201

It's a scam. It's called a money mule. Typically the way this will work is that the scammers will make a fraudulent money transfer into your friend's account. Your friend will convert the funds into Bitcoin and send it off to the scammers. After a few days or weeks, the bank will figure out that the original transfer was fraudulent and come after your friend'...


87

It’s a money-laundering scam, and your friend is likely to get into serious trouble, and possibly lose a lot of money, if he takes part.


79

The first thing that pops up when you open your link is a disclaimer: 66% 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. 66% isn't a very reassuring number for blindly following anonymous strangers ...


72

Because if they allow chaining, you can do the following scam: Deposit money via a credit card (possibly stolen). Withdraw money via PayPal. Withdraw the money out of PayPal. Trigger a chargeback on the credit card. So if the credit card company awards the chargeback (which they tend to do if the card was stolen), then the platform is out the ...


62

Well, consider it from the other side. Why would a trader be willing to share trades? Consider the following scenario. The reference trader makes a trade in a low volume market. The trade is published so that everyone can see it. Multiple people copy the trade as best they can, but ... The price moves due to the uncommon level of demand. The ...


41

Your friend should go to a lawyer. The lawyer can then make a deal with the government where your friend testifies as to the activities. Your friend may be asked to communicate with his "employer" to get them to do more illegal things. Or required to turn over his email, etc. to the authorities so that they can communicate with the "employer" and get them ...


28

This is definitely a scam Most electronic fund transfers are reversible, whereas bitcoin transactions are final. Your friend will successfully receive the money and transfer it as bitcoin. When the original transfer is reversed for being fraudulent (or even worse proceeds from an illegal act) the money will be reclaimed from your friend's account. They will ...


13

As other people already replied: it's a scam. Now you ask: "what can he do?" He needs to alert the authorities, explain that he was unaware of the fraud, and ask the police what he can do to help stop it. The police may be able, with his help, to stop it and arrest the scammers. At a minimum, he can escape legal prosecution against himself.


12

Contracts For Difference (CFD) are not investing. They are a form of gambling tarted up with the appearance of investing by the platforms that market them. It is not a good idea to trade in CFDs. I haven't run any numbers, but you'd probably be better off just gambling at a casino. The house edge is probably lower (if you choose your game wisely). Since it ...


10

Remember the 1st Law of Technical Analysis: "For every analysis there exists an equal and opposite analysis." And the 2nd Law of Technical Analysis: "They're both wrong." Technical analysis in the absence of hard data is just a lot of hand-waving meant to dazzle CNBC viewers and rope would-be day traders into paying for colored-plot-filled trading ...


10

(I answered a similar question before.) Essentially, you shouldn't trust a site you find on the Internet merely because it looks professional and real. Before signing up with any new service provider you found online, you should verify the authenticity of both the organization itself and their web site address. Even if the name displayed by a web site ...


10

I think there's (also?) a different reason than in the accepted answer. In general, credit card companies don't allow merchants to do cash-equivalent transactions, because they expect those to be done as cash advances. So if you could deposit with a credit card and then withdraw cash, you'd bypass the implications that come with cash advance (interest ...


10

There is also (or maybe even most important) a legal reason: As soon as a company transfers money from a source to a different place (like it would happen in this case), it fulfills the definition of a bank in many countries like all EU countries. And this requires the company to fulfill all of the strict rules a bank has to fulfill (regarding funds security,...


9

If you placed a market buy order, the order is filled at the current lowest ask price. Even if you entered the order when the ask price was $54.06, it's very possible that some event caused the price to drop to $53.67 between when you submitted the order and when it was filled/executed. If you placed a limit buy order, you've specified not to buy the ...


8

Your bank doesn't care about your immigration status, it cares about your tax status. You're a US tax resident and will open a US-resident account, not an international account (regardless of where the money comes from).


8

No, it is not. Fundamentally because TRADING IS NOT INVESTING. So, you basically do not invest at all, you turn into a trader. As such, it can never be a good investment. Disclaimer: I trade,


7

Depends entirely on the stock and your perception of it. Would you buy it at the current price? If so, keep it. Would you buy something else? If so, sell it and buy that.


7

Disclaimer: I work (programming) for a company with a business model very similar to eToro. We are basically competitors. Opinions are my own and not the views of my employer As most of the answers have stated, the CFD is a dangerous finantial instrument that may not be appropiate for your needs. These risks are inherent to the CFDs not to the idea of ...


6

As a relatively recent nonimmigrant visa holder (O1), I was able to open an ETrade brokerage account without problems. I have full tax residence in the USA so have an SSN, and a credit history so it was no problem. Later, as a greencard holder, I opened IRA accounts with them, too. Again, there were no issues as I had all the information that the IRS ...


6

The person you're copying is getting inflated returns because of your actions happening right after his. Additionally, there may be others doing the same mirroring as you. This means that such a successful trader may only be successful because of the people mirroring him from behind (he buys the stock, and immediately other people buy it and it goes up, ...


5

people claim that these sites are scams I would like to know which idiots or which website says so. And I would say you haven't done your research properly. At the bottom of the page you can see this, on IG's website, very important quote authorised and regulated by the Financial Conduct Authority Plus500UK Ltd is authorised and regulated by the ...


5

This strategy is called trading the 'Golden Cross' if the 50 day SMA moves above the 200 day, or the 'Death Cross' when the 50 day SMA moves below the 200 day SMA. Long-term indicators carry more weight than shorter-term indicators, and this cross, in a positive direction signals a change in momentum of the stock. You will not catch the very bottom using ...


5

As JoeTaxpayer has commented, the markets are littered with the carcasses of those who buy into the idea that markets submit readily to formal analysis. Financial markets are amongst the most complex systems we know of. To borrow a concept from mathematics - that of a chaotic system - one might say that financial markets are a chaotic system comprised of ...


5

Vanguard is in an ETF price war with other brokers and they are all under pressure from brokers like Robinhood which offer free trading and are growing rapidly. Vanguard is more of an asset manager and its profits from trading is far smaller than online brokers whose lion's share of profits come from trading commissions. By eliminating commissions on ...


4

Generally, yes. Rather than ask, "why are these guys so cheap?", you should be asking why the big names are so expensive. :) Marketing spend plays a big role there. Getting babies to shill for your company during the super bowl requires a heck of a lot of commissions. Due to the difficulties involved in setting up a brokerage, it's unlikely that you'll ...


4

Generally not, however some brokers may allow it. My previous CFD Broker - CMC Markets, used to allow you to adjust the leverage from the maximum allowed for that stock (say 5%) to 100% of your own money before you place a trade. So obviously if you set it at 100% you pay no interest on holding open long positions overnight. If you can't find a broker that ...


4

Sell half. If it's as volatile as you say, sell it all and buy on another dip. No one can really offer targeted advice based on the amount of information you have provided.


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