30/11/2020
Dear Etoro, To Avi, Ira Morstyn, Simon Peters, Yoni Assia
I`m making an official complaint no. 7, which I am calling
- Problems with withdrawal of investor`s funds
which will be a base to a claim for personal and financial damages.
Reasons for this case should be well known for the above, but details and evidence can be submitted on request.
Please note, “Withdrawal of investors’ funds” is exact complaint category on CySEC.
A. Etoro PROBLEMS and consequences for me
First problem.
Etoro did not want to confirm/agree exchange rate although I was withdrawing $87,000. Diamond members are supposed to have no exchange fees, (and access to personal managers and analysts) but it was never offered to me on my dozen withdrawals as such member.
When I asked, I received a miniscule discount, but the final exchange rate has changed the next day (apparently) and was still lower then on the day that I asked to confirm what exchange rate will be used. I was withdrawing 87,000$ dollars and Etoro offered 200$ reduction (as no exchange fees for Diamond member), but they never offered that before even on any of my dozen withdrawals, even as high as $10,000. So they advertise a service, lure and groom users to become higher members, but then adopt “if you don`t ask you don`t get”. Etoro just keeps the T&C perks to themselves.
Second problem.
When withdrawing money it was not known if funds will be returned to credit card, which credit card, or bank account. Default was a credit card but it was not clear if and when all credit cards were paid of the and the money would return to bank account.
Once I withdrew money asking in comments to withdraw back my bank account, as I thought I already paid Etoro deposits the credit cards, but funds were withdrawn to a credit card and I had to withdraw again as I needed them in my bank account. I paid for GBP to USD conversion when depositing from my bank account, then from USD to GBP conversion, which was withdrawn to my credit card (already less then I deposited), then I had to pay USD/GBP exchange rate again to this time withdraw to my account. I even asked my account manager to assist me with that withdrawal as I needed money back in my bank, but first he was not answering, then referred me to customer service.
My account manager also never said who to contact in his absence, until I had a problem, couldn’t hold of him, and after he advised me.
Third Problem,
Etoro is known for blocking access to user’s withdrawal, showing a pop-up window with what appears like a technical error. I`ve seen this all over internet and one Asian user can give his personal testimony. It happened to me when Etoro put limits on my account features when decided they will close my account in 30 days. They program users’ interface so some features don`t work, e.g. withdrawals or even logging into account. They ask to contact customer service, which is a vicious circle, as they don`t replay.
Many print screens available as proof.
B. REQUIRED ACTIONS FROM ETORO
- Settle my damages as in Complaint 10.
- Action existing withdrawal requests promptly.
- Review, update and send to CySEC and FCA for comments the T&C so that request for withdrawal must be executed/processed in 10 days max even if there is “technical problem with platform”, secondly, complaint tickets about withdrawals should have highest priority and be resolved in 5 working days. Overall, from Clicking withdraw to having funds in account it should be max 21 days, or interest and compensation is owed. We`ve keep hearing about customers waiting weeks for their money. It seems Etoro would rather users keep money and keep trading, turning them over until all is lost. See also claim 1.
See the Evidence and Gallery – work in progress.
Available on request. Separate document can be provided with exact calculation of losses.
D. CALCULATION OF FINANCIAL CONSEQUENCES.
See My Damages and Etoros Costs.
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, FCA and other applicable regulating bodies.
If you had similar problems, or agree with me, please leave a comment, or contact us. Regards, Platinum Joe.