Dear Etoro, To Avi, Ira Morstyn, Simon Peters, Yoni Assia,
I`m making an official complaint no. 4, which I am calling
“6 Unjust & premature account termination-execution of trades against user (1, 3, 4, 7)”
which will be a base to a claim for personal and financial damages.
Reasons for this should be well known for the managers above, but for the record, this is what happened. Main headlines are:
A. Etoro PROBLEMS and consequences for me
- 1 Execution of orders – against user`s interest
- 3 General admin/customer services (including custody/safekeeping services) – poor
- 4 Terms of contract –incomplete account termination procedures
- 7 Other – disjointed EtoroX and Etoro customer services
Please note, these headlines represent exact complaint categories on CySEC, for ease of filing complaints with them.
Execution against users interest, against basics fundamental and technical analysis. Wrong timing.
In one word – Etoro knowingly closed my crypto positions in the middle of bitcoin bull run, confirmed by Adam from Etoro in a newsletter, and subsequent bulletins, at price of BTC $10800 when 8 weeks later price is $19200 and RSI is still not overbought. XRP, which I held 100,000$ off, jumped over 100% since.
If my positions were closed 2 months later (in the middle of bull run) I would today have 72,000$ dollars more. With their expertise and all signs, Etoro knew this would happen in the cryptocurrency market.
Adam from Etoro in his daily news letter said “Start of Bull market confirmed” with regards to cryptocurrencies, explaining in that email, and many subsequent emails fundamental and technical reasons confirming start of the bull market.
This reassured me that my open crypto positions will keep gaining in value and it`s worth keeping them or invest more. Bull market was proved true, as Bitcoin was 10800 when Etoro closed my account and was over 19,000 7 weeks later. It revisited the 19000 mark several times already and I would have had many chances to sell my positions at that price, if Etoro only left my account open for 3-6 months. Industry wide survey estimates average of $36,000 for BTC next year.
Etoros newsletters and market sentiment was a proof that Etoro terminated my account at wrong time and should have listened to my plea for few months or year longer, to close positions during the bull run.
Adams newsletters prove that Etoro knows and understand the markets yet, they don`t use that knowledge for best users interest or best trades execution, instead when they can, they CAN terminate account before it`s in major profit.
This is just a summary and I can elaborate on it with evidence of market crypto hype, institutional adoption and a plethora of fundamental factors/analysis that was common knowledge at time Etoro decided to close my positions.
The only excuse Etoro could have for closing my account was to protect me from investing further as they might have thought that I invested more than I could have, but they didn’t know how much is my net worth, savings, inheritances, investments, properties. They assumed I might not be investing anymore because I told them that I`m having some debt on credit cards during pandemic. If they wanted to look after my wellbeing (and not their profits) they could simply limit my account, but not force me to sell at the start of bull run. Finally, regardless my rich status, closing positions while prices/market are in rising trend is a purposeful targeted action do take users money by not letting me to recover tens of thousands just in weeks as history proved (80% and 140% rise in prices of my main assets in just 8 weeks). Result, Etoro PROFITEERED -$150,000 of my losses ($220,000 including fees), which today would be $70,000 smaller. Please note, I closed over 1700 positions in profit of over $160,000, so had it not been for Etoros high commission/spread/fees I would actually be in profit.
Etoro had no just or justified/verified reason to close my account, they could just block or limit it, closing positions at loss is not helping users but enriching Etoro.
B. REQUIRED ACTIONS FROM ETORO
- Settle my damages as in Complaint 10.
- Update and re-order T&C so that it is advised not to hold or HODL long with Etoro due to possibility of Account Termination, and put that information at the front, highlighted as one of main risks.
Available on request:
– Demonstrative Evidence – charts, spreadsheets, statistics, calculations
– Documentary Evidence – letters, newspapers, newsletters, industry reports, survey reports, announcements, but also Etoros internet reviews, trust pilot reviews
– Testimonial Evidence – personal statements from other users having accounts closed
Separate document can be provided with exact calculation of losses based.
See the Evidence and Gallery – work in progress.
D. CALCULATION OF FINANCIAL CONSEQUENCES.
This complaint is part of series of complaints that supports my whole case, see Claim 10 for summary. I reserve the right (and freedom of speech right to advise other users) to also report this the CySEC and other applicable regulating bodies.
If you had similar problems, or agree with me, please leave a comment or contact us.