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.
Platinum Joe, 10.12.2021