eToro Issue –
I have been trading with this broker for just over a year. When I signed up, I went through the usual step any other broker would make you go through to verify your ID with their Compliance Department.
In February, I made a number of bad trades and rather than cut my losses, I decided to add more funds and wait for the pair I was trading to turn around and put my trades back into the ‘green’. I added further funds, however when I went to do this a second time, I was unable to do so. The ability to deposit funds into my account was restricted.
I filed a ticket with the complaints department and with my Account Manager and was told that my account was not verified and I could not deposit further funds until this was done. This of course, was not the case. My account was verified in the first week of trading. See file containing the email trail attached.
While the broker was taking this stance, my account was liquidated. I have since made my position about the verification clear with not only my account manager but also with his management team. I have been told “…they reviewed all the facts. And decided not to compensate on this specific case.”
This was obviously a breakdown of internal communication on behalf of eToro and their Compliance Department, and I do not feel that I should be financially responsible for this breakdown.
I just wanted to let people know of this issue with eToro as well as their lack of effort in fairly resolving these types of issues. File attached for the email declaring the Issue Resolved.
I have been trading with this broker for just over a year. When I signed up, I went through the usual step any other broker would make you go through to verify your ID with their Compliance Department.
In February, I made a number of bad trades and rather than cut my losses, I decided to add more funds and wait for the pair I was trading to turn around and put my trades back into the ‘green’. I added further funds, however when I went to do this a second time, I was unable to do so. The ability to deposit funds into my account was restricted.
I filed a ticket with the complaints department and with my Account Manager and was told that my account was not verified and I could not deposit further funds until this was done. This of course, was not the case. My account was verified in the first week of trading. See file containing the email trail attached.
While the broker was taking this stance, my account was liquidated. I have since made my position about the verification clear with not only my account manager but also with his management team. I have been told “…they reviewed all the facts. And decided not to compensate on this specific case.”
This was obviously a breakdown of internal communication on behalf of eToro and their Compliance Department, and I do not feel that I should be financially responsible for this breakdown.
I just wanted to let people know of this issue with eToro as well as their lack of effort in fairly resolving these types of issues. File attached for the email declaring the Issue Resolved.