account, regardless how much money is in it.

It`s used by trading companies, onlinge stock and forex brokers. 
You keep trading until you`ve reached your pinacle and tell them you will not invest any more or that your financial priorities changes.
At that time you are no good to them, but they still wait, wait till losses on your account grow. When you are deep in red, as much 70% even, they decide to stop providing you services and automatically closse all your positions. You are left with 30% of your deposits, the 70% is their profit.
They terminated your account with lame excuse and take your money, dont even limit your account for a year to let your investments grow. 
No, just groom you, keep taking your money and they kick you out, taking all the  negative difference from the CFD as their profit.
 
Sometimes you are entitled to appeal to Obdusman, but they are in Cyprus, you only have 4 months and majority gives up, as the process is to overhelming or when they do appeal, they have no legal representation, therefore use laman terms, common language and cannot relate their problem to actuall terms and conditions or legal constructs which are unknow to normal person, like negligence, misrepresentation.
Majority give up and agree with loss of their 1000-10000$. They deem it as their trading lossess, trading risk, unaware that actually with unleveraged products, they could be held on platform indefinitely, breaking aven and making profit in next bull run in next market cycle. Even if its couple of thousand they just let it go, give up. 

And it`s about these thousands that build up to a large scale SCAM operation.
Basically, any user no longer good for broker, e.g. poor finance, lost job, stoped deposits, starts complaining, finds problems and issues with platform technicallities, management etc, is removed and counted as Account Termination PROFIT (for Etoro).
So, the more low quality or problematic users they have, the more money they siphon from them as they termniate their accounts while their open positions are in favour of the broker (in red).
So, the more accounts you open, the more TERMINATIOn PROFITS, farewell fees, call it what you like, you will encounter. Making sure that every user that leaves, parts with his money. 
At the end, 75% retail loose, and that is true.

The ramaining 25% are allowed to trade, paying commission, spreads, fees, overnight fees, and oftern being subjected to various miscalculations, wrong accounting, position closures at wrong time, rounding of prices, mis-calculation of units own, and anything that adjusted in the figures, results or calcuilation algoriths to pinch away, siphon some money. Evidence of just such action was found in Etoro account statemetns specifically!.

This draft article shall be developed into a full feature published on financial media.

Platinum Joe
November 2020