..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for unethical, unprofessional and profit driven action to withold users money that Etoro says should be normally withdrawn “in 3 working days, or next day if Etoro Bank Account is used”.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.
Platinum Joe
19/01/2021