You can withdraw money from Etoro and resolve etoro money withdrawal problems. Just use the right channels and right argumentation/evidence to get legal action against Etoro.
We have another success story, the Australian Financial Conduct Authority have ruled that Etoro has to reimburse/return 25% of lossess by Etoro young trader, who was using CFD, leverage and traded crypto on Etoro but lost over 100k due to being allowed to take too much risk and encouraged to deposit more.
We will share more of this story when we have Etoro`s response to AFCA ruling of Etoro illegal actions.
Watch this space and don`t give up.
Contact us for help – etorovictims@etoroisnotsafe.com
If your leveraged crypto positions were unlawfully closed by Etoro in January 2021 you are owed compensation. Contact us ASAP.
There is a motion started to have Etoro`s licence limited or revoked. Most importantly we want to be refunded by regulators, not only for losses but for unrealised profits. If You had x2 position for $30k BTC closed and it will go to $60k, Etoro will have to pay you for the profits you would make, had they not closed your positions!
Etoro PR Amy Buttler said “several dozen users were affected” but we know there was at least 200,000 active crypto traders on Etoro in 2020, so even 5 % would be at least 10,000 users. In another article for Coindesk Etoro stated contradicting facts that only 2% users had leveraged positions at the time (2% out of 16 mln is 350,000!)
The number of Etoro victims will be much higher as Yaohoo Finance said 5 million new users was recruited from beginning of 2021, most of them surely registered to buy Crypto Currencies, as all brokers had to stop selling CFD crypto positions and Etoro appears to be the only alternative broker, not exchange, to allow non leveraged (FCA allowed) crypto trading. This made Etoro very attractive platform to access crypto. In theory, FCA ban started on 6 Jan 2021, giving 5 million plenty of time to open leveraged positions. We estimate another 5% of those 5 million (250,000) used leverage as they were unexperienced, first time traders attracted by quick gains.
All above is proof that Amy Buttler Etoro PR is a liar, as well as their MIMO, as the number of affected users due compensation may be over quarter of million, not several dozen.
What happened:
On 8th Jan 2021 Etoro gave users till 21:00 to top up margin to 100% or they will close their positions, but after 4 hours they ignored that notice and abruptly closed all leveraged positions ($), leaving many in red with big losses as BTC recently corrected over 20% from ATH. Those in green had to take small profits, which could be even 20% higher if BTC jumped to $40,000. again.
“eToro violated the contracts it had agreed with its clients,” said Slavko Vesenjak, an attorney in Slovenia who represents several eToro clients from across Europe. “A four-hour notice before closing all leveraged crypto positions made people wake up in their different time zones seeing their positions closed.” ($)
Law cases against Etoro assumed to be on the rise before alleged IPO. Estimated 0.25 mln Etoro victims only at start of 2021.
So, there is tremendous compensation at stake, but from own experience, Etoro will wriggle their way out of it, unless we stand united.
For your information, etoro did not have to close your positions following the FCA ban on opening new. Plus500 another trader have respected their contractual duties and did not close leveraged crypto/bitcoin positions opened before FCA ban. They did not have to. Pluse500 positions opened before 2021 remain open and gain profit until contract expires.
See below example of user already 20,000$ in profit and Plus500 does not close his positions. Etoro`s leveraged positions had no expiration date and it is estimated the rally and bull run will continue till mid 2021, so all this positions would be in massive profit. Etoro decided not to pay out this profits but break the law, abuse their powers again and close positions (just like they did to to unjustly terminate my account, see claim 6, and take my money)
How Plus500 dealt with FCA crypto ban compared to Etoro terminating contracts
Quoting Nasdaq article:
“The eToro clients will get their funds. If eToro does not refund them, the Cyprus state will,” said Jurij Toplak, a law professor at Alma Mater Europaea in Slovenia and an adjunct at New York’s Fordham Law.
Toplak said aggrieved eToro customers he’s representing will be approaching the Cyprus Securities and Exchange Commission in a bid to have eToro’s license revoked.
“I guess cryptocurrencies were just going up and eToro discovered they were not able to pay out that much money to the customers,” Toplak said in an interview. “And then they just canceled the contracts.”
I already have team of lawyers working on my compensation case with Etoro (10 claims worth over $250k) and preparing complaint to FCA and CySEC. Get in touch to make sure your voice is heard and you get your refund from Etoro. Do not trust or rely on customer service you will forever exchange emails with the irresponsible and illogical staff who will makes sure you will give up.
I could publish individual cases to gain publicity and ensure Etoro is pressured to take action.
How to take legal action against Etoro, claim compensation: Fill a form on The Vesenjak Law Firm, led by attorney Slavko Vesenjak, website
They have dedicated team dealing with Etoro malpractices and representing thousands of European victims. Quoting them:
“”
The eToro Case
Have you been scammed by eToro’s practices? Let’s Take Action TOGETHER WE ARE STRONGER JOIN OTHERS IN PURSUING JUSTICE
On January 8, 2021, eToro closed all European customers’ leveraged positions on cryptocurrencies. The closure of leveraged crypto positions was a violation of clients’ property rights. The Vesenjak Law Firm, led by attorney Slavko Vesenjak, and joined by law professor Jurij Toplak, adjunct professor at Fordham Law School in New York, leads a global team of experts who assist victims of the eToro’s action.
Over the past days, we have received hundreds of messages and testimonies from eToro clients. We invite you to join them, and together we can achieve justice. It will not cost you anything to submit your data and to stay informed about further developments. Our lawyers will do everything to make legal proceedings cost-free or at a low cost. We contacted European consumer protection organizations and bodies that will protect your rights. We will work with you and file lawsuits in several EU member states to achieve justice for you.
Under EU law, “terms and conditions” have to be fair. Unfair terms are not binding. The contract is not allowed to create an imbalance between your and the platform’s rights and obligations. Any ambiguities will be interpreted in your favor. The eToro’s “terms and conditions” are full of terms for which we are confident are unfair and unlawful. Among these are the terms under which the eToro ended your leveraged positions.
In February 2020, the price of Bitcoin, Ethereum, Litecoin and other cryptocurrencies have all grown higher than they were on January 8. You are losing profits and law legal team will help you achieve justice. As the first step, we plan to file dozens of lawsuits in Germany, the Netherlands, Austria, Slovenia, and other European Union member states. We will ask the courts to rule that your contracts-for-difference /CFD) are valid.
Some of you informed us that eToro asked you to change the margin to 100 percent. If you do so, you may lose your claim.
Apart from the January 8 leveraged positions’ closure, we have received dozens of messages and testimonies about eToro’s dubious practices. Some of you called them fraudulent, and others felt deceived. Many of you requested the withdrawal of funds from eToro accounts, and after several days, money has still not arrived in your bank accounts. Others never agreed to the Terms and Conditions, which eToro claims that bind you. If you feel that eToro violated your rights or property, share your experience. We will do everything to help.
The broken leveraged positions can be restored. We will do everything to make eToro restore your leveraged positions, or get justice in any other eToro-related case you have.
Fill the form and we will send you more information on how we will together get back your leveraged positions. https://www.vesenjak.si/en/etoro.html
“”
Finally, If you traded on Etoro in 2017 bull run, they owe you compensation for a 4% error in their profit/loss calculation algorithm which effectivel manipulated account statements of all active crypto users (estimated to be over 200,000 at that time). One user got 4,700$ reimbursed! What they owe you?
Etoro block Nigeria and other African countries from trading on its platform (allegedly for regulatory reasons) – issues just one month notice to customers. It is assumed that thousands of accounts (of which 75% is statistically in loss) will be liquidated and any losses will become Etoro`s profits. It is yet to be seen if Etoro calculates the profit/losses correctly or manipulates the figures as they have in 2017 crypto bull run,(see gross claim 2- gross financial misconduct on this site).
Evidence 6.11 Twitter Story
Based on previous closure incidents, many investments were believed to be long term and in loss while the account closures happened and stood no chance to break even or make any profit.
It is not clear if Etoro allowed to transfer crypto assets to EtoroX wallet and move outside platform.
“As part of this process, all open positions in your account must be closed no later than 18/01/2021. In addition, please note that (…) the following limitations will apply (…):
No new positions can be opened
No additional deposits can be made
This limitations will apply for 30 days (…), any positions that remain open in the account will be closed on your behalf at the available market rate at the time of closure (…)”
This is exactly the message I received from Etoro when they decided to terminate my account, proving that Etoro has a template, a standard procedure and messages that they often use to “remove inconvenient” users. Etoro also appears seek an excuses to close accounts in big loss – aim is to convert users losses into Etoro`s profits and force to close loosing positions and account.
Another proof how Etoro is used to terminating accounts, for most users meaning liquidations and major losses.
..and already lost over 1k$ on unrealised investment opportunities.
A Platinum Etoro member from Argentina has requested withdrawal of $170,872 from Etoro 28.12.2021. Over 3 weeks later on 19.01.2021 the money is still not in his account. Etoro customer service only say that the withdrawal is under review and they are working on it.
Evidence 1 – withdrawal request 28.12.2020
Evidence 2 – complaint ticket opened on 04.01.2021
Evidence 3 – Typical Etoro`s tactical delay email 14.01.2021, still no money returned. At this point user feels that Etoro can be a scam.
All over the world Etoro is withholding users money everyday, well beyond promised 3 working days, which is industry standard. Stressing out and upsetting the poor traders who don`t know when and if at all they will see their life savings or the were scam ed by Etoro. It can be your money. Even VIP members are not safe from this. This has been going on for years and Etoro has to take responsibility and be fined for such malpractices.
Etoro is making profit on additional weeks of holding users money, using high interest rates accounts and investment/trading accounts, making even 0.2% every week after You requested withdrawal. This interest rates should be reimbursed to You, as the money should be in your account or re-invested by elsewhere max 3 working days after withdrawal request.
Etoro even brag you get money the same day if you use their Etoro Bank Account (this is Beta so be cautious). There is evidence that much of Etoro`s marketing promises are often lies and they do not deliver as advertised. Reality and Trust Pilot reviews are that Etoro has no respect for users and don`t intend to resolve problems in timely or user orientated way. There is growing evidence Etoro abuse their powers to delay or hinder withdrawals. See more in Evidence section.
If this Argentinians user money was put in a savings account that pays 3% annual interest rate then in a year It`d make
$170,872 x 3%=$5,126.16
Etoro withheld that money more than 21 days, 3 weeks. 3/52 weeks= 5.77% of the year
$5,126.16 * 5.77% =$295.78
That`s possibly how much Etoro is making by delaying the withdrawal and keeping this users money, and this is the minimum they should pay the user as compensation, for unethical, unprofessional and profit driven action to withold users money that Etoro says should be normally withdrawn “in 3 working days, or next day if Etoro Bank Account is used”.
If user wanted to use that funds another trading platform or invest in assets like Gold, or Bitcoin, then potential annual return could be at least 10%, which is 17,087$
17,087$ * 5.77% =$ 985.92 for 21 days of delayed withdrawal.
This is very realistic return on investment and most likely Etoro is holding this users money and trading/investing it, making at least that much in that 3 weeks period while user is still worried sick waiting.
Therefore, actuall compensation should be Between $300 and 1000$.
These Etoro users also suffers additional stress, worries and Etoros intentional delay, and uncertainty if money will be received at all, has decremental effect on mental health and personal life. One thing is evident from all cases we reviewed, you cannot trust or rely on Etoro customer service or their MIMO, Ira in particullar, as they do what they want and never guarantee that your case will be prioritised and effectively or even logically resolved. Therefore the compensations for Etoros tactical extortion of users money and endured stress and uncertainty (imagine wandering everyday if Etoro Scammed you and if you need lawyers to get your money back) should be adequately higher.
In this case 700$ will be asked to settle this complaint. This incident will also be reported to regulators. The Cypriot and UK Regulators CySEC and FCA will be shown examples how Etoro “abuses” user`s interest in other countries; Argentina, Australia, where we see longest withdrawal delays.
Etoro do not fear checks or audits or legal consequences and can suspend or prohibit your withdrwal for weeks. Bare in mind that getting your money back may be extermaly difficult and stressfull, in particular if you made any complaints in the past.
Highest Etoro risk is receiving short notice after which the will close all your positions (usually in loss) and terminate account, as Etoro`s T&C, compared to others, allow them to stop services any time without reason.
Etoro, the list of your victims is growing. Even if you do an IPO it will not wash your stigma and bad reputation. Etoroisnotsafe.com exists to keep record of your misconduct and report to regulators to obtain order to settle damages of genuine victims and eventually impose fines and limitations on Etoro`s licences.
Etoro Affiliate and Popular (copy trade) Investor Jay Admits receiving over 7300 complaints about Etoro each year with at least 12 accounts terminated each year.
Do you need stronger proof how Etoro is neglecting customers, and unjustly terminating their accounts, than hearing it from their top affiliate and popular investor Jay Nemesis?
1.3 Best evidence of Etoro`s negligence and poor customer service
Etoros Popular Investor Jay Nemesis
Jay on Etoro`s main Website in Nov 2020
confirms openly in forums that he receives over 20 complaints about Etoro daily, that`s 7300 dissatisfied Etoro users a year! Users go to him as they often copy his trades, to find resolution of their problems, because Etoro customer service is ignorant or simply un-just.
Jay also confirms that he receives once a month email from user who`s account was unjustly terminated. “I get an email or DM about this kind of thing once a month”. That’s at least 12 Accounts Terminated a year! Just the accounts that copy James Nemesis, what about other accounts? See another Jay`s Reddit post below, confirming scale of Etoro Account Terminations.
Do you need stronger proof how Etoro is neglecting customers, and unjustly terminating their accounts, than hearing it from their top affiliate?
Based on Jays copiers, and posts, a simple statistic can be derived and extrapolated to see how big the problem is with ALL Etoro users.
On 10.12.2020 Jay Edward Smith (Jay Nemesis) had 233,673 followers and 26,861 copiers.
12 users who wrote to him about having un-justly terminated account out of 26,861 copiers=0.00045=0.045% users had accounts terminated just from within Jays Copiers.
If Jay`s factor is applied to all Etoro users then 13 mln x 0.045%=5850 possible users having their account unjustly terminated each year!
7300 yearly complaints to Jay out of his 233,673 followers=3.12%
At least 3.12% dissatisfied users each year that one way or another call Etoro scam or un-just.
Out of 13 mln that`s at least 405,600 unsatisfied users can feel treated un-just, scammed or neglected by Etoro.
Evidence for complaint/claim, see Etoro ticket numbers:
15/12/2020 Twitter fined £400,000 for breaking EU data law, Etoro is next to be audited by CySEC, FCA, ASIC and separately by Financial Ombudsmen representing each of 200k affected customers.
Etoro will be next to respond to regulators and be fined/pay a fine for Failing to report discrepancies and errors in calculation algorithms and account statements adversely affecting users profits/losses (increasing losses even 4.34%). Compensation is estimated of over $5mln to all crypto asset users affected in 2017-2018. We need Australian and US users to come forward, in addition to EU and UK who are already verified eligible.
Twitter failed to notify it within 72 hours after identifying a data breach in January 2019, and it also did not adequately document what had happened.
Etoro confirmed to us that they changed their calculation methods and financial statements after 2019 (which were wrong for at even two years), secretly covering their manipulation.
Email us for sensitive evidence (correspondence, Etoros statement, Waiver offered by Etoro, users statements, calculations etc. )
Tags: Etoro regulatory problems, Etoro FCA regulated but breaching rules, Etoro claims to be fully regulated but is not reporting serious problems to authoritis.
17/20/2020 Bitcoin reached ATH of 20600$,meaning If I sold it and my other crypto my account would be over £85,000 more in profit since Etoro unjustly, prematurely $ without consent closed all my positions on 04.10.2020. Recent research shows that if US and Europe pension funds allocated 1% AUM in bitcoin, it`d cause demand for $600 bln BTC. $50k BTC is now very realistic figure in next 2 years.
