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I sold my iPhone 4S a few weeks ago via a trade-in program. However, it still came up on Find My Phone so I clicked the erase option (meaning it will be erased whenever it is connected to the internet). Is this going to drain my battery or cause any trouble later on? If so, is there a way to turn it off?

How would it drain your battery?
All you have to do is remove the device from your iCloud account.
 
Got it. So say I gave one of mine to my mother, that one I should just remove, right? Otherwise, even if it isn't under my account, it will be erased? Cause it was online but didn't show up as online on my tab.

The others that I sold to trade in places like Gazelle were also offline, but I wonder if they sell them themselves and now someone will have their phone erased. :p

The ones that have been wiped just show up because you never removed them, you cannot do a wipe on them as the phone is no longer signed into your apple account under your name. Once someone else signs in with there apple id they become the phones new master.
 
Remember that Apple added in an "extra" security step.

You Must erase your @me email account and THEN erase all content and settings...iy seems many are forgetting this step...hence phones are still appearing.

Or simply turn off 'Find My Phone' in your iCloud account settings before erasing all content and settings...
 
If these sold/traded in devices were on iOS 6 or earlier, than if you wiped the device, but didn't manually remove your iCloud account, you would need to manually remove it from Find My iPhone (in which case clicking the Erase option does nothing).
 
Thanks Captain obvious.

He's not the one with strangers running around with phones appearing on your account.

Or simply turn off 'Find My Phone' in your iCloud account settings before erasing all content and settings...

Those extra steps are no longer necessary. All you need to do is erase all contents and settings and the phone is removed from your iCloud account, Find My Phone disabled, etc.
 
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