class action lawsuit etoro

galacoke

Recruit
Messages
5
Hello house,
I received this email from etoro.
Dear XXXX,
As a regulated company, eToro’s policies follow certain requirements that may be changed or updated from time to time. Unfortunately, due to regulatory reasons, we will soon cease to offer our services in your country.
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 as of 17/12/2020, the following limitations will apply to your account:

No new positions can be opened
No additional deposits can be made

It is important to note that you will still be able to manage any active positions in your account between 17/12/2020 and 18/01/2021.
These limitations will apply for 30 days and, on 18/01/2021, any positions that remain open in the account will be closed on your behalf at the available market rate at the time of closure. The remaining funds from these positions will be returned to your account balance, and from there they will be sent back to you using the payment method you used to make your deposits.
We would like to clarify that you can withdraw the remaining funds in your account at any time before 18/01/2021, by going through the normal withdrawal procedure on the platform. Please note that all withdrawal fees will be waived.

We apologise for any inconvenience this may cause and appreciate your understanding in this matter.

Should you have any questions, please open a ticket with Customer Service.

Sincerely,

The eToro Team
The email from etoro says they are going to close all the open postions in my portfolio. Consequently, I'll be recording a losing year as I'm a position trader.
Anyone having similar experience from etoro? Is there a possiblity of filling a class action lawsuit against etoro?
 

FxMaster

Lt. Colonel
Messages
10,113
Hello house,
I received this email from etoro.

The email from etoro says they are going to close all the open postions in my portfolio. Consequently, I'll be recording a losing year as I'm a position trader.
Anyone having similar experience from etoro? Is there a possiblity of filling a class action lawsuit against etoro?
Where are you from?
Any Asian country?
 

The Punisher

Master Sergeant
Messages
476
Hello house,
I received this email from etoro.

The email from etoro says they are going to close all the open postions in my portfolio. Consequently, I'll be recording a losing year as I'm a position trader.
Anyone having similar experience from etoro? Is there a possiblity of filling a class action lawsuit against etoro?
Search etoro on FPA and you will see many complaints about this company.

1607619123391.png
 

galacoke

Recruit
Messages
5
I contacted etoro customer care, here is their reply.

Dear XXXX,

Thank you for contacting eToro customer service.

Please kindly note that it is unfortunate that we will cease to offer services in your country and apologize for any inconvenience caused.

Additionally please be advised that it is the client's opportunity to manage their investments and positions. Traders have up to the closing date of the account to manage their positions.

Unfortunately in matters like this, due to a regulation change we are unable to compensate you for these matters.

Should you require any further assistance, please do not hesitate to reply to this email.

Best regards,
eToro Customer Service
 

The Punisher

Master Sergeant
Messages
476
I contacted etoro customer care, here is their reply.
Regulatory changes are at a future point in time and in the rare instance it is an immediate change, financial regulations allow customers a safe harbor time frame to stop trading, withdrawal funds, etc. This sounds like a b.s. response unless you were giving warning months ago and took no action. Assuming this is your first notice then they are scamming you and all investors out of your funds under the false pretense of "regulatory changes".
 

galacoke

Recruit
Messages
5
Regulatory changes are at a future point in time and in the rare instance it is an immediate change, financial regulations allow customers a safe harbor time frame to stop trading, withdrawal funds, etc. This sounds like a b.s. response unless you were giving warning months ago and took no action. Assuming this is your first notice then they are scamming you and all investors out of your funds under the false pretense of "regulatory changes".
Interestingly, this is my first notice. From the complaints on FPA, I'm beginning to draw conclusions that its just another scam from etoro.
 

4evermaat

2nd Lieutenant
Messages
2,123
Hello house,
I received this email from etoro.

The email from etoro says they are going to close all the open postions in my portfolio. Consequently, I'll be recording a losing year as I'm a position trader.
Anyone having similar experience from etoro? Is there a possiblity of filling a class action lawsuit against etoro?

1) acknowledge that you are likely with a bucketshop brokerage. Your first instinct should be to exit positions as soon as possible and extract your profits.

2) reopen your positions at a brokerage where you understand the business model of the brokerage. (do you know how to check this??)

3) take a look at reviews as well as "similar threads" below this thread. Not to forget to write your own review also



4) which country are you from? and/or are you resident of?
 
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