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 $40,000. again.
“eToro violated the contracts it had agreed with its clients,” said Slavko Vesenjak, an attorney in Slovenia who represents several eToro clients from across Europe. “A four-hour notice before closing all leveraged crypto positions made people wake up in their different time zones seeing their positions closed.” ($)
($) ttps://www.nasdaq.com/articles/european-etoro-traders-call-foul-over-closure-of-leveraged-crypto-contracts-2021-01-10
So, there is tremendous compensation at stake, but from own experience, Etoro will wriggle their way out of it, unless we stand united.
For your information, etoro did not have to close your positions following the FCA ban on opening new. Plus500 another trader have respected their contractual duties and did not close leveraged crypto/bitcoin positions opened before FCA ban. They did not have to. Pluse500 positions opened before 2021 remain open and gain profit until contract expires.
See below example of user already 20,000$ 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)
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
https://www.vesenjak.si/en/etoro.html
They have dedicated team dealing with Etoro malpractices and representing thousands of European victims.
Quoting them:
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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
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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?
Get in touch ASAP
etorovictims@etoroisnotsafe.com