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What is EToro? It was founded in Users can download the app on their mobile phone or use it on any web browser. Once a user creates an account, they are then automatically assigned an investment portfolio according to their risk level. How can you be successful using its tools? What fees does it charge? This may be unfair to, and could punish, traders with open trades at the time, thereby benefiting brokers as the counterparty.

This raises the question of at what point and at what prices are the trades closed by the broker, if it has the power to do this, and whether it is unfairly and intentionally benefiting from the suspension?. Whilst the margin provides the customer the scope for making large profits, it provides a threat if it is breached.

This could easily be brought about by a few, or even a single disastrous trade. Bonuses have been an important device for some brokers to encourage customers to continue to trade. The terms usually state that a bonus cannot be withdrawn until trading has exceeded typically twenty times the amount of the bonus. Further, the amount that may be withdrawn is not just limited to the bonus awarded but to that proportion of the total funds i.

All this adds to customer complaints that they are unable to withdraw funds and the refusal by brokers to refund balances is a common complaint by customers. Final remarks I have attempted to show how difficult it is for the customer to consistently make profits from forbin, if not impossible, without inside information [4].

All the broker needs to do is encourage customers to keep trading as they will eventually lose their money. Nevertheless, in some cases, brokers act unscrupulously, unethically and, in some cases, fraudulently, to hasten this. It is not surprising that when they have lost, customers complain and blame the brokers and regulators. The problem for regulators and legal advisers is: are the complaints valid? It is outside this paper to list the instances when they have acted against individual firms but it is clear that regulators are so concerned about this that they have effectively banned binary options and are looking at CFDs and spread betting more carefully [5].

I have also shown that forbin is not an investment but effectively betting. Whilst it may be argued that financial instruments such as commodity futures and actual options contribute to market efficiency and perform a useful economic role by providing financial assistance to producers, forbin is outside the market and traders are just making wagers on price changes and, therefore, are contributing nothing to the economy. These traders are, effectively, dealing on a casino and losing potential investment opportunities.

Whilst hedging and speculation are acceptable and fulfil a useful economic role, day trading based on guesses does not, and customers should not expect anything other than to lose their money. There are, of course there are exceptions. I know of a trader who made a huge amount of money over a few trades over two days by depositing a few thousand pounds and making large wagers using the maximum permitted margin.

When he tried to withdraw his winnings, the broker informed her that his trading was in breach of the terms and conditions of the user agreement and would not pay his winnings. I have shown here that forbin has recently grown in popularity because of the turbulence in the asset markets.

Clearly this is likely to continue as, at the time of writing January the economic effects of Brexit, the Trump presidency and the coronavirus are likely to continue. Further, online gambling on the asset and financial markets is convenient for those isolating or furloughed, the winnings are potentially huge or at least are believed to be and the markets are largely unregulated can only encourage the attractions of forbin.

As their purchase price is simply the stake, what are the values of forbin to customers? If they are unprofitable, they have no value. It has been argued here that binary options, CFDs and spread bets are all unprofitable because for slightly different reasons the expected price changes are less than the brokerage costs involved and, therefore, have no value.

This is demonstrated in Table 3 and raises an interesting question: why is Forex so popular as the average price changes for forex is insufficient to cover the costs around 0. Further, as they are based on identifiable factors such as economic and political events and growing conditions in the case of some commodities, price movements are more predictable and potentially usable by traders. I can only surmise that brokers advocate forex rather than other assets as the preferred asset as it is more profitable for them.

The fact that forbin particularly where forex is being traded is unprofitable supports the contention that they are often scams perpetrated by brokers using scamming techniques, high powered selling and other schemes and, at times, simple fraud designed to extract as much money from customers and as quickly as possible in the knowledge that they will be bought by individuals who do not understand that by trading in this way, they will lose their money.

This raises the issue of regulation: whether forbin should be regulated and the extent to which gullible customers should be protected.

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